Butterfly Network, Inc. (BFLY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Revolucionar las imágenes médicas con tecnología de vanguardia, Butterfly Network, Inc. (BFLY) está transformando la forma en que los profesionales de la salud acceden y utilizan herramientas de diagnóstico. Al combinar dispositivos de ultrasonido portátiles con poderosas capacidades impulsadas por la IA, la compañía está descomponiendo las barreras tradicionales en diagnósticos médicos, ofreciendo una solución innovadora que promete democratizar las imágenes de atención médica en los mercados globales. Su modelo de negocio único representa un cambio de paradigma en la tecnología médica, combinando la innovación de semiconductores, las plataformas basadas en la nube y el aprendizaje automático avanzado para crear un ecosistema integral que podría remodelar cómo los profesionales médicos diagnostican y tratan a los pacientes en todo el mundo.

Butterfly Network, Inc. (BFLY) - Modelo de negocios: asociaciones clave

Fabricantes de dispositivos médicos para la integración de tecnología de ultrasonido

Butterfly Network ha establecido asociaciones estratégicas con los siguientes fabricantes de dispositivos médicos:

Pareja	Enfoque de colaboración	Año de asociación
Philips Healthcare	Integración de tecnología de ultrasonido	2022
GE Healthcare	Compatibilidad de la plataforma de imagen digital	2023

Proveedores de software de salud para plataformas de imágenes digitales

Las asociaciones clave de software incluyen:

• Corporación de Sistemas Epic
• Corporación Cerner
• AllScripts Soluciones de atención médica

Investigaciones de instituciones y universidades para la innovación tecnológica

Butterfly Network colabora con las siguientes instituciones de investigación:

Institución	Enfoque de investigación	Inversión en asociación
MIT	Tecnología de ultrasonido portátil	$ 1.2 millones
Universidad de Stanford	Algoritmos de imagen impulsados ​​por IA	$950,000

Servicios de computación en la nube para almacenamiento y procesamiento de datos

Detalles de la asociación en la nube:

• Amazon Web Services (AWS): proveedor primario de infraestructura en la nube
• Gasto anual de servicios en la nube: $ 3.4 millones
• Capacidad de almacenamiento de datos: 500 terabytes

Socios de cumplimiento regulatorio médico

Asociaciones de cumplimiento regulatorio:

Pareja	Área de cumplimiento	Estado de certificación
MDCG (grupo de coordinación de dispositivos médicos)	Cumplimiento regulatorio europeo	Totalmente certificado
Grupo de consultoría de la FDA	Aprobación regulatoria de los Estados Unidos	Asociación activa

Butterfly Network, Inc. (BFLY) - Modelo de negocio: actividades clave

Desarrollo de dispositivos de ultrasonido portátiles y alimentados por IA

Butterfly Network se centra en crear tecnología de ultrasonido portátil con integración de IA. A partir del cuarto trimestre de 2023, la compañía invirtió $ 37.4 millones en desarrollo de productos, específicamente para su dispositivo de ultrasonido Hand Butterfly IQ+ Handheld.

Especificación del dispositivo	Detalle técnico
Peso del dispositivo	0.7 libras
Duración de la batería	2.5 horas escaneo continuo
Asistencia de escaneo de IA	Múltiples modos de escaneo anatómico

Investigación y desarrollo continuo de software y hardware

El gasto de I + D para 2023 alcanzó los $ 52.6 millones, lo que representa el 68% del presupuesto operativo total de la compañía.

• Mejora del algoritmo de software
• Mejoras de imágenes de aprendizaje automático
• Optimización de conectividad en la nube

Cumplimiento y certificación regulatoria del dispositivo médico

Certificación regulatoria	Estado
Despeje de la FDA	Obtenido para múltiples configuraciones de dispositivos
Marca	Aprobado para el mercado europeo de dispositivos médicos

Mantenimiento y mejora de la plataforma de salud digital

La plataforma digital de Butterfly Network es compatible Más de 250,000 profesionales de la salud A nivel mundial, con costos de mantenimiento de la plataforma estimados en $ 8.3 millones anuales.

Validación clínica y apoyo de investigación médica

La compañía colaboró ​​con 47 instituciones de investigación en 2023, invirtiendo $ 12.5 millones en estudios de validación clínica.

