Butterfly Network Inc Stock Price, News & Analysis

BURLINGTON, Mass.--(BUSINESS WIRE)--Butterfly Network, Inc. (NYSE: BFLY) announced its participation in the 43rd Annual Cowen Health Care Conference at the Boston Marriott Copley Place from March 6-8, 2023. Key executives, including Heather Getz, Darius Shahida, and Dr. John Martin, will hold a fireside chat on March 7, 2023, at 2:10 pm ET. A live webcast of the presentation will be available on the Butterfly investor website. Founded in 2011, Butterfly Network has developed the world's first handheld, whole-body ultrasound system, the Butterfly iQ+, aiming to enhance global health equity and improve access to medical imaging.

Butterfly Network reported Q4 2022 revenue of $19.0 million, unchanged from Q4 2021, with a full-year revenue of $73.4 million, reflecting 17.3% growth year-over-year. The company introduced Cloud 2.0 software, enhancing workflow management, and expanded its user base with new clients including Hennepin County and University Hospital Bonn. Although product revenue declined 12.2%, software revenue surged 38.3%. A notable increase in gross profit was recorded at $9.6 million and a gross margin of 50.3%. Looking ahead, Butterfly anticipates 2023 revenue growth in the high teens to low 20% range.

Butterfly Network has partnered with University Hospital Bonn (UKB) to integrate its Butterfly iQ+ ultrasound devices into medical education. This initiative marks the first implementation in Europe, providing state-of-the-art technology for teaching and improving patient care. UKB will supply students with personal Butterfly iQ+ devices, enhancing practical training. The collaboration aims to evaluate the impact on clinical workflows and education.

UKB cares for approximately 500,000 patients annually and employs around 8,800 individuals. The roll-out of the Butterfly devices will commence next summer, embedded within a new curriculum focused on ultrasound education.

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.