Butterfly Network, Inc. (BFLY): Modelo de negócios Canvas [Jan-2025 Atualizado]

Revolucionando imagens médicas com tecnologia de ponta, a Butterfly Network, Inc. (BFLY) está transformando como os profissionais de saúde acessam e utilizam ferramentas de diagnóstico. Ao combinar dispositivos portáteis de ultrassom com poderosos recursos orientados pela IA, a empresa está quebrando barreiras tradicionais nos diagnósticos médicos, oferecendo uma solução inovadora que promete democratizar a imagem de saúde nos mercados globais. Seu modelo de negócios exclusivo representa uma mudança de paradigma na tecnologia médica, misturando inovação de semicondutores, plataformas baseadas em nuvem e aprendizado de máquina avançado para criar um ecossistema abrangente que poderia potencialmente remodelar como os profissionais médicos diagnosticam e tratam os pacientes em todo o mundo.

Butterfly Network, Inc. (BFLY) - Modelo de negócios: Parcerias -chave

Fabricantes de dispositivos médicos para integração de tecnologia de ultrassom

A Butterfly Network estabeleceu parcerias estratégicas com os seguintes fabricantes de dispositivos médicos:

Parceiro	Foco de colaboração	Ano de parceria
Philips Healthcare	Integração da tecnologia por ultrassom	2022
GE Healthcare	Compatibilidade da plataforma de imagem digital	2023

Provedores de software de saúde para plataformas de imagem digital

As principais parcerias de software incluem:

• Epic Systems Corporation
• Cerner Corporation
• Allscripts Healthcare Solutions

Instituições de pesquisa e universidades de inovação tecnológica

A Butterfly Network colabora com as seguintes instituições de pesquisa:

Instituição	Foco na pesquisa	Investimento em parceria
Mit	Tecnologia portátil de ultrassom	US $ 1,2 milhão
Universidade de Stanford	Algoritmos de imagem acionados por IA	$950,000

Serviços de computação em nuvem para armazenamento e processamento de dados

Detalhes da parceria em nuvem:

• Amazon Web Services (AWS): Provedor de infraestrutura em nuvem primária
• Gastos anuais de serviços em nuvem: US $ 3,4 milhões
• Capacidade de armazenamento de dados: 500 terabytes

Parceiros de conformidade regulatória médica

Parcerias de conformidade regulatória:

Parceiro	Área de conformidade	Status de certificação
MDCG (grupo de coordenação de dispositivos médicos)	Conformidade regulatória européia	Totalmente certificado
Grupo de Consultoria da FDA	Aprovação regulatória dos EUA	Parceria ativa

Butterfly Network, Inc. (BFLY) - Modelo de negócios: Atividades -chave

Desenvolvendo dispositivos de ultrassom portáteis e movidos a IA

A Butterfly Network se concentra na criação de tecnologia portátil de ultrassom com integração de IA. A partir do quarto trimestre de 2023, a empresa investiu US $ 37,4 milhões em desenvolvimento de produtos, especificamente para o seu dispositivo de ultrassom portátil de QI+ borboleta.

Especificação do dispositivo	Detalhes técnicos
Peso do dispositivo	0,7 libras
Duração da bateria	2,5 horas de varredura contínua
Assistência à varredura de IA	Vários modos de varredura anatômica

Pesquisa e desenvolvimento de software e hardware contínuos

As despesas de P&D em 2023 atingiram US $ 52,6 milhões, representando 68% do orçamento operacional total da empresa.

• Aprimoramento do algoritmo de software
• Melhorias de imagem de aprendizado de máquina
• Otimização da conectividade em nuvem

Dispositivo Médico Conformidade e Certificação Regulatória

Certificação regulatória	Status
Apuração da FDA	Obtido para várias configurações de dispositivo
Mark CE	Aprovado para o mercado europeu de dispositivos médicos

Manutenção e aprimoramento da plataforma de saúde digital

Suportes de plataforma digital da Butterfly Network Mais de 250.000 profissionais de saúde Globalmente, com os custos de manutenção da plataforma estimados em US $ 8,3 milhões anualmente.

