Butterfly Network, Inc. Class A (BFLY)

In the past six months, Butterfly Network reported its Q1 and Q2 2025 financial results and has an upcoming Q3 2025 earnings report. For Q1 2025, the company reported a loss and missed revenue estimates. In Q2 2025, Butterfly Network achieved its highest quarterly revenue to date at $23.4 million, representing 9% year-over-year growth, and a record gross margin of 64%. The company also reduced its cash usage to $7.1 million. Despite these positive operational metrics, the company revised its full-year 2025 revenue guidance to a range of $91 million to $95 million. Leadership changes occurred with the appointment of John Doherty as the new Chief Financial Officer in October 2025 and Victor Ku as the new Chief Technology Officer in September 2025. Insider trading activity was reported in September 2025, with Steve Cashman selling 142,590 shares. The stock price has experienced fluctuations and analysts have a consensus rating of "Strong Buy" for Butterfly Network stock.

While specific demand seasonality is not explicitly detailed, Butterfly Network's revenue reports indicate consistent growth across quarters. The business model, which includes both hardware sales and recurring subscription services, suggests a potentially more stable revenue stream less susceptible to extreme seasonality. However, the company cited "delays in large deals and uncertainties in funding" impacting its U.S. hospital and global health channels when revising its full-year 2025 revenue guidance, which could imply some variability in large-scale adoption or procurement cycles.

Butterfly Network, Inc. is a digital health company focused on revolutionizing the medical imaging industry through accessible and affordable ultrasound solutions. The company operates in the healthcare sector, developing, manufacturing, and commercializing ultrasound imaging solutions, including handheld devices like Butterfly iQ, iQ+, and iQ3, which integrate AI and connect to smartphones or tablets. These devices use proprietary Ultrasound-on-Chip™ technology. The company also offers specialized products like the Butterfly iQ+ Bladder and Butterfly iQ+ Vet, along with software solutions, teleguidance, educational tutorials, and formal education programs. Its business model combines hardware sales with recurring revenue from subscription services.

Butterfly Network, Inc. develops, manufactures, and commercializes its ultrasound imaging solutions in the United States and internationally. The company's headquarters are in Burlington, Massachusetts, with other offices in Guilford, Connecticut, New York City, and Palo Alto. Its products are available in numerous countries, including the United States, Australia, and several European countries. Butterfly Network is focused on increasing its presence in international markets, particularly in developing countries, and has recently expanded into Europe and new markets in Indonesia, the Netherlands, and Belgium. The company has also launched an AI-powered gestational age calculator in Malawi and Uganda.

In the past year, Butterfly Network has received positive recognition and achieved significant certifications. Its latest product, the iQ3, earned the "Best Medical Technology" award at the 2024 Prix Galien USA Awards. In October 2025, Butterfly Network announced it achieved ISO 27001 certification. The company also completed other security certifications, including SOC-2 Type 2, C5 Germany, and The National Health Service Data Security and Protection Toolkit. Butterfly Network was also named to TIME's List of the World's Top HealthTech Companies 2025.

As of the second quarter of 2025, hedge funds and other institutional investors own 37.85% of Butterfly Network, Inc.'s stock. Notable institutional holders include the State of Wyoming, Captrust Financial Advisors, Man Group plc, Lazard Asset Management LLC, and BNP Paribas Financial Markets. Insider ownership is relatively high, exceeding 35%.