Signify Premium Insight: How Soon Is Now for Butterfly Network?

With the verve and swagger of any ambitious start-up, Butterfly Network proudly released its investor presentation in November 2020. As well as detailing the SPAC merger and public listing that the vendor was set to undergo, the presentation also laid out the milestones that Butterfly Network was looking to hit as it grew.

Unfortunately for the vendor, many of these targets have been missed. After slightly outperforming its revenue target for 2020, bringing in $46m compared to a forecast $44m, the vendor struggled to maintain its momentum in 2021, with the $62.5m it brought in far short of the $78.1m originally expected, representing revenue growth of around 35%, rather than the 78% originally hoped for. This shortcoming has also forced Butterfly to revise its targets going forward, with the vendor now aiming for growth of 33% to 41% to revenues of $83-$88m in