Butterfly Network (NYSE: BFLY) reported Q1 EPS of ($0.01), versus ($4.07) reported last year. Revenue for the quarter came in at $12.4 million, versus $8.7 million reported last year.

First Quarter 2021 Highlights:

• Reported revenue of $12.4 million in the first quarter of 2021, compared to $8.7 million in the first quarter of 2020.
• Reported gross profit of $6.4 million and a gross margin of 51.6%. Adjusted gross margin of 47.8%.
• Made significant investments in the commercial team, including doubling the sales force, as the company continued to expand its market presence.
• Built a dedicated commercial team around our veterinary solution, Butterfly iQ Vet.
• Formed strategic collaborations with Sientra Health, a leading aesthetics company.

“This year is off to a great start with healthy growth and increased customer excitement about the insights delivered by Butterfly’s unique technology and our potential to advance medical imaging beyond current use cases,” said Dr. Todd Fruchterman, Butterfly’s President and Chief Executive Officer. “During the quarter we made excellent progress expanding our commercial and organizational capabilities, driving partnerships that expand our reach across different care settings and specialties, as well as creating a dedicated team to transform veterinary medicine.” Fruchterman added, “I am excited by the breadth of opportunities in front of us to democratize imaging, drive fundamental change in healthcare across care settings, and advance global health equity.”

GUIDANCE:

Butterfly Network sees FY2021 revenue of $76-80 million.

• Revenue is expected to be approximately $76 million to $80 million, or approximately 64% to 73% growth year-over-year.
• Gross margin is expected to be approximately 43% to 47%. Adjusted gross margin is expected to be approximately 42% to 46%.
• Net loss is expected to be approximately $135 million to $155 million. Adjusted EBITDA loss is expected to be $140 million to $160 million.

A reconciliation of non-GAAP EBITDA and Adjusted EBITDA to net loss, Adjusted gross profit to gross profit, and Adjusted gross margin to gross margin for the 2021 financial guidance is provided in the financial schedules that are part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Non-GAAP Financial Measures.”

Butterfly may incur charges, realize gains or losses, incur financing costs or interest expense, or experience other events in 2021 that could cause actual results to vary materially from this guidance.

For earnings history and earnings-related data on Butterfly Network (BFLY) click here.