BURLINGTON, Mass. & NEW YORK - Butterfly Network (LON:NETW), Inc. (NYSE: NYSE:BFLY), known for its innovative portable ultrasound technology, announced today the appointment of Steve Cashman as Chief Business Officer. Cashman, a seasoned health technology leader, joins the company's executive management team to oversee global sales, marketing, product, and corporate strategy.
Steve Cashman's industry background includes his most recent role as President and CEO of Caption Health, where he led the company to develop the industry's first AI-powered ultrasound platform, which was later acquired by GE Healthcare. His previous experience as Chief Commercial Officer at InTouch Health, which was acquired by Teladoc (NYSE:TDOC), saw significant global expansion and initiative leadership across various departments.
Cashman's appointment aligns with Butterfly's record-breaking financial performance, including a historic second-quarter revenue of $21.5 million, a 16% increase from the previous year. This follows the launch of the company's third-generation Butterfly iQ3, which has helped drive the company's strong commercial momentum in 2024.
Joseph DeVivo, President, CEO, and Chairman of Butterfly Network, expressed confidence in Cashman's ability to contribute to the company's growth and innovation, highlighting his expertise in the ultrasound market and artificial intelligence.
In his statement, Cashman emphasized his commitment to enhancing patient care and making healthcare more accessible through technology. He expressed enthusiasm for joining Butterfly Network and the potential to advance medical imaging in the healthcare journey.
Butterfly Network was founded in 2011 with the goal of democratizing medical imaging. The company has been recognized for its disruptive Ultrasound-on-Chip™ technology and intelligent software. Its products are available to trained healthcare practitioners in various regions globally.
This news update is based on a press release statement from Butterfly Network, Inc.
In other recent news, Butterfly Network, a leader in digital ultrasound technology, has reported a record 16% year-over-year growth in its Q2 2024 revenue, reaching $21.5 million. This represents the highest quarterly revenue in the company's history, surpassing its own financial guidance. The company has also implemented successful cost reduction strategies, resulting in an additional annual saving of $10 million.
In other developments, Butterfly Network is expanding its AI ecosystem, securing its third Powered by Butterfly chip licensing deal. The company has also been recognized by the WHO, with its Butterfly iQ+ included in the 2024 compendium for innovative health technologies in low-resource settings.
Despite these positive developments, the company anticipates an adjusted EBITDA loss between $45 million and $50 million for the full year. However, through strategic initiatives, Butterfly has extended its cash runway into 2027. These recent developments suggest a continued focus on growth and expansion for Butterfly Network.
InvestingPro Insights
Butterfly Network, Inc. (NYSE: BFLY) has been making waves with its portable ultrasound technology and the recent appointment of Steve Cashman as Chief Business Officer. As the company continues to grow, financial metrics and market performance provide a broader context for evaluating its potential. According to InvestingPro data, Butterfly Network currently holds a market capitalization of approximately $231.71 million. Despite a challenging fiscal environment, the company has demonstrated a significant return over the last week, with a 10.6% price total return, indicating a positive investor response in the short term.
InvestingPro Tips also reveal insightful aspects of Butterfly's financial health and market dynamics. The company holds more cash than debt on its balance sheet, which is a strong indicator of financial stability. However, analysts have noted that Butterfly is quickly burning through cash and do not anticipate the company will be profitable this year. Additionally, while the stock price movements are quite volatile, the company's liquid assets exceed its short-term obligations, suggesting a degree of financial flexibility in meeting its immediate liabilities.
For those interested in deeper analysis and additional insights, InvestingPro offers more tips on Butterfly Network, which can be found at https://www.investing.com/pro/BFLY. The platform provides a comprehensive set of tools and data to help investors make informed decisions.
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