Butterfly Network (BFLY) 2024 CG MedTech, Diagnostics and Digital Health & Services Forum summary

Key achievements and recognition

• Won the 2024 Galien Award for best medical technology product, a prestigious global honor.

• Achieved $20 million in Q3 revenue, growing 33% year-over-year, with momentum expected to continue.

• iQ3 product launched globally, offering significant benefits to patients and investors.

• Over 70% of U.S. medical schools now train students using Butterfly devices.

• Largest private ultrasound image database, supporting advanced AI development.

Technology innovation and product evolution

• Semiconductor-based ultrasound-on-chip technology enables dynamic frequency and high processing power.

• Third-generation device doubled data rate and processing power; fourth and fifth generations in development, with the fifth expected to have 20x current processing power.

• Devices are updated monthly via cloud, ensuring continuous improvement.

• Miniaturization enables future wearable devices, with a fourth-generation device targeted for 2026.

• AI tools guide probe placement and image interpretation, enhancing usability for clinicians and students.

Market expansion and business strategy

• Democratizes imaging by offering devices at one-tenth the cost of standard ultrasound carts, expanding access globally.

• Devices deployed in challenging environments, including Ukraine, Gaza, Israel, and Africa.

• Strategic pillars focus on core business growth, international markets, home care, and new business lines.

• Projected to reach $500 million in revenue and break-even cash flow by end of 2027.

• Building a presence in hospitals through middleware that increases scan reimbursement rates up to 70%.