Group 1 - Butterfly Network, Inc. (BFLY) has shown a year-to-date performance increase of approximately 39.8%, significantly outperforming the Medical sector's average return of 11.7% [4] - The Zacks Consensus Estimate for BFLY's full-year earnings has risen by 11.9% over the past 90 days, indicating improving analyst sentiment and a positive earnings outlook [4] - Butterfly Network, Inc. currently holds a Zacks Rank of 2 (Buy), suggesting it has characteristics that may lead to outperformance in the market over the next one to three months [3] Group 2 - Butterfly Network, Inc. is part of the Medical Info Systems industry, which consists of 41 companies and is currently ranked 69 in the Zacks Industry Rank [6] - The Medical Info Systems industry has experienced a decline of about 10.6% year-to-date, indicating that BFLY is performing better than its industry peers [6] - In comparison, Brainsway Ltd. Sponsored ADR, another outperforming stock in the Medical sector, has increased by 17% year-to-date and has a Zacks Rank of 1 (Strong Buy) [5][7]

Core Viewpoint - Butterfly Network's shares surged 26.9% following the commercial launch of its third-generation handheld ultrasound system, Butterfly iQ3, in Europe, reflecting strong investor sentiment due to its successful uptake in the U.S. market after its February launch [1]. Product Launch and Features - The Butterfly iQ3 received EU MDR certification in March and is compliant with the Restriction of Hazardous Substances Directive, making it available in all European countries and the UK, with a prior launch in Canada during Q2 [2]. - The iQ3 is the most advanced portable ultrasound device from Butterfly Network, featuring the P4.3 chip with double the processing power of the previous iQ+ model, enhanced 3D imaging tools, and a more ergonomic design [3]. - The iQ3's higher selling price compared to iQ+ is expected to accelerate revenue growth [3]. Market Performance - Butterfly Network's shares have increased by 39.9% year-to-date, outperforming the industry decline of 13.5% and the S&P 500 Index's gain of 15.9% [4]. - The company reported a 16% top-line growth in Q2, driven by strong iQ3 uptake in the U.S. and additional sales from the Canadian launch, with 74% of total online orders being for iQ3 [6]. Sales and Adoption - In Q2, iQ3 sales accounted for 50% of total unit sales, with 75% of units sold in the U.S. [7]. - The company initiated a competitive device upgrade program, allowing customers to exchange old devices for the new iQ3, resulting in over a thousand probes upgraded in Q2 [6]. Technological Advancements - The iQ3 features advanced 3D capabilities, including iQ Slice and iQ Fan, which facilitate easier image capturing and improve clinical decision-making [7][8]. - The device's smaller and ergonomic design, with a 17% smaller probe face and 7% shorter size than iQ+, along with a stronger battery, enhances its appeal and usability [9]. Clinical Benefits - The iQ3 significantly improves echo image quality and includes a biplane mode for cannulation, beneficial for managing patients with challenging IV access [10].

Core Insights - The article highlights two stocks that have seen significant insider buying, indicating strong confidence from company executives in their future performance [2][6]. Group 1: Bill.com Holdings (BILL) - Bill.com Holdings is a cloud accounting and paperwork software provider for small- and medium-sized businesses, with its stock currently priced at $54.69, reflecting a 3.68% gain on the day, a 2.53% increase over the week, and a 23.18% rise in the past month [3][6]. - Recent insider purchases include CFO John Retting buying 21,124 shares for $1.04 million, Board member Brian Jacobs acquiring 25,000 shares for $1.34 million, and CEO Rene Lacerte purchasing 42,248 shares for $2.1 million [3][6]. Group 2: Butterfly Network (BFLY) - Butterfly Network focuses on democratizing medical imaging with its portable Ultrasound-on-Chip technology, currently trading at $1.51, which is up 26.89% on the day, 56.27% for the week, and 49.50% for the month [4][5]. - Larry Robbins, a Board member, recently bought 1,676,869 shares for over $1.68 million, demonstrating strong conviction in the company's future prospects [5][6].

