• The Apple of ultrasound, making advanced imaging portable and smartphone-connected.
• Like Square for medical imaging, democratizing high-tech diagnostics for healthcare providers.

• Butterfly iQ: A handheld and single-probe whole-body ultrasound system.
• Butterfly iQ+: A point-of-care ultrasound imaging device that connects with smartphones, tablets, and hospital computer systems.
• Butterfly Blueprint: A system-wide ultrasound platform featuring Compass software that integrates into a healthcare system's infrastructure.
• Cloud-based Software Solutions: Services provided to healthcare systems to manage and utilize ultrasound data.
• Teleguidance: A service offering remote guidance for ultrasound procedures.
• Butterfly Academy Software: Provides in-app educational tutorials and formal education programs for users.
• Clinical Support and Services: Comprehensive support and services for healthcare providers utilizing their products.

Butterfly Network (BFLY) primarily sells its products and services to other companies and professional entities within the healthcare sector, rather than to individual consumers.

Based on the company description, its major customer categories include:

1. Healthcare Systems: This refers to integrated networks of hospitals, clinics, and other medical facilities.
2. Physicians: This includes individual doctors and professional medical practices that utilize Butterfly Network's ultrasound imaging devices and software.
3. Healthcare Providers: This is a broader category encompassing various organizations and professionals involved in delivering medical services, often overlapping with healthcare systems and physicians.

Joseph DeVivo, President, Chief Executive Officer, and Chairman of the Board

Joseph DeVivo was appointed to his current role in April 2023. He brings 37 years of business leadership experience, including over two decades in the medical device industry and nearly a decade in Digital Health (HIT). Prior to Butterfly Network, he served as President of Hospitals and Health Systems at Teladoc Health and as CEO and Director at InTouch Health, which was acquired by Teladoc Health for $1.1 billion. He also held CEO and Director positions at AngioDynamics. DeVivo has a track record of acquiring and integrating eight companies, engineering four complex business turnarounds, and delivering three company exits as CEO and two as Chairman, including Caption Health to GE Healthcare, all while driving significant shareholder value. He serves on the Board of AdvaMed and as Treasurer of the American Telemedicine Association.

John Doherty, Executive Vice President and Chief Financial Officer

John Doherty serves as Executive Vice President and Chief Financial Officer for Butterfly Network. His career spans 30 years, including key positions such as CFO at Kaltura, CFO/COO at Magic Leap, and CFO at Interxion. He also held multiple CFO roles and served as Senior VP – Corporate Development during his extensive career at Verizon, where his leadership contributed to strategic multibillion-dollar acquisitions, divestitures, and corporate restructurings, delivering significant shareholder value.

Andrei Stoica, Chief Technology Officer

Dr. Andrei Stoica leads Butterfly Network's product development, technology innovation, and information technology operations. Before joining Butterfly, he was the Chief Technology Officer at BioTelemetry, Inc., a remote cardiac diagnostics and monitoring company that was acquired by Philips in 2021. At BioTelemetry, he oversaw global technology and product development operations, including hardware and software, product management, enterprise, product information technology, and manufacturing and distribution. Dr. Stoica also held various leadership positions at IQVIA, where he led the development of the global data and machine learning cloud platform.

Steve Cashman, EVP, Chief Business Officer

Steve Cashman currently serves as the EVP, Chief Business Officer at Butterfly Network, Inc., where he oversees the company's global sales, marketing, product, and corporate strategy.

David Horsley, Senior Vice President, Innovation – Butterfly Embedded™

Dr. David Horsley was appointed Senior Vice President of Innovation – Butterfly Embedded™ in March 2026. In this role, he leads strategy and go-to-market for Butterfly Embedded, overseeing new product development, partnerships, and commercialization efforts for the company's Ultrasound-on-Chip™ co-development and licensing initiative. Dr. Horsley co-founded Chirp Microsystems, a PMUT time-of-flight sensor company that was acquired by TDK. He previously served as Chief Technology Officer of the Emerging Sensors Business Unit at TDK InvenSense and held engineering and research leadership roles at Hewlett Packard Laboratories and Onix Microsystems. He is also a Professor of Electrical and Computer Engineering at Northeastern University and an Adjunct Professor at the University of California, Berkeley.

Here are the key risks to Butterfly Network (symbol: BFLY):

1. Persistent Net Losses and Path to Profitability: Butterfly Network has consistently reported GAAP net losses and negative adjusted EBITDA, indicating a lack of sustained profitability. This financial challenge necessitates ongoing capital raises, which can lead to shareholder dilution. Despite efforts to improve operational efficiency and control costs, the company continues to burn cash, highlighting the significant expenses involved in scaling its technology and operations.
2. Intense Competition and Limited Market Size: The company operates in the highly competitive point-of-care ultrasound (POCUS) segment, facing strong competition from established medical device giants such as GE Healthcare and Philips. These larger competitors possess extensive hospital distribution networks and long-standing relationships with healthcare decision-makers. Furthermore, the overall handheld ultrasound device market is relatively small compared to the traditional cart-based ultrasound market, limiting the immediate addressable market for Butterfly Network's core products. Some reports also suggest that Butterfly's products may underperform competitors' devices in certain key aspects like image clarity and usability.
3. Challenges in Scaling Software and Services Revenue (Execution Risk): A significant part of Butterfly Network's long-term strategy involves shifting towards higher-margin, recurring software and services revenue. However, this segment has shown stagnant growth or even slight declines in recent periods. There is an ongoing execution risk related to securing large enterprise and global health deals, and the challenge of accelerating recurring software and platform revenue growth quickly enough to offset continuous operating losses remains a central concern for the company's financial stability.

