Butterfly Network: Resilient Core, Expanding Ultrasound-on-Chip Opportunity Drives Reaffirmed Buy RatingWe hosted investor meetings with members of the Butterfly management team, including Chairman, President, and CEO Joe DeVivo; new CFO John Doherty; and CAO Megan Carlson. These meetings were timely as they occurred two weeks before turning the calendar to what we believe is a critical year for Butterfly in 2026. It is in 2026 that we believe investors may start to better appreciate and ascribe more value to the massive opportunity in front of the company beyond just the point of care ultrasound (POCUS) market. Early proof points like the Midjourney partnership and the pipeline of parties interested in using Butterfly’s proprietary Ultrasound-on-Chip (UoC) technology for uses outside POCUS is large and could ultimately stand to be a much larger revenue driver than POCUS.