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About Butterfly Network Inc.
Butterfly Network Inc. (NYSE: BFLY) is a transformative digital health company dedicated to democratizing access to medical imaging through its innovative, semiconductor-based ultrasound technology. Founded in 2011, the company has developed the world's first handheld, whole-body ultrasound system, powered by its proprietary Ultrasound-on-Chip™ technology. This groundbreaking solution combines advanced hardware, cloud-connected software, and artificial intelligence (AI) to deliver high-quality imaging at a fraction of the cost of traditional ultrasound systems. Butterfly's mission is to make medical imaging globally accessible, addressing the needs of the 4.7 billion people worldwide who currently lack access to ultrasound technology.
Core Technology and Products
At the heart of Butterfly Network's innovation is its Ultrasound-on-Chip™ technology, which miniaturizes the complex components of traditional ultrasound machines into a single semiconductor chip. This enables the creation of portable, handheld devices like the Butterfly iQ+, capable of performing whole-body imaging with a single probe. Designed for ease of use, these devices integrate seamlessly with mobile applications, empowering healthcare professionals to capture and interpret diagnostic-quality images at the point of care. The cloud-based platform further enhances functionality by enabling secure storage, sharing, and analysis of imaging data, fostering collaboration and remote diagnostics.
Business Model and Revenue Streams
Butterfly Network's business model is built on a combination of hardware sales, software subscriptions, and strategic partnerships. The company generates revenue through the sale of its handheld ultrasound devices, which are complemented by subscription-based access to its cloud platform and AI-powered tools. Additionally, the Butterfly Garden AI marketplace allows third-party developers to create and deploy AI applications that integrate with Butterfly's imaging platform, unlocking new functionalities and expanding its ecosystem. This multi-faceted approach not only drives recurring revenue but also positions Butterfly as a hub for innovation in digital health.
Market Impact and Competitive Positioning
Butterfly Network operates within the rapidly evolving landscape of point-of-care diagnostics and telemedicine. Its portable and affordable ultrasound devices address critical bottlenecks in healthcare, such as the high cost of traditional imaging systems, limited access in underserved regions, and a global shortage of trained sonographers. By enabling more healthcare professionals to perform diagnostic imaging, Butterfly is improving patient outcomes and reducing delays in care. The company's commitment to education, exemplified by initiatives like the AI-powered ScanLab™ app, further differentiates it by equipping medical professionals with the skills needed to maximize the utility of its technology.
Partnerships and Ecosystem Development
Butterfly Network's collaborative approach amplifies its impact. Recent partnerships, such as the integration of UltraSight's AI guidance software, highlight its focus on expanding the capabilities of its platform. The Butterfly Garden marketplace fosters innovation by providing developers with access to its proprietary SDK and APIs, enabling the creation of specialized AI applications. These collaborations not only enhance the functionality of Butterfly's devices but also strengthen its competitive position by creating a robust ecosystem of interconnected solutions.
Challenges and Opportunities
While Butterfly Network faces challenges such as regulatory compliance, market competition, and the need for widespread adoption of its technology, its unique value proposition positions it for long-term success. The company's focus on affordability, portability, and AI-driven insights aligns with global healthcare trends, including the shift towards value-based care and the increasing emphasis on early detection and remote monitoring. By addressing systemic barriers to medical imaging, Butterfly is poised to play a pivotal role in shaping the future of healthcare delivery.
Conclusion
Butterfly Network Inc. represents a paradigm shift in medical imaging, leveraging cutting-edge technology to make high-quality ultrasound accessible, affordable, and easy to use. Through its innovative products, strategic partnerships, and commitment to education, the company is not only transforming diagnostics but also advancing global health equity. As healthcare systems worldwide grapple with increasing demand for cost-effective and scalable solutions, Butterfly's holistic approach positions it as a leader in the digital health revolution.
Butterfly Network (NYSE: BFLY), a digital health company, will participate in the 33rd Annual Oppenheimer Healthcare Conference from March 13-15, 2023. Executives, including Heather Getz, Darius Shahida, and Dr. John Martin, will present on March 14 at 10:40 AM ET. A live webcast will be accessible on the Butterfly investor website.
Founded in 2011, Butterfly is focused on improving global health equity through its innovative Ultrasound-on-Chip™ technology.
BURLINGTON, Mass.--(BUSINESS WIRE)--Butterfly Network, Inc. (NYSE: BFLY) announced its participation in the 43rd Annual Cowen Health Care Conference at the Boston Marriott Copley Place from March 6-8, 2023. Key executives, including Heather Getz, Darius Shahida, and Dr. John Martin, will hold a fireside chat on March 7, 2023, at 2:10 pm ET. A live webcast of the presentation will be available on the Butterfly investor website. Founded in 2011, Butterfly Network has developed the world's first handheld, whole-body ultrasound system, the Butterfly iQ+, aiming to enhance global health equity and improve access to medical imaging.
Butterfly Network reported Q4 2022 revenue of $19.0 million, unchanged from Q4 2021, with a full-year revenue of $73.4 million, reflecting 17.3% growth year-over-year. The company introduced Cloud 2.0 software, enhancing workflow management, and expanded its user base with new clients including Hennepin County and University Hospital Bonn. Although product revenue declined 12.2%, software revenue surged 38.3%. A notable increase in gross profit was recorded at $9.6 million and a gross margin of 50.3%. Looking ahead, Butterfly anticipates 2023 revenue growth in the high teens to low 20% range.
Butterfly Network has partnered with University Hospital Bonn (UKB) to integrate its Butterfly iQ+ ultrasound devices into medical education. This initiative marks the first implementation in Europe, providing state-of-the-art technology for teaching and improving patient care. UKB will supply students with personal Butterfly iQ+ devices, enhancing practical training. The collaboration aims to evaluate the impact on clinical workflows and education.
UKB cares for approximately 500,000 patients annually and employs around 8,800 individuals. The roll-out of the Butterfly devices will commence next summer, embedded within a new curriculum focused on ultrasound education.
Butterfly Network, Inc. (NYSE: BFLY) will report its fourth quarter 2022 financial results and provide a business update on February 28, 2023, before market opening. The conference call will be hosted by Dr. Jonathan Rothberg, Chairman and Interim CEO, and Heather Getz, Executive Vice-President and CFO, at 8:30 am ET. Interested parties can access the call via Butterfly's Investor Relations website. The company, known for its handheld ultrasound technology, aims to democratize medical imaging globally, addressing the needs of 4.7 billion people lacking access to ultrasound.
Butterfly Network, Inc. (NYSE: BFLY) announced the successful completion of phase one of its $5 million deployment and training program in Kenya, funded by the Bill & Melinda Gates Foundation. The initiative distributed 500 Butterfly iQ+ devices to mid-level healthcare practitioners, significantly enhancing maternal-fetal care. Initial data shows an impressive adoption rate, with over 90% of trained respondents identifying high-risk conditions. The program aims to equip 1,000 healthcare workers in Sub-Saharan Africa and will continue with a second phase in South Africa.
Butterfly Network, Inc. (NYSE: BFLY) announced its participation in the 41st Annual J.P. Morgan Healthcare Conference from January 9-12, 2023, in San Francisco, California. Key executives, Darius Shahida and Heather Getz, will present on January 12 at 9:00 am PT at the Westin St. Francis Hotel. The presentation will be available via a live webcast. Butterfly Network is recognized for its innovative handheld, whole-body ultrasound technology aimed at improving global health equity.
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.
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