The rapid commoditization and competitive pressure from large, incumbent medical imaging companies (e.g., Philips, GE Healthcare, Siemens Healthineers). These companies, with their vast resources, established market presence, and extensive sales channels, are increasingly developing and aggressively marketing their own handheld, app-based, point-of-care ultrasound devices. While Butterfly Network has innovated with its single-probe whole-body system, these larger players can leverage their R&D capabilities to replicate or surpass Butterfly Network's features, offer more comprehensive integrated solutions, or engage in pricing strategies that would be difficult for a smaller company to sustain. This trend threatens to erode Butterfly Network's first-mover advantage and market share by turning its innovative niche into a highly competitive, commoditized segment.

The addressable markets for Butterfly Network's main products and services are significant, primarily within the global point-of-care ultrasound (POCUS) and handheld ultrasound markets.

The global point-of-care ultrasound market was valued at approximately USD 4.2 billion in 2025 and is projected to grow to about USD 8.4 billion by 2035. Another estimate places the global POCUS market at USD 3.97 billion in 2024, with a projection to reach USD 7.93 billion by 2034. North America holds a substantial share of this market, accounting for 42.5% of the global point-of-care ultrasound market in 2024, with the U.S. market alone valued at USD 1.7 billion in 2025.

For handheld ultrasound devices, which are a key offering of Butterfly Network, the global market was estimated at USD 251.27 million in 2025 and is anticipated to reach approximately USD 367.03 million by 2034. Other reports show similar figures, with the global handheld ultrasound market estimated at USD 336.5 million in 2025, expected to reach USD 502.6 million by 2032. One source also indicates a global market size of USD 315.2 million in 2024, projected to grow to USD 473.94 million by 2031.

Butterfly Network itself estimates the total addressable global market for its handheld devices to be "north of $20 billion."

Butterfly Network, Inc. (BFLY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, primarily focusing on strategic partnerships, advancements in its core ultrasound technology, expansion of its software offerings, and entry into new care settings.

Here are 3-5 expected drivers of future revenue growth:

1. Expansion of Butterfly Embedded and Semiconductor Platform Strategy: A significant driver of future revenue is the company's evolving strategy to become a semiconductor-based ultrasound platform, focusing on AI-native imaging. This involves co-development and chip licensing partnerships, such as the notable deal with Midjourney, which contributed substantially to Q4 2025 revenue. Management views this as a crucial part of its platform strategy and expects it to be an increasingly important additional revenue stream.

2. Continued Growth in the Core Point-of-Care Ultrasound (POCUS) Business: The fundamental POCUS business, including products like Butterfly iQ+ and the newer Butterfly iQ3, is anticipated to sustain growth. The company reported a 15% increase in Core POCUS Revenue year-over-year in Q4 2025 and is expanding further into hospital enterprises and academic institutions, alongside increasing adoption in out-of-hospital settings. Sales volume and higher average selling prices of new probes like the iQ3 are expected to bolster product revenues.

3. Growth of Software and Other Services, Particularly with Compass AI: The launch of Compass AI, a cloud-based enterprise software platform, is identified as a significant catalyst for Butterfly Network's enterprise strategy. It has driven over 50% growth in the enterprise pipeline since its release, enhancing enterprise solutions and productivity. This focus on software is expected to boost recurring, higher-margin revenue streams and contribute to overall margin expansion.

4. Expansion into the HomeCare Market: Butterfly Network is strategically targeting the HomeCare business, which is projected to enter its commercial phase in 2026. Management expects this new care setting to contribute $40 million to $50 million in revenue starting in late 2026 and continuing into 2027, diversifying revenue streams and aligning with the healthcare trend of value-based care.

Share Issuance

• Butterfly Network priced an underwritten public offering of 24,000,000 shares of its Class A common stock at $3.15 per share in January 2025, expecting gross proceeds of approximately $75.6 million to fund product development, commercialization, and general corporate purposes.
• In late February 2026, the company issued a new $57.00 million shelf registration for ESOP-related Class A shares.
• On March 2, 2026, Butterfly Network's Chief Business Officer received 488,042 restricted stock units (RSUs) that will vest in three equal annual installments starting March 1, 2027.

Inbound Investments

• In February 2021, Butterfly Network completed a business combination with Longview Acquisition Corp., resulting in the company receiving approximately $589 million, which included $414 million from Longview's trust account and $175 million from private placement (PIPE) investors.
• A five-year co-development and licensing agreement was signed by a Butterfly Network subsidiary with Midjourney on November 17, 2025, which included a US$15 million upfront payment, US$10 million annual license fees, and potential for further milestone and revenue-sharing payments. This partnership contributed $6.8 million in revenue in Q4 2025.

Capital Expenditures

• Butterfly Network's capital expenditures averaged $7.406 million for fiscal years ending December 2020 to 2024.
• Capital expenditures peaked in December 2022 at $18.302 million.
• The company anticipates continued capital investment in its semiconductor platform development and in increasing manufacturing capacity to meet future demand. Additionally, investments are focused on supporting innovation and the emerging embedded business.