Butterfly Network Inc Stock Price, News & Analysis

Tesseract Health has appointed Michael McConnell, MD, MSEE, as Head of Cardiovascular and Digital Health, strengthening its leadership under CEO Vicky Demas. Dr. McConnell brings expertise from Google Health and aims to guide the development of cardiovascular health products using Tesseract's non-invasive technology. The company is focused on democratizing health screening and aims to innovate ocular health diagnostics. Tesseract is part of 4Catalyzer, which includes companies like Butterfly Network (NYSE: BFLY), Quantum-Si (NASDAQ: QSI), and Hyperfine (NASDAQ: HYPR).

Butterfly Network (NYSE: BFLY) announced the appointment of Heather Getz as Executive Vice President and Chief Financial Officer, effective May 2. With over 25 years of experience in healthcare technology and public company operations, Getz previously served as CFO at BioTelemetry, Inc., where she significantly increased market capitalization. Dr. Todd Fruchterman, President and CEO, highlighted her exceptional record in driving operational excellence and profitability. Getz expressed enthusiasm for her role in furthering Butterfly's mission to enhance ultrasound accessibility globally.

Butterfly Network, Inc. (NYSE: BFLY) announced its significant findings from a study published in NEJM Evidence, demonstrating the potential of its handheld ultrasound technology to democratize obstetric care. The study, conducted from September 2018 to June 2021, involved 4,695 pregnant participants in North Carolina and Zambia. Results showed that untrained midwives could accurately assess gestational age using the Butterfly iQ probe, equating their performance to certified sonographers. Backed by the Bill and Melinda Gates Foundation, this initiative aims to enhance ultrasound access in low-resource settings.

Butterfly Network, Inc. (NYSE: BFLY) will announce its first quarter 2022 financial results on May 5, 2022, before market opening. Dr. Todd Fruchterman, the CEO, will lead a conference call and webcast at 8:30 AM ET on the same day to discuss financial performance and operational updates. The event will be accessible via the company's website. Butterfly is known for its innovative handheld ultrasound technology aimed at improving global health access, leveraging its Ultrasound-on-Chip™ technology.

FUJIFILM Sonosite has filed a patent infringement lawsuit against Butterfly Network (BFLY) in Delaware, claiming infringement of seven patents related to point-of-care ultrasound technology. The patents cover critical aspects of ultrasound imaging, including the use of mobile devices and graphical interface elements. FUJIFILM Sonosite seeks damages for Butterfly's alleged unauthorized use and sale of its IQ/IQ+ products. Rich Fabian, COO, emphasized the company's commitment to protecting its significant R&D investments and intellectual property rights in the U.S. and worldwide.

Butterfly Network (NYSE: BFLY) received a $5 million grant from the Bill & Melinda Gates Foundation to enhance maternal and fetal health in Sub-Saharan Africa. The funding aims to provide 1,000 healthcare workers with Butterfly iQ+ ultrasound probes, distributing 500 each in Kenya and South Africa. This initiative targets improving access to medical imaging in resource-limited settings, addressing high pregnancy-related morbidity and mortality. The company plans to document best practices for ultrasound use and develop new health capabilities in its mobile application.

Butterfly Network reported significant financial growth with 2021 revenue reaching $62.6 million, marking a 35.3% increase over 2020.

Fourth-quarter revenue rose 21.3% to $19.0 million, driven by a 15.1% increase in product revenue. However, operating expenses surged 71.0% to $52.8 million, leading to a net loss of $15.2 million for Q4.

For 2022, the company projects revenue growth of 33% to 41%, expecting a net loss between $225 million and $245 million.

Butterfly Network has launched Butterfly Blueprint, a system-wide platform that enhances ultrasound deployment in hospitals. This integrated solution, which utilizes Caption Health's AI-guided software, aims to improve clinical decision-making by providing efficient access to diagnostic imaging. The platform will facilitate better patient care through faster access to ultrasound insights across various healthcare settings, aligning with the company's mission to enhance global health equity.

Butterfly Network, Inc. (NYSE: BFLY) will participate in Cowen's 42nd Annual Health Care Conference from March 7-9, 2022. CEO Dr. Todd Fruchterman is scheduled for a virtual fireside chat on March 9 at 10:30 AM ET. A live webcast and archived recording will be accessible via the Butterfly Network investor website. Founded in 2011, Butterfly Network revolutionizes medical imaging with its handheld ultrasound technology, aiming for health equity worldwide. Its products, Butterfly iQ+ and Butterfly iQ+ Vet, are available for purchase across multiple countries.