Butterfly Network Provides Business Update

BURLINGTON, Mass. & NEW YORK–(BUSINESS WIRE)–Butterfly Network, Inc. (NYSE: BFLY), a digital health company transforming care through the power of portable, semiconductor-based ultrasound technology and intuitive software, provided a business update today at the 42nd Annual J.P. Morgan Healthcare Conference. A webcast replay of the conference presentation can be viewed here, and will be available until February 10th, 2024. The presentation slide deck with animated videos can be accessed here.

During the presentation, Joseph DeVivo, Butterfly Network’s President, Chief Executive Officer, and Chairman shared, “The team is lean, the team is motivated, the team is focused, the team has energy now at all phases in our business. That has resulted in us expecting to exceed our 2023 guidance provided.” The company’s previously issued guidance for the full year 2023 was revenue of at least $64 million, and an improved adjusted EBITDA loss of $75 – 70 million.

Earlier this week, Butterfly announced that the FDA granted clearance of its next-generation handheld point-of-care ultrasound (POCUS) system, Butterfly iQ3. During the presentation, DeVivo also demonstrated the new device’s image quality, and introduced one of its novel, digital-powered imaging modes, iQ Slice, which will be the world’s first automated, sequential image capture mode on a handheld ultrasound.

DeVivo continued, “Four days ago, we announced that we received FDA clearance for our third-generation device, Butterfly iQ3. The power in this device is equivalent to 20,000 4K movies running simultaneously. It allows us to not only get tremendous imaging, but also do calculations and develop new tools, like iQ Slice, that transform how ultrasound is captured.”

The company expects to launch Butterfly iQ3 this quarter (Q1 2024). To stay up to date with the latest updates, subscribe here.

About Butterfly Network

Founded by Dr. Jonathan Rothberg in 2011, Butterfly Network is a digital health company with a mission is to democratize medical imaging by making high-quality ultrasound affordable, easy-to-use, globally accessible, and intelligently connected, including for the 4.7 billion people around the world lacking access to ultrasound. Butterfly created the world’s first handheld single-probe, whole-body ultrasound system using semiconductor technology, Butterfly iQ. The company has continued to innovate, leveraging the benefits of Moore’s Law, to launch its second generation Butterfly iQ+ in 2020, and third generation iQ3 in 2024 – each with increased processing power and performance enhancements. The disruptive technology has been recognized by TIME’s Best Inventions, Fast Company’s World Changing Ideas, CNBC Disruptor 50, and MedTech Breakthrough Awards, among other accolades. With its proprietary Ultrasound-on-Chip™ technology, intelligent software, and educational offerings, Butterfly is paving the way to mass adoption of ultrasound for earlier detection and remote management of health conditions around the world. Butterfly devices are commercially available to trained healthcare practitioners in areas including, but not limited to, parts of Africa, Asia, Australia, Europe, the Middle East, North America and South America; to learn more about available countries, visit: butterflynetwork.com/choose-your-country.