Increases in both product and subscription revenue propelled point-of-care ultrasound developer Butterfly Network to a 21.3% increase in revenue in its fourth quarter.
For the period (end-December 31), Butterfly had revenue of $19 million, up from $15.7 million in the fourth quarter of 2020. Product revenue climbed 15.1% to reach $14.5 million, while subscription revenue grew 46.2% to reach $4.6 million. The company had a fourth-quarter net loss of $15.2 million, down from $22.9 million in the same period a year ago.
For 2021, Butterfly had revenue of $62.6 million, up 35.3% from the $46.2 million produced in 2020. The firm had $47.9 million in product revenue, an increase of 24.8% over the previous year. It also had $14.7 million in subscription revenue, up 89.5% compared with 2020. Butterfly had a 2021 net loss of $32.4 million, compared with a net loss of $162.7 million for 2020.
Looking ahead, Butterfly expects 2022 revenue will range between approximately $83 million and $88 million, representing about 33% to 41% annual growth. Net loss is expected to be between approximately $225 million and $245 million.
