Why Butterfly Network Was Down 20% on Monday
After Butterfly Network (NYSE: BFLY) reported its earnings results for the third quarter, its shares were down as much as 21.5% on Monday. The digital health company, which is trying to bring medical imaging to everyone, drastically reduced its full-year guidance, and this move likely gave investors pause on the company's potential over the long term. As of 2:22 p.m. ET, shares of Butterfly Network stock are down 15.5% for the day.
Before the opening of the market this morning, Butterfly Network released its earnings for the three months ending in September. The top-line number looked solid, with revenue growing 44.3% year over year to $14.6 million in the period. But as we move down the income statement, things start to look a lot worse.
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