Financial Data and Key Metrics Changes - Butterfly Network reported Q2 2024 revenue of $21.5 million, representing a 16% year-over-year growth, marking the highest quarterly revenue in the company's history [7][23] - Adjusted EBITDA loss improved to $8.1 million from a loss of $17 million in the same period last year, driven by higher revenue and cost reductions [27] - Gross profit was $12.6 million, a 15% increase compared to $10.9 million in Q2 2023, with gross margin percentage remaining relatively flat at 59% [26] Business Line Data and Key Metrics Changes - Product revenue was $14.6 million, up 19% year-over-year, primarily driven by higher average selling prices and volume, with approximately 50% of total volume being iQ3 [25] - Software and other services revenue was $6.9 million, a 10% increase year-over-year, but the mix decreased to 32% of total revenue [25][26] - Total annual recurring revenue (ARR) was flat year-over-year, with enterprise software subscription ARR growing 24% [26] Market Data and Key Metrics Changes - U.S. revenue was $14.8 million, a 3% increase year-over-year, but grew 25% when excluding large medical school deals from the previous year [24] - International revenue increased 57% year-over-year to $5.2 million, driven by higher probe volume, although average selling price was lower due to a higher mix of sales to distributors [24] Company Strategy and Development Direction - The company aims to accelerate growth in its core business, expand market accessibility, invest in R&D, and execute strategies to drive profitability [6] - Butterfly is focusing on building a sustainable revenue model through partnerships with medical schools and expanding its presence in international markets [13][20] - The company is developing an AI ecosystem through partnerships, enhancing its competitive position in the ultrasound market [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting broad-based revenue growth and strong clinical acceptance across multiple specialties [38] - The company anticipates continued double-digit growth in 2024 and beyond, with a focus on operational efficiencies and extending cash runway into 2027 [31][30] - Management noted the importance of AI in expanding ultrasound usage and improving patient care, particularly in low-resource settings [48] Other Important Information - Butterfly regained compliance with the New York Stock Exchange minimum bid price rule [30] - The company is actively working on overturning the exemption for hazardous substances in ultrasound devices in Europe, which could significantly impact the market [21][22] Q&A Session Summary Question: Insights on iQ3 launch success and international expectations - Management noted broad-based success in the U.S. with 75% of sales being iQ3, and expressed excitement about the upcoming launch in Europe [38][40] Question: Sales pipeline and revenue contributions from Butterfly Garden - Management indicated that the sales pipeline coverage is at a high level, providing confidence for future growth, with expectations for revenue contributions from Butterfly Garden partners to build in 2025 [42][45] Question: Clarification on volume and price metrics - Management clarified that the 37% volume growth excludes large grant-based deals from the previous year, demonstrating strong core demand for products [53][54] Question: iQ3 contribution metrics - Approximately 50% of total volume in the quarter was iQ3, with about 75% domestically [56]

Butterfly Network, Inc. (BFLY) came out with a quarterly loss of $0.05 per share versus the Zacks Consensus Estimate of a loss of $0.10. This compares to loss of $0.14 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 50%. A quarter ago, it was expected that this company would post a loss of $0.12 per share when it actually produced a loss of $0.07, delivering a surprise of 41.67%. Over the last four quarters, the company has s ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39292 Butterfly Network, Inc. (Exact name of registrant as specified in its charter) Delaware 84-4618156 (Stat ...

Exhibit 99.1 Butterfly Network Reports Second Quarter 2024 Financial Results Reports Record Quarterly Revenue Raises Full Year Adjusted EBITDA Guidance ● Delivered record quarterly Revenue of $21.5 million in Q2, representing 16% YoY growth ● Reduced Q2 Net Loss by 45% and Net Cash Used in Operations by 62% ● Successfully launched medical school Campus Essentials program ● Launched iQ3 in Canada and expanded into new markets in Southeast Asia ● Filed for revocation of the RoHS handheld piezoelectric crystal ...

UltraSight and Butterfly have partnered to increase patient access to cardiac care by enabling more healthcare professionals to perform cardiac ultrasound. Subject to regulatory approvals and authorizations, UltraSight aims to integrate and deploy its real-time AI guidance software on Butterfly's imaging platform and build the software for use with Butterfly's single-probe, whole-body handheld ultrasound system. "Joining the Butterfly Garden marks an important moment in our mission to revolutionize cardiac ...

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 ...