Butterfly Network Reports Second Quarter 2022 Financial Results Record Revenue with Momentum in Both Domestic and International Markets GUILFORD, Conn., and

Butterfly Network Reports Second Quarter 2022

Record Revenue with Momentum in Both Domestic

and International Markets

GUILFORD, Conn., and NEW YORK, August 3, 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 June 30, 2022, and provided a business update.

"This past quarter has been an important one for our

progress and trajectory as an organization. Not only are we piloting the growth of a truly disruptive technology, we're also at

the heart of our evolution as a young public company - continuing to build upon the changes we made last year in how we operate,

innovate and bring value to the healthcare ecosystem," said Dr. Todd Fruchterman, Butterfly's President and Chief Executive

Officer. "Our team is laser-focused on making Butterfly Easy, Everywhere and Economical, embodied in a well-defined strategy to

help us deliver our value to the global healthcare ecosystem." Fruchterman continued, "These three core principles are how

we will drive adoption and realize our vision. Mindful of what matters most to our customers and the long-term success of Butterfly,

we were able to reduce our expenses in the quarter, informed by a better understanding of our strategic investment priorities."

ensure our ability to achieve the Company's mission at scale we also have adopted a plan to extend our cash runway," Fruchterman

added. "This plan includes improved efficiencies and targeted reductions in our workforce, aligned to our strategic priorities.

The talent and mission-driven dedication of our team has made these decisions challenging on a personal level, but I am confident

these changes strengthen our position to capture the value of our market leading innovation and set us up for a future where Butterfly

is the standard of care, everywhere."

The Company is reiterating its full year revenue guidance in the range

of $83 to $88 million and increasing its Adjusted EBITDA guidance to a loss of $155 to $145 million from a loss of $195 to $175 million

to reflect the impact of our capital preservation plan.

Second Quarter 2022 Financial Results

Second quarter total revenue increased 16.4% to $19.2 million from

$16.5 million in the second quarter of 2021. Product revenue increased 3.2% to $13.4 million from $13.0 million in the second quarter

of 2021. Subscription revenue increased 65.3% to $5.8 million from $3.5 million in the second quarter of 2021.

Gross profit for the second quarter of 2022 was $10.6 million, compared

to gross profit of $8.2 million in the second quarter of 2021. Adjusted gross profit was $11.2 million for the second quarter of 2022,

compared to an adjusted gross profit of $8.3 million in the second quarter of 2021.

Total gross margin for the quarter was 55.0%, compared to 49.8% in

the second quarter of 2021. Adjusted gross margin was 58.5%, compared to 50.2% in the second quarter of 2021.

Total operating expenses for the quarter were $59.0 million, compared

to $44.9 million in the second quarter of 2021, representing an increase of 31.4% primarily due to higher payroll expenses and incremental

investment in our research & development and business infrastructure compared to the second quarter of 2022.

Net loss for the second quarter of 2022 was $35.8 million, compared

to a net loss of $2.9 million during the second quarter of 2021. Adjusted EBITDA was a loss of $37.8 million during the second quarter

of 2022, compared to a loss of $28.5 million in the second quarter of 2021.

Cash and cash equivalents were $310.8 million as of June 30, 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 June 30, 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."

call to review the second quarter 2022 financial results and provide a business update is scheduled for August 3, 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: 741669. 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 our financial performance over multiple periods.

Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin are

key performance measures that the Company's management uses to assess our 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

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 our

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