Butterfly Network Announces Successful Investor Day
March 19 2024 - 8:30AM
Business Wire
Announces Revenue Goal of over $500 million by
2030 and Cashflow Break-Even by end of 2027
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 ultrasound market, as well
as its strategic initiatives to expand into new markets.
During the event, management introduced its plan to build and
deploy a HomeCare Services business, and revealed the initial
business models for bladder and lung HomeCare with phased rollouts
that allow increasing levels of patient autonomy - from In-Home
Service partnerships to patient self-scanning to wearable
technology monitoring (upon appropriate regulatory clearance of the
latter two steps). The program included live human demonstrations
with working prototypes of Butterfly’s next-generation wearable
devices.
Also included in the event were innovative showcases on
Butterfly iQ3™, Butterfly Compass™ Software and Butterfly Vet, as
well as strategic Powered by Butterfly™ partners (Forest Neurotech,
Mendaera) and select Butterfly Garden™ partners (Deepecho,
iCardio.ai, ThinkSono, University of North Carolina School of
Medicine) introducing AI applications and novel products that are
in co-development.
“The goal of our Investor Day was to show stakeholders that
Butterfly’s success is inevitable. We’re leading the digital
revolution in ultrasound. Our newly launched feature-rich Butterfly
iQ3 is just the beginning; we have an exciting roadmap that takes
us deeper into the hospitals, as well as into the home,” DeVivo
said. “POCUS is here to stay, and the market is scaling as the
next-generation of doctors learn it and healthcare systems
prioritize efficiency. Butterfly is the complete solution to match
this scale; we are enterprise ready and can serve all POCUS use
cases today.”
Business Outlook
Butterfly announced the financial goals of achieving cash flow
breakeven by the end of 2027 and to exceed $500 million in revenue
by 2030.
Butterfly’s previously issued guidance for fiscal year 2024:
- Low double-digit Revenue growth
- Adjusted EBITDA loss of $60 million to $50 million.
A webcast replay of the event will be available on Butterfly’s
Events & Presentations page on the investor relations
website.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240319305041/en/
Butterfly Investors: Heather Getz Chief Financial and
Operations Officer, Butterfly investors@butterflynetwork.com or
Neal Nagarajan IR Agency Representative, Sloane & Company (301)
273-5662 nnagarajan@sloanepr.com
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