Butterfly Network, Inc.

# Signal Note: Deerfield Initiates Position in Butterfly Network **Why it matters:** Deerfield's entry into BFLY (733K shares, $13M) signals conviction in portable ultrasound adoption, particularly within underserved markets and point-of-care diagnostics where Butterfly's handheld devices compete against traditional cart-based systems. The thesis likely hinges on regulatory pathway clarity, reimbursement expansion, or near-term commercial acceleration in enterprise healthcare settings where capex replacement cycles favor their technology.