Butterfly Network, Inc. - BFLY STOCK NEWS

Butterfly Network announced the appointments of Tamara Dillon as Chief People Officer and Larry Weiss as Chief Legal Officer. Dillon, previously at Akebia Therapeutics, brings extensive HR experience, while Weiss has nearly 30 years in legal roles, including at Medtronic. Both leaders aim to support the company’s growth and mission to democratize healthcare and improve medical imaging access globally. These hires are intended to strengthen the company's foundation as it continues to innovate and expand in the digital health sector.

Butterfly Network (NYSE: BFLY) reported a 25.2% revenue growth in Q1 2022, totaling $15.6 million, up from $12.4 million in Q1 2021. Product revenue rose 14.8% to $11.0 million, while subscription revenue surged 60.1% to $4.6 million. Gross profit increased to $8.3 million, with a gross margin of 53.6%. Despite revenue growth, the company faced a net loss of $44.5 million, compared to a net loss of $0.7 million in the previous year. Operating expenses decreased by 3.8% to $57.9 million. Cash and equivalents stand at $359.9 million.

Petco, a pet health and wellness company, has partnered with Butterfly Network, a digital health innovator, to enhance veterinary care by deploying the Butterfly iQ+ Vet ultrasound technology across Petco's nearly 200 veterinary hospitals. This collaboration aims to provide veterinarians with advanced imaging capabilities, improving diagnostic speed and health outcomes for pets. The partnership highlights the increasing access to high-quality ultrasound in veterinary practices, supporting innovative care solutions.

Tesseract Health has appointed Michael McConnell, MD, MSEE, as Head of Cardiovascular and Digital Health, strengthening its leadership under CEO Vicky Demas. Dr. McConnell brings expertise from Google Health and aims to guide the development of cardiovascular health products using Tesseract's non-invasive technology. The company is focused on democratizing health screening and aims to innovate ocular health diagnostics. Tesseract is part of 4Catalyzer, which includes companies like Butterfly Network (NYSE: BFLY), Quantum-Si (NASDAQ: QSI), and Hyperfine (NASDAQ: HYPR).

Butterfly Network (NYSE: BFLY) announced the appointment of Heather Getz as Executive Vice President and Chief Financial Officer, effective May 2. With over 25 years of experience in healthcare technology and public company operations, Getz previously served as CFO at BioTelemetry, Inc., where she significantly increased market capitalization. Dr. Todd Fruchterman, President and CEO, highlighted her exceptional record in driving operational excellence and profitability. Getz expressed enthusiasm for her role in furthering Butterfly's mission to enhance ultrasound accessibility globally.

Butterfly Network, Inc. (NYSE: BFLY) announced its significant findings from a study published in NEJM Evidence, demonstrating the potential of its handheld ultrasound technology to democratize obstetric care. The study, conducted from September 2018 to June 2021, involved 4,695 pregnant participants in North Carolina and Zambia. Results showed that untrained midwives could accurately assess gestational age using the Butterfly iQ probe, equating their performance to certified sonographers. Backed by the Bill and Melinda Gates Foundation, this initiative aims to enhance ultrasound access in low-resource settings.

Butterfly Network, Inc. (NYSE: BFLY) will announce its first quarter 2022 financial results on May 5, 2022, before market opening. Dr. Todd Fruchterman, the CEO, will lead a conference call and webcast at 8:30 AM ET on the same day to discuss financial performance and operational updates. The event will be accessible via the company's website. Butterfly is known for its innovative handheld ultrasound technology aimed at improving global health access, leveraging its Ultrasound-on-Chip™ technology.

FUJIFILM Sonosite has filed a patent infringement lawsuit against Butterfly Network (BFLY) in Delaware, claiming infringement of seven patents related to point-of-care ultrasound technology. The patents cover critical aspects of ultrasound imaging, including the use of mobile devices and graphical interface elements. FUJIFILM Sonosite seeks damages for Butterfly's alleged unauthorized use and sale of its IQ/IQ+ products. Rich Fabian, COO, emphasized the company's commitment to protecting its significant R&D investments and intellectual property rights in the U.S. and worldwide.

Butterfly Network (NYSE: BFLY) received a $5 million grant from the Bill & Melinda Gates Foundation to enhance maternal and fetal health in Sub-Saharan Africa. The funding aims to provide 1,000 healthcare workers with Butterfly iQ+ ultrasound probes, distributing 500 each in Kenya and South Africa. This initiative targets improving access to medical imaging in resource-limited settings, addressing high pregnancy-related morbidity and mortality. The company plans to document best practices for ultrasound use and develop new health capabilities in its mobile application.