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BFLY · NYSE · Medical - Devices

Butterfly Network

Builds chip-based handheld ultrasound devices with connected workflow software.

$8.47

After-hours close+0.04 (+0.45%)

At close$8.43(−3.33%)

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Profile

Butterfly Network, Inc.BFLYHealth Care

Sells single-probe ultrasound devices, accessories, subscriptions, and workflow services to healthcare providers. The platform pairs iQ hardware with Compass AI software and an Ultrasound-on-Chip licensing program, with sales concentrated in the United States but extending across international markets.

Builds a point-of-care ultrasound platform around iQ handheld probes, accessories, software subscriptions, and workflow services. The third-generation iQ probe is the current flagship device, while iQ+ and iQ+ Bladder remain part of the marketed portfolio.

Compass AI adds enterprise workflow software for scan intake, documentation, EMR and PACS connectivity, proficiency management, and education content. Butterfly Embedded licenses Ultrasound-on-Chip technology for non-competitive healthcare markets and adjacent ultrasound-enabled uses.

Sales are concentrated in the United States while products reach international markets through direct sales, distributors, and eCommerce. The business depends on medical-device clearances, hospital workflow adoption, software attachment, and acceptance of semiconductor-based ultrasound versus cart-based incumbents.

Company facts

CEOJoseph M. DeVivo

ListedFeb 16, 2021

ExchangeNYSE

HeadquartersBurlington, MA

CountryUnited States

Employees220

CIK0001804176

ISINUS1241551027

Key statistics

Market cap$2.24B

EPS (ttm)−$0.2894

P/E (ttm)−29.13

ROE-38.4%

P/B11.67

P/S20.02

Dividend yield—

Beta3.36vs XLV 0.22

Year to date +125% · Average volume (30d) 6.2M

Analysts

Price target, next 12 months$5.50−34.8%Median of 7 analysts · vs the Aug 28 close

ConsensusBuy6 of 7 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $8.43

High$5.50−34.8%

Median$5.50−34.8%

Low$5.50−34.8%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Mar 2, 2026	Loop Capital Markets	Target		$5	$5.50
Jan 21, 2026	Craig-Hallum	Target		$2	$5.25
Jan 20, 2026	Lake Street	Reiterate	Buy	$5	$5.50
Dec 31, 2025	Loop Capital Markets	Target			$5

Earnings

EPS

Estimate−$0.03

ReportedDue Oct 30, 2026

Revenue

Estimate$28.2M

ReportedDue Oct 30, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Jul 30, 2026Q2 FY26	−$0.04	−$0.01	+71.4%	$29.2M	$32.6M	+11.8%	+15.07%
Apr 30, 2026Q1 FY26	−$0.04	−$0.03	+25.0%	$26.1M	$26.5M	+1.7%	+12.73%
Feb 26, 2026Q4 FY25	−$0.04	−$0.02	+50.0%	$25.9M	$31.5M	+21.6%	−18.84%
Oct 31, 2025Q3 FY25	−$0.07	−$0.13	−85.7%	$26.3M	$21.5M	−18.1%	+8.18%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$21.2M	$23.4M	$21.5M	$31.5M	$26.5M	$32.6M
Gross profit	$13.4M	$14.9M	−$3.8M	$21.2M	$18.3M	$23.3M
Operating income	−$18.5M	−$16.1M	−$32.4M	−$19.5M	−$13.9M	−$13.7M
Net income	−$14.0M	−$13.8M	−$34.0M	−$15.3M	−$12.7M	−$12.9M
Diluted EPS	−$0.06	−$0.06	−$0.13	−$0.06	−$0.05	−$0.05
Gross margin	63.0%	63.7%	-17.5%	67.3%	68.9%	71.4%
Operating margin	-87.0%	-68.9%	-150.7%	-61.8%	-52.3%	-41.9%

Fiscal years (4-quarter sums)FY21 $62.6M · FY22 $73.4M · FY23 $65.9M · FY24 $82.1M · FY25 $97.6M

Revenue by product · Q2 FY26

Software And Other Services$16.9M · 52%

Product$15.7M · 48%

Revenue by geography · Q2 FY26

United States$27.6M · 85%

Non-US$5.0M · 15%

Balance sheet, Jun 30, 2026Cash & short-term investments $124.7M · Total debt $19.1M · Total assets $283.0M · Shareholders' equity $189.4M

Dividends

No dividends on record.

Ownership

Institutions 60.79%161.88M sharesInsiders 8.24%21.95M sharesOther 30.97%82.46M shares

Shares outstanding 266.29M · Float 203.13M · 76.3% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
FMR LLC	28.95M	11.80%	13G	Aug 7, 2026
BlackRock, Inc.	18.82M	7.07%	13F	Aug 7, 2026
Glenview Capital Management, LLC	14.34M	5.38%	13F	Aug 14, 2026
Hood River Capital Management LLC	13.19M	5.61%	13G	Aug 14, 2026
Fosun International Ltd	10.23M	3.84%	13F	Aug 12, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 17, 2026	Larry Robbins	director	−582,500	$8.97
Aug 14, 2026	Larry Robbins	director	−824,700	$8.70
Aug 13, 2026	Larry Robbins	director	−890,533	$9.24
Aug 14, 2026	S. Louise Phanstiel	director	+115,200	$8.68
Aug 11, 2026	Nicholas Caezza	officer: Deputy General Counsel	−10,000	$9.75