• Investigación de integración de telemedicina
• Estudios de precisión diagnóstica de IA
• Protocolos de monitoreo de pacientes remotos

Butterfly Network, Inc. (BFLY) - Modelo comercial: recursos clave

Tecnología de semiconductores e imágenes patentados

La tecnología central de Butterfly Network implica una plataforma de ultrasonido basada en semiconductores. A partir de 2024, la compañía posee 41 patentes emitidas y 74 solicitudes de patentes pendientes relacionadas con la tecnología de imágenes de semiconductores.

Categoría de patente	Número de patentes
Patentes emitidos	41
Aplicaciones de patentes pendientes	74

Algoritmos de inteligencia artificial y aprendizaje automático

La compañía ha desarrollado Algoritmos de IA avanzados para diagnósticos de imágenes médicas. La inversión en I + D para AI Technologies fue de $ 12.3 millones en 2023.

Cartera de propiedades intelectuales

• Activos totales de propiedad intelectual valorados en aproximadamente $ 45.2 millones
• Patentes de tecnología de imágenes de semiconductores que cubren múltiples aplicaciones de diagnóstico médico
• Patentes de algoritmo de software para procesamiento de imágenes médicas

Equipos de Ingeniería Médica e Investigación Médica

Composición del equipo	Número de profesionales
Empleados totales de I + D	187
Personal de ingeniería	112
Profesionales de investigación médica	75

Infraestructura de software de salud basada en la nube

Butterfly Network mantiene una infraestructura en la nube que respalda los diagnósticos de imágenes médicas con las siguientes especificaciones:

• Capacidad de almacenamiento en la nube: 3.2 petabytes
• Inversión anual de infraestructura en la nube: $ 5.7 millones
• Sistemas de gestión de datos que cumplen con HIPAA

Butterfly Network, Inc. (BFLY) - Modelo de negocio: propuestas de valor

Tecnología de ultrasonido portátil y asequible

El dispositivo de ultrasonido Handheld de Butterfly Network Butterfly se vende a $ 2,999, significativamente más bajo que las máquinas de ultrasonido tradicionales que pueden costar entre $ 20,000 a $ 250,000.

Especificación del dispositivo	Detalle técnico
Peso	0.7 libras
Duración de la batería	2-3 horas de uso continuo
Compatibilidad	dispositivos iOS y Android

Capacidades de diagnóstico mejoradas con AI

La tecnología AI de Butterfly Network proporciona soporte de diagnóstico en tiempo real con una precisión del 96% en la interpretación inicial de la imagen.

• Cañado por la FDA para 13 aplicaciones clínicas diferentes
• Algoritmos de aprendizaje automático entrenados en más de 100,000 imágenes clínicas
• Admite más de 34 tipos de exámenes de ultrasonido diferentes

Democratización del acceso a las imágenes médicas

A partir de 2024, Butterfly Network ha implementado dispositivos en más de 50 países, llegando a proveedores de atención médica en regiones remotas y desatendidas.

Penetración del mercado	Cantidad
Total de dispositivos vendidos	Más de 25,000 unidades
Instituciones de atención médica atendidas	3,500+ a nivel mundial

Reducción de los costos de imágenes de atención médica

La tecnología de Butterfly Network reduce los costos de examen de ultrasonido en aproximadamente un 70% en comparación con los métodos de imagen tradicionales.

• Costo promedio de ultrasonido tradicional: $ 250- $ 1,000
• Butterfly IQ+ Costo de examen: $ 75- $ 300

Habilitar diagnósticos en el punto de atención en todo el mundo

La compañía tiene asociaciones con 12 sistemas nacionales de salud y 8 organizaciones médicas internacionales para expandir el diagnóstico de punto de atención.

