Welcome to our dedicated page for Butterfly Network news (Ticker: BFLY), a resource for investors and traders seeking the latest updates and insights on Butterfly Network stock.
Butterfly Network, Inc. develops semiconductor-based ultrasound devices, programmable cloud software and AI for medical imaging and sensing. Its Ultrasound-on-Chip technology underpins handheld whole-body ultrasound systems such as Butterfly iQ, iQ+ and iQ3, along with enterprise workflow software including Compass AI and developer tools such as Butterfly Garden.
Company news commonly covers financial results, point-of-care ultrasound adoption, FDA-cleared AI tools such as its Gestational Age Tool, U.S. and international sales channels, and platform initiatives. Updates also address Butterfly Embedded, the company’s licensing and co-development effort for applying its ultrasound chip and software platform in partner-built products, as well as board and leadership changes tied to medtech, clinical strategy and commercialization.
Butterfly Network, Inc. (NYSE: BFLY) will report its fourth quarter 2022 financial results and provide a business update on February 28, 2023, before market opening. The conference call will be hosted by Dr. Jonathan Rothberg, Chairman and Interim CEO, and Heather Getz, Executive Vice-President and CFO, at 8:30 am ET. Interested parties can access the call via Butterfly's Investor Relations website. The company, known for its handheld ultrasound technology, aims to democratize medical imaging globally, addressing the needs of 4.7 billion people lacking access to ultrasound.
Butterfly Network, Inc. (NYSE: BFLY) announced the successful completion of phase one of its $5 million deployment and training program in Kenya, funded by the Bill & Melinda Gates Foundation. The initiative distributed 500 Butterfly iQ+ devices to mid-level healthcare practitioners, significantly enhancing maternal-fetal care. Initial data shows an impressive adoption rate, with over 90% of trained respondents identifying high-risk conditions. The program aims to equip 1,000 healthcare workers in Sub-Saharan Africa and will continue with a second phase in South Africa.
Butterfly Network, Inc. (NYSE: BFLY) announced its participation in the 41st Annual J.P. Morgan Healthcare Conference from January 9-12, 2023, in San Francisco, California. Key executives, Darius Shahida and Heather Getz, will present on January 12 at 9:00 am PT at the Westin St. Francis Hotel. The presentation will be available via a live webcast. Butterfly Network is recognized for its innovative handheld, whole-body ultrasound technology aimed at improving global health equity.
Butterfly Network, Inc. (NYSE: BFLY) announces the departure of Dr. Todd Fruchterman as President and CEO. The decision was mutual, and Dr. Fruchterman will assist with the transition until the end of the year. Jonathan Rothberg, the Company’s Founder and Chairman, expressed gratitude for Dr. Fruchterman’s contributions. Dr. Rothberg will assume the role of Interim CEO during the search for a permanent replacement, ensuring continuity in the Company’s operations and leadership.
Butterfly Network reported a 34.2% increase in total revenue for Q3 2022, totaling $19.6 million, compared to $14.6 million in Q3 2021. The growth was driven by a 21.3% rise in product revenue and a 71.1% surge in software services. Gross profit improved significantly to $11.0 million, with a gross margin of 56.0%. Despite rising operating expenses of $57.0 million and a net loss of $54.7 million, the company has $273 million in cash reserves. Guidance for 2022 revenue is revised to $73-$76 million amid market challenges.
Butterfly Network, Inc. (NYSE: BFLY) announced it will release its third quarter 2022 financial results on November 3, 2022, prior to market opening. A conference call hosted by CEO Dr. Todd Fruchterman and CFO Heather Getz will take place at 8:30 am ET on the same day to discuss the financial performance and operational progress. The call will be accessible via a live webcast on Butterfly's Investor Relations website. The company continues to innovate in handheld ultrasound technology, aiming to enhance global health equity.
Butterfly Network, Inc. (NYSE: BFLY) has launched its new Proficiency Management Solution as part of its enterprise imaging platform, Butterfly Blueprint™. This solution aims to enhance ultrasound utilization among emergency physicians by standardizing bedside ultrasound assessments. Key features include customizable proficiency requirements and data analysis tools to assess ultrasound's impact on clinical care. The solution will be showcased at ACEP22 from October 1-4, 2022. Experts believe it will facilitate broader adoption of ultrasound in emergency medicine.
Butterfly Network (NYSE: BFLY) has announced the deployment of 500 Butterfly iQ+ devices in Kenya, aided by a $5 million grant from the Bill & Melinda Gates Foundation. This initiative aims to enhance maternal and fetal health by providing handheld ultrasound technology and training to healthcare practitioners, particularly midwives. The program will ultimately train 1,000 healthcare workers across Sub-Saharan Africa, significantly improving access to medical imaging in underserved communities. The project is being implemented in collaboration with Kenyatta University and the Global Ultrasound Institute.
VitalConnect has appointed Heather C. Getz to its Board of Directors, adding over 25 years of financial and healthcare leadership experience. Getz, currently the CFO of Butterfly Network Inc. (BFLY), brings expertise in finance, investor relations, and strategic planning. She has a track record of driving revenue growth and successful acquisitions, particularly in the cardiac monitoring field. The board believes her skills will enhance VitalConnect's competitive edge and boost shareholder value in remote patient management.
Butterfly Network, Inc. (NYSE: BFLY) has filed a motion to dismiss claims from a patent infringement lawsuit initiated by FUJIFILM Sonosite on March 9, 2022. Butterfly argues that the lawsuit is baseless and an attempt to distract from FUJIFILM's failure to innovate. The company emphasizes its advancements in handheld ultrasound technology, asserting that it has over 800 patents and applications. Butterfly aims to democratize medical imaging, making high-quality ultrasound accessible globally. The company will defend its innovations and intellectual property vigorously.