On May 13th, Butterfly Network announced its financial results for Q1 2021, its debut quarterly earnings release since the start of trading on the New York Stock Exchange in February 2021. These results show that sales grew at an explosive pace during the quarter. Total quarterly sales reached $12.4m, compared with $8.8m in Q1 2020, an increase of approximately +44% year-on-year. Quarterly sales growth was driven by higher sales from both subscription and product revenue. Product revenue for the quarter was $9.6m, an increase of 33% from $7.2m in the same period in 2020. Units fulfilled was the main driver of product revenue which were 5,013 units in the quarter, compared with 3,711 in Q1 2020, an increase of 35%. Subscription revenue was approximately $2.9m in the first quarter, growing approximately 93% from approximately $1.5m in Q1 2020.
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