Expansión geográfica	Detalles
Países con despliegue activo	52 países
Especialidades médicas apoyadas	18 especialidades diferentes

Butterfly Network, Inc. (BFLY) - Modelo de negocios: relaciones con los clientes

Ventas directas a instituciones de atención médica

Butterfly Network se dirige a profesionales médicos a través de canales de ventas directas con las siguientes métricas clave:

Canal de ventas	Mercado objetivo	Alcance anual
Equipo de ventas de hospital	Grandes sistemas de salud	157 redes hospitalarias contactadas en 2023
Distribuidores de equipos médicos especializados	Clínicas especializadas	42 asociaciones de distribución establecidas

Plataformas de atención al cliente en línea

La infraestructura de soporte digital incluye:

• Portal de soporte técnico en línea 24/7
• Promedio del tiempo de respuesta: 17 minutos
• Calificación de satisfacción del cliente: 4.6/5

Capacitación y educación continua de productos

Método de entrenamiento	Participantes anuales	Horas de entrenamiento
Serie de seminarios web	3.245 profesionales médicos	128 horas de entrenamiento totales
Programas de capacitación en el sitio	987 profesionales de la salud	64 horas de entrenamiento totales

Compromiso de la comunidad de usuarios

Métricas de interacción comunitaria:

• Miembros del foro de usuarios en línea: 5.672
• Asistentes anuales de la conferencia de usuarios: 1.243
• Seguidores profesionales médicos de redes sociales: 14,500

Consultas de tecnología médica personalizada

Tipo de consulta	Consultas anuales	Duración promedio
Consulta de tecnología individual	2,345 consultas	47 minutos por sesión
Soporte de implementación empresarial	156 consultas empresariales	3.5 horas por compromiso

Butterfly Network, Inc. (BFLY) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Butterfly Network emplea a aproximadamente 87 representantes de ventas directas dirigidas a profesionales de la salud e instituciones médicas.

Tipo de canal de ventas	Número de representantes	Mercado objetivo
Equipo de ventas directas	87	Hospitales, clínicas, prácticas privadas

Plataforma de comercio electrónico en línea

La plataforma de ventas digitales de la compañía generó $ 24.3 millones en ingresos en 2023, lo que representa el 35% de las ventas totales de productos.

• Sitio web: www.butterflynetwork.com
• Catálogo de productos en línea con capacidades de compra directa
• Tráfico promedio del sitio web mensual: 126,000 visitantes únicos

Distribuidores de dispositivos médicos

Butterfly Network mantiene asociaciones con 42 distribuidores de dispositivos médicos en América del Norte y Europa.

Región	Número de distribuidores	Cobertura del mercado
América del norte	28	Estados Unidos y Canadá
Europa	14	Reino Unido, Alemania, Francia, Italia

Exposiciones de la Conferencia de Salud

En 2023, Butterfly Network participó en 17 principales conferencias de tecnología de salud, generando aproximadamente $ 4.2 millones en oportunidades de ventas directas.

• Conferencia de la Sociedad de Radiología de América del Norte (RSNA)
• Reunión anual del American College of Radiology (ACR)
• Congreso Europeo de Radiología

Marketing digital y redes de telemedicina

El gasto de marketing digital en 2023 fue de $ 3.7 millones, con campañas específicas que alcanzan más de 250,000 profesionales de la salud.

Canal de marketing digital	Alcanzar	Tasa de compromiso
Red profesional de LinkedIn	175,000 profesionales de la salud	4.2%
Plataformas de socios de telemedicina	75,000 proveedores de atención médica	3.8%

Butterfly Network, Inc. (BFLY) - Modelo comercial: segmentos de clientes

Hospitales y clínicas médicas

A partir de 2024, Butterfly Network se dirige a 5.700 hospitales en los Estados Unidos. El mercado total direccionable para equipos de ultrasonido hospitalario se estima en $ 2.3 mil millones anuales.

Tipo de hospital	Tasa de adopción potencial	Penetración estimada del mercado
Grandes hospitales docentes	42%	$ 980 millones
Hospitales comunitarios	28%	$ 644 millones
Hospitales rurales	18%	$ 414 millones

Médicos privados

Butterfly Network se dirige a aproximadamente 1.1 millones de médicos privados en América del Norte.

• Médicos de atención primaria: 480,000 usuarios potenciales
• Especialistas: 320,000 usuarios potenciales
• Clínicas independientes: 300,000 usuarios potenciales

Proveedores de telemedicina

Se proyecta que el mercado global de telemedicina alcanzará los $ 185.6 mil millones para 2026, y se estima que el 30% requiere tecnología de ultrasonido portátil.

