Steve Matt's avatar
$1.2m follower assets
$BFLY and $WOOF Partner Up
Butterfly Networks and Petco announced the deployment of of the Butterfly IQ+ Vet handheld ultrasound device to Petco's nearly 200 veterinary hospitals located within Petco's pet care centers.

Butterfly reported earnings this morning as well. Revenue was up 25% while gross profit margins increased 200bps over Q1 2021. More importantly, subscription revenue increase 60% and now accounts for 29% of Butterfly's overall revenue, a single quarter record. Just waiting for the 10-Q to find out how many units were delivered to customers in Q1 but I'm leaning towards this being a very good quarter for them.

Josh Kohn-Lindquist's avatar
The partnership I never knew I wanted 😂

I can't say this idea ever dawned on me, but it makes perfect sense for both and is an intriguing concept.

I need to research a bit more on $BFLY -- they seem fascinating.
Steve Matt's avatar
@joryko One of my high risk/high reward bets. Still trading at a P/S of 9.5 and a forward P/S of 5.7 (with very limited coverage). The thing I track most is units delivered. If demand for the device stays strong, it seems obvious to assume subscription revenue will follow (this statement epitomizies my Captain Obvious status lol).

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