Butterfly Network Inc (NYSE: BFLY) stock fell over 11.1% on 30th March, 2021 (as of 09:46:15 UTC-4 · USD; Source: Google finance) though the company has reported full-year 2020 net loss of $27.90 per share, compared to a $17.73 loss per share in full-year 2019.
The US digital health company also reported revenue of $46.3 million for the 12 months ended Dec. 31, up from $27.3 million for the prior year, which represents an increase of 68%. This is driven by the further adoption of the technology by healthcare providers. In the fourth quarter, the company had introduced the next-generation Butterfly probe, the iQ+, and more upgrades to our proprietary, patented technology platform. The company is seeing strong demand for the comprehensive solution, which helps healthcare providers intercept disease and treat conditions earlier, and the company anticipates will ultimately reduce the total cost of care while improving patient outcomes. Further, the completion of the business combination with Longview Acquisition Corp. in February 2021 is expected to solidify the company’s financial foundation for the next stage of its growth.
Moreover, for the full year 2020 the product revenues were $38.4 million, which is an increase of 53% from $25.1 million in 2019, and Subscription revenues were $7.9 million in 2020, which reported growth of whopping 216% from $2.5 million in 2019. These increases were primarily on the back of a higher volume of products sold from a ramping up of commercial efforts and the introduction of Butterfly iQ+, the next generation hardware in October 2020. Total gross loss for 2020 has risen to ($61.2) million, compared to 2019 gross loss of ($20.9) million. Total gross margin for the full year of 2020 has fallen to (132.4%), compared to (75.8%) in 2019. Cost of revenue in 2020 was significantly affected by non-recurring charges totaling $62.7 million. Operating expenses in 2020 were $100.4 million, which represents a moderate 23% increase year-over-year from $81.4 million in 2019, as the company conserved cash while various financing options were evaluated over the course of the year.
In addition, EBITDA loss has risen to $160.3 million in 2020, compared to EBITDA loss of $101.5 million in 2019. Adjusted EBITDA was ($85.2) million in 2020 compared with ($86.0) million in 2019. Cash and cash equivalents at the end of December, 2020 were $60.2 million.