Butterfly Network Announces Successful Investor Day

Announces Revenue Goal of over $500 million by 2030 and Cashflow Break-Even by end of 2027

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 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.