U.S-based handheld smartphone-connected ultrasound system maker, Butterfly Network has seen its shares drop 16% to $1.88 a piece, after posting first quarter revenues of $15.5 million, alongside a net loss of $33.5 million. Still, the company’s first quarter net loss was less than its reported $44.5 million loss in quarter one of 2022.
The company’s product revenue decreased by 20% to $8.8 million, as software and other services revenue increased 45% to $6.6 million. Additionally, operating expenses were down 24% to $44.1 million, for the quarter following lay-offs in early 2023 and in 2022.
Recently, Butterfly announced that Joe DeVivo would take up the permanent position of CEO and President of Butterfly. “Being a disrupter is never easy,” President and CEO Joseph DeVivo said in a news release. “It is always hard to predict the timing of customer and market adoption in the face of the massive opportunity it presents. I fully intend to lead Butterfly through this journey and capitalize on this market for our employees and investors.”
Butterfly Network received a 510(k) clearance in April for its Auto B-line Counter, which leverages AI to determine if a patient has abnormal lung function, by counting B-lines through ultrasound.
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