Backed by the Bill & Melinda Gates Foundation, Butterfly Network (NYSE: BFLY) produces a sleek portable ultrasound probe that can plug into a smartphone and enable the user to acquire images anywhere — from the doctor’s office, to the ICU, to rural Uganda. The company released its first earnings report as a public company last week, and the market shrugged, sending the stock down over 5%.
The company, which first started selling its product in late 2017, reported a full-year revenue increase of 68% year over year for FY 2020 ending Dec. 31, 2020. Additionally, the company’s second-generation product, the iQ+, which launched in October 2020, is smaller and less expensive to produce. It has a longer battery life, and improved interoperability versus the first-generation Butterfly iQ handheld ultrasound probe.