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Butterfly Network, Inc.
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NYSE: BFLY Healthcare Medical Devices 🔎 Screen
🏹 Trader: 🚀 Stage 2 + Near High 📈 Stage 2 🎯 Near 52W High 💎 VCP Breakout | BRS 86 Ready View all →
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$2.4B
Market Cap
—
P/E
—
PEG
-105.8%
ROCE
-42.2%
ROE
0.09
D/E
-88.5%
OPM
-10.9%
% from 52W High
98
α RS
🔍 BFLY is showing a sector-leadership setup because Sector RRG has Health Care in the Leading quadrant with the trail still rolling over, it matches 2 of 37 tracked screener presets, and RS Rating is 98 (top decile vs market). Net: Broad signal stack, not a recommendation. ? RRG Conviction RS Rating
Sources
Health Care in Leading quadrant · Conviction 2/37 · RS Rating 98
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🌏 Global Investor Returns
Currency-adjusted total returns for BFLY including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
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About

Butterfly Network, Inc. develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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Manager Shares Value % of Fund Period
Cathie Wood ARK Investment Management 5.23M $21.1M 0.16% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED Butterfly Network Q1 2026 revenue $26.5M (+25% YoY), gross margin 69%, Embedded revenue up 147%.
Revenue & Profitability
Q1 2026 revenue was $26.5 million, up 25% year-over-year. Core revenue grew 10% to $20.8 million, and Embedded revenue surged 147% to $5.7 million. Gross profit was $18.3 million (37% increase), with gross margin improving to 69% from 63%. Adjusted EBITDA loss was $6.1 million, improving 32% year-over-year. Cash and cash equivalents were $138 million, with cash use of $12.5 million in the quarter.
Outlook
Management sees a convergence of massive computational power, artificial intelligence, and digital visualization driving an exponential shift in imaging, moving from episodic to continuous, intelligent systems. The company believes ultrasound will become a dynamic interface with biology, enabling applications like neural imaging, brain-computer interfaces, and wearable monitoring. Macro headwinds (Middle East war, tariffs) have had only minor impacts, and Q1 2026 results include any expected effects.
Growth Drivers
Key growth levers include: iQ3 probe sales up 39% year-over-year driving higher ASP; a strong pipeline of Compass AI enterprise deals, with a seven-figure total contract value (TCV) signed; Butterfly Garden expansion to 30 partners (4 with FDA clearance); medical school one-to-one adoption with nearly 1,000 probes sold year-to-date across six institutions; and international growth in markets like Brazil. The Embedded business added its ninth partner and expects two more mid-year, with potential for near-term revenue similar to the Midjourney partnership.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Gross margin improved to 69% in Q1 2026 from 63% in the prior year, driven by higher-margin Embedded revenue and a higher mix of iQ3 probes. Adjusted EBITDA loss improved 32% year-over-year to $6.1 million due to higher-margin revenue and continued financial discipline. For full-year 2026, management expects an adjusted EBITDA loss between $21 million and $25 million, reflecting increased investment in key growth areas.
Key Risks
Management noted minor impacts from global macroeconomic factors including the war in the Middle East and tariffs. The RoHS lead exemption for handheld ultrasound is a regulatory risk: while Oeko recommended a two-year reapproval (the shortest possible term), Butterfly believes this paves the way for eventual revocation in the EU. The company's guidance includes expected effects from these risks.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Record Q2 revenue and gross margin were driven by Embedded business growth and strong U.S. sales, prompting a raised full-year outlook. Key partnerships, new AI tools, and regulatory wins position the company for continued expansion, with major product launches planned for 2027.
Q1 2026 Q1 2026 2026-04-30
Q1 2026 saw 25% revenue growth, 69% gross margin, and improved EBITDA loss, driven by strong core and embedded business performance. FDA-cleared AI tools, expanding partnerships, and new product launches support a positive outlook, with full-year guidance reaffirmed.
Q4 2025 Q4 2025 2026-02-26
Q4 2025 delivered record revenue of $31.5M (+41% YoY), driven by core POCUS growth and the Midjourney Embedded deal. Gross margin rose to 67%, adjusted EBITDA loss improved, and FY 2026 revenue is guided up 20–24%. Butterfly Embedded and home care are key growth drivers.
Q3 2025 Q3 2025 2025-10-31
Q3 2025 revenue grew 5% year-over-year to $21.5 million, with strong iQ3 adoption and improved adjusted gross margin. Despite macro headwinds delaying some large deals, full-year guidance was reaffirmed, and significant progress was made in AI, security, and next-gen chip development.
Q2 2025 Q2 2025 2025-08-01
Record Q2 revenue and gross margin were achieved, driven by higher ASPs, chip sales, and international growth, despite macro headwinds delaying large deals. Guidance was revised downward, but EBITDA loss improved, and new AI and software launches, plus HomeCare and Octiv, are set to drive future growth.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Information Sources:
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