Summary by Moomoo AI
Butterfly Network, a digital health company specializing in portable ultrasound technology, reported a decrease in product revenue by 20.3% to $40.036 million in 2023 from $50.263 million in 2022. Software and other services revenue, however, increased by 11.8% to $25.864 million in 2023. The company's total revenue fell by 10.2% to $65.9 million in 2023 from $73.39 million in the previous year. Despite the revenue decline, Butterfly Network managed to reduce its operating expenses significantly. Research and development expenses dropped by 36.8%, sales and marketing by 34.3%, and general and administrative expenses by 36.1%. The company's net loss widened to $133.7 million in 2023, a 202.9% loss as a percentage of revenue, compared to a 229.9% loss in 2022. Butterfly Network has taken actions to reduce operational costs and extend its cash runway, expecting its cash to last...Show More