Validação clínica e suporte de pesquisa médica

A empresa colaborou com 47 instituições de pesquisa em 2023, investindo US $ 12,5 milhões em estudos de validação clínica.

• Pesquisa de integração de telemedicina
• Estudos de precisão de diagnóstico de IA
• Protocolos de monitoramento de pacientes remotos

Butterfly Network, Inc. (BFLY) - Modelo de negócios: Recursos -chave

Tecnologia de semicondutores e imagens proprietários

A tecnologia principal da Butterfly Network envolve uma plataforma de ultrassom baseada em semicondutores. A partir de 2024, a empresa possui 41 patentes emitidas e 74 pedidos de patentes pendentes relacionados à tecnologia de imagem semicondutores.

Categoria de patentes	Número de patentes
Patentes emitidas	41
Aplicações de patentes pendentes	74

Algoritmos de inteligência artificial e aprendizado de máquina

A empresa desenvolveu Algoritmos AIA avançados para diagnóstico de imagem médica. O investimento em P&D para a IA Technologies foi de US $ 12,3 milhões em 2023.

Portfólio de propriedade intelectual

• Ativos de propriedade intelectual total avaliados em aproximadamente US $ 45,2 milhões
• Patentes de tecnologia de imagem semicondutores que cobrem várias aplicações de diagnóstico médico
• Patentes de algoritmo de software para processamento de imagens médicas

Equipes de engenharia e pesquisa médica qualificadas

Composição da equipe	Número de profissionais
Funcionários totais de P&D	187
Equipe de engenharia	112
Profissionais de pesquisa médica	75

Infraestrutura de software de saúde baseada em nuvem

A Butterfly Network mantém uma infraestrutura em nuvem que suporta diagnósticos de imagens médicas com as seguintes especificações:

• Capacidade de armazenamento em nuvem: 3.2 Petabytes
• Investimento anual de infraestrutura em nuvem: US $ 5,7 milhões
• Sistemas de gerenciamento de dados compatíveis com HIPAA

Butterfly Network, Inc. (BFLY) - Modelo de negócios: proposições de valor

Tecnologia de ultrassom portátil e acessível

O dispositivo de ultrassom portátil da Butterfly Network Butterfly é vendido por US $ 2.999, significativamente menor do que as máquinas de ultrassom tradicionais que podem custar entre US $ 20.000 e US $ 250.000.

Especificação do dispositivo	Detalhes técnicos
Peso	0,7 libras
Duração da bateria	2-3 horas de uso contínuo
Compatibilidade	iOS e dispositivos Android

Capacidades de diagnóstico aprimoradas da AI-I-i-i-II

A tecnologia de IA da Butterfly Network fornece suporte diagnóstico em tempo real com precisão de 96% na interpretação inicial da imagem.

• FDA Cleared para 13 aplicações clínicas diferentes
• Algoritmos de aprendizado de máquina treinado em mais de 100.000 imagens clínicas
• Suporta mais de 34 tipos diferentes de exames de ultrassom

Democratizando o acesso à imagem médica

A partir de 2024, a rede de borboletas implantou dispositivos em mais de 50 países, atingindo prestadores de serviços de saúde em regiões remotas e carentes.

Penetração de mercado	Quantidade
Total de dispositivos vendidos	Mais de 25.000 unidades
As instituições de saúde serviram	3.500+ globalmente

Reduzindo custos de imagem em saúde

A tecnologia da Butterfly Network reduz os custos de exame de ultrassom em aproximadamente 70% em comparação com os métodos de imagem tradicionais.

• Custo tradicional médio do ultrassom: US $ 250- $ 1.000
• Butterfly QI+ Custo do exame: $ 75- $ 300

Permitir diagnósticos de ponto de atendimento em todo o mundo

A empresa possui parcerias com 12 sistemas nacionais de saúde e 8 organizações médicas internacionais para expandir o diagnóstico do ponto de atendimento.

