Butterfly Network (BFLY)
Builds chip-based handheld ultrasound devices with connected workflow software.
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Sells single-probe ultrasound devices, accessories, subscriptions, and workflow services to healthcare providers. The platform pairs iQ hardware with Compass AI software and an Ultrasound-on-Chip licensing program, with sales concentrated in the United States but extending across international markets.
Builds a point-of-care ultrasound platform around iQ handheld probes, accessories, software subscriptions, and workflow services. The third-generation iQ probe is the current flagship device, while iQ+ and iQ+ Bladder remain part of the marketed portfolio.
Compass AI adds enterprise workflow software for scan intake, documentation, EMR and PACS connectivity, proficiency management, and education content. Butterfly Embedded licenses Ultrasound-on-Chip technology for non-competitive healthcare markets and adjacent ultrasound-enabled uses.
Sales are concentrated in the United States while products reach international markets through direct sales, distributors, and eCommerce. The business depends on medical-device clearances, hospital workflow adoption, software attachment, and acceptance of semiconductor-based ultrasound versus cart-based incumbents.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 22, 2026 | Needham | Initiate | Rating: —Target: — | Target: $10 |
| Mar 2, 2026 | Loop Capital Markets | Target | Target: $5 | Target: $5.50 |
| Jan 21, 2026 | Craig-Hallum | Target | Target: $2 | Target: $5.25 |
| Jan 20, 2026 | Lake Street | Reiterate | Rating: —Target: $5 | Target: $5.50 |
| Dec 31, 2025 | Loop Capital Markets | Target | Target: — | Target: $5 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $124.7M · Total debt $19.1M · Total assets $283.0M · Shareholders' equity $189.4M
- Revenue
- $32.6M
- Operating income
- −$13.7M
- Net income
- −$12.9M
No dividends on record.
| Institutions | ≈ 59.19% | 157.60M shares | |
|---|---|---|---|
| 261 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 10.42% | 27.74M shares | |
| 12 holders · as of Sep 9, 2026 | |||
| Other | ≈ 30.39% | 80.94M shares | |
| remainder | |||
266.29M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 7.07% | 18.82M A | as of Jun 30, 2026 |
Larry RobbinsInsiderdirector | 5.67% | 15.10M A | filed Aug 17, 2026 |
Glenview Capital Management, LLCInstitution | 5.38% | 14.34M A | as of Jun 30, 2026 |
Hood River Capital Management LLCInstitution | 4.95% | 13.19M A | as of Jun 30, 2026 |
Fosun International LtdInstitution | 3.84% | 10.23M A | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 4, 2026 | Steve Cashman | officer: Chief Business Officer | −140,112 | $7.30 |
| Sep 4, 2026 | Megan Carlson | officer: CAO and SVP, Finance | −13,804 | $7.30 |
| Sep 2, 2026 | Nicholas Caezza | officer: Deputy General Counsel | −1,709 | $8.15 |
| Aug 17, 2026 | Larry Robbins | director | −582,500 | $8.97 |
| Aug 14, 2026 | Larry Robbins | director | −824,700 | $8.70 |
- GE HealthCare
Broad POCUS hardware, AI guidance, and workflow incumbent
- Philips (ADR)
Handheld Lumify and hospital ultrasound portfolio overlap POCUS adoption
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Butterfly Network | $9.90 | −0.40% | $2.17B | — | — | 19.3 | +39.5% |
| GE HealthCare | $66.20 | −0.12% | $29.27B | 18.8 | 12.7 | 1.4 | +5.8% |
| Philips (ADR) | $24.98 | −0.02% | $24.34B | 18.7 | 13.0 | 1.2 | −2.8% |
| Median | 18.8 | 12.9 | 1.3 | +1.5% |