Butterfly Network Releases iQ+ Vet Ultrasound, the Next Big Shift in Veterinary Medicine, with International Expansion and New Partners

Rhea-AI Summary

Butterfly Network, Inc. (NYSE: BFLY) has launched its second-generation veterinary ultrasound device, the Butterfly iQ+ Vet, enhancing diagnostics in veterinary medicine. Key features include sharper imaging, a new Needle Viz™ tool for procedural guidance, and a more user-friendly design. The device is now available in 19 international markets and offers flexible pricing options, including rentals. Partnerships with MWI Animal Health and Rarebreed Veterinary Partners aim to expand distribution and enhance veterinary care. A virtual launch event is scheduled for October 5, 2021.

Positive

• Launch of Butterfly iQ+ Vet enhances diagnostic capabilities for veterinarians.
• Device available in 19 new international markets, broadening customer reach.
• Innovative features like Needle Viz™ tool improve procedural confidence.
• Flexible pricing options, including rentals, increase accessibility for veterinary practices.
• Partnership with Rarebreed Veterinary Partners to deploy iQ+ Vet across clinics.

Negative

• None.

The release of Butterfly’s innovative second-generation veterinary ultrasound device is coupled with the launch of 19 international markets as well as comprehensive new clinical partnerships

GUILFORD, Conn. & NEW YORK--(BUSINESS WIRE)-- Butterfly Network, Inc. (NYSE: BFLY) (“Butterfly”), an innovative digital health company that is working to democratize medical imaging and improve global health equity, is ushering in the next big shift in veterinary medicine with the launch of the new Butterfly iQ+ Vet. The second-generation device brings sharper imaging, a new procedural guidance tool, and hardware improvements that make the solution more powerful, versatile, and easy-to-use.

New iQ+ Vet Ultrasound (Photo: Business Wire)

“Veterinarians provide incredible care and face the unique challenge of serving patients that cannot speak,” said Todd Fruchterman, MD, PhD, Butterfly’s President and Chief Executive Officer. “They need clinical information at their fingertips to help them make more informed decisions and efficiently deliver positive patient outcomes. This is where Butterfly iQ+ Vet comes in — we’re creating a new shift in care centered around acquiring crucial information from inside the body that our system allows to be utilized in real-time.”

iQ+ Vet has been thoughtfully designed to powerfully serve veterinarians in a variety of care settings.

Sharp imaging, fast answers

Over 800 hours of engineering work dedicated to optimizing veterinary-specific clinical presets have resulted in vastly improved imaging across applications. iQ+ Vet comes equipped with a suite of powerful new capabilities like color-doppler sensitivity and increased max depth, helping veterinarians collect the image they need to provide more informed care.

Procedural guidance

The innovative Needle Viz™ tool is now available to veterinarians within five clinical presets (Bladder, MSK, MSK Equine, Small Organ, and Vascular). The ability to visualize needles in-plane will help veterinarians perform more confident fine needle aspirates, and quickly place lines and injections with greater certainty in emergency care situations.

Ease of use

Improvements throughout hardware and software now make it easier for veterinarians to take full advantage of iQ+ Vet’s diagnostic power. A 15% smaller probe face and 10% shorter probe allows easier maneuvering during a wide variety of scans. Up to 20% increase in battery life and improved continuous run time before thermal shut-off ensures that iQ+ Vet functions even longer in the clinic or in the field. Butterfly’s veterinary software now includes customizable worksheets, which help users capture the precise information needed for each individual patient.

Compatibility and pricing flexibility

Now with Android compatibility, and the option for either a USB-C or Lightning cable, iQ+ Vet introduces an entire new group of veterinarians and practices to the diagnostic power of handheld ultrasound. Additionally, Butterfly has introduced flexible pricing options to meet the needs of veterinary customers across different care settings, including rental and outright purchase options.

Global expansion and partnerships

With the new value the device provides, and growing global demand, Butterfly has now made iQ+ Vet available for purchase in 19 new international markets: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.

The international expansion has enabled exciting new partnerships. Butterfly is expanding its collaboration with MWI Animal Health, a leading distributor of animal health products and services. MWI UK will support the distribution of Butterfly iQ+ Vet to veterinary practices in the United Kingdom. Butterfly is also launching a new partnership in Australia and New Zealand with REM SYSTEMS, part of the Paragon Care Group, an established veterinary distributor. These are important first steps in the growth of Butterfly’s veterinary presence outside of the United States.

Within the United States, Butterfly is growing its impact with the announcement of a large-scale innovation partnership with Rarebreed Veterinary Partners, a strategic partner that grows and supports veterinary clinics across the Eastern US. Rarebreed will deploy iQ+ Vet system-wide across their innovative community of veterinary practices.

