Butterfly Network (BFLY) Goldman Sachs 45th Annual Global Healthcare Conference summary

Executive background and company vision

• CEO joined after leading successful exits at InTouch Health and Caption Health, drawn by the transformative potential of the technology.

• Butterfly's platform integrates cloud-based imaging, storage, and data management to democratize access to medical imaging globally.

• The company leverages semiconductor technology to revolutionize ultrasound, making it more accessible and affordable.

• Past experience in undervalued medical tech assets informs current strategy and value creation.

• Butterfly is positioned at the center of digital transformation in medical imaging.

Technology differentiation and innovation

• Proprietary MEMS-based semiconductor enables a single device to perform multiple types of scans, replacing bulky, expensive traditional systems.

• Digital ultrasound platform offers dynamic tuning for various clinical applications, reducing costs and increasing mobility.

• Third-generation probe doubles processing power, with future chips planned to match or exceed high-end devices within 3-5 years.

• Device pricing ($2,000–$4,000) aims to make advanced imaging widely available, especially in underserved regions.

• Ongoing innovation follows a Moore’s Law trajectory, with rapid improvements in processing and miniaturization.

Commercial progress and market adoption

• Recent iQ3 launch has been well received, with customers affirming the product now meets initial expectations.

• Sales are accelerating, with strong adoption in crisis zones and among EMS, midwives, and medical schools.

• Third-generation technology now addresses cardiac imaging, a major market segment, outperforming established competitors in blind studies.

• Hospitals and medical schools are moving toward standardization on the platform, training the next generation of clinicians.