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
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.
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