Butterfly Network Reports First Quarter 2022 Financial Results Solid Revenue Growth Driven by Increasing Demand Momentum in Both Human Healthcare and Veterinary Markets GUILFORD, Conn., and

Butterfly Network Reports First Quarter 2022

Solid Revenue Growth Driven by Increasing Demand

Momentum in Both Human Healthcare and Veterinary

GUILFORD, Conn., and NEW YORK, May 5, 2022 -- Butterfly Network, Inc.

(NYSE: BFLY) ("Butterfly"), a digital health company transforming care with handheld, whole-body ultrasound, today announced

financial results for the quarter ended March 31, 2022, and provided a business update.

had a solid start to the year with significant progress across all four of our pillars; Health Systems, International, Home-Based Care

and Adjacent Markets" said Dr. Todd Fruchterman, Butterfly's President and Chief Executive Officer. "Our core principles

of Easy, Everywhere and Economical are driving growth across these pillars. Illustrating this is UNC's landmark study that reinforces

the usability of Butterfly, the power of AI and Butterfly's potential to advance the standard of care." Fruchterman continued,

"As more customers use Butterfly, we are seeing increasing recognition in the clinical community about the power of access to ultrasound

information at the bedside to transform care. As a team, we are focused on our vision to make Butterfly as ubiquitous as the stethoscope."

First Quarter 2022 Financial Results

First quarter total revenue increased 25.2% to $15.6 million from

$12.4 million in the first quarter of 2021. Product revenue increased 14.8% to $11.0 million from $9.6 million in the first quarter of

2021. Subscription revenue increased 60.1% to $4.6 million from $2.8 million in the first quarter of 2021.

Gross profit for the first quarter of 2022 was $8.3 million, compared

to gross profit of $6.4 million in the first quarter of 2021. Adjusted gross profit was $8.8 million for the first quarter of 2022, compared

to an adjusted gross profit of $5.9 million in the first quarter of 2021.

Total gross margin for the quarter was 53.6%, compared to 51.6% in

the first quarter of 2021. Adjusted gross margin was 56.3%, compared to 47.8% in the first quarter of 2021.

Total operating expenses for the quarter were $57.9 million, compared

to $60.2 million in the first quarter of 2021, representing a decrease of 3.8%.

Net loss for the first quarter of 2022 was $44.5 million, compared

to a net loss of $0.7 million during the first quarter of 2021. Adjusted EBITDA was a loss of $40.0 million during the first quarter

of 2022, compared to a loss of $26.5 million in the first quarter of 2021.

Cash and cash equivalents were $359.9 million as of March 31, 2022.

A reconciliation of Adjusted EBITDA to net loss, Adjusted gross profit

to gross profit, and Adjusted gross margin to gross margin for the three months ended March 31, 2022 and 2021, is provided in the financial

schedules that are part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading

"Non-GAAP Financial Measures."

A conference call to review the first quarter 2022 financial results

and provide a business update is scheduled for May 5, 2022, at 8:30 am Eastern Time. Interested parties may access the conference call

by dialing +1 (844) 200-6205 (U.S.) or +1 (929) 526-1599 (Outside U.S.) and referencing Access Code: 704061. Additionally, a link to

a live webcast of the call will be available in the Investors section of Butterfly's website.

About Butterfly Network, Inc.

Founded by Dr. Jonathan Rothberg in 2011 and listed on the New York

Stock Exchange through a business combination with Longview Acquisition Corp., Butterfly created the world's first handheld, single probe

whole-body ultrasound system using semiconductor technology, the Butterfly iQ+. Butterfly's mission is to democratize medical imaging

and contribute to the aspiration of global health equity, 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. Through its proprietary

Ultrasound-on-Chip technology, Butterfly is paving the way for earlier detection and remote management of health conditions around

the world. The Butterfly iQ+ can be purchased online today by healthcare practitioners in the United States, Australia, Austria, Belgium,

Canada, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland,

and the United Kingdom.

