Summary by Moomoo AI
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