“Rarebreed is excited to partner with Butterfly to make ultrasound accessible to more patients,” said Dan Espinal, Rarebreed co-founder and CEO. “Rarebreed exists to enhance the standard of care across the profession and bring innovation to our partner practices. Ultrasound should be an integral part of almost any diagnostic workup.”

"Our partnership with Rarebreed to deploy iQ+ Vet system-wide is a great example of the recognition of iQ+ Vet's potential and impact for leading veterinary practices to improve the care they deliver," said Darius Shahida, Butterfly Network's Chief Strategy & Business Development Officer. "Not only will Rarebreed's veterinarians incorporate this powerful diagnostic tool across their practices to deliver new and quicker insights, but this deployment will also further strengthen the bond these veterinarians have with their pet-owners who seek the best care for their pets."

By establishing partnerships like these, and by increasing access to this diagnostic solution, Butterfly has the potential to shift veterinary medicine. The powerful, multi-species, and easy-to-use imaging solution will help veterinarians around the world capitalize on diagnostic opportunities and provide more effective care.

Butterfly will be hosting a virtual launch event on October 5, 2021 at 5 p.m. EDT to share more details. Reserve your seat today on Butterfly’s veterinary website. Butterfly iQ+ Vet will be available for sale online in the geographies where the product is commercially available by the end of the day.

About Butterfly Network

Founded by Dr. Jonathan Rothberg in 2011 and recently listed on the NYSE through a merger with Longview Acquisition Corp (NYSE: BFLY), Butterfly Network is the creator of the world's most advanced handheld, single-probe, whole-body veterinary ultrasound system, Butterfly iQ+ Vet. Butterfly’s mission is to enable universal access to superior medical imaging, and part of that mission is to enable the scanning of every animal at each veterinary visit. Through its proprietary Ultrasound-on-Chip^TM technology, Butterfly is paving the way for earlier detection and remote management of health conditions around the world. The Butterfly iQ+ Vet can be purchased online by veterinary practitioners in approved countries at the store or by contacting sales at vetsupport@butterflynetwork.com.

About Rarebreed

Rarebreed Veterinary Partners is a thriving community of veterinary hospitals that goes the extra mile to create exceptional work experiences, one partnership or team member at a time. We pride ourselves on building trusted, lasting relationships with our partner hospitals, with a goal to provide exceptional patient care, outstanding client service and an amazing work experience. We continue to build a broad network of practices that values healthcare teams by offering them the innovation and tools necessary to grow, improve and reimagine the veterinary experience. For more information, visit www.rarebreedvet.com.

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance and development of products and services. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impact of COVID-19 on the Company’s business; the ability to recognize the anticipated benefits of the business combination; the Company’s ability to grow and manage growth profitably; the success, cost and timing of the Company’s product and service development activities; the potential attributes and benefits of the Company’s products and services; the Company’s ability to obtain and maintain regulatory approval for its products, and any related restrictions and limitations of any approved product; the Company’s ability to identify, in-license or acquire additional technology; the Company’s ability to maintain its existing license, manufacture, supply and distribution agreements; the Company’s ability to compete with other companies currently marketing or engaged in the development of products and services that the Company is currently marketing or developing; changes in applicable laws or regulations; the size and growth potential of the markets for the Company’s products and services, and its ability to serve those markets, either alone or in partnership with others; the pricing of the Company’s products and services and reimbursement for medical procedures conducted using its products and services; the Company’s estimates regarding expenses, revenue, capital requirements and needs for additional financing; the Company’s financial performance; the Company’s ability to raise financing in the future; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions you not to place undue reliance upon any forward-looking statements, which speak only as of the date of this press release. The Company does not undertake or accept any obligation or undertake to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211005005313/en/

Investors

Agnes Lee

650-677-9138

alee@butterflynetwork.com

Media

Guru Sundar

media@butterflynetwork.com

Source: Butterfly Network, Inc.

FAQ

What new product did Butterfly Network launch on October 5, 2021?

Butterfly Network launched the Butterfly iQ+ Vet, a second-generation veterinary ultrasound device.

How many international markets is the Butterfly iQ+ Vet available in?

The Butterfly iQ+ Vet is available in 19 new international markets.

What are the key features of the Butterfly iQ+ Vet?

Key features include sharper imaging, a Needle Viz™ tool for procedural guidance, and improved ease of use.

What is the significance of Butterfly's partnership with Rarebreed Veterinary Partners?

The partnership aims to deploy the iQ+ Vet system across Rarebreed's veterinary clinics, enhancing care delivery.

Are there flexible pricing options for the Butterfly iQ+ Vet?

Yes, Butterfly offers flexible pricing options, including rentals and outright purchases.