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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Butterfly Network reported revenue of $98M in the fiscal year ended Dec 2025, up 19.0% from the year before. Operating income was −$86M, an operating margin of −88.5%, and net income was −$77M. Operating cash flow of −$13M less capital expenditure of $3M left free cash flow of −$16M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 62.6 | 73.4 | 65.9 | 82.1 | 97.6 |
| Cost of revenue | 45.5 | 33.9 | 49.0 | 33.2 | 51.9 |
| Gross profit | 17.1 | 39.5 | 16.9 | 48.8 | 45.7 |
| Research & development | 74.5 | 88.0 | 55.6 | 37.8 | 36.3 |
| Selling, general & admin | 135 | 137 | 88.7 | 81.4 | 85.1 |
| Operating income | −193 | −193 | −146 | −74.4 | −86.4 |
| Interest expense | 0.7 | 0.0 | 0.0 | 1.3 | 1.5 |
| Pre-tax income | −32.3 | −169 | −134 | −72.5 | −77.0 |
| Income tax | 0.1 | 0.0 | 0.1 | −0.0 | 0.1 |
| Net income | −32.4 | −169 | −134 | −72.5 | −77.1 |
| Diluted EPS | −0.19 | −0.84 | −0.65 | −0.34 | −0.31 |
| Diluted shares | 174 | 200 | 205 | 212 | 247 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 423 | 163 | 134 | 88.8 | 150 |
| Receivables | 11.9 | 14.7 | 13.4 | 20.8 | 26.7 |
| Inventory | 36.2 | 60.0 | 73.0 | 70.8 | 61.4 |
| Current assets | 512 | 357 | 231 | 193 | 249 |
| Net PP&E | 14.7 | 31.3 | 25.3 | 19.5 | 16.6 |
| Total assets | 572 | 418 | 304 | 256 | 297 |
| Payables | 5.8 | 7.2 | 5.1 | 4.3 | 5.4 |
| Deferred revenue | 13.1 | 15.9 | 15.6 | 16.1 | 26.9 |
| Current liabilities | 49.8 | 51.3 | 44.3 | 48.2 | 65.1 |
| Total liabilities | 124 | 92.2 | 84.2 | 87.3 | 101 |
| Shareholders' equity | 448 | 325 | 220 | 169 | 196 |
| Backlog (remaining obligations) | 21.2 | 23.9 | 32.0 | 33.3 | 99.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −189 | −169 | −98.8 | −41.7 | −12.7 |
| Capital expenditure | 7.9 | 18.3 | 5.8 | 2.7 | 3.3 |
| Free cash flow | −197 | −187 | −105 | −44.4 | −16.0 |
| Depreciation & amortisation | 2.1 | 5.9 | 8.7 | 8.9 | 6.7 |
| Stock-based compensation | 47.8 | 42.5 | 27.5 | 21.0 | 23.4 |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.3% | −10.2% | 24.5% | 19.0% |
| Gross margin | 27.3% | 53.8% | 25.6% | 59.5% | 46.9% |
| Operating margin | −308.0% | −263.0% | −221.0% | −90.7% | −88.5% |
| Net margin | −51.8% | −229.9% | −202.9% | −88.3% | −79.0% |
| Return on equityBlank when equity is negative | −7.2% | −51.9% | −60.8% | −42.9% | −39.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −36.9% | −52.7% | −56.0% | −35.8% | −37.3% |
| Free cash flow margin | −315.0% | −255.4% | −158.7% | −54.1% | −16.4% |
| Cash conversion (CFO ÷ net income) | 5.84x | 1.00x | 0.74x | 0.58x | 0.16x |
| Receivable days | 70 | 73 | 74 | 92 | 100 |
| Inventory days | 291 | 645 | 543 | 778 | 432 |
| Payable days | 47 | 78 | 38 | 47 | 38 |
| Interest cover | −296x | −96510x | – | −59.0x | −58.0x |
| Current ratio | 10.3x | 6.96x | 5.22x | 3.99x | 3.83x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.