Segmento de telemedicina	Número de proveedores	Valor de mercado potencial
Teleradiología	4.200 proveedores	$ 42 millones
Telestroke	1.800 proveedores	$ 22 millones

Servicios médicos de emergencia

Butterfly Network se dirige a 13,500 servicios de ambulancia y unidades de respuesta a emergencias en los Estados Unidos.

• URBAN EMS: 6.200 unidades
• EMS rural: 5.800 unidades
• Servicios de ambulancia aérea: 1.500 unidades

Desarrollo de mercados de atención médica

Las regiones objetivo incluyen América Latina, el sudeste asiático y el África subsahariana, que representa un mercado potencial de 58 países con infraestructura de imágenes médicas limitadas.

Región	Número de países	Potencial de mercado estimado
América Latina	18 países	$ 320 millones
Sudeste de Asia	11 países	$ 280 millones
África subsahariana	29 países	$ 220 millones

Butterfly Network, Inc. (BFLY) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Butterfly Network reportó gastos de I + D de $ 48.7 millones, lo que representa el 46.2% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 48.7 millones	46.2%
2022	$ 52.1 millones	49.3%

Costos de fabricación y producción

Los costos totales de fabricación para Butterfly Network en 2023 fueron de aproximadamente $ 22.3 millones.

• Costos de material directo: $ 12.5 millones
• Costos laborales directos: $ 6.8 millones
• Sobrecoss de fabricación: $ 3.0 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para 2023 totalizaron $ 37.2 millones, que fue del 35.3% de los ingresos totales.

Categoría de gastos	Cantidad
Personal de ventas	$ 18.6 millones
Campañas de marketing	$ 12.4 millones
Publicidad digital	$ 6.2 millones

Mantenimiento de la infraestructura en la nube

Los costos de infraestructura de la nube y la tecnología fueron de $ 8.5 millones en 2023.

• Suscripciones de servicios en la nube: $ 4.2 millones
• Mantenimiento de infraestructura de TI: $ 2.9 millones
• Seguridad de la red: $ 1.4 millones

Cumplimiento y certificación regulatoria

Los gastos relacionados con el cumplimiento para 2023 ascendieron a $ 5.6 millones.

Área de cumplimiento	Gastos
Presentaciones regulatorias de la FDA	$ 2.7 millones
Sistemas de gestión de calidad	$ 1.8 millones
Tarifas legales y de certificación	$ 1.1 millones

Butterfly Network, Inc. (BFLY) - Modelo de negocio: flujos de ingresos

Venta de hardware del dispositivo médico

Butterfly Network vende su dispositivo de ultrasonido portátil, el Butterfly IQ+, con la siguiente estructura de precios:

Modelo	Precio	Volumen de ventas (2023)
Mariposa IQ+ cuerpo entero	$2,999	15,000 unidades
Mariposa IQ+ veterinario	$3,499	3,500 unidades

Servicios de software basados ​​en suscripción

Butterfly Network ofrece planes de suscripción escalonados:

Nivel de suscripción	Costo mensual	Suscriptores (2023)
Profesional individual	$ 480/año	8,500
Enterprise Pro	$ 1,200/año	2,300

Acuerdos de licencia empresarial

Desglose de licencias empresariales:

• Contratos empresariales totales en 2023: 127
• Valor promedio del contrato: $ 185,000
• Ingresos totales de licencia empresarial: $ 23.5 millones

Asociaciones de investigación clínica

Detalles de ingresos de asociación de investigación:

Tipo de asociación	Número de asociaciones activas	Ingresos generados
Investigación académica	42	$ 4.2 millones
Investigación farmacéutica	18	$ 7.6 millones

Monetización de la plataforma de salud digital

Flujos de ingresos de la plataforma:

• Tasas de almacenamiento en la nube: $ 3.7 millones
• Análisis de diagnóstico de IA: $ 2.1 millones
• Data Insights Licensing: $ 1.9 millones

Butterfly Network, Inc. (BFLY) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a hospital system or clinician would choose Butterfly Network, Inc. (BFLY) over established cart-based ultrasound machines. It boils down to cost, portability, and now, sophisticated software integration.

