Butterfly Network, Inc. - BFLY STOCK NEWS

Detect, Inc. announces that its PCR-quality at-home Covid-19 Test has received Emergency Use Authorization from the U.S. FDA. The test provides results in one hour, making it ideal for home, school, and workplace use. With an overall agreement of 97.3%, a sensitivity of 90.9%, and 100% specificity, it is among the most accurate home tests available. Priced under $50, it stands as the lowest-cost molecular test on the market. The test is designed to detect all current variants of concern and is supported by an $8.1 million NIH contract to scale up manufacturing.

Butterfly Network, Inc. (NYSE: BFLY) will report its third quarter 2021 financial results and provide a business update on November 15, 2021, before market opens. CEO Dr. Todd Fruchterman and CFO Stephanie Fielding will host a conference call at 8:30 am ET on the same day to discuss the outcomes. The call will be accessible via webcast on Butterfly’s Investor Relations website, with a telephone replay available until November 22, 2021. Founded in 2011, Butterfly aims to democratize medical imaging with its handheld ultrasound technology.

Detect, Inc. has secured an $8.1 million funding award from the National Institutes of Health (NIH) under the RADx initiative to advance its Detect™ Covid-19 Test. This test is currently pending FDA Emergency Use Authorization and promises PCR-quality results at home in approximately one hour. The funding will aid in scaling manufacturing to meet national demand. Designed for schools, businesses, and homes, the Detect Covid-19 Test targets all known Covid-19 variants, including Delta, enhancing accessible testing options in the U.S.

Butterfly Network, Inc. (NYSE: BFLY) has been recognized on Fortune's 2021 Change the World list, highlighting its social impact through medical technology. The company developed iQ+, an advanced ultrasound tool aimed at improving healthcare access and equity globally. This selection is based on measurable social impact, business performance, innovation, and corporate strategy integration. Founded in 2011, Butterfly's mission is to democratize medical imaging for the 4.7 billion people lacking ultrasound access, promoting earlier health condition detection.

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.

Butterfly Network (NYSE: BFLY) has announced the appointment of Dr. Erica Schwartz to its Board of Directors and Troy Quander as Senior Vice President of Regulatory and Quality. These strategic additions aim to enhance the company’s capabilities in medical imaging and regulatory affairs. Dr. Schwartz, a former Deputy Surgeon General, brings extensive healthcare management experience, while Quander adds over 25 years of regulatory expertise. Both are expected to facilitate Butterfly's mission of democratizing medical imaging and driving innovative solutions in clinical practice.

Butterfly Network (NYSE: BFLY) has announced an exclusive partnership with Caption Health to enhance cardiac assessments through the integration of their technologies. This collaboration aims to improve image capture and interpretation for healthcare professionals across various settings including hospitals and clinics. The partnership comes shortly after Caption Guidance received CMS new technology add-on payments, effective October 1, 2021, which may facilitate reimbursement for Medicare patients. The combined platform is expected to launch in the U.S. later this year.

Butterfly Network (BFLY) reported a strong second quarter of 2021, with revenue growing by 40% to $16.5 million from $11.8 million in Q2 2020. Gross profit rose dramatically to $8.2 million, marking a gross margin of 49.8%. Subscription revenue surged by 94.3% to $3.5 million. Despite an operating expense increase to $44.9 million, net loss improved to $2.9 million from $23.2 million a year prior. The company appointed a new Chief Technology Officer and Chief Information Officer and received medical device licensing for its Butterfly iQ+ in Canada.

Butterfly Network, Inc. (BFLY) has announced that it will report its second quarter 2021 financial results on August 9, 2021, before market open. The company's leadership, including Dr. Todd Fruchterman and Stephanie Fielding, will host a conference call at 8:30 a.m. ET the same day to discuss the results and operational advancements. Butterfly Network is known for its innovative, affordable, handheld ultrasound technology aimed at improving global health equity.