Butterfly Network, Inc. reported its financial results for the second quarter of 2025, revealing total revenue of $23.4 million, an increase of 8.8% from $21.5 million in the same period last year. The growth was primarily driven by a 13.5% rise in product revenue, which reached $16.6 million, attributed to higher selling prices of the iQ3 probe and increased international sales. However, revenue from software and other services slightly declined by 1.1% to $6.8 million. For the first half of 2025, total revenue was $44.6 million, up 14.0% from $39.1 million in the prior year.
The company reported a net loss of $13.8 million for the second quarter, a decrease from a loss of $15.7 million in the same quarter of 2024. This improvement was supported by a reduction in operating expenses, which totaled $31.0 million, compared to $29.8 million in the previous year. Notably, research and development expenses decreased by 11.6% to $8.3 million, reflecting ongoing efforts to optimize costs. The company’s gross profit margin improved to 63.7%, up from 58.6% a year earlier, driven by operational efficiencies and a favorable product mix.
In terms of operational metrics, Butterfly Network fulfilled 5.1% fewer units in the second quarter compared to the same period last year, primarily due to lower probe sales in the U.S. market. The company continues to expand its geographic footprint, with significant sales growth in international markets. As of June 30, 2025, Butterfly Network had cash and cash equivalents of $148.1 million, bolstered by a public offering in January that raised $81.0 million in net proceeds.
Looking ahead, Butterfly Network aims to continue investing in its product development and market expansion strategies. The company anticipates that its revenue mix will gradually shift towards software and services as adoption of its devices increases. Management remains optimistic about achieving sustained growth, supported by its innovative ultrasound technology and expanding customer base. The company expects its existing cash reserves will be sufficient to meet operational needs for at least the next 12 months.
About Butterfly Network, Inc.
Butterfly Network, Inc. develops portable, semiconductor-based ultrasound devices and cloud-connected software that enable accessible, affordable medical imaging at the point of care. Its flagship products, including Butterfly iQ+ and iQ3, serve healthcare practitioners, hospitals, and veterinary markets worldwide. The company’s AI-powered, handheld ultrasound solutions integrate with clinical workflows, supporting diverse care settings from hospitals to remote and home environments, aiming to democratize ultrasound imaging through innovation and education.
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