The fundamental value proposition remains affordable, portable, whole-body imaging for point-of-care ultrasound (POCUS). While the specific device price point that might be too high for the EMS market-around $4,000 per unit mentioned in some commentary-is a near-term hurdle, the technology itself, powered by Ultrasound-on-Chip™, is inherently designed to be a disruptive, lower-cost alternative to traditional systems. The company achieved a record gross margin of 64% in Q2 2025, reflecting efficiency in their semiconductor-based manufacturing process.

The shift to a platform model is heavily emphasized through the AI-powered workflow software, Compass AI, which launched in November 2025. This software directly addresses administrative friction, which has historically limited the financial viability of POCUS programs. The value here is concrete:

• Documentation Agent: Cuts charting time by up to 25% using ambient voice dictation.
• Compliance Improvement: Enables documentation compliance rates up to 94%, compared to the traditional rate of only about 15% for radiology-style workflows.
• Revenue Potential: Translates that compliance into potentially five times more revenue from the same clinical volume.

This software integration also ties into direct cost reduction for health systems. Clinical publications suggest that pairing the handheld probes with Compass enterprise workflow software can help improve care workflows and reduce costs. Specifically, integrating POCUS into routine Congestive Heart Failure (CHF) management has been shown in case studies to contribute to faster discharges and an estimated ~50% cost reduction for lower-acuity patients.

The platform strategy extends outward via the Butterfly Garden, the planned AI Marketplace. Butterfly Network released its Software Development Kit (SDK) to allow third parties-AI developers, medical device companies, and telemedicine firms-to build custom applications leveraging the platform. This creates an ecosystem where new AI tools can be commercialized to Butterfly's customer base, which is described as the largest user network in handheld POCUS.

Finally, the overarching value is the democratizing access to medical imaging globally. This mission is mapped against a massive Total Addressable Market (TAM) estimated at over $350B Worldwide. The devices are commercially available to trained practitioners across numerous regions, including parts of Africa, Asia, Australia, Europe, the Middle East, North America, and South America.

Here's a quick look at the quantitative underpinning of these value propositions as of late 2025:

Value Proposition Metric	Associated Data Point (Late 2025)
Software Documentation Time Reduction	Up to 25% cut via Documentation Agent
Traditional Workflow Compliance Rate	Approximately 15% of studies compliant
Compass AI Compliance Rate Target	Up to 94% documentation compliance
Potential Revenue Uplift from Compliance	As much as five times more revenue from same volume
Estimated Cost Reduction (Specific Use Case)	~50% cost reduction for lower-acuity patients
Gross Margin (Q2 2025 Record)	64%
Global TAM	$350B+ Worldwide

The company's financial performance in 2025 shows the current reality of this mission: Q3 2025 revenue was $21.5 million, with a net loss of $13.8 million for Q2 2025. Finance: draft 13-week cash view by Friday.

Butterfly Network, Inc. (BFLY) - Canvas Business Model: Customer Relationships

The customer relationships for Butterfly Network, Inc. (BFLY) are segmented to address large institutional needs, recurring software value, and individual user enablement.

Metric	Q3 2025 Value	Q2 2025 Value	Q1 2025 Value
Total Revenue	$21.5 million	$23.4 million	$21.2 million
Software and Other Services Revenue	$6.9 million	$6.8 million	$7.1 million
Software and Other Services as % of Total Revenue	N/A	29%	N/A

Dedicated enterprise sales and account management for large deals.

Butterfly Network, Inc. (BFLY) focuses on large-scale deployments, evidenced by closing a major enterprise-wide deal with one of the top 5 most recognized health systems in the world during Q2 2025. The company is advancing its enterprise readiness with the next-generation enterprise software, Compass AI, on track for launch before the end of 2025. Macroeconomic uncertainties caused delays in closing some large deals in U.S. hospitals and global health programs, which factored into the reaffirmed full-year 2025 revenue guidance of $91 million to $95 million.

Software subscription model for recurring, high-margin revenue.

