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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, Inc. (NYSE: BFLY) announces the departure of Dr. Todd Fruchterman as President and CEO. The decision was mutual, and Dr. Fruchterman will assist with the transition until the end of the year. Jonathan Rothberg, the Company’s Founder and Chairman, expressed gratitude for Dr. Fruchterman’s contributions. Dr. Rothberg will assume the role of Interim CEO during the search for a permanent replacement, ensuring continuity in the Company’s operations and leadership.
Butterfly Network reported a 34.2% increase in total revenue for Q3 2022, totaling $19.6 million, compared to $14.6 million in Q3 2021. The growth was driven by a 21.3% rise in product revenue and a 71.1% surge in software services. Gross profit improved significantly to $11.0 million, with a gross margin of 56.0%. Despite rising operating expenses of $57.0 million and a net loss of $54.7 million, the company has $273 million in cash reserves. Guidance for 2022 revenue is revised to $73-$76 million amid market challenges.
Butterfly Network, Inc. (NYSE: BFLY) announced it will release its third quarter 2022 financial results on November 3, 2022, prior to market opening. A conference call hosted by CEO Dr. Todd Fruchterman and CFO Heather Getz will take place at 8:30 am ET on the same day to discuss the financial performance and operational progress. The call will be accessible via a live webcast on Butterfly's Investor Relations website. The company continues to innovate in handheld ultrasound technology, aiming to enhance global health equity.
Butterfly Network, Inc. (NYSE: BFLY) has launched its new Proficiency Management Solution as part of its enterprise imaging platform, Butterfly Blueprint™. This solution aims to enhance ultrasound utilization among emergency physicians by standardizing bedside ultrasound assessments. Key features include customizable proficiency requirements and data analysis tools to assess ultrasound's impact on clinical care. The solution will be showcased at ACEP22 from October 1-4, 2022. Experts believe it will facilitate broader adoption of ultrasound in emergency medicine.
Butterfly Network (NYSE: BFLY) has announced the deployment of 500 Butterfly iQ+ devices in Kenya, aided by a
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.
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