What happened

Shares of Butterfly Network (BFLY -5.71%) were getting crushed today, down by 14% as of 12:40 p.m. EST, after the company reported first-quarter earnings results. No Wall Street analysts cover Butterfly Network.

So what

Revenue in the first quarter was $12.4 million. That consisted of approximately $9.6 million in product revenue and around $2.9 million in subscription revenue. Total units sold increased from 3,711 a year ago to 5,013 in the first quarter. Butterfly Network reported a net loss of $690,000, or $0.01 per share. The healthcare company offers a handheld ultrasound device called the Butterfly iQ+ along with a subscription-based platform.

Butterfly iQ+ and smartphone app

The Butterfly iQ+ and its app. Image source: Butterfly Network.

"This year is off to a great start with healthy growth and increased customer excitement about the insights delivered by Butterfly's unique technology and our potential to advance medical imaging beyond current use cases," CEO Todd Fruchterman said in a statement. "During the quarter we made excellent progress expanding our commercial and organizational capabilities, driving partnerships that expand our reach across different care settings and specialties, as well as creating a dedicated team to transform veterinary medicine."

Now what

Butterfly Network also said that it has partnered with Sientra Health to promote Butterfly iQ+ in the plastic surgery market. The company has also assembled a dedicated commercial team to sell Butterfly iQ Vet into the veterinary market.

Guidance for 2021 calls for revenue in the range of $76 million to $80 million, which should result in a net loss of $135 million to $155 million.