Shareholders of Butterfly Network (NYSE: BFLY) are likely on the edge of their seats to see how the next-gen version of the medtech co’s hand-held ultrasound is going to further along the development of the point-of-care ultrasound market, return the business to revenue growth, AND potentially create new value with a “Butterfly-inside” Intel-esque move to license out its powerful new semiconductor technology. Here to fill us in on the details of this bold growth plan is Butterfly Network’s new President, CEO & Chairman, Joe DeVivo.
Long-time virtual care enthusiasts will remember Joe from his days leading hospital telehealth provider, InTouch Health, which was acquired by Teladoc for $600 million just before the pandemic in 2020. Joe became ‘TDOC’s health system guy’ as the pandemic raged and, as a result, capped off his career as a telehealth market-builder having touched nearly every part of the Gartner Hype Cycle.
So, what key learnings from that experience are driving Joe’s strategy in the burgeoning point-of-care ultrasound space?
The parallels between selling telehealth and selling POC ultrasound are striking: there are questions about how this kind of democratizing tech impacts patient outcomes and hospital risk, and the familiar conversations about what reimbursement models look like (POC ultrasound and cart ultrasound are not reimbursed at parity... bet that story sounds familiar!) We also talk about what’s different. And, on that point, Joe explains the great lengths Butterfly Network is taking both its tech and its training programs in effort to build clinician confidence wielding their device for scans they feel comfortable with from a diagnostic standpoint.
Joe’s tenure at Butterfly Network starts at the tail-end of a tough 2022, in which the business focused on cost-cutting and reducing staff. Knowing the time it can take for healthcare incumbents to jump on integrating a new technology, what are Joe's expectations for how long it will take point-of-care ultrasound to really take off? What tricks has he learned from his telehealth past that will come in handy when it comes to nudging the market along? There’s lots to learn from someone so experienced at driving novel tech into the healthcare establishment.
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