Butterfly Network, a digital health company specializing in portable ultrasound technology, reported a decrease in product revenue by 20.3% to $40.036 million in 2023 from $50.263 million in 2022. Software and other services revenue, however, increased by 11.8% to $25.864 million in 2023. The company's total revenue fell by 10.2% to $65.9 million in 2023 from $73.39 million in the previous year. Despite the revenue decline, Butterfly Network managed to reduce its operating expenses significantly. Research and development expenses dropped by 36.8%, sales and marketing by 34.3%, and general and administrative expenses by 36.1%. The company's net loss widened to $133.7 million in 2023, a 202.9% loss as a percentage of revenue, compared to a 229.9% loss in 2022. Butterfly Network has taken actions to reduce operational costs and extend its cash runway, expecting its cash to last...Show More

Butterfly Network, a digital health company specializing in portable ultrasound technology, reported a decrease in product revenue by 20.3% to $40.036 million in 2023 from $50.263 million in 2022. Software and other services revenue, however, increased by 11.8% to $25.864 million in 2023. The company's total revenue fell by 10.2% to $65.9 million in 2023 from $73.39 million in the previous year. Despite the revenue decline, Butterfly Network managed to reduce its operating expenses significantly. Research and development expenses dropped by 36.8%, sales and marketing by 34.3%, and general and administrative expenses by 36.1%. The company's net loss widened to $133.7 million in 2023, a 202.9% loss as a percentage of revenue, compared to a 229.9% loss in 2022. Butterfly Network has taken actions to reduce operational costs and extend its cash runway, expecting its cash to last into 2026. The company plans to seek additional capital to reach profitability before 2026, prioritizing non-dilutive capital initially. Butterfly Network's business development includes the marketing and sale of its ultrasound system, which comprises probes, accessories, and software subscriptions, to healthcare providers. The company's future plans involve continued investment to grow revenue, with a focus on expanding its software offerings and developing relationships with larger healthcare systems.