Home Equities Score Butterfly Network, Inc. (BFLY) Stock Undergoes Minor Volatility Following Promising Q1 2021...

Butterfly Network, Inc. (BFLY) Stock Undergoes Minor Volatility Following Promising Q1 2021 Financial Reports

Butterfly Network, Inc. (BFLY) stock prices were down by a marginal 0.20% as of the market closing on May 21st, 2021, bringing the price per share down to USD$10.16.

Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

Revenue Breakdown

May 13th, 2021 saw the company disclose their financial results for the first quarter of the fiscal year 2021. Revenues were reported to have increased by 43.5% compared to the same time period of the prior year, with Q1 2021 reporting USD$12.4 million, up from the USD$8.7 million reported in Q1 2020. Revenue generated from subscriptions was up by 94.9%, from USD$1.5 million in Q1 2020 to USD$2.8 million in Q1 2021. Product revenue was also up, by 33.1%, from USD$7.2 million in Q1 2020 to USD$9.6 million in Q1 2021.

5 Stocks Under $10 That Are Poised to Take Off

Investing in stocks under $10 could significantly increase the returns on your portfolio, especially if you pick the right stocks! Within this report you will find 5 top stocks that offer investors huge upside potential and the best bang for their buck.

Add them to your watchlist before they take off!

Get the Top 5 Stocks Now!

Sponsored

Read More

Gross Profits and Margins

Gross Profit for Q1 2021 came in at USD$6.4 million, a massive increase from the negative USD$0.8 million gross profit reported in the first quarter of the fiscal year 2020. Adjusted gross profit was reported at USD$5.9 million, which included a one-time adjustment for warranty accrual methodology. Gross margins increased substantially from negative 9.6% in Q1 2020 to 51.6% in Q1 2021. Adjusted gross margin for Q1 2020 was 9.4%, with Q1 2021 having seen a significant increase to 47.8%.

Operating Expenses and Net Loss

Operating expenses were up from USD$23.7 million in Q1 2020 to USD$60.2 million in Q1 2021. This massive 154.1% increase is primarily attributable to growth and an increase in workforce and costs associated with BFLY’s business combination. Net loss for the first quarter of the fiscal year 2021 was down to USD$0.7 million, a significant reduction from the USD$24.4 million reported in net loss for the first quarter of 2020.

Strategic Partnerships

BFLY also announced its collaboration with Sientra Health to gain exposure to their plastic surgery market. The partnership that was launched at the Aesthetics Meeting will facilitate the company’s ability to reach a specialized market segment through its experienced partner in the sector. Concurrently, Butterfly iQ Vet is being designed to address a need for accessibility, affordability, and capability in the veterinary market. The company has allocated resources towards the compiling of a veterinary team that will facilitate the commercialization, market presence, and scaling of the iQ Vet solution to transform the animal health space.

Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

Future Outlook for BFLY

With the company reporting cash, cash equivalents, and marketable securities amounting to USD$545.3 million as of March 31st, 2021, BFLY is armed with a solid liquidity position to ensure further growth. Current and potential investors are hopeful in the company’s ability to leverage the resources at its disposal to usher in significant and sustained increases in shareholder value.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Must Read

Why BancorpSouth Bank (BXS) stock plummeted on Friday?

BancorpSouth Bank (BXS) shares plummeted 9.39% in after-hours on Friday, June 18, 2021, and close the weekly business at $25.00 per share. Earlier, BXS's...

CureVac Inc. (CVAC) stock soar during pre-market trading. Here’s what you should know?

CureVac Inc. (NASDAQ: CVAC) stock declined by 38.99% at the last close while the CVAC stock price gains by 11.34% in the pre-market trading...

Why Iconix Brand Group Inc (ICON) stock turnaround in the after-hours on Thursday?

Iconix Brand Group Inc (ICON) shares started the Thursday, June 17, 2021, trading be losing 1.87% and close the normal trading session at $3.14...

ISun Inc. (ISUN) stock surged during current market trading. Here’s the update

ISun Inc. (NASDAQ: ISUN) stock gained by 19.51% in the current market trading. iSun, based in Burlington, Vermont, is a company built on ideals...

The Trade Desk Inc. (TTD) stock plunged during pre-market. Here’s to know why?

The Trade Desk Inc. (NASDAQ: TTD) stock gained by 0.76% at last close whereas the TTD stock price declines by 90.03% in the pre-market...

CorMedix Inc. (CRMD) stock surged during after-hour session. What has been happening lately?

CorMedix Inc. (NASDAQ: CRMD) stock fell by 1.91% at last close while the CRMD stock price gains by 6.49% in the after-hours session. There...

Victory Capital Holdings Inc. (VCTR) stock declined in the after-hour session. Here’s what you should know?

Victory Capital Holdings Inc. (NASDAQ: VCTR) stock declined by 1.89% at the last close while the VCTR stock price plunged by 0.76% in the...

Edesa Biotech Inc. (EDSA) stock surged during current market trading. Here’s to know why?

Edesa Biotech Inc. (NASDAQ: EDSA) stock gained by 4.22% in the current market trading. Edesa Biotech is a clinical-stage biopharmaceutical business dedicated on the...

Related News

Victory Capital Holdings Inc. (VCTR) stock declined in the after-hour session. Here’s what you should know?

Victory Capital Holdings Inc. (NASDAQ: VCTR) stock declined by 1.89% at the last close while the VCTR stock price plunged by 0.76% in the...

Anpac Bio-Medical Science Inc. (ANPC) stock soars during pre-market trading. Here’s the update

Anpac Bio-Medical Science Inc. (NASDAQ: ANPC) stock gained by 0.46% at last close while the ANPC stock price surged by 22.40% in the pre-market...

Arrival Inc. (ARVL) stock falls during pre-market trading. Here’s what you should know?

Arrival Inc. (NASDAQ: ARVL) stock plunged by 4.96% at last close while the ARVL stock price declines by 9.68% in the pre-market trading session....

Why Zomedica Corp. (ZOM) stock jumped on Thursday?

Zomedica Corp. (ZOM) shares were climbed 4.04% in after-hours on Thursday, June 17, 2021, and close the day at $0.94 per share. Earlier, ZOM's...

Novan Inc. (NOVN) stock plunged during pre-market. Let’s find out why?

Novan Inc. (NASDAQ: NOVN) stock declined by 9.36% at last close while the NOVN stock price plunged by 18.77% in the pre-market trading. Novan...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

We do not sell or share your information with anyone.

Get Notified Of Insider Trades, Analyst Upgrades & Downgrades, Earnings Updates & Best Stocks To Trade Every Single Morning

100% free. stop anytime no spam