What factors drove the changes in Butterfly Network's revenue and profit?

What is Butterfly Network's gross profit margin?

What guidance did Butterfly Network's management provide for the next earnings period?

What does Butterfly Network do and what are its main business segments?

What is the revenue and EPS growth rate for Butterfly Network year over year?

What were the key takeaways from Butterfly Network’s earnings call?

What is the market's earnings forecast for Butterfly Network next quarter?

What were the key takeaways from Butterfly Network's earnings call?

- **Record Q4 Growth**: $31.5M revenue (41% YoY), driven by Midjourney deal and core POCUS expansion.
- **Positive Cash Flow**: First quarter with positive operating cash flow, reflecting financial discipline.
- **Strategic Momentum**: HomeCare commercialization on track for late 2026, Butterfly Embedded partnerships (e.g., Midjourney) driving $74M+ revenue.
- **R&D Breakthroughs**: P5.1 chip in production, Apollo chip with 20x data rate for AI-native imaging.
- **2026 Outlook**: $117-121M revenue target, 20-24% YoY growth, with focus on enterprise adoption and Ultrasound-on-Chip innovation.

**【CEO Summary Section】**
- Q4 2025 revenue: $31.5 million (41% YoY growth), driven by $6.8 million from Midjourney deal and 27% YoY core POCUS volume growth.
- First quarter with positive operating cash flow, fueled by Midjourney upfront payments.
- Core POCUS growth: 15% YoY, with 50%+ increase in enterprise pipeline post-Compass AI launch.
- Strategic initiatives: HomeCare commercialization expected late 2026, Butterfly Embedded partnerships (e.g., Intel Inside model), and 5-year $500M revenue target via Ultrasound-on-Chip.
- R&D: P5.1 chip in production, Apollo chip with 20x data rate in development.

**【CFO Financial Commentary】**
- Q4 2025: GAAP revenue $31.5M (41% YoY), gross margin 67%, adjusted EBITDA loss $3.2M (65% improvement YoY).
- Full year 2025: Revenue $97.6M (19% YoY), adjusted EBITDA loss $26.5M (32% improvement).
- 2026 guidance: Revenue $117-121M (20-24% YoY growth), adjusted EBITDA loss $21-25M.
- Key drivers: Higher-margin Butterfly Embedded revenue, cost discipline, and Midjourney milestones.

**【Q&A Highlights】**
- **Midjourney Partnership**: $74M contract with potential chip sales and revenue share post-commercialization. Midjourney expects to launch application soon, with Butterfly enabling partners' AI ecosystems.
- **HomeCare**: First commercial agreement expected H1 2026, with $40-50M+ revenue potential if nationalized.
- **Medical Schools**: 2026 focus on one-to-one device sales, leveraging student loyalty and AI-driven workflow improvements.
- **Chip Pipeline**: Apollo chip for 20x data rate, enabling new applications in neuromodulation, robotics, and beyond.
- **Tariffs**: 2026 impact limited, with $19.4M annualized cash use improvement vs. 2024.

Butterfly Network, Inc. (BFLY) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 2025 revenue up 5% YoY to $21.5M, driven by higher ASPs and volume.
- **AI Success**: AI tools reduce hospital stays by 30%, with Compass AI launching Q4 2025.
- **Product Innovation**: P5.1 chip entering production; Apollo AI chip for edge computing to launch in 2026.
- **Pipeline Momentum**: 200+ deals in pipeline, delayed by macro factors but optimistic for 2026 closure.
- **Risks**: Government shutdown and regulatory delays; $17.4M inventory write-off impacting margins.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $21.5 million, up 5% YoY, driven by higher ASPs and volume in the U.S. and international markets.
- **AI Strategy Success**: AI tools like HeartFocus and Garden ecosystem are improving clinical workflows, with a JAMA study showing 35% better clinical management and $750K cost savings.
- **Product Innovation**: P5.1 chip entering production, offering superior imaging quality; Apollo AI chip for edge computing to launch in H2 2026.
- **Pipeline Momentum**: 200+ deals in pipeline, delayed by macroeconomic factors, but optimistic for 2026 closure.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted gross margin 63.9%, up from 60% YoY; EBITDA loss $8.1M, slightly improved vs. $8.4M YoY.
- **Challenges**: $17.4M noncash inventory write-off due to iQ3 outperformance; software renewals lagging.
- **Cash Position**: $148M cash, trailing 12-month use $31.5M; FY25 guidance: $91-95M revenue, $32-35M EBITDA loss.

**【Q&A Key Highlights】**
- **Pipeline Activity**: Deals delayed by macroeconomic factors, but no loss of intent; 2026 budget cycle may accelerate closures.
- **AI Impact**: Compass AI launch Q4 2025 to enhance enterprise adoption; Apollo AI chip for local AI processing.
- **Regulatory & Market Risks**: Government shutdown risks to FDA submissions; P5.1 chip launch in H2 2026 faces no direct competition.
- **Home Care Pilot**: Commercial agreement pending; focuses on education, data management, and AI integration.

