Butterfly Network Provides Business Update During 42nd Annual J.P. Morgan Healthcare Conference Presentation
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The announcement by Butterfly Network, Inc. regarding its expectation to exceed the 2023 revenue and adjusted EBITDA guidance is a significant indicator of the company's financial health and operational efficiency. The improvement in adjusted EBITDA loss suggests that the company is moving towards a more sustainable financial position, potentially decreasing the burn rate and inching closer to profitability. This news could influence investor sentiment positively, as exceeding guidance often leads to a re-evaluation of a company's stock by the market.
Moreover, the launch of the Butterfly iQ3, which has received FDA clearance, represents a milestone in product development and could be a catalyst for future revenue growth. The introduction of innovative features like iQ Slice emphasizes the company's commitment to advancing medical technology. Investors should monitor the adoption rates of the new device, as this will be critical in determining the long-term impact on the company's market share and financial performance.
The FDA clearance of the Butterfly iQ3 handheld ultrasound device is a pivotal development in the point-of-care ultrasound (POCUS) market. The device's enhanced image quality and the introduction of iQ Slice, an automated, sequential image capture mode, position Butterfly Network at the forefront of innovation in the medical imaging field. This technology could disrupt current imaging practices by providing high-quality ultrasounds in a more accessible and efficient manner.
From a technological standpoint, the ability to perform complex calculations and develop new tools like iQ Slice could lead to advancements in diagnostic accuracy and patient care. The comparison to '20,000 4K movies running simultaneously' underscores the significant processing power of the device, which could translate into better diagnostic capabilities and ultimately, improved patient outcomes. The medical community's reception of these innovations and their integration into clinical workflows will be crucial to the company's success.
Butterfly Network's strategic positioning in the digital health sector, particularly with the introduction of the Butterfly iQ3, taps into the growing demand for portable and advanced medical devices. The POCUS market is expanding, driven by the need for quick and accurate diagnostic tools across various healthcare settings, including emergency rooms, clinics and remote locations. The company's ability to innovate and provide automated solutions like iQ Slice could capture a significant share of this growing market.
Competitive analysis will be important in assessing Butterfly Network's market potential, as the entry of the Butterfly iQ3 could shift dynamics within the POCUS landscape. Market penetration and customer feedback will provide further insights into the device's performance against competitors. Additionally, the company's guidance exceeding expectations may reflect broader industry trends and consumer preferences, which could have implications for other players in the digital health space.
- 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.
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
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
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.
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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
Source: Butterfly Network, Inc.
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