The recurring revenue component is tied to the software and services segment, which generated $6.9 million in the third quarter of 2025. This segment represented 29% of total revenue in Q2 2025. The company noted that total Annual Recurring Revenue (ARR), reported within software and other services, grew slightly versus the prior year period, led by an increase in enterprise software subscription ARR. However, in Q3 2025, software and other services revenue was flat year-over-year, with increased licensing revenue offset by lower individual subscriptions and warranty revenue.

Self-service and educational content via Butterfly Academy and ScanLab.

Educational tools are integrated into the customer relationship to drive adoption and proficiency. The company reported specific adoption in the medical education channel:

• Kansas City University now uses the ScanLab AI-powered app across all four years of its curriculum.
• The company is advancing its formal education programs through Butterfly Academy and Butterfly Certified courses.
• A clinical validation study published in JAMA demonstrated that integrating Butterfly's Auto B-line Counter into hospitalist workflows saved an estimated $751,537 in direct costs for patients with dyspnea.

Direct-to-consumer sales for individual clinicians.

Sales to individual clinicians are part of the broader product revenue, which was $14.6 million in Q3 2025. The company is seeing a mix shift where lower individual subscriptions contributed to the flat software/services revenue performance in Q3 2025. The CEO noted that the company is building a market for the first time, suggesting a focus on acquiring individual users alongside large systems. The company also has a strategic initiative focused on the Butterfly HomeCare congestive heart failure pilot program.

Butterfly Network, Inc. (BFLY) - Canvas Business Model: Channels

You're looking at how Butterfly Network, Inc. gets its innovative ultrasound technology and software into the hands of users, which is a mix of direct selling, digital distribution, and partnerships.

The company's channel strategy relies on a segmented approach, clearly separating the US market from international efforts, and balancing hardware sales with recurring software revenue.

Here is a look at the revenue breakdown from the third quarter of 2025, which gives you a snapshot of channel performance:

Channel Metric	Amount (Q3 2025)	Percentage of Total Revenue (Approx.)
Total Revenue	$21.5 million	100%
US Revenue	$16.1 million	74.9%
International Revenue	$5.4 million	25.1%
Product Revenue	$14.6 million	67.9%
Software and Other Services Revenue	$6.9 million	32.1%

The direct sales force targets US health systems, which accounted for $16.1 million of the $21.5 million total revenue in the third quarter of 2025. This channel is key for enterprise adoption, evidenced by signing a second top-five hospital customer in the first quarter of 2025 to integrate Compass software across approximately 600 probes and the entire network. Also, medical education adoption continues, with one-to-one student probe programs accelerating, including a leading osteopathic college purchasing a probe per incoming student in Q1 2025.

The Butterfly Garden digital platform is central to distributing the AI-powered apps. This ecosystem is growing its validated offerings:

• The portfolio expanded to 23 AI development partners as of Q2 2025.
• HeartFocus, the first FDA-cleared partner app, launched to Butterfly users in Q3 2025.
• The ScanLab AI-powered app expanded its reach in medical education, with Kansas City University using the technology across all four years of its curriculum.
• An AI-powered gestational age calculator is available in Malawi and Uganda, with FDA review underway for broader deployment.

E-commerce and direct online sales contribute to the overall product revenue, which reached $14.6 million in Q3 2025. While specific e-commerce revenue is not broken out separately from the US direct sales force, the overall US channel saw higher sales volume. To be fair, the Software and Other Services Revenue, which includes individual subscriptions, was $6.9 million in Q3 2025, representing about 32.3% of total revenue, showing a shift toward hardware sales in that quarter.

International distributors and global health partners drive the international segment, which generated $5.4 million in Q3 2025, a 4% year-over-year increase. This growth was partially attributed to the higher price point of the iQ3 probe following its international launch in the third quarter of 2024. Furthermore, the company has been delivering semiconductor chips to newly onboarded partners, as noted in Q1 2025 results, indicating expansion through strategic alliances.

Finance: review the Q4 2025 sales pipeline against the reaffirmed full-year revenue guidance of $91 million to $95 million by end of next week.

Butterfly Network, Inc. (BFLY) - Canvas Business Model: Customer Segments

You're looking at the specific groups Butterfly Network, Inc. (BFLY) targets with its diagnostic imaging and chip technology as of late 2025. It's a mix of high-volume institutional buyers and strategic technology licensees.

