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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% | 6.3% |
| 2024 | $82M | $-61M | $-72M | $-44M | -42.9% | 24.5% | -45.8% |
| 2023 | $66M | $-123M | $-134M | $-105M | -60.8% | -10.2% | -20.8% |
| 2022 | $73M | $-163M | $-169M | $-187M | -51.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 73.39 | 65.90 | 82.06 | 97.61 |
| Operating Revenue | - | 73.39 | 65.90 | 82.06 | 97.61 |
| Cost Of Revenue | - | 33.93 | 49.04 | 33.22 | 51.88 |
| Gross Profit | - | 39.46 | 16.86 | 48.83 | 45.73 |
| Operating Expense | - | 232.48 | 162.47 | 123.24 | 132.15 |
| Research And Development | - | 88.04 | 55.62 | 37.80 | 36.26 |
| Selling General And Administration | - | 144.44 | 106.85 | 85.44 | 95.89 |
| Total Expenses | - | 266.41 | 211.51 | 156.47 | 184.02 |
| Operating Income | - | -193.02 | -145.61 | -74.41 | -86.42 |
| Total Operating Income As Reported | - | -193.02 | -145.61 | -74.41 | -86.42 |
| EBITDA | - | -162.74 | -123.04 | -60.92 | -67.38 |
| Normalized EBITDA | - | -183.60 | -127.59 | -59.06 | -69.66 |
| EBIT | - | -168.68 | -133.62 | -71.26 | -75.46 |
| Interest Income | - | 3.38 | 7.45 | 5.02 | 5.91 |
| Interest Expense | - | 0 | 0 | 1.26 | 1.49 |
| Net Interest Income | - | 3.38 | 7.45 | 3.76 | 4.42 |
| Other Non Operating Income Expenses | - | 0.10 | 0 | -0.01 | 2.77 |
| Other Income Expense | - | 20.96 | 4.54 | -1.87 | 5.04 |
| Interest Income Non Operating | - | 3.38 | 7.45 | 5.02 | 5.91 |
| Interest Expense Non Operating | - | 0 | 0 | 1.26 | 1.49 |
| Net Non Operating Interest Income Expense | - | 3.38 | 7.45 | 3.76 | 4.42 |
| Pretax Income | - | -168.68 | -133.62 | -72.52 | -76.95 |
| Tax Provision | - | 0.04 | 0.08 | -0.03 | 0.11 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 4.38 | 0.95 | 0 | 0.48 |
| Net Income Continuous Operations | - | -168.72 | -133.70 | -72.49 | -77.06 |
| Net Income From Continuing And Discontinued Operation | - | -168.72 | -133.70 | -72.49 | -77.06 |
| Net Income From Continuing Operation Net Minority Interest | - | -168.72 | -133.70 | -72.49 | -77.06 |
| Net Income | - | -168.72 | -133.70 | -72.49 | -77.06 |
| Net Income Common Stockholders | - | -168.72 | -133.70 | -72.49 | -77.06 |
| Net Income Including Noncontrolling Interests | - | -168.72 | -133.70 | -72.49 | -77.06 |
| Normalized Income | - | -185.20 | -137.29 | -70.63 | -78.86 |
| Diluted NI Availto Com Stockholders | - | -168.72 | -133.70 | -72.49 | -77.06 |
| Basic Average Shares | - | 199.85 | 205.39 | 211.68 | 247.12 |
| Diluted Average Shares | - | 199.85 | 205.39 | 211.68 | 247.12 |
| Reconciled Depreciation | - | 5.94 | 10.57 | 10.34 | 8.08 |
| Reconciled Cost Of Revenue | - | 33.93 | 49.04 | 33.22 | 51.88 |
| Total Unusual Items | - | 20.86 | 4.54 | -1.86 | 2.27 |
| Total Unusual Items Excluding Goodwill | - | 20.86 | 4.54 | -1.86 | 2.27 |
| Gain On Sale Of Security | - | 20.86 | 4.54 | -1.86 | 2.27 |
| 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 |
| Other Operating Expenses | - | 7.35 | 18.16 | - | - |
| Selling And Marketing Expense | - | 59.49 | 39.07 | 41.57 | 45.88 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Butterfly Network, Inc.this co. | BFLY | $1.4B | - | 6.93 | -39.3% | - |
| AtriCure, Inc. | ATRC | $1.4B | -120.63 | 2.81 | -2.3% | 79.22 |
| Precigen, Inc. | PGEN | $1.4B | -5.49 | 65.81 | -1198.6% | -5.93 |
| Integra LifeSciences Holdings Corporation | IART | $1.4B | -2.65 | 1.31 | -49.5% | -9.72 |
| MapLight Therapeutics, Inc. | MPLT | $1.4B |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 2.98 |
| -35.2% |
| - |
| UroGen Pharma Ltd. | URGN | $1.3B | -8.76 | -12.75 | 145.5% | -10.04 |
| Bicara Therapeutics Inc. | BCAX | $1.3B | -9.72 | 3.34 | -34.4% | -8.01 |
| Inhibrx Biosciences, Inc. | INBX | $1.3B | -9.56 | 167.49 | -1752.2% | -10.54 |
| Ardelyx, Inc. | ARDX | $1.3B | -21.66 | 7.99 | -36.9% | -50.52 |
| Peer Median | - | -9.56 | 3.16 | -36.0% | -9.72 | |