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Butterfly Network, Inc. (BFLY) is revolutionizing the healthcare landscape with its innovative digital health solutions, primarily focused on handheld, whole-body ultrasound technology. The company, which operates at the nexus of advanced engineering and scientific disciplines, has assembled a team of world-class talents in computer science, physics, and electrical engineering. Underpinned by a robust financial foundation from a select group of highly successful serial entrepreneurs, Butterfly Network is uniquely positioned to dedicate its full attention to product and intellectual property development.
Butterfly Network's flagship product, the Butterfly iQ+, represents a significant leap in medical imaging technology. This compact, user-friendly device leverages the company's proprietary Ultrasound-on-Chip technology to enable healthcare professionals to perform comprehensive whole-body imaging using a single handheld probe. The device's affordability and portability make it a game-changer in clinical settings, ensuring that high-quality ultrasound imaging is accessible and practical for a wide range of medical applications.
The integration of cloud-connected software with hardware technology further enhances the utility of the Butterfly iQ+, allowing for seamless data acquisition and analysis via a mobile application. This connectivity facilitates the practical application of ultrasound information within clinical workflows, thereby improving diagnostic capabilities and patient outcomes.
Recent achievements and ongoing projects include advancements in ultrasound technology and the expansion of the product's applications in various medical fields. The company's commitment to innovation is reflected in its continuous efforts to enhance the performance and capabilities of its devices.
With a strong focus on R&D and a strategic approach to technological development, Butterfly Network is poised to make significant contributions to digital health and medical imaging. The company's progress and updates can be closely followed through the latest news and press releases, which provide valuable insights into its performance, events, and developments.
Butterfly Network (NYSE: BFLY) reported strong Q4 2024 results with record quarterly revenue of $22.4 million, representing 35% year-over-year growth. The company achieved significant financial improvements, reducing Q4 net loss by 59% and net cash used in operations by 76%.
Key Q4 metrics include:
- U.S. revenue up 32% to $14.5 million
- International revenue increased 19% to $5.5 million
- Product revenue grew 45% to $14.7 million
- Gross margin improved to 61.4%
The company successfully completed a public offering in January 2025, raising $81.7 million in net proceeds. Looking ahead, Butterfly provided FY2025 guidance of $96-100 million in revenue (approximately 20% growth) and adjusted EBITDA loss of $37-42 million.
Butterfly Network (NYSE: BFLY), a digital health company specializing in handheld whole-body ultrasound and intuitive software, has announced its participation in the TD Cowen 45th Annual Health Care Conference in Boston on March 3, 2025.
Heather Getz, Executive Vice President & Chief Financial and Operations Officer, will represent the company by conducting one-on-one investor meetings and delivering a business overview presentation scheduled for 1:10pm EST. Interested parties can access the presentation webcast through the Events & Presentations section of Butterfly's investor website.
Butterfly Network (NYSE: BFLY), a digital health company specializing in portable, semiconductor-based ultrasound technology, has scheduled its fourth quarter and full year 2024 financial results announcement for February 28, 2025, at 8:00 am ET.
The company's President, CEO and Chairman Joseph DeVivo, along with EVP and CFO Heather Getz, will host a conference call and webcast before market opening. The event will be accessible via webcast on Butterfly's Investor Relations website, with telephone access available for both domestic (1-877-300-8521) and international (1-412-317-6026) callers.
Butterfly Network (NYSE: BFLY) has announced the pricing of an underwritten public offering of 24,000,000 shares of Class A common stock at $3.15 per share, expected to generate gross proceeds of approximately $75.6 million. The company has granted underwriters a 30-day option to purchase up to an additional 3,600,000 shares at the same price.
The proceeds will be used to fund the development and commercialization of new and existing products and services, as well as for general corporate purposes. The offering, managed by bookrunners TD Cowen, William Blair, and Lake Street Capital Markets, is expected to close on January 31, 2025.
Butterfly Network (NYSE: BFLY) has announced the commencement of an underwritten public offering of Class A common stock. The company plans to grant underwriters a 30-day option to purchase up to an additional 15% of the shares sold in the offering. The net proceeds will be used to fund development and commercialization of new and existing products and services, as well as general corporate purposes.
TD Cowen, William Blair, and Lake Street Capital Markets are serving as bookrunners for the proposed offering, which is subject to market conditions. The offering is being made pursuant to a shelf registration statement on Form S-3 that became effective on August 22, 2023. A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC.
Butterfly Network (NYSE: BFLY) announced preliminary findings from a key study conducted with Rutgers Robert Wood Johnson Medical School, showing significant benefits of point-of-care ultrasound (POCUS) in hospital care. The study, presented at EchoEuro-Imaging Conference, focused on using cardiopulmonary POCUS for patients with unexplained shortness of breath.
The research compared hospital physicians using Butterfly iQ+ and iQ3 POCUS devices versus those not using POCUS. Key findings revealed substantial reductions in hospital length of stay (LOS): lower-acuity patients' LOS decreased from 6.7 to 5.6 days, while higher-acuity patients saw reduction from 39 to 16.7 days. Lower-acuity patients experienced up to 50% cost reduction. Daily lung ultrasound usage was identified as important for accelerating patient discharge.
The complete study is expected to be published in the first half of 2025.
Butterfly Network (NYSE: BFLY) announced preliminary, unaudited Q4 2024 revenue growth of approximately 35% year over year. The digital health company, known for its portable semiconductor-based ultrasound technology, reported exceeding expectations with accelerating growth throughout 2024.
The company plans to release audited fourth quarter and full year 2024 results in late February 2025, along with guidance for 2025. Management expressed confidence in maintaining strong top-line growth with continued fiscal discipline going forward. The company will present a business update at the 43rd J.P. Morgan Healthcare Conference on January 16, 2025.
Butterfly Network (NYSE: BFLY), a digital health company specializing in handheld whole-body ultrasound technology, has announced its participation in the 43rd Annual J.P. Morgan Healthcare Conference. The conference will take place from January 13-16, 2025, at the Westin St. Francis in San Francisco.
President, CEO & Chairman Joseph DeVivo and EVP & CFO Heather Getz will present on January 16, 2025, at 7:30 AM PST. The presentation will be available via webcast on the Events & Presentations section of Butterfly's investor website and will remain accessible for replay until February 15, 2025.
Butterfly Network (NYSE: BFLY) has announced its participation in the upcoming virtual BTIG Digital Health Forum on November 25, 2024. The company's leadership will engage in two key presentations: a 9:00 AM ET Fireside Chat featuring CEO Joseph DeVivo and CFO Heather Getz discussing Butterfly's technology and strategy, and a 3:00 PM ET Panel Discussion where CMO Dr. John Martin will explore the impact of tools like Butterfly iQ3 on diagnostic and treatment approaches. One-on-one meetings with executives can be arranged through BTIG representatives.
Butterfly Network's iQ3™ handheld ultrasound device has won the Best Medical Technology Award at the 2024 Prix Galien USA Awards, often referred to as the 'Nobel Prize of Life Sciences.' The third-generation device, built on Butterfly's proprietary P4.3 semiconductor platform, represents a significant advancement in ultrasound technology with enhanced AI-powered features and digital image capture capabilities. The company's Ultrasound-on-Chip™ technology aims to make ultrasound imaging more affordable, sustainable, and scalable, leveraging Moore's Law to deliver increasingly powerful and cost-effective imaging tools.
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