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Butterfly Network, Inc. develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. The company offers Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging on a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; Butterfly Move, merging the mobility of a handheld with the stability of a full cart system; and iQ+ Bladder, a specialty product for bladder scanning market. It also provides Compass AI which offers one system to connect every device, workflow, and department; ScanLab, an AI-powered educational platform that provides written walkthroughs and reference imagery to guide real-time educational scanning; and Butterfly iQ+/iQ3 Vet, a third generation handheld ultrasound system. It sells and markets its products through a direct sales force, distributors, and e-commerce channels. Butterfly Network, Inc. was founded in 2011 and is headquartered in Burlington, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $98M | $-67M | $-77M | $-16M | -39.3% | 19.0% | - |
| 2024 | $82M | $-61M | $-72M | $-44M | -42.9% | 24.5% | - |
| 2023 | $66M | $-123M | $-134M | $-105M | -60.8% | -10.2% | - |
| 2022 | $73M | $-163M | $-169M | $-187M | -51.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 73.39 | 65.90 | 82.06 | 97.61 |
| Cost Of Revenue | 33.93 | 49.04 | 33.23 | 51.88 |
| Gross Profit | 39.46 | 16.86 | 48.83 | 45.73 |
| Operating Expense | 232.48 | 162.47 | 123.24 | 132.15 |
| Operating Income | -193.02 | -145.61 | -74.41 | -86.42 |
| EBITDA | -162.74 | -123.04 | -60.92 | -67.38 |
| EBIT | -168.68 | -133.62 | -71.26 | -75.46 |
| Pretax Income | -168.68 | -133.62 | -72.52 | -76.95 |
| Tax Provision | 0.04 | 0.08 | -0.03 | 0.11 |
| Net Income | -168.72 | -133.70 | -72.49 | -77.06 |
| Net Income Common Stockholders | -168.72 | -133.70 | -72.49 | -77.06 |
| Total Expenses | 266.41 | 211.51 | 156.47 | 184.03 |
| Interest Expense | 0 | 0 | 1.26 | 1.49 |
| Interest Income | 3.38 | 7.45 | 5.02 | 5.91 |
| Research And Development | 88.04 | 55.62 | 37.80 | 36.26 |
| Selling General And Administration | 144.44 | 106.85 | 85.44 | 95.89 |
| Normalized EBITDA | -183.60 | -127.59 | -59.06 | -69.66 |
| Normalized Income | -185.20 | -137.29 | -70.63 | -78.86 |
| Basic EPS | -0.84 | -0.65 | -0.34 | -0.31 |
| Diluted EPS | -0.84 | -0.65 | -0.34 | -0.31 |
| Tax Effect Of Unusual Items | 4.38 | 0.95 | 0 | 0.48 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0 | 0.21 |
| Total Unusual Items | 20.86 | 4.54 | -1.86 | 2.27 |
| Total Unusual Items Excluding Goodwill | 20.86 | 4.54 | -1.86 | 2.27 |
| Net Income From Continuing Operation Net Minority Interest | -168.72 | -133.70 | -72.49 | -77.06 |
| Reconciled Depreciation | 5.93 | 10.57 | 10.34 | 8.08 |
| Reconciled Cost Of Revenue | 33.93 | 49.04 | 33.23 | 51.88 |
| Net Interest Income | 3.38 | 7.45 | 3.76 | 4.42 |
| Net Income From Continuing And Discontinued Operation | -168.72 | -133.70 | -72.49 | -77.06 |
| Total Operating Income As Reported | -193.02 | -145.61 | -74.41 | -86.42 |
| Diluted Average Shares | 199.85 | 205.39 | 211.68 | 247.12 |
| Basic Average Shares | 199.85 | 205.39 | 211.68 | 247.12 |
| Diluted NI Availto Com Stockholders | -168.72 | -133.70 | -72.49 | -77.06 |
| Net Income Including Noncontrolling Interests | -168.72 | -133.70 | -72.49 | -77.06 |
| Net Income Continuous Operations | -168.72 | -133.70 | -72.49 | -77.06 |
| Other Income Expense | 20.96 | 4.54 | -1.87 | 5.04 |
| Other Non Operating Income Expenses | 0.10 | 0 | -0.01 | 2.77 |
| Gain On Sale Of Security | 20.86 | 4.54 | -1.86 | 2.27 |
| Net Non Operating Interest Income Expense | 3.38 | 7.45 | 3.76 | 4.42 |
| Interest Expense Non Operating | 0 | 0 | 1.26 | 1.49 |
| Interest Income Non Operating | 3.38 | 7.45 | 5.02 | 5.91 |
| Other Operating Expenses | 7.35 | 18.16 | 0 | 0 |
| Selling And Marketing Expense | 59.49 | 39.07 | 41.57 | 45.88 |
| General And Administrative Expense | 84.94 | 67.78 | 43.88 | 50.01 |
| Other Gand A | 82.92 | 59.08 | 42.53 | 49.03 |
| Salaries And Wages | 2.02 | 8.70 | 1.34 | 0.98 |
| Operating Revenue | 73.39 | 65.90 | 82.06 | 97.61 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Butterfly Network, Inc.this co. | BFLY | $1.3B | - | 6.37 | -39.3% | -20.73 |
| MBX Biosciences, Inc. | MBX | $1.4B | - | 3.48 | -23.6% | -10.08 |
| Clover Health Investments, Corp. | CLOV | $1.4B | - | 4.34 | -27.7% | -14.49 |
| Wave Life Sciences Ltd. | WVE | $1.4B | - | 2.55 | -39.4% | -4.28 |
| Novavax, Inc. | NVAX | $1.3B |
| 3.09 |
| -10.14 |
| -344.7% |
| 1.42 |
| MapLight Therapeutics, Inc. | MPLT | $1.3B | - | 2.91 | -35.2% | -6.14 |
| PROCEPT BioRobotics Corporation | PRCT | $1.2B | - | 3.34 | -26.1% | -10.43 |
| Olema Pharmaceuticals, Inc. | OLMA | $1.2B | - | 2.40 | -33.9% | -4.35 |
| Corvus Pharmaceuticals, Inc. | CRVS | $1.2B | - | 17.61 | -25.0% | -26.95 |
| Peer Median | - | 3.09 | 3.13 | -30.8% | -8.11 | |