Butterfly Network, Inc.
- Open
- 7.42
- Day high
- 8.09
- Day low
- 7.30
- Prev close
- 7.34
- Volume
- 9.3M
- Mkt cap
- $2.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 11.0
- P/S
- 20.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$6.9M over the last 3 months (0 open-market buys, 10 sales)
- 🏛Institutions accumulating (13F)
Butterfly Network, Inc. (BFLY) is a Healthcare company listed on NYSE. The stock is up 276% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 10 sales (SEC Form 4).
Butterfly Network, Inc. (BFLY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BFLY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $-0.04 | $-0.03 | +25.0% | $27M | +1.7% |
| Oct 31, 2025 | $-0.07 | $-0.13 | -85.7% | $21M | -18.1% |
| Aug 1, 2025 | $-0.07 | $-0.06 | +14.3% | $23M | +0.8% |
| May 2, 2025 | $-0.09 | $-0.06 | +33.3% | $21M | -12.3% |
| Feb 28, 2025 | $-0.09 | $-0.08 | +11.1% | $22M | +0.5% |
| Nov 1, 2024 | $-0.10 | $-0.08 | +20.0% | $21M | -2.1% |
| Aug 1, 2024 | $-0.10 | $-0.05 | +50.0% | $21M | +9.7% |
| May 1, 2024 | $-0.12 | $-0.07 | +41.7% | $18M | +5.1% |
| Feb 28, 2024 | $-0.12 | $-0.21 | -75.0% | $17M | +7.6% |
| Nov 2, 2023 | $-0.15 | $-0.13 | +13.3% | $15M | +1.9% |
| Aug 3, 2023 | $-0.17 | $-0.14 | +17.6% | $18M | +2.6% |
| May 11, 2023 | $-0.20 | $-0.17 | +15.0% | $15M | -2.1% |
BFLY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 8, 2026 | DEVIVO JOSEPHdirector, officer: President & CEO | Sell | 204,725 | $7.87 |
| Jul 8, 2026 | Doherty John N.officer: EVP, CFO | Sell | 55,229 | $7.87 |
| Jul 8, 2026 | Ku Victorofficer: Chief Technology Officer | Sell | 35,649 | $7.87 |
| Jul 7, 2026 | Carlson Meganofficer: CAO and SVP, Finance | Sell | 41,303 | $7.96 |
| Jun 22, 2026 | Phanstiel S. Louisedirector | Grant | 25,447 | — |
| Jun 22, 2026 | Schwartz Ericadirector | Grant | 25,447 | — |
| Jun 22, 2026 | Neubauer Caroll Hdirector | Grant | 25,447 | — |
| Jun 22, 2026 | ROBBINS LARRYdirector | Grant | 25,447 | — |
| Jun 22, 2026 | ROTHBERG JONATHAN Mdirector, 10 percent owner: | Grant | 25,447 | — |
| Jun 22, 2026 | Edelman Elazer Rdirector | Grant | 25,447 | — |
| Jun 9, 2026 | Cashman Steveofficer: Chief Business Officer | Sell | 294,680 | $4.66 |
| Jun 9, 2026 | Cashman Steveofficer: Chief Business Officer | Sell | 104,781 | $4.96 |
| Jun 4, 2026 | Caezza Nicholasofficer: Deputy General Counsel | Sell | 1,733 | $4.52 |
| May 21, 2026 | Neubauer Caroll Hdirector | Grant | 73,170 | — |
| May 5, 2026 | Carlson Meganofficer: CAO and SVP, Finance | Sell | 110,422 | $4.75 |
Source: BFLY SEC Form 4 filings, latest Jul 8, 2026. For informational purposes only — not investment advice.
See the full BFLY insider & 13F page →Butterfly Network, Inc. company profile
Overview
Butterfly Network, Inc. (NYSE:BFLY) is a digital health company founded in 2011 and headquartered in Guilford, Connecticut. The company went public in July 2020 through a SPAC merger. Butterfly Network has pioneered the development of handheld ultrasound imaging devices that connect to smartphones and tablets, fundamentally transforming how medical imaging is performed. The company has evolved from a pure hardware manufacturer to a comprehensive ultrasound platform provider, offering both devices and software solutions to healthcare systems, physicians, and medical educators worldwide.
Business
Butterfly Network operates in the medical device industry, specifically in the point-of-care ultrasound (POCUS) market. Traditional ultrasound machines are large, expensive cart-based systems that cost tens of thousands of dollars and require specialized technicians to operate. Butterfly has revolutionized this field by creating portable, affordable ultrasound devices that can be used by any healthcare provider at the patient's bedside. The company's core products include the Butterfly iQ+ and the newer Butterfly iQ3, which are handheld ultrasound probes that connect wirelessly to smartphones, tablets, or hospital computer systems. These devices use proprietary semiconductor technology called ultrasound-on-chip, which replaces traditional piezoelectric crystals with thousands of tiny semiconductors. This breakthrough allows for a single probe to perform whole-body imaging across multiple medical specialties, whereas traditional ultrasound requires different probes for different body parts. The company also offers Butterfly Blueprint, an enterprise software platform that integrates ultrasound imaging into healthcare systems' clinical and administrative infrastructure. Additionally, Butterfly provides the Butterfly Garden, an AI marketplace featuring applications developed by third-party partners, and educational programs through Butterfly Academy. The business operates through multiple segments: 1. Product sales (approximately 65-70% of revenue) which includes hardware devices and accessories, 2. Software and services (approximately 30-35% of revenue) encompassing subscription-based software, cloud services, and educational programs, and 3. Emerging initiatives including semiconductor technology licensing through their Octiv subsidiary and home care services.
