The stock has declined 3.7% year to date compared with the industry's 16.6% decline. The S&P 500 Index has increased 10.3% in the same period. The launch of the iQ+ Bladder represents a strategic move for Butterfly Network, expanding its market reach and solidifying its position as a leader in portable ultrasound technology. By entering the bladder scanning market, Butterfly has demonstrated its ability to adapt to evolving healthcare needs and diversify its product offerings. This expansion is likely to ha ...

The medical info systems industry is thriving due to the growing demand for contactless services. The industry witnessed exponential growth during the pandemic era. Even in the post-pandemic period, remote healthcare, a paperless environment and distant treatment paved the way for digital services.The medical info systems industry comprises companies that develop and market healthcare information systems. These companies offer software and hardware solutions to healthcare providers with secure access to rea ...

Financial Data and Key Metrics - Revenue growth of 14% in Q1 2024, exceeding expectations, with full-year revenue guidance raised to $75-80 million, representing 15-20% growth [5][24] - Gross profit increased by 12% to $10.2 million in Q1 2024, with gross margin remaining relatively flat at 58% [18] - Adjusted EBITDA loss improved by $9.1 million to $13.2 million in Q1 2024, driven by higher revenue and cost reductions [23] - Cash and cash equivalents stood at $117 million as of March 31, 2024, with a cash runway extending into 2026 [16][138] Business Line Performance - Product revenue increased by 28% to $11.3 million in Q1 2024, driven by higher volume and average selling prices [142] - Software and services revenue decreased slightly to $6.4 million in Q1 2024, but enterprise software upsells grew 25% from Q4 2023 [11][12] - ScanLab contributed significantly to Q1 success, enhancing medical education and training with AI-guided tools [13][141] Market Performance - U.S. sales grew 19% to $12.2 million in Q1 2024, driven by increased volume and higher average selling prices [15] - International sales grew 14% to $4.2 million in Q1 2024, despite the absence of iQ3 and EU MDR certification [51] - iQ3 launch in the U.S. saw over 1,200 units sold, with half being new users and half trade-in upgrades [37] Strategic Direction and Industry Competition - The company is focusing on iQ3-driven growth, global expansion, and medical school adoption, with additional opportunities in the veterinary market [6][130] - iQ3 is positioned as a competitive product with superior image quality and cost advantages compared to cart-based systems [38][60] - The company is exploring non-dilutive financing options, such as grants and licensing deals, to extend its cash runway [2][45] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth, driven by iQ3 adoption and new product launches [52][134] - The company is optimistic about the European market, with iQ3 expected to gain approval and potentially benefit from the RoHS directive [22][29] - Management highlighted the potential of home care initiatives, with revenue opportunities expected to materialize in 2025 [75][102] Other Important Information - The company received a non-compliance notice from the NYSE due to its stock price falling below $1, but it plans to regain compliance through business execution [16][133] - Butterfly Garden and Powered by Butterfly programs are expected to generate meaningful revenue over the next five years [87][127] Q&A Session Summary Question: Adoption curve of iQ3 compared to previous products - The adoption curve for iQ3 is difficult to compare directly with previous products due to different market conditions and the simultaneous presence of iQ+ [66][73] Question: Revenue potential from home care initiatives - The company is focusing on service revenue and success-based models for home care, with potential revenue streams starting in 2025 [26][27] Question: Non-dilutive financing and path to profitability - The company is exploring non-dilutive financing options, such as licensing deals, to extend its cash runway and reach profitability by 2027 [101][131] Question: Key areas of uptake for iQ3 - Cardiology has shown strong uptake for iQ3, with cardiologists appreciating the high-quality imaging capabilities [106] Question: RoHS directive and its impact - The company is confident about the RoHS directive potentially banning lead-based handheld ultrasound devices in the EU by 2025, which would benefit Butterfly [29][109] Question: Revenue capture potential with Compass software - Hospitals using Butterfly probes and Compass software have seen significant revenue capture, with some achieving 60-80% reimbursement rates [96][120]

Critical Accounting Policies and Significant Judgments and Estimates The Company did not identify any significant recently issued accounting pronouncements that may potentially impact our financial position and results of operations. 23 Foreign Exchange Risk Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and pro ...

Butterfly Network Reports First Quarter 2024 Financial Results Achieves 14% Revenue Growth - Exceeding Expectations Raises Full Year Guidance BURLINGTON, Mass. & NEW YORK--(BUSINESS WIRE) -- Butterfly Network, Inc. (NYSE: BFLY) ("Butterfly" or the "Company"), a digital health company transforming care with handheld, whole-body ultrasound and intuitive software, today announced financial results for the first quarter ended March 31, 2024, and provided a business update. DeVivo continued, "Building on this pr ...

NEW YORK & BURLINGTON, Mass.--(BUSINESS WIRE)--Butterfly Network, Inc. (NYSE: BFLY) (“Butterfly”) a digital health company transforming care with handheld, whole-body ultrasound and intuitive software, hosted its first investor day under President, Chief Executive Officer and Chairman, Joseph DeVivo. The event featured presentations from members of Butterfly’s executive and senior leadership team, providing insights into the Company’s product, software and services portfolio within its core point-of-care ul ...

We have wholly-owned subsidiaries organized in Australia, Germany, the Netherlands, the United Kingdom and Taiwan. Our principal executive offices are located at 1600 District Avenue, Burlington, Massachusetts 01803 and our telephone number is (781) 557-4800. Table of Contents We believe our affordable holistic solution provides valuable clinical information and workflow efficiency that is attractive to any healthcare systems that seek to improve care at lower cost. These attributes also may allow the use o ...

Full Year&Q4 2023 Earnings Call Butterfly Network February 28, 2024 Add animation here 6 Forward Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Butterfly Network, Inc.'s (the "Company") actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future ...

Butterfly Network, Inc. (NYSE:BFLY) Q4 2023 Earnings Conference Call February 28, 2024 5:00 PM ET Corporate Participants Heather Getz - Chief Financial and Operations Officer Joe DeVivo - Chairman and Chief Executive Officer Conference Call Participants Josh Jennings - TD Cowen Suraj Kalia - Oppenheimer Operator Good afternoon. Thank you for attending today's Butterfly Network's Q4 and Fiscal Year 2023 Earnings Call. All lines will be muted during the presentation portion of the call with an opportunity for ...

Butterfly Network, Inc. (BFLY) came out with a quarterly loss of $0.21 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to loss of $0.17 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -75%. A quarter ago, it was expected that this company would post a loss of $0.15 per share when it actually produced a loss of $0.13, delivering a surprise of 13.33%.Over the last four quarters, the company has su ...