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Investing.com – Butterfly Network, Inc (NYSE:BFLY)’s disappointing earnings weighed on its shares for the second straight day, falling 3% on Wednesday.
The quarterly net loss widened to $162.74 million from $99.69 million the previous year even as revenue grew 68% to $46.25 million. This was mostly because of total operating expenses rising 23% year-on-year to $100.39 million.
Higher sales and marketing costs contributed a large part to the jump in operating expenses. They came at $26.26 million, rising as much as 84%.
Butterfly Network makes handheld high-imaging ultrasound sensors that can be connected to mobile phone or a tablet, making healthcare accessible and improving patient outcomes at a lower cost.
The earnings were Bfly’s first since it went public in February, merging with Longview Acquisition , a special purpose acquisition company. The company did not provide an outlook with its earnings note.
