Butterfly Network, Inc., a digital health company specializing in portable ultrasound technology, reported financial results for the fiscal year ended December 31, 2023. The company experienced a net loss of $133.7 million, a decrease from the previous year's net loss of $168.7 million. Revenue for the year was $65.9 million, a 10.2% decrease from $73.4 million in 2022. The decline in revenue was attributed to a decrease in device sales volume, partially offset by an increase in software and other services revenue. Butterfly Network's cost of product revenue increased by 51.7% due to a $21 million loss on excess inventory. Research and development expenses decreased by 36.8%, and sales and marketing expenses decreased by 34.3%, reflecting the company's efforts to reduce operating expenses and extend liquidity. The company's...Show More

Butterfly Network, Inc., a digital health company specializing in portable ultrasound technology, reported financial results for the fiscal year ended December 31, 2023. The company experienced a net loss of $133.7 million, a decrease from the previous year's net loss of $168.7 million. Revenue for the year was $65.9 million, a 10.2% decrease from $73.4 million in 2022. The decline in revenue was attributed to a decrease in device sales volume, partially offset by an increase in software and other services revenue. Butterfly Network's cost of product revenue increased by 51.7% due to a $21 million loss on excess inventory. Research and development expenses decreased by 36.8%, and sales and marketing expenses decreased by 34.3%, reflecting the company's efforts to reduce operating expenses and extend liquidity. The company's cash and cash equivalents stood at $134.4 million at year-end, and management believes this will be sufficient to fund operations for at least the next 12 months. Butterfly Network's stock price has been volatile, and the company is subject to various risks, including market risk, interest rate risk, and foreign exchange risk. The company is also involved in ongoing litigation, including a class action lawsuit alleging false and misleading statements related to its financial prospects.