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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 reported significant financial growth with 2021 revenue reaching $62.6 million, marking a 35.3% increase over 2020.
Fourth-quarter revenue rose 21.3% to $19.0 million, driven by a 15.1% increase in product revenue. However, operating expenses surged 71.0% to $52.8 million, leading to a net loss of $15.2 million for Q4.
For 2022, the company projects revenue growth of 33% to 41%, expecting a net loss between $225 million and $245 million.
Butterfly Network has launched Butterfly Blueprint, a system-wide platform that enhances ultrasound deployment in hospitals. This integrated solution, which utilizes Caption Health's AI-guided software, aims to improve clinical decision-making by providing efficient access to diagnostic imaging. The platform will facilitate better patient care through faster access to ultrasound insights across various healthcare settings, aligning with the company's mission to enhance global health equity.
Butterfly Network, Inc. (NYSE: BFLY) will participate in Cowen's 42nd Annual Health Care Conference from March 7-9, 2022. CEO Dr. Todd Fruchterman is scheduled for a virtual fireside chat on March 9 at 10:30 AM ET. A live webcast and archived recording will be accessible via the Butterfly Network investor website. Founded in 2011, Butterfly Network revolutionizes medical imaging with its handheld ultrasound technology, aiming for health equity worldwide. Its products, Butterfly iQ+ and Butterfly iQ+ Vet, are available for purchase across multiple countries.
Butterfly Network (NYSE: BFLY) announced it will release its fourth quarter and full year 2021 financial results on February 28, 2022. The report will be followed by a conference call at 8:30 am ET, where executives will discuss the results and operational updates. The call will be available via webcast on Butterfly's Investor Relations website. Founded in 2011, Butterfly is known for its innovative handheld ultrasound technology, the iQ+, aimed at improving medical imaging accessibility worldwide.
Butterfly Network has partnered with Ambra Health to enhance interoperability for bedside imaging data, crucial for improving clinical decision-making in healthcare systems. This collaboration aims to integrate Butterfly's Blueprint platform with Ambra's imaging management solutions, allowing for rapid access to ultrasound information across hospitals. Notably, research indicates that point-of-care ultrasonography can significantly improve diagnostic accuracy and reduce costs. The integrated solution is set for commercial launch in Q1 2022.
Butterfly Network, Inc. (NYSE: BFLY) announced preliminary, unaudited revenue results for Q4 and full year 2021. Q4 revenue is expected to be between $17.9 million and $18.9 million, marking a 14% to 21% increase year-over-year. For the entire year, revenue is projected at $61.5 million to $62.5 million, up 33% to 35% compared to 2020. The company highlighted a significant deployment collaboration with the University of Rochester Medical Center. These preliminary figures are subject to revisions pending full financial review.
Butterfly Network, Inc. (NYSE: BFLY) partners with the University of Rochester Medical Center (URMC) to implement the Butterfly Blueprint™, advancing point-of-care ultrasound technology in New York. This collaboration aims to enhance patient care and medical education by utilizing AI-powered ultrasound systems. The rollout is expected to start in summer, targeting medical students and primary care providers. Validated studies suggest that this technology improves diagnostic accuracy and reduces imaging costs, with significant changes in diagnosis and care management for nearly 50% of patients.
Butterfly Network, Inc. (NYSE: BFLY) will participate in the 40th Annual J.P. Morgan Healthcare Conference virtually from January 10-13, 2022. Dr. Todd Fruchterman, the President and CEO, will present on January 11, 2022, at 2:15 PM ET. A live webcast and archived recording will be accessible on the Butterfly investor website. Butterfly Network, founded in 2011, is known for its innovative handheld ultrasound technology aimed at improving global health equity, providing ultrasound access to 4.7 billion people worldwide.
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Butterfly Network (BFLY) reported third quarter 2021 revenue of $14.6 million, up 44.3% year-over-year. Product revenue increased 25.8% to $10.8 million, while subscription revenue surged 149.2% to $3.8 million. Despite these gains, the gross profit was negative $5.1 million, with a gross margin of negative 35%. Operating expenses rose 129.7% to $51.9 million, contributing to a net loss of approximately $13.6 million. For 2021, Butterfly expects revenue between $60 million to $62 million and a net loss of $(65) million to $(75) million.
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