Butterfly iQ+ is a prescription device intended for trained healthcare

Non-GAAP Financial Measures

In addition to providing financial measurements based on generally

accepted accounting principles in the United States of America ("GAAP"), the Company provides additional financial metrics

that are not prepared in accordance with GAAP ("non-GAAP"). The non-GAAP financial measures included in this press release

are Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin. The Company presents non-GAAP financial measures in order to assist

readers of its condensed consolidated financial statements in understanding the core operating results that its management uses to evaluate

the business and for financial planning purposes. The Company's non-GAAP financial measures, Adjusted EBITDA, Adjusted gross profit

and Adjusted gross margin, provide an additional tool for investors to use in comparing the Company's financial performance over

Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin are

key performance measures that the Company's management uses to assess its operating performance. These non-GAAP measures facilitate

internal comparisons of the Company's operating performance on a more consistent basis. The Company uses these performance measures

for business planning purposes and forecasting. The Company believes that Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin

enhance an investor's understanding of the Company's financial performance as they are useful in assessing its operating

performance from period-to-period by excluding certain items that the Company believes are not representative of its core business.

Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin may

not be comparable to similarly titled measures of other companies because they may not calculate these measures in the same manner. Adjusted

EBITDA, Adjusted gross profit and Adjusted gross margin are not prepared in accordance with GAAP and should not be considered in isolation

of, or as an alternative to, measures prepared in accordance with GAAP. When evaluating the Company's performance, you should consider

Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin alongside other financial performance measures prepared in accordance

with GAAP, including net loss, gross profit, and gross margin.

The non-GAAP financial measures do not replace the presentation of

the Company's GAAP financial results and should only be used as a supplement to, not as a substitute for, the Company's financial

results presented in accordance with GAAP. In this press release, the Company has provided a reconciliation of Adjusted EBITDA to net

loss, Adjusted gross profit to gross profit, and Adjusted gross margin to gross margin, the most directly comparable GAAP financial measures.

A reconciliation of Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin to corresponding GAAP measures is not available

on a forward-looking basis because the Company is unable to predict with reasonable certainty the non-cash component of employee compensation

expense, changes in its working capital needs, variances in its supply chain, the impact of earnings or charges resulting from matters

the Company considers not to be reflective, on a recurring basis, of its ongoing operations, and other such items without unreasonable

effort. These items are uncertain, depend on various factors, and could be material to the Company's results computed in accordance

with GAAP. Management strongly encourages investors to review the Company's financial statements and publicly filed reports in

their entirety and not rely on any single financial measure.

Forward Looking Statements

This press release includes "forward-looking

statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation

Reform Act of 1995. The Company's actual results may differ from its expectations, estimates, and projections and,

consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as

"expect," "estimate," "project," "budget," "forecast,"

"anticipate," "intend," "plan," "may," "will," "could,"

"should," "believes," "predicts," "potential," "continue," and similar

expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These

forward-looking statements include, without limitation, the Company's expectations with respect to financial results, future

performance, commercialization and plans to deploy the Company's products and services, development of products and services,

and the size and potential growth of current or future markets for its products and services. These forward-looking statements

involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the

forward-looking statements. Most of these factors are outside the Company's control and are difficult to predict. Factors that

may cause such differences include, but are not limited to: the impact of COVID-19 on the Company's business, including issues

relating to Omicron or other variants; the ability to recognize the anticipated benefits of the business combination; the

Company's ability to grow and manage growth profitably; the success, cost and timing of the Company's product and

service development activities; the potential attributes and benefits of the Company's products and services; the degree to

which the Company's products and services are accepted by healthcare practitioners and patients for their approved uses; the

Company's ability to obtain and maintain regulatory approval for its products, and any related restrictions and limitations of

any approved product; the Company's ability to identify, in-license or acquire additional technology; the Company's

ability to maintain its existing license, manufacture, supply and distribution agreements; manufacturing and supply of the