Butterfly Network Inc
NYSE:BFLY
Butterfly Network Inc
Butterfly Network, Inc. designs a medical imaging device that reduces the cost of real-time and three-dimensional imaging and treatment. The company is headquartered in Guilford, Connecticut and currently employs 463 full-time employees. The company went IPO on 2020-05-26. The firm is principally engaged in offering medical imaging system, Butterfly iQ. The Butterfly iQ is a handheld, single probe, whole-body ultrasound system, which uses semiconductor technology. Its products are powered by its Ultrasound-on-Chip technology, which is an ultrasound transducer that can perform whole-body imaging. Its ultrasound system is comprised of both hardware and software solutions designed to make ultrasound imaging accessible to all healthcare practitioners, including nurses, midwives and ultimately patients directly. Its Butterfly Blueprint provides a system-wide ultrasound platform with Compass software that integrates into a healthcare system’s clinical and administrative infrastructure to be able to arrange Butterfly iQ+. Its Butterfly iQ+ connects to a smartphone or tablet to perform ultrasound scans. The company also has an eCommerce Website through which it sells them.
Butterfly Network, Inc. designs a medical imaging device that reduces the cost of real-time and three-dimensional imaging and treatment. The company is headquartered in Guilford, Connecticut and currently employs 463 full-time employees. The company went IPO on 2020-05-26. The firm is principally engaged in offering medical imaging system, Butterfly iQ. The Butterfly iQ is a handheld, single probe, whole-body ultrasound system, which uses semiconductor technology. Its products are powered by its Ultrasound-on-Chip technology, which is an ultrasound transducer that can perform whole-body imaging. Its ultrasound system is comprised of both hardware and software solutions designed to make ultrasound imaging accessible to all healthcare practitioners, including nurses, midwives and ultimately patients directly. Its Butterfly Blueprint provides a system-wide ultrasound platform with Compass software that integrates into a healthcare system’s clinical and administrative infrastructure to be able to arrange Butterfly iQ+. Its Butterfly iQ+ connects to a smartphone or tablet to perform ultrasound scans. The company also has an eCommerce Website through which it sells them.
Revenue: Q3 revenue was $21.5 million, up 5% year-on-year and at the high end of guidance.
Gross Margin: Adjusted gross margin improved to 63.9% from 60% last year, driven by higher average selling prices and lower software amortization costs.
Inventory Write-Off: Reported a noncash inventory write-off of $17.4 million for older iQ+ chips due to stronger-than-expected adoption of the iQ3 probe.
Cash Burn: Normalized quarterly cash burn decreased to $3.9 million, with $148 million in cash on hand.
Guidance Reaffirmed: Full-year revenue guidance of $91–95 million and tightened adjusted EBITDA loss guidance to $32–35 million reaffirmed.
Pipeline Delays: Large hospital and enterprise deals have been delayed, but the pipeline is growing and activity is picking up.
AI & New Products: AI-driven products like Compass AI and new chips (P5.1, Apollo AI) are advancing, with Compass AI launch expected by year-end and P5.1 debuting in the second half of 2026.
Information Security: Achieved ISO 27001 and other international security certifications, further strengthening enterprise appeal.
