Butterfly Network Inc Stock Price, News & Analysis

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.

Butterfly Network announced its Q2 2022 financial results, reporting $19.2 million in total revenue, a 16.4% increase from Q2 2021. Product revenue rose 3.2% to $13.4 million, while subscription revenue surged 65.3% to $5.8 million. Gross profit improved to $10.6 million with a gross margin of 55.0%. However, operating expenses escalated by 31.4% to $59 million, resulting in a net loss of $35.8 million. The company reiterated its full-year revenue guidance of $83 to $88 million.

Butterfly Network, Inc. (NYSE: BFLY) will report its second quarter 2022 financial results on August 3, 2022, before market opens. CEO Dr. Todd Fruchterman and CFO Heather Getz will host a conference call at 8:30 am ET on the same day to discuss results and operational progress. The live event will be available via webcast and can be accessed through Butterfly's Investor Relations website. A replay will be available until August 17, 2022.

Butterfly Network (NYSE: BFLY) has partnered with the Medical University of South Carolina (MUSC) to implement the Butterfly Blueprint™, an AI-powered, handheld ultrasound technology. This initiative aims to enhance patient care, medical training, and research capabilities at MUSC, particularly in rural areas. MUSC will start deployment at various facilities, focusing on improving clinical decision-making and training healthcare providers with advanced ultrasound tools. The collaboration is expected to significantly impact diagnostic accuracy and care delivery.

Butterfly Network (NYSE: BFLY), a pioneer in digital health, will participate in the UBS Global Healthcare Conference in New York from May 23-25, 2022. CEO Dr. Todd Fruchterman and CFO Heather C. Getz are set to engage in a fireside chat on May 24, 2022, at 10:00 AM ET. The event highlights Butterfly's commitment to advancing healthcare through its handheld, whole-body ultrasound system, the Butterfly iQ+, aimed at enhancing global health equity. A live webcast and recording will be accessible on their investor website.

Butterfly Network announced the appointments of Tamara Dillon as Chief People Officer and Larry Weiss as Chief Legal Officer. Dillon, previously at Akebia Therapeutics, brings extensive HR experience, while Weiss has nearly 30 years in legal roles, including at Medtronic. Both leaders aim to support the company’s growth and mission to democratize healthcare and improve medical imaging access globally. These hires are intended to strengthen the company's foundation as it continues to innovate and expand in the digital health sector.

Butterfly Network (NYSE: BFLY) reported a 25.2% revenue growth in Q1 2022, totaling $15.6 million, up from $12.4 million in Q1 2021. Product revenue rose 14.8% to $11.0 million, while subscription revenue surged 60.1% to $4.6 million. Gross profit increased to $8.3 million, with a gross margin of 53.6%. Despite revenue growth, the company faced a net loss of $44.5 million, compared to a net loss of $0.7 million in the previous year. Operating expenses decreased by 3.8% to $57.9 million. Cash and equivalents stand at $359.9 million.