Butterfly Network, Inc. Reports Q1 Net Loss of $33.5 Million

Butterfly Network, Inc.(BFLY), a leading medical imaging c ompany, has released its condensed consolidated financial statements for the first quarter of 2023. The report reveals a net loss of $33.5 million for the three months ended March 31, 2023. However, the company generated total revenue of $15.5 million during the same period.

Net Loss and Assets

During the first quarter of 2023, Butterfly Network's net loss amounted to $33.5 million, compared to a net loss of $44.5 million for the corresponding period in 2022. Despite the reduced net loss, the company continues to invest heavily in research and development to drive innovation in the medical imaging industry.

The company's condensed consolidated balance sheets indicate that total assets declined from $417.6 million at the end of 2022 to $381.7 million as of March 31, 2023. Key components of current assets, such as cash and cash equivalents, marketable securities, and accounts receivable, have all witnessed changes in their balances.