Butterfly Network Appoints Steve Cashman as Chief Business Officer

Seasoned Healthcare Leader to Drive Growth Strategy and Amplify Continued Commercial Momentum

Butterfly Network, Inc. (NYSE: BFLY), a digital health company transforming care with portable, semiconductor-based ultrasound technology and intuitive software, announced the appointment of Steve Cashman as Chief Business Officer (CBO), effective today. Cashman joins Butterfly at an exciting juncture, following the Company’s successful launch of its third-generation Butterfly iQ3 and historic revenue performance in the first half of 2024. Cashman will join Butterfly’s Executive Management Team, overseeing the Company’s global sales, marketing, product and corporate strategy.

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Steve Cashman, Chief Business Officer, Butterfly Network (Photo: Business Wire)

Steve Cashman has built a reputation in the healthcare industry for his extensive health technology expertise, commercial leadership and strategic foresight. Most recently, he served as President and Chief Executive Officer of Caption Health, where he led the company through the development and commercialization of the industry’s first AI-powered ultrasound platform, culminating in its acquisition by GE Healthcare. Prior to that, Cashman was Chief Commercial Officer at InTouch Health through its acquisition by Teladoc, where he significantly expanded the company’s global footprint and drove key initiatives across product, marketing, and customer service.

Earlier in his career, he served as Chief Executive Officer of HealthSpot, a telehealth company acquired by Rite Aid, among other leadership and board positions. He is engaged in the startup community as a seasoned entrepreneur and angel investor, and is currently on the board of Sovato, TympaHealth Technologies, Vista.ai, and PatientGenie.

“The addition of Steve Cashman to our management team is another key marker of an outstanding 2024 for Butterfly,” said Joseph DeVivo, President, Chief Executive Officer, and Board Chairman of Butterfly Network. “Steve joins us with profound knowledge of the ultrasound market, deep connection in the artificial intelligence space, and a thorough understanding of Butterfly’s technology. I’ve witnessed Steve’s strategic acumen and capacity for driving growth and innovation firsthand, and I’m beyond confident that he will be a major asset to us as we continue to enhance our commercial activities and deliver on our product roadmap.”

Cashman commented, “Joining Butterfly Network at this moment is incredibly exciting. I’m a firm believer in technology’s potential to enhance patient care and expand access to healthcare. Butterfly has what it takes to drive the industry forward – it’s the right technology with the right approach. I’m eager to bring a fresh values-driven mindset and customer-first approach to the company. Together with the Butterfly team, I look forward to driving meaningful progress in the field and in our performance. The opportunity to make imaging happen earlier in the care journey has the potential to improve quality and make healthcare more equitable.”

Cashman’s appointment comes on the heels of Butterfly’s announcement of a record-breaking second quarter. The company reported its highest quarterly revenue in history, with second-quarter revenue reaching $21.5 million, marking a 16% year-over-year growth. This achievement follows the company’s strongest first quarter ever and underscores the effectiveness of Butterfly’s strategy and the growing demand for its innovative Butterfly iQ3 product.

For more information on Butterfly Network, visit www.butterflynetwork.com.

About Butterfly Network

Founded by Dr. Jonathan Rothberg in 2011, Butterfly Network is a digital health company with a mission to democratize medical imaging by making high-quality ultrasound affordable, easy-to-use, globally accessible, and intelligently connected, including for the 4.7 billion people around the world lacking access to ultrasound. Butterfly created the world's first handheld single-probe whole-body ultrasound system using semiconductor technology, Butterfly iQ. The company has continued to innovate, leveraging the benefits of Moore’s Law to launch its second-generation Butterfly iQ+ in 2020 and third-generation iQ3 in 2024—each with increased processing power and performance enhancements. The disruptive technology has been recognized by TIME’s Best Inventions, Fast Company’s World Changing Ideas, CNBC Disruptor 50, and MedTech Breakthrough Awards, among other accolades. With its proprietary Ultrasound-on-Chip™ technology, intelligent software, and educational offerings, Butterfly is paving the way to mass adoption of ultrasound for earlier detection and remote management of health conditions around the world. Butterfly devices are commercially available to trained healthcare practitioners in areas including but not limited to parts of Africa, Asia, Australia, Europe, the Middle East, North America, and South America; to learn more about available countries, visit: butterflynetwork.com/choose-your-country.

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