BFLY shares were down 14.6% at 7.34 per share in late-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.5%.
The Guilford, Connecticut-based company posted losses of $13.6 million on sales of $14.6 million for the three months ended Sept. 30, 2021, for an 85.3% bottom-line gain on sales growth of 44.3%.
Losses per share came in at 7¢, 18¢ ahead of Wall Street, where analysts were looking for sales of $19.5 million.
“Our journey to make Butterfly an indispensable, advanced assessment tool for better clinical decision making is well underway,” Butterfly Network President and CEO Dr. Todd Fruchterman said in a news release. “As a young public company we continue to generate substantial year over year growth, demonstrate mounting market momentum, and are assured by consistent industry signals that our strategy is the right one. As we continue to invest in our foundation, bring new innovative solutions to market, and prove the differentiated clinical and economic value of Butterfly, we expect accelerated growth in 2022 and beyond.”
Butterfly Network expects full-year revenues to range between $60 million and $62 million, representing approximately 30% to 34% growth year-over-year.