RTTNews | Mar 30, 2021 09:51AM EDT

09:50 Tuesday, March 30, 2021 (RTTNews.com) - Shares of Butterfly Network, Inc. (BFLY) are slipping over 11% on Tuesday morning. On Monday, the company reported its full year results, with loss widening from last year despite 68% surge in revenues.

BFLY is currently trading at $16.10, down $2.00 or 11.02%, on the Nasdaq.

Butterfly Network reported full-year 2020 net loss of $162.7 million, wider than last year's loss of $99.7 million.

Full-year 2020 revenues grew 68% to $46.3 million from $27.6 million last year. The increase were driven largely by higher volume of products sold from a ramping up of commercial efforts and the introduction of Butterfly iQ+.

"In 2020, Butterfly grew revenues by 68% to $46.3 million as probe sales continued to increase, driven by the further adoption of our technology by healthcare providers," said Dr. Todd Fruchterman, Butterfly Network's President and Chief Executive Officer.

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