Butterfly Network Reports Third Quarter 2025 Financial Results
Oct 31, 2025, 07:35 GMT-42 min read
 BFLY+31.62%
Butterfly Network, Inc., a digital health company revolutionizing medical imaging with its portable, semiconductor-based ultrasound technology, has released its financial results for the third quarter of 2025. The company reported a modest year-over-year revenue growth and significant strides in reducing cash burn, alongside several strategic and operational advancements.
Financial Highlights
For the third quarter ended September 30, 2025, Butterfly Network reported a total revenue of $21.5 million, marking a 5% increase from $20.6 million in the same period last year. The company's net loss widened to $34.0 million from $16.9 million in the prior year period. Adjusted EBITDA loss was slightly reduced to $8.1 million from $8.4 million in the previous year. The company also reported a record low quarterly cash burn of $3.9 million.
Business and Operational Highlights
Butterfly Network achieved several operational milestones during the quarter. Notably, a six-month quality-improvement study published in JAMA demonstrated that integrating Butterfly’s Auto B-line Counter into hospitalist workflows significantly reduced hospital stays and costs. The company also achieved ISO 27001 certification, reinforcing the security and scalability of its cloud platform.
Additionally, Butterfly launched HeartFocus by DESKi, the first FDA-cleared third-party app on Butterfly Garden, and introduced an AI-powered Gestational Age Calculator in Malawi and Uganda, developed with support from the Gates Foundation.
Strategic Initiatives and Corporate Developments
Butterfly Network continued to advance its technology leadership with the completion of its P5.1 chip development and the initiation of its sixth-generation Apollo AI chip development. These advancements are expected to enhance the company's edge AI capabilities and platform scalability.
Management's Perspective
Joseph DeVivo, Butterfly's President, CEO, and Chairman, emphasized the company's foundational progress during the quarter. He highlighted the company's efforts in advancing AI, strengthening enterprise readiness, and pushing forward on technology milestones. DeVivo reiterated that Butterfly's strategy extends beyond selling devices to transforming how ultrasound is delivered and scaled.
Future Outlook
Butterfly Network reaffirmed its full-year revenue guidance of $91 million to $95 million, representing approximately 13% growth. The company also narrowed its adjusted EBITDA loss guidance to a range of $32 million to $35 million for the fiscal year 2025.
During the second quarter, Butterfly had said hospitals were delaying purchase decisions as they navigated a volatile macroeconomic environment, which was weighing on demand. Chief Executive Joe DeVivo told analysts on a call that those trends remained in the third quarter, but are expected to improve moving forward, as more large orders are entering its pipeline.
"We believe we're starting to see the cloud lifting," DeVivo said.
He expects momentum will return to normal in 2026, with early signs showing up in the current fourth quarter.
Original SEC Filing: Butterfly Network, Inc. [ BFLY ] - 8-K - Oct. 31, 2025
Write to Katherine Hamilton at katherine.hamilton@wsj.com |
