Butterfly Network Earnings Call Transcripts
Fiscal Year 2026
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Executives highlighted strong progress in handheld ultrasound technology, expanding partnerships, and a robust product pipeline. The embedded business and new AI-driven devices are expected to drive significant growth, with 2026 revenue guidance of $117M-$121M and gross margins above 67%.
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Expiring warrants will reduce dilution, and recent licensing deals have strengthened the balance sheet. The company is advancing its chip roadmap with Poseidon 5.1 and Apollo, opening its platform to third-party AI, and expanding global reach through partnerships and innovation.
Fiscal Year 2025
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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.
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Handheld ultrasound technology is rapidly advancing, with Butterfly’s chip-based device enabling whole-body imaging and cloud-based diagnostics. The company leads in U.S. medical schools, holds significant market share, and is targeting $500 million in revenue by 2028 through core growth, licensing, and new partnerships.
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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.
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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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Strong revenue growth and expanding recurring revenue streams are driven by advanced MEMS semiconductor technology, AI integration, and a growing ecosystem of partners and users. The company is scaling into new markets, education, and home care, with a vision to democratize medical imaging.
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Q1 2025 saw 20% revenue growth, improved gross margin to 63%, and a reduced adjusted EBITDA loss. Medical school and hospital adoption accelerated, with new enterprise contracts and product launches, while funding and tariff risks remain manageable.
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The company launched its iQ3 device in 2024, driving 25% revenue growth and expanding internationally through distribution partners. Regulatory decisions in the EU could further boost demand, while enterprise and specialty adoption are accelerating. AI and HomeCare initiatives, including a gestational age calculator and clinical studies, are expected to support long-term growth.
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Strong 2024 results and a robust pipeline position the company for continued growth in 2025, driven by next-gen chip innovation, expanding hospital and home care adoption, and a unique cloud-AI ecosystem. Clinical studies and pilots show significant efficiency and care improvements.
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Significant revenue growth in 2024 was driven by advanced semiconductor-based ultrasound devices, expanding software and AI capabilities, and strong adoption in medical education and care settings. Strategic partnerships and new service models are broadening market reach and clinical impact.
Fiscal Year 2024
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2024 revenue grew 25% to $82.1M, driven by iQ3 adoption and international expansion. Adjusted EBITDA loss improved 42%, and 2025 guidance targets 20% revenue growth, excluding new business lines. Recent capital raise supports continued investment and growth.
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Award-winning handheld ultrasound technology is driving rapid revenue growth and global adoption, with advanced semiconductor and AI innovations enabling new clinical workflows and expanding market reach. Strategic initiatives target $500M revenue and break-even by 2027. Advanced AI, cloud integration, and a robust ecosystem position the company for exponential growth.
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Q3 2024 saw 33% revenue growth, record sales, and improved EBITDA loss, driven by strong iQ3 adoption and international expansion. Guidance for 2024 was raised, with continued investment in R&D, new business models, and a focus on cash flow break-even by 2027.
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Record Q2 revenue of $21.5M (16% growth) driven by iQ3 and international expansion, with strong cost controls extending cash runway into 2027. 2024 guidance reiterated, with double-digit growth and improved EBITDA loss expected.
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The company is leveraging proprietary semiconductor technology to revolutionize digital ultrasound, making advanced imaging more accessible and affordable. Recent product launches and strong market adoption, especially in cardiac imaging, are driving growth. Strategic focus on AI partnerships and licensing aims to enhance financial sustainability and avoid shareholder dilution.