Butterfly Network, Inc. (BFLY) Q3 2025 Earnings Call Transcript

- **Record Revenue Growth**: $23.4M Q2 revenue (+9% YoY), driven by international expansion and higher ASPs.
- **Gross Margin Milestone**: 64% gross margin, up from 59% YoY, reflecting cost efficiency and chip sales.
- **Software Innovation**: Launch of Compass AI to simplify documentation, with potential to accelerate enterprise adoption.
- **HomeCare Breakthrough**: Pilot program reduced readmissions by ~50%, with commercial rollout expected Q4.
- **Macro Caution**: Adjusted full-year guidance to $91-95M due to delayed deals, but EBITDA loss narrowed by $5M.
- **Strategic Expansion**: Butterfly Garden AI apps entering commercial phase, creating new revenue streams and clinical workflows.

**【Management Opening Remarks】**
- CEO Joseph DeVivo highlighted record Q2 revenue of $23.4 million, a 9% year-over-year increase, driven by higher ASPs and international expansion. Gross margin reached an all-time high of 64%.
- CFO Heather Getz announced her transition to an advisory role, with Megan Carlson appointed as Interim CFO. Getz emphasized the company's financial discipline and cash position of $152 million.

**【CEO Commentary】**
- **Revenue Growth**: Delivered highest quarterly revenue in company history ($23.4M) with U.S. revenue flat at $17.2M (due to delayed deals) and international revenue up 19% to $6.2M.
- **Gross Margin Expansion**: 64% gross margin (vs. 59% prior year), driven by ASPs and chip sales.
- **Strategic Initiatives**: 
  - **Compass AI Launch**: Next-gen software to simplify documentation, expected Q4 deployment.
  - **HomeCare Pilot Success**: Reduced readmissions by ~50%, with commercial agreement anticipated Q4.
  - **Butterfly Garden Expansion**: FDA-cleared AI apps (HeartFocus, MSK VUE) entering commercial phase.
- **Guidance Adjustment**: Full-year revenue revised to $91-95M (down from prior range) due to macro delays, but EBITDA loss narrowed to $32-37M.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: 
  - Product: $16.6M (+13% YoY)
  - Software & Services: $6.8M (flat YoY)
- **Gross Profit**: $14.9M (+18% YoY), driven by ASPs and cost efficiencies.
- **Adjusted EBITDA**: Loss of $6.2M (vs. $8.1M prior year), with cash burn of $7M.
- **ARR Growth**: Enterprise software ARR increased, offsetting individual subscription churn.

**【Q&A Highlights】**
- **Macro Environment**: Delays in U.S. hospital and global health deals due to funding uncertainty. CFO Megan Carlson noted $5M EBITDA improvement despite revenue revision.
- **Competitive Landscape**: No direct competition in enterprise-scale POCUS deployments; Butterfly is "blazing trails" with system-wide implementations.
- **HomeCare Model**: Program fee-based revenue (per patient) + scan-based fees. First state launch expected Q4, with potential $40-60M annual revenue for one customer.
- **Butterfly Garden Flywheel**: AI apps (e.g., HeartFocus) enable new clinical workflows, accelerating POCUS adoption and creating recurring software revenue.
- **iQ Station Strategy**: Targeting $2B POCUS cart market with cost-effective, high-quality alternative to traditional ultrasound systems.


Butterfly Network, Inc. (BFLY) Q2 2025 Earnings Call Transcript

- **20% Revenue Growth**: Q1 2025 revenue up 20% to $21.2M, driven by U.S. sales and iQ3 probe premiumization.
- **Margin Expansion**: Gross margin improved to 63%, EBITDA loss narrows 31% YoY to $9.1M.
- **Strategic Wins**: 2nd enterprise hospital deal signed; Home Care pilot achieves 0% CHF readmissions.
- **Octiv Momentum**: 25+ chip licensing prospects, including generative AI leader; first FDA-cleared AI apps launch Q3.
- **Tariff Mitigation**: $1.5M max annual impact at 36% rate, offset by inventory buffer and diversification.


**【CEO Opening Remarks】**
- Q1 2025 revenue grew 20% YoY to $21.2M, driven by U.S. sales and higher iQ3 probe pricing.
- Gross margin improved to 63% (vs. 58% prior year), with adjusted EBITDA loss narrowing to $9.1M (-31% YoY).
- Strategic initiatives: 
  - 2nd enterprise hospital customer signed, committing to 600+ probes.
  - Butterfly Home Care pilot shows 0% readmission rate for CHF patients.
  - Octiv chip licensing pipeline expanded to 25+ prospects, including generative AI partners.
  - Butterfly Garden AI marketplace now has 23 partners, with FDA-cleared apps launching Q3.

