- Announced expectation to exceed 2023 revenue and adjusted
EBITDA guidance.
- Demonstrated sharp image quality of newly FDA-cleared,
third-generation probe, Butterfly iQ3.
- Introduced iQ Slice, the world’s first automated, sequential
image capture mode on a handheld ultrasound, launching with
Butterfly iQ3.
Butterfly Network, Inc. (“Butterfly”) (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.
Forward Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. The Company’s
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 events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, the
Company’s expectations with respect to financial results, future
performance, commercialization and plans to deploy our products and
services, development of products and services, and the size and
potential growth of current or future markets for its products and
services. Forward-looking statements are based on the Company’s
current beliefs and assumptions and on information currently
available to the Company. These forward-looking statements involve
significant known and unknown risks and uncertainties and other
factors that could cause the actual results to differ materially
from those discussed in the forward-looking statements. Most of
these factors are outside the Company’s control and are difficult
to predict. Factors that may cause such differences include, but
are not limited to: the Company’s ability to grow and manage growth
effectively; the success, cost, and timing of the Company’s product
and service development activities; the potential attributes and
benefits of the Company’s products and services; the degree to
which our products and services are accepted by healthcare
practitioners and patients for their approved uses; the Company’s
ability to obtain and maintain regulatory approval for its
products, and any related restrictions and limitations of any
approved product; the Company’s ability to identify, in-license, or
acquire additional technology; the Company’s ability to maintain
its existing license, manufacturing, supply, and distribution
agreements; the Company’s ability to compete with other companies
currently marketing or engaged in the development of products and
services that the Company is currently marketing or developing;
changes in applicable laws or regulations; the size and growth
potential of the markets for the Company’s products and services,
and its ability to serve those markets, either alone or in
partnership with others; the pricing of the Company’s products and
services, and reimbursement for medical procedures conducted using
its products and services; the Company’s estimates regarding
expenses, revenue, capital requirements, and needs for additional
financing; the Company’s financial performance; the Company’s
ability to raise financing in the future; and other risks and
uncertainties indicated from time to time in the Company’s most
recent Annual Report on Form 10-K, as amended, or in subsequent
filings that it makes with the Securities and Exchange Commission.
The Company cautions that the foregoing list of factors is not
exclusive. The Company cautions you not to place undue reliance
upon any forward-looking statements, which speak only as of the
date of this press release. The Company does not undertake or
accept any obligation or undertake to release publicly any updates
or revisions to any forward-looking statements to reflect any
change in the Company’s expectations or any change in events,
conditions, or circumstances on which any such statement is
based.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240111042418/en/
Butterfly Media: Liz Learned Head of Corporate
Communications, Butterfly media@butterflynetwork.com
Butterfly Investors: Heather Getz Chief Financial and
Operations Officers, Butterfly investors@butterflynetwork.com
or
Neal Nagarajan IR Agency Representative, Sloane & Company
(301) 273-5662 nnagarajan@sloanepr.com
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