Butterfly Network, Inc. - BFLY STOCK NEWS

Butterfly Network, Inc. (NYSE: BFLY) has appointed Dr. Andrei Stoica as Chief Technology Officer and David Ramsey as Chief Information Officer, effective July 19. Dr. Stoica will oversee product development and technology innovation, reporting to President and CEO Todd Fruchterman. With extensive experience at BioTelemetry and IQVIA, Dr. Stoica aims to drive advancements in ultrasound technology. Ramsey brings a strong IT background, focusing on security and infrastructure. Both executives are expected to enhance Butterfly's mission of democratizing medical imaging globally.

Butterfly Network (NYSE: BFLY) announced its participation in the Cowen 6^th Annual FutureHealth Conference, a virtual event on June 16-17, 2021. Dr. Todd Fruchterman, the President and CEO, along with CFO Stephanie Fielding and CMO Dr. John Martin, will discuss 'Handheld Point-of-Care Ultrasound' on June 16 at 2:35 p.m. ET. The conversation will be available via the investor relations section of Butterfly Network's website. Butterfly, founded in 2011, aims to democratize medical imaging using its innovative Butterfly iQ system, promoting health equity for the 4.7 billion people lacking ultrasound access.

Butterfly Network (NYSE: BFLY) has announced the establishment of its new corporate headquarters in Burlington, Massachusetts. This move will accommodate around 275 employees and aims to foster growth and innovation in medical imaging technology. The project is set for completion in Q1 2022, with temporary offices already in use. Town officials emphasize Burlington's appeal for economic development, citing collaboration opportunities with local medical institutions. Butterfly, known for its handheld ultrasound technology, continues its mission to enhance global health equity.

On June 3, the SpaceX Dragon cargo resupply mission will deliver a Butterfly iQ to the International Space Station. Developed by Butterfly Network (BFLY), this handheld ultrasound device aims to enhance astronaut healthcare by allowing self-monitoring for conditions like kidney stones and blood clots. The Translational Research Institute for Space Health (TRISH) supports user demonstrations in space, emphasizing the technology's portability and reliability. Butterfly Network seeks to democratize medical imaging globally, providing accessible ultrasound solutions for various healthcare settings.

Butterfly Network (NYSE: BFLY) announced that its second-generation iQ+ received a Class III Medical Device License in Canada. The iQ+ features innovative Ultrasound-on-Chip technology and enhancements for improved usability. The device is designed to support advanced medical imaging with features like real-time Biplane Imaging and enhanced battery life. The company anticipates strong demand in Canada, following the success of its first-generation device launched in 2020. With this approval, Butterfly iQ+ will be available in 20 countries, aiming to enhance medical imaging accessibility.

Butterfly Network, Inc. (NYSE: BFLY) reported financial results for Q1 2021, achieving $12.4 million in revenue, a 43.5% increase from Q1 2020. The gross profit was $6.4 million with a gross margin of 51.6%. Operating expenses rose to $60.2 million, a 154.1% increase year-over-year, leading to a net loss of $0.7 million, down from $24.4 million in 2020. The company forecasts 2021 revenue of $76 million to $80 million, projecting 64% to 73% growth year-over-year, while expecting a net loss of $135 million to $155 million.

Butterfly Network (NYSE: BFLY) will announce its first quarter 2021 financial results on May 13, 2021, prior to market opening. CEO Todd Fruchterman and CFO Stephanie Fielding will hold a conference call at 8:30 a.m. ET on the same day to discuss the results and operational updates. The call will be available as a live webcast, and a replay will be accessible until May 20, 2021. Butterfly Network aims to democratize medical imaging and enhance global health equity through its innovative handheld ultrasound technology, the Butterfly iQ+.

Butterfly Network (NYSE: BFLY) has appointed Timothy Trodden as Senior Vice President and Chief Human Resources Officer, effective April 19. In this new role, Trodden will lead the company's people strategy, focusing on talent acquisition, cultural development, and enhancing HR practices to align with business growth. Dr. Todd Fruchterman, President and CEO, emphasized the importance of investing in talent as crucial for Butterfly's success. Trodden brings extensive experience from WellCare Health Plans and Johnson & Johnson, where he focused on talent strategy and diversity initiatives.

Butterfly Network (BFLY) reported a 68% revenue increase for 2020, reaching $46.3 million from $27.6 million in 2019. The company saw a 53% rise in product revenue, totaling $38.4 million. Subscription revenues surged 216% to $7.9 million. However, net losses widened to ($162.7 million), compared to ($99.7 million) in 2019. The company attributes growth to the launch of its next-gen probe, the iQ+, and increased sales efforts. Cash reserves stood at $60.2 million as of December 31, 2020, laying a foundation for future growth.