Signify Premium Insight: Butterfly Network’s Problem with Popularity

Published: May 3, 2023

The handheld ultrasound market is the fastest growing product segment in ultrasound and among the fastest growing in medical imaging. Solutions have become more refined over recent years, offering better image quality, wireless probes and advanced software, all of which are facilitating their uptake by new and experienced users alike.

Despite the segment’s growth however, one of the market’s most high-profile names, Butterfly Network, is facing a difficult spell. The vendor’s latest financial results were disappointing and its share price is just a fraction of what it was in 2021. The vendor is looking to change its fortunes, and, with the appointment of a new CEO, it hopes to rally, but is it too late?

The Signify View

When Butterfly Network went public via a SPAC merger in early 2021, it promised to offer something for everybody. Under the tagline ‘expanding access to care beyond traditional imaging settings’, the vendor sought traction, not only in hospitals, imaging centres and doctors’ offices, but also in a broad range of new settings, including pre-hospital, urgent care facilities, home settings, emerging markets and dialysis centres among others.

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