The Guilford, Connecticut–based company posted losses of $44.5 million, or 22¢ per share, on sales of $15.6 million for the three months ended March 31, 2022, with the bottom-line going deeper into the red on sales growth of 25.2%.
Butterfly Network’s losses per share of 22¢ topped expectations on Wall Street by 3¢, while sales came up short of projections as analysts were looking for sales of $17.7 million.
“We have had a solid start to the year with significant progress across all four of our pillars; health systems, international, home-based care and adjacent markets” Butterfly President and CEO Dr. Todd Fruchterman said in a news release. “As more customers use Butterfly, we are seeing increasing recognition in the clinical community about the power of access to ultrasound information at the bedside to transform care. As a team, we are focused on our vision to make Butterfly as ubiquitous as the stethoscope.”
Butterfly did not provide financial guidance for the remainder of the year.
BFLY shares were down 7.9% at $3.15 per share in midday trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 3.2%. Today, the Dow Jones Industrial Average was down more than 3%, more than 1,100 points, as investors reevaluated the economic effects of the Federal Reserve’s plans to combat inflation.