Revenue model
Butterfly Network generates revenue through multiple channels. The primary revenue stream comes from product sales, where the company sells its handheld ultrasound devices directly to healthcare providers, medical schools, and distributors. The iQ+ typically sells for around $2,000-3,000, while the newer iQ3 commands higher prices due to enhanced capabilities. The company also generates recurring revenue through software subscriptions, which include cloud-based image storage, AI-powered analysis tools, and enterprise management platforms. The company's customers include hospitals, clinics, medical schools, emergency medical services, and increasingly, home healthcare providers. Butterfly has been particularly successful in medical education, implementing programs where medical schools provide each student with their own ultrasound device. The company also serves international markets through distributors and direct sales. Several factors influence Butterfly's margins positively. The shift toward higher-priced iQ3 devices improves product mix, while growing software and services revenue provides higher-margin recurring income. The company's semiconductor-based technology offers manufacturing cost advantages over traditional ultrasound systems. Economies of scale in production and the network effects of their software platform also support margin expansion. Conversely, margin pressures come from competitive pricing in the medical device market, the need for continuous R&D investment to maintain technological leadership, and regulatory compliance costs across multiple international markets. The company also faces challenges from traditional ultrasound manufacturers who are developing their own portable solutions, potentially compressing pricing power in the market.
Competitive moat
Butterfly Network's competitive moat is moderately strong but faces evolving challenges. The company's primary moat stems from its proprietary ultrasound-on-chip technology, which represents a fundamental technological breakthrough that is difficult to replicate. This semiconductor-based approach enables capabilities that traditional piezoelectric-based systems cannot match, including whole-body imaging with a single probe and software-driven functionality improvements. The company has built substantial intellectual property around this technology, with numerous patents protecting their innovations. Additionally, Butterfly benefits from network effects through its growing database of over 21 million ultrasound images, which enhances their AI capabilities and creates barriers for competitors trying to develop similar machine learning applications. However, the moat faces several threats. Large medical device companies like GE Healthcare, Philips, and Siemens are developing their own portable ultrasound solutions, leveraging their established relationships with healthcare systems and superior financial resources. While these competitors currently use traditional technology, they could potentially license or develop alternative approaches to achieve similar portability and functionality. The regulatory environment also presents both protection and risk. Butterfly's FDA clearances and international certifications create barriers to entry, but established medical device companies often have more experience navigating complex regulatory processes. The company's success in medical education creates some switching costs, but the relatively low price point of devices means replacement cycles could be shorter than traditional capital equipment. The emerging threat from smartphone-based ultrasound apps and other low-cost alternatives could commoditize basic imaging functions, though Butterfly's clinical-grade capabilities and enterprise software integration provide some differentiation.
Risks & safety
Butterfly Network presents a moderate margin of safety profile with both strengths and concerns: • Strong liquidity position: $155 million in cash and short-term investments as of Q1 2025, providing substantial runway • Low debt burden: Debt-to-equity ratio of only 8.2%, minimal solvency risk • Solid working capital: Current ratio of 6.06x indicates strong short-term financial health • Manageable cash burn: Free cash flow loss of $12 million in Q1 2025, significantly improved from historical levels • Valuation concerns: Trading at high multiples despite losses - P/E of -9.6x based on negative earnings • Profitability timeline: Company remains unprofitable with negative EBITDA, though losses are narrowing • Revenue scale: At $21 million quarterly revenue, still relatively small scale for medical device industry • Other considerations: Recent equity raise in January 2025 strengthened balance sheet but diluted shareholders; company guidance suggests path to profitability but timeline remains uncertain; competitive pressures from larger medical device companies could impact growth trajectory.
Recent development
Over the past few years, Butterfly Network has executed several strategic pivots and product launches. The company successfully launched the iQ3 ultrasound probe, which has become their flagship product, representing 50% of unit sales and 58% of probe revenue in 2024. This next-generation device offers improved image quality and processing power compared to the original iQ+. The company has significantly expanded beyond pure hardware sales into software and services. They launched Butterfly Garden, an AI marketplace that now includes 23 partners developing specialized ultrasound applications. The first FDA-cleared clinical applications from this marketplace are expected in 2025, with DESKi already receiving clearance for their HEART Focus cardiac application. A major strategic initiative has been the formation of Octiv, a wholly-owned subsidiary focused on licensing Butterfly's semiconductor technology to non-competitive markets. The company is in discussions with over 25 prospects and preparing to announce a major partnership in the generative AI space, suggesting potential applications beyond medical imaging. Butterfly has also entered the home healthcare market through pilot programs targeting chronic disease management, particularly congestive heart failure patients. Their initial pilot showed zero readmissions among participants, and the company is targeting their first commercial agreement by the end of 2025. In medical education, the company has continued expanding their one-to-one probe programs, targeting 25,000 new medical students annually. The first four-year graduates from these programs are entering residency in 2025, potentially creating a generation of physicians trained on Butterfly devices. The company has also pursued cost reduction initiatives, completing a $10 million annual cost reduction program and extending their cash runway while maintaining growth investments in R&D and market expansion.
BFLY company profile · for informational purposes only — not investment advice.
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