On May 1, 2024, Butterfly Network, Inc. reported its financial results for the first quarter ending March 31, 2024, alongside a business update. The company announced a 14% increase in revenue to $17.7 million, exceeding expectations and prompting an upward revision of its full-year guidance. Butterfly Network also reported a 35% reduction in net loss and a 52% decrease in net cash used in operations. The quarter saw the successful launch of the Butterfly iQ3™ and the ScanLab™ training app, as well as the receipt of the European Union Medical Device Regulation (EU MDR) certification. Despite these positive developments, Butterfly Network received a notice from the New York Stock Exchange (NYSE) on April 26, 2024, indicating that the company's average stock price had fallen below the $1.00 compliance threshold over...Show More

On May 1, 2024, Butterfly Network, Inc. reported its financial results for the first quarter ending March 31, 2024, alongside a business update. The company announced a 14% increase in revenue to $17.7 million, exceeding expectations and prompting an upward revision of its full-year guidance. Butterfly Network also reported a 35% reduction in net loss and a 52% decrease in net cash used in operations. The quarter saw the successful launch of the Butterfly iQ3™ and the ScanLab™ training app, as well as the receipt of the European Union Medical Device Regulation (EU MDR) certification. Despite these positive developments, Butterfly Network received a notice from the New York Stock Exchange (NYSE) on April 26, 2024, indicating that the company's average stock price had fallen below the $1.00 compliance threshold over a 30-day period. The company has six months to regain compliance with the minimum price criteria and plans to notify the NYSE of its intent to cure the deficiency. The notice does not impact Butterfly Network's business operations or SEC reporting requirements. The company's stock will continue to be listed on the NYSE during the compliance period. Butterfly Network's management remains focused on exploring all available options to regain compliance and is committed to acting in the best interest of the company and its shareholders.