SCHEDULE: Glenview Capital Boosts Butterfly Network Stake

Glenview Capital Management and Larry Robbins have increased their beneficial ownership in Butterfly Network, Inc. through recent open market purchases.

Summary

• This filing is Amendment No. 6 to the Schedule 13D, updating beneficial ownership information for Butterfly Network, Inc.
• Glenview Capital Management, LLC now beneficially owns 14,468,477 shares of Class A common stock, representing 6.35% of the class.
• Larry Robbins, individually and through associated entities, now beneficially owns 22,434,914 shares, representing 9.71% of the class.
• The recent acquisitions by Glenview Funds involved open market purchases totaling approximately $6,793,859.99.
• Purchases occurred on November 19, 20, and 21, 2025, with weighted average prices ranging from $2.3539 to $2.5802 per share.
• The percentage of class is calculated based on 226,175,175 shares outstanding as of October 21, 2025, plus shares the reporting persons have the right to acquire.

Sentiment

Score: 8

Explanation: The significant increase in beneficial ownership by Glenview Capital Management and Larry Robbins suggests a strong vote of confidence in Butterfly Network, Inc.'s future prospects and valuation.

Positives

• Increased beneficial ownership by a significant institutional investor (Glenview Capital Management) and a key director (Larry Robbins) signals strong confidence in Butterfly Network, Inc.'s future.
• A substantial investment of approximately $6.79 million in additional shares demonstrates conviction in the company's valuation and prospects.

Risks

• No specific risks related to Butterfly Network, Inc.'s operations or financial health are detailed in this beneficial ownership amendment, as it primarily focuses on ownership disclosure.

Future Outlook

This filing, an amendment to a beneficial ownership statement, does not contain any forward-looking statements or guidance from Butterfly Network, Inc. management.

Industry Context

This filing indicates increased confidence from a significant institutional investor in Butterfly Network, Inc., a company operating in the healthcare technology and medical device sector. Such an increase in stake by a prominent investor can be viewed as a positive signal within the industry, potentially attracting further investor interest.

Related Party Transactions

• Larry Robbins, a director of Butterfly Network, Inc., is a reporting person in this filing. The reported open market purchases of Common Stock were made by Glenview Funds, which are managed by Glenview Capital Management, LLC, an entity associated with Mr. Robbins.

Stakeholder Impact

• Shareholders may view the increased stake by a major institutional investor and a director as a positive indicator of confidence in the company's long-term value, potentially boosting investor sentiment.
• Employees may perceive this as a sign of stability and continued commitment from significant investors.

Next Steps

• 80,434 shares of Common Stock underlying unvested restricted stock units granted to Mr. Robbins are expected to vest in full on the date of the Issuer's 2026 Annual Stockholders Meeting, subject to his continued service on the board.

Key Dates

Recommendation

The significant increase in beneficial ownership by Glenview Capital Management and Larry Robbins indicates strong investor confidence in Butterfly Network, Inc. However, this filing primarily details ownership changes rather than operational or financial performance, warranting a 'hold' recommendation until further fundamental analysis can be conducted to assess the company's underlying business health and future prospects.

Keywords

Butterfly Network, BFLY, Glenview Capital Management, Larry Robbins, Schedule 13D, Beneficial Ownership, Stock Purchase, Institutional Investment, Healthcare Technology, Medical Devices