Point-of-care ultrasound developer Butterfly Network reported a 16% increase in second-quarter revenue; however, its net loss rose significantly compared with a year ago.
For the quarter (end-June 30), the company posted revenues of $19.2 million, a 16.4% increase from $16.5 million for the same quarter in 2021. In the second quarter of 2022, product revenue increased 3.2% to $13.4 million compared with $13 million in the same quarter of 2021. Subscription revenue increased 65.3% to $5.8 million in the most recent quarter from $3.5 million in the second quarter of 2021.
Butterfly's net loss climbed for the period, however. The company reported a net loss of $35.8 million for the second quarter of 2022, compared with a net loss of $2.9 million during the same period of 2021.
