Butterfly Network, Inc. (BFLY) has seen an increase of 2.03% in premarket. However, the last trading session closed at $6.4 with a decline of 7.51%.
Third Quarter 2021 Results – What’s the update?
BFLY reported third-quarter 2021 results on 15th November 2021. The company reported revenue of $14.6 million, $10.1 million more than that of third-quarter 2020. Moreover, gross profit came out to be negative $5.1 million, and the adjusted gross margin was 49.3 percent. Lastly, the distributor relationship would focus on improving the health of pregnant women in Pakistan.
Now what?
Butterfly is well on its way to becoming a vital advanced assessment tool for improved clinical decision-making. As a new public business, BFLY continues to create significant year-over-year growth, display increasing market momentum, and is confident in its approach based on measurable industry signals.
Furthermore, the company foresees increased growth in 2022 and beyond as they continue to build in the foundation, bring novel approaches to the market, and demonstrate the distinct medical and financial value of Butterfly. Lastly, BFLY has also added 19 additional vet markets and large-scale cooperation.
Strategic distribution partnership
On 15th November 2021, BFLY announced that it has entered a strategic partnership with Abdul Latif Jameel Health. This partnership will ensure the availability of Butterfly iQ+, the world’s first single probe, whole-body portable ultrasound device. A butterfly is a gadget that combines semiconductors, artificial intelligence, and cloud technologies. Not only this but it has the ability to usher in a new era of healthcare for less than US$ 2,400. Furthermore, the device will significantly increase the capacities of practitioners operating in and out of hospitals in developed, developing, and rural places.
What’s next?
The purpose that is fueling Butterfly Network’s development and the innovation on show is completely aligned with the mission at Abdul Latif Jameel Health. Both companies are working to increase access to healthcare and create inclusive health care via technology. The potential of this unique, portable, and adaptable handheld ultrasound solution is limitless. Thus, they will bring this technology to over 2 billion people.