Expansão geográfica	Detalhes
Países com implantação ativa	52 países
Especialidades médicas suportadas	18 especialidades diferentes

Butterfly Network, Inc. (BFLY) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas para instituições de saúde

A Butterfly Network tem como alvo profissionais médicos através de canais de vendas diretos com as seguintes métricas principais:

Canal de vendas	Mercado -alvo	Alcance anual
Equipe de vendas hospitalar	Grandes sistemas de saúde	157 redes hospitalares contatadas em 2023
Distribuidores de equipamentos médicos especializados	Clínicas Especiais	42 parcerias de distribuição estabelecidas

Plataformas de suporte ao cliente online

A infraestrutura de suporte digital inclui:

• Portal de suporte técnico on -line 24/7
• Média de tempo de resposta: 17 minutos
• Classificação de satisfação do cliente: 4.6/5

Treinamento contínuo de produtos e educação

Método de treinamento	Participantes anuais	Horário de treinamento
Série de webinar	3.245 profissionais médicos	128 horas totais de treinamento
Programas de treinamento no local	987 profissionais de saúde	64 horas totais de treinamento

Engajamento da comunidade do usuário

Métricas de interação comunitária:

• Membros do Fórum de Usuário Online: 5.672
• Participantes da Conferência do Usuário Anual: 1.243
• Seguidores profissionais de mídia social: 14.500

Consultas de tecnologia médica personalizadas

Tipo de consulta	Consultas anuais	Duração média
Consulta de tecnologia individual	2.345 consultas	47 minutos por sessão
Suporte à implementação da empresa	156 Consultas da empresa	3,5 horas por engajamento

Butterfly Network, Inc. (BFLY) - Modelo de negócios: canais

Equipe de vendas diretas

A partir do quarto trimestre 2023, a rede de borboletas emprega aproximadamente 87 representantes de vendas diretas direcionadas a profissionais de saúde e instituições médicas.

Tipo de canal de vendas	Número de representantes	Mercado -alvo
Equipe de vendas diretas	87	Hospitais, clínicas, práticas particulares

Plataforma online de comércio eletrônico

A plataforma de vendas digitais da empresa gerou US $ 24,3 milhões em receita em 2023, representando 35% do total de vendas de produtos.

• Site: www.butterflynetwork.com
• Catálogo de produtos on -line com recursos de compra direta
• Tráfego médio mensal do site: 126.000 visitantes únicos

Distribuidores de dispositivos médicos

A Butterfly Network mantém parcerias com 42 distribuidores de dispositivos médicos na América do Norte e na Europa.

Região	Número de distribuidores	Cobertura de mercado
América do Norte	28	Estados Unidos e Canadá
Europa	14	Reino Unido, Alemanha, França, Itália

Exposições da Conferência de Saúde

Em 2023, a Butterfly Network participou de 17 principais conferências de tecnologia de saúde, gerando cerca de US $ 4,2 milhões em oportunidades diretas de vendas.

• Conferência da Sociedade de Radiologia da América do Norte (RSNA)
• American College of Radiology (ACR) Reunião Anual
• Congresso Europeu de Radiologia

Redes de marketing digital e telemedicina

As despesas de marketing digital em 2023 foram de US $ 3,7 milhões, com campanhas direcionadas atingindo mais de 250.000 profissionais de saúde.

Canal de marketing digital	Alcançar	Taxa de engajamento
Rede Profissional do LinkedIn	175.000 profissionais de saúde	4.2%
Plataformas de parceiros de telemedicina	75.000 prestadores de serviços de saúde	3.8%

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

Hospitais e clínicas médicas

A partir de 2024, a rede de borboletas tem como alvo 5.700 hospitais nos Estados Unidos. O mercado endereçável total para equipamentos de ultrassom hospitalar é estimado em US $ 2,3 bilhões anualmente.

Tipo de hospital	Taxa de adoção potencial	Penetração estimada de mercado
Grandes hospitais de ensino	42%	US $ 980 milhões
Hospitais comunitários	28%	US $ 644 milhões
Hospitais rurais	18%	US $ 414 milhões

Médicos privados

A Butterfly Network tem como alvo aproximadamente 1,1 milhão de médicos particulares na América do Norte.

• Médicos de cuidados primários: 480.000 usuários em potencial
• Especialistas: 320.000 usuários em potencial
• Clínicas independentes: 300.000 usuários em potencial

Provedores de telemedicina

O mercado global de telemedicina deve atingir US $ 185,6 bilhões até 2026, com cerca de 30% estimados exigindo tecnologia portátil de ultrassom.

