Butterfly Network Past Earnings Performance
Past criteria checks 0/6
Butterfly Network has been growing earnings at an average annual rate of 6.1%, while the Medical Equipment industry saw earnings growing at 13.6% annually. Revenues have been growing at an average rate of 10.6% per year.
Key information
6.08%
Earnings growth rate
40.10%
EPS growth rate
| Medical Equipment Industry Growth | 8.90% |
| Revenue growth rate | 10.56% |
| Return on equity | -39.63% |
| Net Margin | -73.63% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Seeking Alpha • May 03
Butterfly Network: Valuation Ahead Of Execution
Summary Butterfly Network is transitioning from a hardware-focused device maker to a high-margin, software-driven imaging platform with embedded AI. BFLY's revenue grew 25% YoY to ~$26.5M with ~70% gross margins, driven by triple-digit embedded revenue growth and early enterprise software traction. I rate BFLY a Hold with upside bias because while its target mix may be achievable, it is not yet visible. Read the full article on Seeking Alpha
Narrative Update • Apr 29
BFLY: Embedded Platform Shift And AI Tools Will Support Future Upside
Analysts have lifted Butterfly Network's price target to $6.00 from $4.50, citing stronger recent results and growing expectations that Butterfly Embedded will play a larger role alongside the core POCUS business. Analyst Commentary Bullish analysts are pointing to the new US$6.00 price target as a sign that recent execution and future product mix are reshaping how the market frames Butterfly Network's potential.
Narrative Update • Apr 15
BFLY: Embedded Platform And AI Tools Will Reshape Future Earnings Profile
Narrative Update Analysts have lifted their average price target on Butterfly Network to $6 from $4.50, citing stronger recent results and growing expectations that Butterfly Embedded could become a more central revenue driver alongside the core POCUS business. Analyst Commentary Recent research points to growing interest in Butterfly Network’s progress around Butterfly Embedded alongside its core point of care ultrasound (POCUS) business.Narrative Update • Apr 01
BFLY: Embedded Ultrasound Platform Is Expected To Reshape Future Earnings Profile
Analysts have increased the price target for Butterfly Network from $2.00 to $5.25, reflecting updated assumptions around revenue growth, profit margins, and future P/E. Recent research points to stronger contribution from Butterfly Embedded alongside the core POCUS business.
Narrative Update • Mar 17
BFLY: Embedded Platform And Cloud Authorizations Will Support Future Software Like Upside
Narrative Update Analysts have lifted their price targets on Butterfly Network by up to $1.50 to $6, citing recent Q4 results and growing interest in Butterfly Embedded as an additional revenue stream alongside the core POCUS business. Analyst Commentary Bullish analysts are framing the recent price target moves as a reaction to Q4 results and a growing focus on Butterfly Embedded as a separate, software-like revenue driver alongside the core point of care ultrasound, or POCUS, business.Narrative Update • Mar 03
BFLY: Embedded Platform And Cloud Authorizations Will Drive Future Upside
Narrative Update Introduction The updated analyst price target for Butterfly Network moves from $5.06 to $5.56. Analysts view stronger recent results and growing expectations around Butterfly Embedded as an additional revenue stream as supportive of a slightly higher fair value and P/E assumption.Narrative Update • Feb 17
BFLY: Government Cloud Authorizations And AI Platform Will Support Future Upside
Analysts have lifted their fair value estimate for Butterfly Network from $4.19 to $5.06, reflecting updated assumptions on discount rates, revenue growth, profit margins and future P/E that align with the recent $2 and $1.50 price target moves cited in Street research. Analyst Commentary Bullish Takeaways Bullish analysts are backing up the recent fair value lift with higher price targets, suggesting their models support more upside potential than the prior US$4.19 view.Analysis Article • Feb 13
Some Butterfly Network, Inc. (NYSE:BFLY) Shareholders Look For Exit As Shares Take 31% Pounding
The Butterfly Network, Inc. ( NYSE:BFLY ) share price has softened a substantial 31% over the previous 30 days, handing...Narrative Update • Feb 03
BFLY: Beam Steering And New Partnerships Will Support Future Ultrasound Upside