**【CFO Financial Breakdown】**
- Product revenue: $14.2M (+25% YoY), driven by iQ3 volume and higher ASPs.
- Software & services: $7.1M (+11% YoY), led by enterprise software subscriptions.
- Tariff impact: $1.5M annualized at 36% rate, manageable via inventory buffer.
- Cash position: $155M post-$81M equity raise, supporting 20%+ FY25 revenue growth guidance.

**【Q&A Highlights】**
- **Hospital Enterprise Strategy**: 2nd deal won through groundswell of Butterfly adoption among clinicians, with Rochester-style ROI studies accelerating C-suite buy-in.
- **Product Mix**: iQ3 now >50% of probe sales, with iQ+ strong in medical schools and e-commerce.
- **School Channel Momentum**: 25K+ new med students annually, with 1:1 probe programs now in 10+ schools.
- **Regulatory & Economic Risks**: Global health funding delays (e.g., USAID cuts) impacting Q1 NGO partnerships, but enterprise software diversification mitigates risk.


Butterfly Network (BFLY)-2 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth Accelerates**: 2024 revenue up 25% to $82.1M, driven by iQ3 adoption (50% of sales) and 35% Q4 jump to $22.4M.
- **Profitability Improves**: Adjusted EBITDA loss narrows 42% to $38.9M, with 16% opex reduction.
- **Strategic Wins**: 21 AI partners signed, 5 Octiv deals inked, and HomeCare pilot proves cost savings with 0 readmissions.
- **2025 Outlook**: $96M-$100M revenue target with focus on health system sales and software bundling.
- **Innovation Pipeline**: P5 chip, iQ station, and wearable device in development to expand into cart-based and chronic care markets.

**【CEO Opening Remarks】**
- **2024 Performance Highlights**: Achieved $82.1M revenue (25% YoY growth) and improved adjusted EBITDA loss to $38.9M (42% improvement). iQ3 device accounted for 50% of total sales and 58% of Pro revenue, with higher ASPs than prior models.
- **Strategic Initiatives**: Launched iQ3 in Europe, signed 21 Butterfly Garden AI partners, and expanded Octiv partnerships into neuroscience and generative AI. HomeCare pilot in Wisconsin reduced readmissions and demonstrated cost savings.
- **2025 Outlook**: Focus on scaling core business through health system sales and software/hardware bundles. Expect $96M-$100M revenue (20% YoY growth) with adjusted EBITDA loss of $37M-$42M.

**【CFO Financial Breakdown】**
- **Q4 2024 Results**: 
  - Revenue: $22.4M (35% YoY growth), highest quarterly in company history.
  - Gross Profit: $13.7M (61% margin), up from $9.4M (57% margin) in Q4 2023.
  - Adjusted EBITDA: -$9.1M (36% improvement vs. -$15.7M prior year).
- **Full Year 2024**: 
  - Total ARR growth: 8% in enterprise software subscriptions.
  - Operating expense reduction: 16% YoY due to rightsizing.
  - Cash balance: $92.8M post-January 2025 $81.7M follow-on offering.

**【Q&A Key Takeaways】**
- **HomeCare Expansion**: Wisconsin pilot trained 18 nurses, scanning 200+ patients with 0 readmissions. Scaling via telemedicine and AI tools for chronic care.
- **Octiv Strategy**: 5 partnerships in development, targeting liver disease, neuroscience, and generative AI. First commercial contributions expected in 2025.
- **Product Pipeline**: Next-gen P5 chip in development; iQ station for cart-based imaging; wearable device in early stages post-market validation.
- **Capital Allocation**: $81.7M raise to fund growth without compromising fiscal discipline. No new revenue streams included in 2025 guidance.


Actual		-0.01	-0.02	-0.07	-0.08	-0.22	-0.18	-0.27	-0.17	-0.17	-0.14	-0.13	-0.21	-0.07	-0.0742	-0.05	-0.05	-0.04	-0.03	-0.04	-0.02
Forecast			-0.24	-0.25	-0.2641	-0.25	-0.27	-0.27	-0.2167	-0.206	-0.1613	-0.1485	-0.135	-0.12	-0.1	-0.0767	-0.08	-0.0667	-0.05	-0.0431	-0.0397
Surprise	0.00%	0.00%	+91.67%	+72.00%	+69.71%	+12.00%	+33.33%	0.00%	+21.55%	+17.48%	+13.21%	+12.46%	-55.56%	+41.67%	+25.80%	+34.81%	+37.50%	+40.03%	+40.00%	+7.19%	+49.62%

BFLY

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BFLY Q4 2025 Earnings

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BFLY

BFLY fundamentals

BFLY Q4 2025 Earnings

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BFLY Earnings Call Summary for Q1/20258:00 AM on May 2, 2025

BFLY Earnings Call Summary for Q4/20248:00 AM on Feb 28, 2025

You can ask Aime