Form 4: Larry Robbins Boosts Stake in Butterfly Network

Director and 10% owner Larry Robbins, through Glenview Investment Funds, significantly increased his indirect beneficial ownership in Butterfly Network, Inc. with recent stock purchases.

Summary

• Larry Robbins, a Director and 10% owner of Butterfly Network, Inc. (BFLY), reported significant purchases of Class A Common Stock.
• On December 3, 2025, 821,648 shares were purchased at a weighted average price of $2.9619 per share.
• On December 4, 2025, an additional 536,893 shares were purchased at a weighted average price of $2.9947 per share.
• On December 5, 2025, 200,000 shares were purchased at a weighted average price of $3.0565 per share.
• These purchases were made by Glenview Capital Master Fund, Ltd., Glenview Offshore Opportunity Master Fund, Ltd., and Glenview Healthcare Master Fund, L.P. (collectively, the "Glenview Investment Funds").
• Following these transactions, Mr. Robbins' indirect beneficial ownership through the Glenview Investment Funds increased to 14,313,685 shares.
• Mr. Robbins also indirectly beneficially owns 4,546,687 shares through Longview Investors LLC and directly owns 365,505 shares, which include 80,434 unvested restricted stock units (RSUs).
• The RSUs are set to vest in full on the date of the Issuer's 2026 Annual Stockholders Meeting, contingent on Mr. Robbins' continued service on the Board of Directors.

Sentiment

Score: 8

Explanation: The significant insider buying by a director and 10% owner, Larry Robbins, through his investment funds, indicates strong confidence in the company's future prospects and valuation. This is generally a very positive signal for investors.

Positives

• Significant insider buying by a Director and 10% owner, indicating confidence in the company's future.
• A total of 1,558,541 shares were purchased over three days by entities associated with Larry Robbins.
• Increased beneficial ownership by a key stakeholder.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the vesting schedule of restricted stock units, which is contingent on continued board service.

Management Comments

• Mr. Robbins disclaims beneficial ownership over any securities owned by Longview and the Glenview Investment Funds other than to the extent of any pecuniary interest he may have therein.
• Mr. Robbins further undertakes to provide upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares purchased at each separate price.

Industry Context

This insider buying activity by a significant shareholder and director in Butterfly Network, a company operating in the healthcare technology sector, could signal a positive outlook on the company's future prospects or valuation, especially given the current market dynamics for innovative medical device and diagnostic firms.

Comparison to Industry Standards

• Insider buying, particularly by a 10% owner and director, is generally viewed as a strong signal of confidence.
• While specific comparable companies or projects are not mentioned in the filing, such substantial purchases by a well-known investor like Larry Robbins (known for Glenview Capital's healthcare investments) often attract attention and are benchmarked against similar insider activities in the medical technology space, where management and large shareholders often have superior insight into operational performance and strategic direction.

Related Party Transactions

• Purchases were made by Glenview Investment Funds, which are managed by Glenview Capital Management, LLC, where Mr. Robbins is Founder, Portfolio Manager, and CEO.
• Mr. Robbins is the managing member of Longview Investors LLC, which holds additional shares.

Stakeholder Impact

• Shareholders: Increased confidence due to significant insider buying by a major investor, potentially leading to positive market sentiment and share price appreciation.
• Management/Employees: May view the increased stake by a director as a vote of confidence in the company's strategy and future.

Next Steps

• Mr. Robbins' 80,434 unvested restricted stock units are expected to vest in full on the date of the Issuer's 2026 Annual Stockholders Meeting, subject to his continued service on the Board of Directors.

Key Dates

Recommendation

The substantial open-market purchases by Larry Robbins, a Director and 10% owner, through his investment funds, signals strong conviction in Butterfly Network's intrinsic value and future growth potential. Such significant insider buying, especially from an experienced investor like Robbins, often precedes positive developments or indicates that the stock is undervalued. This action suggests a seasoned investor sees a compelling opportunity, making it a 'buy' recommendation for investors looking for companies with strong insider confidence.

Keywords

Butterfly Network, BFLY, Larry Robbins, Insider Buying, SEC Form 4, Stock Purchase, Glenview Capital, Director Ownership, 10% Owner, Healthcare Technology