- The stock price of Butterfly Network Inc (NYSE: BFLY) increased by over 15% during intraday trading today. This is why it happened.
The stock price of Butterfly Network Inc (NYSE: BFLY) increased by over 15% during intraday trading today. Investors are responding positively to the company’s third-quarter 2021 results.
Q3 2021 Highlights:
— Reported revenue of $14.6 million for the quarter ended September 30, 2021, representing a 44.3% increase from $10.1 million in the third quarter of 2020.
— Reported gross profit of negative $5.1 million and gross margin of negative 35%. In the third quarter, adjusted gross margin which excludes a non-recurring loss on purchase commitments was 49.3%.
— Appointed a new member to the Board of Directors and a Senior Vice President, Regulatory and Quality to support Butterfly’s growth strategy.
— Added distributor partnerships in the Middle East, India, Pakistan, and Chile. The distributor partnership in Pakistan will focus on improving health outcomes for expectant mothers.
— Announced an exclusive strategic partnership with Caption Health to enable earlier disease detection and management with AI-based guidance and diagnostics for enhanced cardiac assessment.
— Launched Butterfly iQ+ Vet, expanded to 19 new vet markets, and added a large-scale partnership.
2021 Financial Guidance
— Revenue is expected to be approximately $60 million to $62 million, or approximately 30% to 34% growth year-over-year.
— Gross margin is expected to be approximately 28% to 30%. Adjusted gross margin is expected to be approximately 48% to 50%.
— Net loss is expected to be approximately $(65) million to $(75) million. Adjusted EBITDA loss is expected to be approximately $(125) million to $(135) million.
“Our journey to make Butterfly an indispensable, advanced assessment tool for better clinical decision making is well underway. 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.”
— Dr. Todd Fruchterman, Butterfly’s President and Chief Executive Officer
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.