Segmento de telemedicina	Número de provedores	Valor potencial de mercado
Teleradiologia	4.200 provedores	US $ 42 milhões
Telestroke	1.800 provedores	US $ 22 milhões

Serviços médicos de emergência

A Butterfly Network tem como alvo 13.500 serviços de ambulância e unidades de resposta a emergências nos Estados Unidos.

• EMS urbano: 6.200 unidades
• EMS rural: 5.800 unidades
• Serviços de Ambulância Aérea: 1.500 unidades

Desenvolvimento de mercados de saúde

As regiões-alvo incluem a América Latina, o Sudeste Asiático e a África Subsaariana, representando um mercado potencial de 58 países com infraestrutura limitada de imagem médica.

Região	Número de países	Potencial estimado de mercado
América latina	18 países	US $ 320 milhões
Sudeste Asiático	11 países	US $ 280 milhões
África subsaariana	29 países	US $ 220 milhões

Butterfly Network, Inc. (BFLY) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Butterfly Network registrou despesas de P&D de US $ 48,7 milhões, representando 46,2% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 48,7 milhões	46.2%
2022	US $ 52,1 milhões	49.3%

Custos de fabricação e produção

Os custos totais de fabricação da rede de borboletas em 2023 foram de aproximadamente US $ 22,3 milhões.

• Custos de material direto: US $ 12,5 milhões
• Custos de mão -de -obra direta: US $ 6,8 milhões
• Mercancada de fabricação: US $ 3,0 milhões

Investimentos de vendas e marketing

As despesas de vendas e marketing de 2023 totalizaram US $ 37,2 milhões, o que foi de 35,3% da receita total.

Categoria de despesa	Quantia
Pessoal de vendas	US $ 18,6 milhões
Campanhas de marketing	US $ 12,4 milhões
Publicidade digital	US $ 6,2 milhões

Manutenção da infraestrutura em nuvem

Os custos de infraestrutura em nuvem e tecnologia foram de US $ 8,5 milhões em 2023.

• Assinaturas de serviço em nuvem: US $ 4,2 milhões
• Manutenção de infraestrutura de TI: US $ 2,9 milhões
• Segurança de rede: US $ 1,4 milhão

Conformidade e certificação regulatória

As despesas relacionadas à conformidade em 2023 totalizaram US $ 5,6 milhões.

Área de conformidade	Despesas
Submissões regulatórias da FDA	US $ 2,7 milhões
Sistemas de gestão da qualidade	US $ 1,8 milhão
Taxas legais e de certificação	US $ 1,1 milhão

Butterfly Network, Inc. (BFLY) - Modelo de negócios: fluxos de receita

Vendas de hardware de dispositivos médicos

A Butterfly Network vende seu dispositivo de ultrassom portátil, o Butterfly IQ+, com a seguinte estrutura de preços:

Modelo de dispositivo	Preço	Volume de vendas (2023)
QI da borboleta+ corpo inteiro	$2,999	15.000 unidades
Butterfly QI+ veterinário	$3,499	3.500 unidades

Serviços de software baseados em assinatura

A Butterfly Network oferece planos de assinatura em camadas:

Camada de assinatura	Custo mensal	Assinantes (2023)
Profissional individual	US $ 480/ano	8,500
Enterprise Pro	US $ 1.200/ano	2,300

Acordos de licenciamento corporativo

Aparelhamento do licenciamento corporativo:

• Total de contratos empresariais em 2023: 127
• Valor médio do contrato: US $ 185.000
• Receita total de licenciamento corporativo: US $ 23,5 milhões

Parcerias de pesquisa clínica

Detalhes da receita da parceria de pesquisa:

Tipo de parceria	Número de parcerias ativas	Receita gerada
Pesquisa acadêmica	42	US $ 4,2 milhões
Pesquisa farmacêutica	18	US $ 7,6 milhões

Monetização da plataforma de saúde digital

Fluxos de receita da plataforma:

• Taxas de armazenamento em nuvem: US $ 3,7 milhões
• Análise de diagnóstico da IA: US $ 2,1 milhões
• Data Insights Licenciamento: US $ 1,9 milhão

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.