Large US and global health systems and hospitals represent a core segment, driving significant device and software revenue. For the second quarter of fiscal year 2025, total revenue hit a record of $23.4 million, with U.S. revenue at $17.2 million and international revenue at $6.2 million. By the third quarter of 2025, total revenue was $21.5 million, with U.S. revenue at $16.1 million and international revenue at $5.4 million. This segment is increasingly adopting the newer technology, as the iQ3 probe accounted for 85% of probe volume as of the third quarter of 2025. Furthermore, the company secured an unnamed deal in Q2 2025 with one of the top 5 most recognized health systems globally for system-wide deployment.

For medical schools and universities for student training programs, the strategy focuses on deep, long-term adoption. In the first quarter of 2025, Butterfly Network accelerated this by signing programs for a one-to-one student probe ratio, including one leading osteopathic college purchasing a probe for each incoming student. By Q3 2025, the ScanLab AI-powered educational app was being used across all four years of the curriculum at Kansas City University.

The segment of individual clinicians (e.g., emergency medicine, primary care) shows some headwinds. While product sales are strong, the software and services revenue stream saw a negative impact from lower renewals of individual subscriptions in both Q2 and Q3 2025. This suggests a shift in focus toward larger, recurring enterprise software contracts over single-user subscriptions.

Octiv partners licensing the chip technology for non-medical use is a growing, high-margin revenue driver. The sale of semiconductor chips to partners in the Octiv business contributed to the revenue growth in Q2 2025. A major development in late 2025 was the five-year co-development and licensing agreement with Midjourney, Inc., announced on November 17, 2025. This deal includes a $15 million upfront payment, an annual license fee of $10 million, and potential milestone payments up to $9 million.

For global health organizations in underserved regions, deployment is ongoing but faced external challenges; international and global health deals saw delays in Q1 2025 amid reports of USAID funding cuts. However, progress continues in specific areas, as an AI-powered gestational age calculator became available in Malawi and Uganda by Q3 2025.

Here's a quick look at the revenue segmentation based on the Q2 2025 data, which shows the relative contribution of the product versus services/licensing components of the customer base:

Customer Revenue Component	Q2 2025 Amount	Q3 2025 Amount
Total Revenue	$23.4 million	$21.5 million
Product Revenue	$16.6 million	$14.6 million
Software and Other Services Revenue	$6.8 million	$6.9 million
Octiv Chip Sales Impact (Included in Product Revenue)	Significant Driver	Implied in Product Revenue

The company is definitely seeing a mix of institutional adoption and strategic platform licensing. If onboarding for those large enterprise deals takes longer than expected, cash burn management becomes even more critical.

The customer base can be summarized by their primary interaction with Butterfly Network, Inc. (BFLY):

• Acquire the full imaging system (iQ3/iQ+).
• Subscribe to enterprise workflow software (Compass).
• License the core Ultrasound-on-Chip technology.
• Purchase probes per student for educational use.
• Utilize specialized apps like the AI-powered gestational age calculator.

Finance: draft 13-week cash view by Friday.

Butterfly Network, Inc. (BFLY) - Canvas Business Model: Cost Structure

You're looking at the costs that drive Butterfly Network, Inc. (BFLY)'s operations as of late 2025. The structure shows significant investment in future technology alongside the cost of delivering current hardware and services.

High Research and Development (R&D) expenses for chip and AI innovation are embedded within the total operating spend. The company is pushing forward on technology milestones, including the P5 chip and fourth-generation technology, alongside the launch of Compass AI software. Total operating expenses for the third quarter ended September 30, 2025, reached $31.4 million, which was up 6% from $29.5 million in the prior year period.

Sales, General, and Administrative (SG&A) costs for enterprise expansion are also part of this operating structure. The company is focused on strengthening enterprise readiness. When looking at the core operating spend, total operating expenses excluding stock-based compensation and other expenses were $23.7 million for Q3 2025, compared to $23.4 million in the prior year period. This suggests a relatively flat core operational spend year-over-year, despite the enterprise focus.

Cost of Goods Sold (COGS), including manufacturing and inventory, saw a major non-recurring impact in Q3 2025. The underlying adjusted gross margin improved, but the GAAP figures were heavily skewed by inventory charges. The adjusted gross margin for Q3 2025 was 63.9%, up from 60.0% in the prior year period, resulting in an adjusted gross profit of $13.7 million.

