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 (NYSE: BFLY), a digital health company specializing in handheld, whole-body ultrasound and intuitive software, has announced its participation in TD Cowen's 9th Annual FutureHealth Conference on September 10, 2024 in New York City. Nevada Sanchez, Co-Founder & Vice President of Core Technology at Butterfly Network, will be part of a panel discussion titled 'AI in the Healthcare Ecosystem' from 3:15 pm to 4:00 pm ET.
The panel will be an in-person event without virtual streaming options. Interested parties can contact their TD Cowen representative for more information or to schedule meetings with Butterfly Network management during the conference.
Avive Solutions, Inc., a manufacturer of innovative Automated External Defibrillators (AEDs) and software solutions, has appointed Katerina Miras as their Vice President of Marketing. Miras, with extensive experience in medtech, brings expertise in creating healthcare brands that accelerate commercial growth. She previously held leadership roles at Medivis and Butterfly Network (NYSE: BFLY), where she contributed to significant market share growth and brand recognition.
As VP of Marketing, Miras will focus on enhancing Avive's brand identity, driving awareness, and leading the company's marketing strategy in the AED and cardiac arrest response space. Her vision includes increasing the presence of Avive's AEDs in key markets and championing the company's mission to improve Sudden Cardiac Arrest outcomes through faster, more connected care.
Butterfly Network (NYSE: BFLY) reported its Q2 2024 financial results, highlighting record quarterly revenue of $21.5 million, representing 16% YoY growth. The company reduced its net loss by 45% and net cash used in operations by 62% YoY.
Key achievements include the launch of the iQ3 in Canada, expansion into Southeast Asia, and success with the medical school Campus Essentials program. Butterfly also made significant strides in AI and technology with new development partnerships.
Financial highlights include a gross profit of $12.6 million and operating expenses down by 29% YoY. The company improved its adjusted EBITDA guidance and regained compliance with NYSE listing standards.
Butterfly Network (NYSE: BFLY) has announced it will report its second quarter 2024 financial results on August 1, 2024, after market close. The company, known for its portable ultrasound technology, will host a conference call and webcast at 5:00 pm ET on the same day. Joseph DeVivo, President, CEO, and Chairman, along with Heather Getz, EVP and CFO, will lead the discussion on financial results and operational progress.
The call will be broadcast live via webcast on Butterfly's Investor Relations website. Interested parties can also dial in to listen. A replay of the call will be available until August 15, 2024. This announcement indicates Butterfly's commitment to transparency and shareholder communication, providing investors with an opportunity to gain insights into the company's performance and future outlook.
On June 27, 2024, UltraSight announced its partnership with Butterfly Network to integrate real-time AI guidance into Butterfly's handheld ultrasound devices. This collaboration aims to improve access to cardiac care by enabling more healthcare professionals to perform cardiac ultrasounds, addressing the global shortage of sonographers and reducing delays in cardiac testing. Cardiovascular disease is the leading cause of death worldwide, and this initiative seeks to empower even novice users to conduct echocardiographic exams. With regulatory approvals, UltraSight's AI software will be deployed on Butterfly's platform to enhance diagnostic accuracy and accessibility. This partnership follows Butterfly's recent launch of the Butterfly Garden AI Marketplace in August 2023, opening its platform to third-party developers.
HeartFocus has joined the Butterfly Garden AI Marketplace by Butterfly Network, aiming to integrate its AI-powered heart scan software with Butterfly's handheld ultrasound system. This collaboration plans to release the software after necessary approvals, enabling healthcare professionals to conduct cardiac scans anytime, anywhere.
The initiative leverages Butterfly's extensive imaging platform and HeartFocus' proprietary algorithms trained on over 10 million data points. The goal is to enhance access to precision cardiac care and improve cardiovascular disease detection and management.
Butterfly Network's SDK and APIs allow third-party developers to create AI applications, expanding the usability of its ultrasound technology. This partnership could significantly democratize access to high-quality cardiovascular care globally.
Butterfly Network (NYSE: BFLY), a digital health company specializing in handheld, whole-body ultrasound devices and software, announced its participation in the Goldman Sachs 45th Annual Global Healthcare Conference.
Joseph DeVivo, the company's President, CEO, and Chairman, will present and hold one-on-one investor meetings. The presentation is scheduled for June 12, 2024, at 10:00 am ET in Miami, Florida.
A live webcast will be available on Butterfly's investor website, with replays accessible post-event.
Butterfly Network has launched its first specialty product, iQ+ Bladder, aimed at the bladder scanning market in the United States.
This product expands Butterfly's reach beyond its core point-of-care ultrasound market, leveraging its proprietary Ultrasound-on-Chip™ technology. The bundled solution includes an iQ+ Bladder probe, streamlined software, a compact rolling cart, a tablet, and a power splitter.
The iQ+ Bladder enables nurses to obtain automated bladder volume calculations with 3D visualizations swiftly. The user-friendly interface, robust design, and advanced visualization capabilities make it a valuable tool in today's healthcare environment, targeting efficiency, reliability, and workflow optimization. The product is designed to meet the needs of nurses and other providers who conduct regular bladder scans.
Butterfly Network, Inc. (NYSE: BFLY) reported a 14% revenue growth in the first quarter of 2024, exceeding expectations. The company achieved record revenue of $17.7 million, reduced net loss by 35%, and net cash used in operations by 52%. They successfully launched the Butterfly iQ3™ and ScanLab™ training app, received EU MDR certification, and announced plans to expand into the European market. Butterfly Network's recent operational highlights include FDA clearance for the Butterfly iQ3™, EU MDR certification for the Butterfly iQ+, and the launch of ScanLab™. The company's gross profit was $10.3 million, with a gross margin of 58.2%. Operating expenses decreased by 25% to $32.9 million, resulting in a net loss of $21.8 million. Adjusted EBITDA loss was $13.2 million. Butterfly Network raised its full year guidance for 2024 to $75-80 million in revenue, with an adjusted EBITDA loss of $55-50 million.
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