8-K: Butterfly Network Projects Strong Q4 2025 Revenue Growth

Butterfly Network anticipates at least 17% year-over-year revenue growth for the fourth quarter of 2025, driven by its handheld ultrasound business.

Summary

• Preliminary, unaudited revenue growth for the fourth quarter ended December 31, 2025, is expected to be at least 17% year over year.
• Audited fourth quarter and full year 2025 results, along with 2026 guidance, are expected to be reported in late February 2026.
• The company reports strong momentum and continued growth in its handheld ultrasound business.
• Management plans to scale the core commercial business while evolving Butterfly as a differentiated Ultrasound-on-Chip and semiconductor company.
• Expansion of co-development and chip licensing opportunities is a key strategic focus for 2026.
• 2026 is anticipated to be a meaningful inflection year for the company.
• A business update will be presented at the 44th J.P. Morgan Healthcare Conference on January 15, 2026.

Sentiment

Score: 8

Explanation: The filing reports strong preliminary revenue growth and positive forward-looking statements regarding strategic expansion and future performance, indicating a very positive outlook despite the preliminary nature of the results.

Positives

• Preliminary Q4 2025 revenue growth of at least 17% year over year indicates robust performance and market acceptance.
• Strong momentum and continued growth are reported in the handheld ultrasound business.
• Strategic evolution towards an Ultrasound-on-Chip and semiconductor company, with plans to expand co-development and chip licensing opportunities, suggests future growth avenues.
• Management expresses confidence in 2026 as a 'meaningful inflection year' and a commitment to disciplined financial management.
• The Butterfly iQ3 earned 'Best Medical Technology' at the 2024 Prix Galien USA Awards, highlighting product innovation and industry recognition.

Risks

• Ability to grow and manage growth effectively.
• Success, cost, and timing of product and service development activities.
• Potential attributes and benefits of products and services.
• Degree of acceptance of products and services by healthcare practitioners and patients for their approved uses.
• Ability to obtain and maintain regulatory approval for products, and any related restrictions and limitations on use.
• Ability to identify, in-license, or acquire additional technology.
• Ability to maintain existing license, manufacturing, supply, and distribution agreements.
• Ability to compete with other companies currently marketing or developing ultrasound imaging devices, many of which have greater financial and marketing resources.
• Changes in applicable laws or regulations.
• Size and growth potential of the markets for products and services, and ability to serve those markets.
• Pricing of products and services, and reimbursement for medical procedures conducted using products and services.
• Estimates regarding expenses, revenue, capital requirements, and needs for additional financing.
• Financial performance.
• Ability to attract and retain customers.
• Ability to manage growth effectively.
• Ability to protect or enforce intellectual property rights.
• Ability to maintain the listing of Class A common stock on the New York Stock Exchange.
• Other risks and uncertainties indicated in the most recent Annual Report on Form 10-K or subsequent SEC filings.

Future Outlook

Management anticipates 2026 to be a 'meaningful inflection year' as the company scales its core commercial business and expands co-development and chip licensing opportunities. They expect to deliver continued strong revenue growth with a focus on disciplined financial management. Audited Q4 and full year 2025 results, along with 2026 guidance, are expected in late February 2026.

Management Comments

• "We enter 2026 with strong momentum and continued growth in our handheld ultrasound business. That foundation gives us confidence as we continue to scale our core commercial business, while evolving Butterfly as a differentiated Ultrasound-on-Chip and semiconductor company." Joseph DeVivo, President, CEO, and Chairman.
• "As we expand co-development and chip licensing opportunities, 2026 represents a meaningful inflection year for the company – one I’ll begin to outline at the J.P. Morgan conference later this week." Joseph DeVivo.
• "We expect to report audited fourth quarter and full year 2025 results in late February and to provide 2026 guidance at that time. Entering 2026, we are well positioned to deliver continued strong revenue growth together with a focus on disciplined financial management." John Doherty, CFO.

Industry Context

Butterfly Network operates in the digital health and medical imaging sector, specifically with portable, semiconductor-based ultrasound technology. Its 'Ultrasound-on-Chip' technology and intuitive software aim to democratize healthcare by making imaging more affordable and accessible, addressing global healthcare challenges. The company's innovations, like the iQ3 winning the Prix Galien USA Awards, suggest a strong position in the evolving medical technology landscape, competing with traditional and emerging ultrasound device manufacturers. The focus on co-development and chip licensing indicates a strategy to expand its reach beyond direct product sales, potentially impacting the broader medical device and semiconductor industries.

Comparison to Industry Standards

• Butterfly iQ3 earned 'Best Medical Technology' at the 2024 Prix Galien USA Awards, a prestigious honor in healthcare, indicating strong product innovation relative to industry peers.
• The company's innovations have been recognized by Fierce 50, TIME's Best Inventions, and Fast Company's World Changing Ideas, suggesting a high level of industry recognition for its disruptive technology.
• Clinical publications demonstrate that its handheld ultrasound probes paired with Compass enterprise workflow software can help hospital systems improve care workflows, reduce costs, and enhance provider economics, implying competitive advantages in efficiency and cost-effectiveness compared to traditional ultrasound solutions.

Stakeholder Impact

• Shareholders: Positive preliminary revenue growth and optimistic outlook could lead to increased investor confidence and potential share price appreciation. Future guidance and audited results will be key.
• Customers (Healthcare Practitioners/Systems): Continued innovation (iQ3 awards) and focus on improving care workflows, reducing costs, and enhancing provider economics suggest ongoing benefits and value from Butterfly's products and services.
• Employees: Strong company performance and growth trajectory could indicate job security and potential for expansion.
• Partners (Co-development/Licensing): Expansion of co-development and chip licensing opportunities suggests new business for partners.

Next Steps

• Joseph DeVivo to present a business update at the 44th J.P. Morgan Healthcare Conference on January 15, 2026, at 9:00 AM PST.
• Webcast of the J.P. Morgan presentation will be available for replay until February 15, 2026.
• Report audited fourth quarter and full year 2025 results in late February 2026.
• Provide 2026 guidance in late February 2026.
• Continue to scale core commercial business.
• Expand co-development and chip licensing opportunities.

Key Dates

Recommendation

The preliminary Q4 2025 revenue growth of at least 17% year-over-year demonstrates robust operational performance and strong market acceptance of Butterfly Network's handheld ultrasound technology. Management's confidence in 2026 as a 'meaningful inflection year' driven by scaling the core business and expanding into co-development and chip licensing opportunities signals a clear strategic path for accelerated growth and market penetration. The company's innovative products, evidenced by the iQ3's 'Best Medical Technology' award, position it favorably in the digital health sector. While these are preliminary results, the strong growth trajectory and strategic initiatives, coupled with a focus on disciplined financial management, suggest significant upside potential for investors, warranting a strong buy recommendation ahead of the full audited results and 2026 guidance.

Keywords

Ultrasound, Digital Health, Medical Imaging, Semiconductor, Healthcare Technology, Q4 Earnings, Revenue Growth, Butterfly Network, BFLY, Handheld Ultrasound, Ultrasound-on-Chip