Butterfly Network, Inc. BFLY
Butterfly is the pioneer of the Ultrasound-on-Chip™ semiconductor platform and a leader in semiconductor-based point-of-care ultrasound technology. We combine proprietary hardware, intuitive software, services and educational offerings that can make ultrasound more accessible than ever before. Our flagship point-of-care solution enables the practical application of ultrasound information into the clinical workflow through affordable ultrasound devices that fit in a healthcare professional's pocket and pair with cloud-connected software that is easily accessed through a mobile application.
While Butterfly's core commercial business is in the point-of-care ultrasound ("POCUS") category, our technology is fundamentally different from incumbent POCUS devices, which we view as mere extensions of cart-based hospital workflows. In contrast, Butterfly's devices are built on our one-of-a-kind Ultrasound-on-Chip™ semiconductor platform. Our technology is designed for true mobility, not just because it is a single, portable imaging device suitable for any doctor or nurse, but also because it is powered by AI-driven tools, cloud connectivity, and seamless hospital integration. This combination of advanced, cloud-connected software and portable hardware is the key to mobility, allowing Butterfly to support large health systems while also functioning independently of them in remote or resource-limited settings. Wherever a doctor, nurse, or patient braves to go, Butterfly can deliver imaging that adapts to their environment and remains securely connected.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- International
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $77.4M | $63.4M | $52.1M |
| International | $20.2M | $18.6M | $13.8M |
As the company reported it, from the “Revenue Recognition - Schedule of Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $97.6M | $82.1M | $65.9M | $73.4M | $62.6M | $46.3M | $27.6M | — |
| Cost of revenue | $51.9M | $33.2M | $49.0M | $33.9M | $45.5M | $107.5M | $48.5M | — |
| Gross profit | $45.7M | $48.8M | $16.9M | $39.5M | $17.1M | -$61.2M | -$20.9M | — |
| R&D | $36.3M | $37.8M | $55.6M | $88.0M | $74.5M | $49.7M | $48.9M | — |
| SG&A | $39.2M | $39.8M | $49.6M | $77.6M | $85.7M | $24.4M | $18.2M | — |
| Total operating expenses | $132.1M | $123.2M | $162.5M | $232.5M | $209.8M | $100.4M | $81.4M | — |
| Operating income | -$86.4M | -$74.4M | -$145.6M | -$193.0M | -$192.7M | -$161.6M | -$102.3M | — |
| Interest expense | $1.5M | $1.3M | $0 | $2.0K | $651.0K | $1.1M | — | — |
| Pre-tax income | -$77.0M | -$72.5M | -$133.6M | -$168.7M | -$32.3M | -$162.7M | -$99.7M | — |
| Income tax | $110.0K | $32.0K | $82.0K | $42.0K | $121.0K | $39.0K | — | — |
| Net income | -$77.1M | -$72.5M | -$133.7M | -$168.7M | -$32.4M | -$162.7M | -$99.7M | — |
| EPS, basic | -0.31 | -0.34 | -0.65 | -0.84 | -0.19 | -26.87 | -17.08 | — |
| EPS, diluted | -0.31 | -0.34 | -0.65 | -0.84 | -0.19 | -26.87 | -17.08 | — |
| Shares, diluted (wtd. avg.) | 247.1M | 211.7M | 205.4M | 199.8M | 173.8M | 6.1M | 5.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $150.5M | $88.8M | $138.7M | $166.8M | $426.8M | $60.2M | $90.0M | $214.6M |
| Short-term investments | — | — | — | $75.2M | — | — | — | — |
| Receivables | $26.7M | $20.8M | $13.4M | $14.7M | $11.9M | $5.8M | — | — |
| Inventory | $61.4M | $70.8M | $73.0M | $60.0M | $36.2M | $25.8M | — | — |
| Total current assets | $249.1M | $192.6M | $231.3M | $357.1M | $511.9M | $97.3M | — | — |
| Property, plant and equipment | $16.6M | $19.5M | $25.3M | $31.3M | $14.7M | $6.9M | — | — |
| Other intangibles | $7.5M | $8.9M | $10.3M | — | — | — | — | — |
| Total assets | $296.5M | $256.1M | $304.3M | $417.6M | $572.0M | $147.2M | — | — |
| Accounts payable | $5.4M | $4.2M | $5.1M | $7.2M | $5.8M | $16.4M | — | — |
| Total current liabilities | $65.1M | $48.2M | $44.3M | $51.3M | $49.8M | $69.7M | — | — |
| Total liabilities | $100.6M | $87.2M | $84.2M | $92.2M | $124.3M | $148.2M | — | — |
| Retained earnings | -$879.2M | -$802.1M | -$729.6M | -$595.9M | -$427.2M | -$394.8M | — | — |
| Total equity | $196.0M | $168.8M | $220.1M | $325.4M | $447.7M | -$361.9M | -$212.3M | -$118.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$12.7M | -$41.7M | -$98.8M | -$169.1M | -$189.2M | -$81.7M | -$120.4M | — |
| Depreciation and amortisation | $6.7M | $8.9M | $8.7M | $5.9M | $2.1M | $1.3M | $758.0K | — |
| Stock-based compensation | $23.4M | $21.0M | $27.5M | $42.5M | $47.8M | $11.0M | $6.0M | — |
| Capital expenditure | $3.3M | $2.7M | $5.8M | $18.3M | $7.9M | $2.4M | $4.5M | — |
| Investing cash flow | -$3.3M | -$2.7M | $70.4M | -$93.8M | -$9.9M | -$2.4M | -$4.5M | — |
| Financing cash flow | $77.8M | -$1.5M | $228.0K | $2.9M | $565.7M | $54.3M | $324.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017118.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $27.6M | $46.3M | $62.6M | $73.4M | $65.9M | $82.1M | $97.6M |
| Gross profit | — | -$20.9M | -$61.2M | $17.1M | $39.5M | $16.9M | $48.8M | $45.7M |
| Net income | — | -$99.7M | -$162.7M | -$32.4M | -$168.7M | -$133.7M | -$72.5M | -$77.1M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Item 5.02
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced Item 2.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 3844
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| GEHC | GE HealthCare Technologies Inc. | $32.50B | 15.7x | 4.8% |
| PHG | KONINKLIJKE PHILIPS NV | — | — | — |
| MBAI | Check-Cap Ltd | — | — | — |
| NNOX | Nano-X Imaging Ltd. | — | — | 15.4% |