Butterfly Network reported revenue decreases for the third quarter of the 2023 fiscal year, which ended September 30.
The company said that total revenue for the quarter was $15.4 million, down from $19.6 million in the same quarter in 2022. It also reported that U.S. revenue experienced a 15% decrease to $10.4 million. Butterfly said this drop in revenue is driven by lower probe sales. Additionally, while revenue from software and other services grew by 3%, product revenue decreased by 34% from the previous year period.
Butterfly also reported a net loss of $27.4 million, compared with $54.7 million in the prior year period.
Highlights from the 2023 third quarter include entering into a codevelopment agreement with Forest Neurotech, adding two new ultrasound education offerings to its suite, and launching its Butterfly Garden AI marketplace.