Analysts have lifted their price target for Butterfly Network by US$0.50 to US$5.50, reflecting updates to their fair value estimate, discount rate, revenue growth outlook, profit margin assumptions, and future P/E expectations informed by recent Street research. Analyst Commentary Recent Street research shows multiple bullish analysts revisiting their models and adjusting price targets higher for Butterfly Network, including one move to a higher level by US$2.00 and another by US$1.50.Narrative Update • Jan 19
BFLY: Beam Steering API Will Support Undervalued Ultrasound Growth Story
Analysts have lifted their price target on Butterfly Network by roughly $1, reflecting updated fair value assumptions, a slightly higher discount rate, modestly adjusted revenue growth expectations, a small improvement in projected profit margin, and a higher future P/E multiple. What's in the News Butterfly Network plans to release a Beam Steering API in the first half of 2026, opening core ultrasound-on-chip capabilities like iQ Slice and iQ Fan to third party AI developers within its Butterfly Garden and co development programs, subject to ongoing development, regulatory review, and partner agreements (Key Developments).Narrative Update • Jan 05
BFLY: Licensing Deal And New AI Platform Will Support Future Upside
Analysts have raised their price target on Butterfly Network to US$4.19 from US$3.92, citing updated assumptions around fair value, discount rates, revenue growth, profit margins and future P/E. What's in the News Entered a five-year co-development and licensing agreement with Midjourney for semiconductor-based ultrasound technology, including a US$15 million one-time fee, a US$10 million annual license fee and potential milestone, revenue-sharing and chip purchase payments under customary IP and confidentiality terms (Key Developments).Analysis Article • Dec 26
Butterfly Network, Inc. (NYSE:BFLY) Stock Rockets 28% As Investors Are Less Pessimistic Than Expected
Despite an already strong run, Butterfly Network, Inc. ( NYSE:BFLY ) shares have been powering on, with a gain of 28...Narrative Update • Dec 16
BFLY: AI Enterprise Platform And Licensing Agreement Will Drive Meaningful Upside
Analysts have modestly raised their price target on Butterfly Network to reflect a slightly lower discount rate and a marginally higher future valuation multiple, even as they factor in somewhat softer long term profit margins. What's in the News Signed a five-year co-development and licensing agreement with Midjourney, granting an exclusive license to Butterfly’s ultrasound-on-chip platform.Narrative Update • Dec 02
BFLY: Advancements In AI Platform And Partnerships Will Drive Meaningful Upside
Analysts have raised their price target for Butterfly Network from $3.58 to $3.92 per share, citing modest improvements in revenue growth as well as stronger fair value estimates. What's in the News Butterfly Network entered a five-year co-development and licensing agreement with Midjourney, granting exclusive rights to certain ultrasound-on-chip technologies and securing a $15 million up-front payment and $10 million annual license fee, with potential milestone and revenue sharing payments.Narrative Update • Nov 18
BFLY: Accelerated Software Adoption Will Drive Stronger Revenue And Profit Margins Ahead
Analysts have raised their price target for Butterfly Network from $3.17 to $3.58, citing stronger anticipated revenue growth and improved profit margins as key drivers of this upward revision. What's in the News Launched Compass AI, a next-generation enterprise software platform powered by artificial intelligence to streamline point-of-care ultrasound (POCUS) workflows, boost documentation compliance, and increase potential revenue for health systems.Analysis Article • Sep 19
Butterfly Network, Inc.'s (NYSE:BFLY) P/S Is Still On The Mark Following 37% Share Price Bounce
Butterfly Network, Inc. ( NYSE:BFLY ) shareholders are no doubt pleased to see that the share price has bounced 37% in...Analysis Article • Jul 11
With A 28% Price Drop For Butterfly Network, Inc. (NYSE:BFLY) You'll Still Get What You Pay For
Butterfly Network, Inc. ( NYSE:BFLY ) shareholders that were waiting for something to happen have been dealt a blow...Analysis Article • May 28
Butterfly Network (NYSE:BFLY) Is In A Strong Position To Grow Its Business
We can readily understand why investors are attracted to unprofitable companies. Indeed, Butterfly Network ( NYSE:BFLY...