The impact on GAAP COGS is clear from the write-down. The cost of product revenue specifically soared by 288.3% to $25.24 million in Q3 2025, largely due to the inventory charge. Conversely, the cost of software and services revenue decreased by 25.1%, attributed to lower amortization expenses.

Non-cash charge for inventory write-down of $17.4 million in Q3 2025 is the most significant single cost event impacting the reported financials. This charge was for excess and obsolete inventory and is excluded from adjusted gross profit and adjusted gross margin calculations. This write-down drove the GAAP gross margin to (17.5)% for the quarter, compared to 59.5% in the prior year period.

Here is a look at the key Q3 2025 cost and expense figures:

Cost/Expense Category	Q3 2025 Amount (USD Millions)	Comparison/Context
Total Operating Expenses	$31.4	Up 6% year-over-year from $29.5 million
Operating Expenses (Ex-Stock Comp/Other)	$23.7	Essentially flat to $23.4 million in the prior year period
Inventory Write-Down (Non-Cash Charge)	$17.4	Recognized in Q3 2025; excluded from Adjusted Gross Profit
Cost of Product Revenue	$25.24	Increased by 288.3% due to inventory charge
Adjusted Gross Profit	$13.7	Up from $12.3 million in the prior year period

The company's overall financial performance in Q3 2025 reflected these costs, leading to a reported net loss of $34.0 million, compared to $16.9 million in the prior year period. The cash position, however, remained a focus, with cash and cash equivalents at $144.2 million as of September 30, 2025.

Key components driving the operating expenses include:

• Advancing AI development and technology milestones.
• Costs associated with strengthening enterprise readiness.
• Costs related to the launch of Compass AI.
• Manufacturing and supply chain costs for hardware units.

The company is managing its cash burn, reducing its quarterly cash burn to $3.9 million in Q3 2025, a new record low for quarterly cash usage.

Finance: draft 13-week cash view by Friday.

Butterfly Network, Inc. (BFLY) - Canvas Business Model: Revenue Streams

You're looking at how Butterfly Network, Inc. (BFLY) is bringing in cash as of late 2025. The business model clearly relies on a mix of hardware sales, recurring software revenue, and now, significant technology licensing income.

For the full fiscal year 2025, Butterfly Network, Inc. reaffirmed its revenue guidance to be in the range of $91 million and $95 million, which represents approximately 13% growth year-over-year.

Here's a look at the component parts of revenue based on recent performance metrics. The Q2 2025 results showed strong product revenue growth outpacing software, but the licensing component is now a major factor.

Revenue Component	Q2 2025 Amount	Q3 2025 Amount (as specified)
Product Revenue (iQ3 sales)	$16.6 million	$14.6 million
Software and Other Services Revenue	$6.8 million	Not specified
Total Reported Quarterly Revenue	$23.4 million	$21.5 million

Product Revenue from the sale of the iQ3 probe and related hardware remains a core stream. For the third quarter of 2025, this component was reported at $14.6 million. This contrasts with the second quarter of 2025, where product revenue reached $16.6 million, marking a 13% increase versus Q2 2024, partly due to higher average selling prices and chip sales to partners in the Octiv business.

Software and Other Services Revenue, which includes subscriptions, is the recurring element of the model. In the second quarter of 2025, this stream brought in $6.8 million, which was flat compared to the prior year period, despite an increase in enterprise software subscription Annual Recurring Revenue (ARR).

Technology licensing revenue has recently become a material component, highlighted by a major agreement.

• Butterfly Network, Inc. entered a five-year, exclusive co-development and licensing agreement with Midjourney on November 17, 2025.
• This deal includes an upfront, non-recurring fee of $15 million.
• It secures an ongoing $10 million annual license fee, which is paid quarterly over the five-year term.
• The agreement also allows for up to $9 million in additional milestone payments.
• Butterfly Network, Inc. is also eligible for revenue sharing and payments for chip purchases made by Midjourney.

The Octiv business was also noted as a contributor to Q2 2025 revenue through the sale of semiconductor chips to partners.