Butterfly Network Inc Stock Price, News & Analysis

Detect, Inc. has launched its FDA-authorized PCR-quality at-home Covid-19 test for consumer purchase at $49. This rapid test is at least 50 times more sensitive than leading antigen tests, delivering results in one hour, with an accuracy agreement of 97.3% against highly sensitive PCR tests. The company appointed consumer tech veteran Hugo Barra as CEO to enhance its growth. Detect also offers a telehealth service for certified results at $20. They have raised $110M in funding and received an $8.1M contract from the NIH to scale manufacturing.

Butterfly Network (BFLY) reported third quarter 2021 revenue of $14.6 million, up 44.3% year-over-year. Product revenue increased 25.8% to $10.8 million, while subscription revenue surged 149.2% to $3.8 million. Despite these gains, the gross profit was negative $5.1 million, with a gross margin of negative 35%. Operating expenses rose 129.7% to $51.9 million, contributing to a net loss of approximately $13.6 million. For 2021, Butterfly expects revenue between $60 million to $62 million and a net loss of $(65) million to $(75) million.

Butterfly Network (NYSE: BFLY) has announced a strategic partnership with Abdul Latif Jameel Health to distribute the Butterfly iQ+ device, the world’s only handheld, single-probe ultrasound system. This innovative device aims to improve access to medical imaging for over 4.7 billion people globally, particularly in underserved communities. The iQ+ is expected to cost under $2,400 and will enable healthcare providers to perform assessments and share images seamlessly worldwide. The partnership will initially target markets in the Middle East, North Africa, Turkey, and India.

Caption Health and Ultromics have announced a strategic partnership aimed at enhancing cardiovascular disease detection through AI technology. The collaboration integrates Caption AI™ software with Ultromics' EchoGo® analytics, enabling a wider range of healthcare providers to perform crucial heart ultrasounds and improve diagnostic capabilities. This partnership seeks to address the global shortage of specialists in cardiac care, which has led to numerous preventable deaths. Enhanced diagnostic tools are expected to be available on the Butterfly iQ+ platform in the near future.

Detect, Inc. announces that its PCR-quality at-home Covid-19 Test has received Emergency Use Authorization from the U.S. FDA. The test provides results in one hour, making it ideal for home, school, and workplace use. With an overall agreement of 97.3%, a sensitivity of 90.9%, and 100% specificity, it is among the most accurate home tests available. Priced under $50, it stands as the lowest-cost molecular test on the market. The test is designed to detect all current variants of concern and is supported by an $8.1 million NIH contract to scale up manufacturing.

Butterfly Network, Inc. (NYSE: BFLY) will report its third quarter 2021 financial results and provide a business update on November 15, 2021, before market opens. CEO Dr. Todd Fruchterman and CFO Stephanie Fielding will host a conference call at 8:30 am ET on the same day to discuss the outcomes. The call will be accessible via webcast on Butterfly’s Investor Relations website, with a telephone replay available until November 22, 2021. Founded in 2011, Butterfly aims to democratize medical imaging with its handheld ultrasound technology.

Detect, Inc. has secured an $8.1 million funding award from the National Institutes of Health (NIH) under the RADx initiative to advance its Detect™ Covid-19 Test. This test is currently pending FDA Emergency Use Authorization and promises PCR-quality results at home in approximately one hour. The funding will aid in scaling manufacturing to meet national demand. Designed for schools, businesses, and homes, the Detect Covid-19 Test targets all known Covid-19 variants, including Delta, enhancing accessible testing options in the U.S.

Butterfly Network, Inc. (NYSE: BFLY) has been recognized on Fortune's 2021 Change the World list, highlighting its social impact through medical technology. The company developed iQ+, an advanced ultrasound tool aimed at improving healthcare access and equity globally. This selection is based on measurable social impact, business performance, innovation, and corporate strategy integration. Founded in 2011, Butterfly's mission is to democratize medical imaging for the 4.7 billion people lacking ultrasound access, promoting earlier health condition detection.

Butterfly Network, Inc. (NYSE: BFLY) has launched its second-generation veterinary ultrasound device, the Butterfly iQ+ Vet, enhancing diagnostics in veterinary medicine. Key features include sharper imaging, a new Needle Viz™ tool for procedural guidance, and a more user-friendly design. The device is now available in 19 international markets and offers flexible pricing options, including rentals. Partnerships with MWI Animal Health and Rarebreed Veterinary Partners aim to expand distribution and enhance veterinary care. A virtual launch event is scheduled for October 5, 2021.