New Narrative • Mar 26
iQ3 Launch And FDA Clearance Will Open Global Markets
Success of the iQ3 device and international expansion enhances market position and boosts revenue growth through higher ASPs and increased unit sales.Analysis Article • Mar 07
What You Can Learn From Butterfly Network, Inc.'s (NYSE:BFLY) P/S After Its 37% Share Price Crash
Butterfly Network, Inc. ( NYSE:BFLY ) shares have had a horrible month, losing 37% after a relatively good period...Seeking Alpha • Feb 20
Butterfly Network Flying High, Wait For The Price To Flutter Down
Summary Despite strong momentum, Butterfly Network is a sell at around $4.90; the company is not profitable and faces market risks from tariffs and competition. The stock's valuation metrics are weak, with low earnings growth. Butterfly's R&D spending has decreased, raising concerns about future innovation in the competitive medical device market. BFLY is issuing more stock for the second time in 6 years. Read the full article on Seeking AlphaAnalysis Article • Jan 07
Revenues Tell The Story For Butterfly Network, Inc. (NYSE:BFLY) As Its Stock Soars 30%
Despite an already strong run, Butterfly Network, Inc. ( NYSE:BFLY ) shares have been powering on, with a gain of 30...Seeking Alpha • Dec 12
Butterfly Network: Time For A Pause
Summary The stock of Butterfly Network has rallied sharply in recent months. The company has beat top and bottom line estimates for three straight quarters and recently announced a new company initiative. That said, analyst firms appear to believe the shares are fully valued now, and the company is still posting annual losses. An updated analysis around Butterfly Network follows in the paragraphs below. Read the full article on Seeking AlphaAnalysis Article • Nov 07
Butterfly Network, Inc. (NYSE:BFLY) Stocks Shoot Up 37% But Its P/S Still Looks Reasonable
Butterfly Network, Inc. ( NYSE:BFLY ) shares have continued their recent momentum with a 37% gain in the last month...Analysis Article • Nov 06
Butterfly Network, Inc. (NYSE:BFLY) Just Reported And Analysts Have Been Lifting Their Price Targets
As you might know, Butterfly Network, Inc. ( NYSE:BFLY ) just kicked off its latest third-quarter results with some...Seeking Alpha • Oct 03
Butterfly Network: Can't Fly Much Higher
Summary Butterfly Network's innovative portable ultrasound devices show strong disruption potential. Despite promising technology and international expansion, the company faces significant cash burn and operational losses. The future success hinges on the effectiveness of the sales team and maintaining regulatory compliance in the healthcare sector. Shares are a hold with price target of $2. Read the full article on Seeking AlphaAnalysis Article • Aug 31
Is Butterfly Network (NYSE:BFLY) In A Good Position To Deliver On Growth Plans?
We can readily understand why investors are attracted to unprofitable companies. For example, although Amazon.com made...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Butterfly Network makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 103 | -76 | 86 | 36 |
| 31 Dec 25 | 98 | -77 | 85 | 36 |
| 30 Sep 25 | 88 | -80 | 84 | 36 |
| 30 Jun 25 | 88 | -63 | 83 | 36 |
| 31 Mar 25 | 86 | -65 | 82 | 37 |
| 31 Dec 24 | 82 | -72 | 81 | 38 |
| 30 Sep 24 | 76 | -99 | 82 | 40 |
| 30 Jun 24 | 71 | -109 | 84 | 43 |
| 31 Mar 24 | 68 | -122 | 88 | 50 |
| 31 Dec 23 | 66 | -134 | 89 | 56 |
| 30 Sep 23 | 68 | -123 | 102 | 64 |
| 30 Jun 23 | 73 | -151 | 113 | 73 |
| 31 Mar 23 | 73 | -158 | 124 | 81 |
| 31 Dec 22 | 73 | -169 | 137 | 88 |
| 30 Sep 22 | 73 | -150 | 141 | 89 |
| 30 Jun 22 | 68 | -109 | 139 | 89 |
| 31 Mar 22 | 66 | -76 | 132 | 82 |
| 31 Dec 21 | 63 | -32 | 135 | 74 |
| 30 Sep 21 | 59 | -40 | 113 | 68 |
| 30 Jun 21 | 55 | -119 | 93 | 58 |
| 31 Mar 21 | 50 | -139 | 77 | 53 |
| 31 Dec 20 | 46 | -163 | 51 | 50 |
| 30 Sep 20 | 41 | -180 | 45 | 51 |
| 31 Dec 19 | 28 | -100 | 32 | 49 |
| 31 Dec 18 | 2 | -51 | 17 | 35 |
Quality Earnings: BFLY is currently unprofitable.
Growing Profit Margin: BFLY is currently unprofitable.
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: BFLY is unprofitable, but has reduced losses over the past 5 years at a rate of 6.1% per year.
Accelerating Growth: Unable to compare BFLY's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: BFLY is unprofitable, making it difficult to compare its past year earnings growth to the Medical Equipment industry (14.8%).
Return on Equity
High ROE: BFLY has a negative Return on Equity (-39.63%), as it is currently unprofitable.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/27 11:42 |
| End of Day Share Price | 2026/05/27 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Butterfly Network, Inc. is covered by 5 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Neil Chatterji | B. Riley Securities, Inc. |
| Ilya Zubkov | Freedom Broker |
| Benjamin Haynor | Lake Street Capital Markets, LLC |