Butterfly Network Reports $82.1 Million Revenue for Fiscal Year 2024, 24.5% Increase

Butterfly Network, Inc. reported a total revenue of $82.1 million for the fiscal year ending December 31, 2024, marking a 24.5% increase from $65.9 million in 2023. The growth was primarily driven by a 35.4% rise in product revenue, which reached $54.2 million, attributed to increased sales of the new Butterfly iQ3 probe and higher selling prices. In contrast, software and services revenue grew by 7.7% to $27.9 million, although its proportion of total revenue decreased to 33.9% from 39.2% in the previous year. The company incurred a net loss of $72.5 million, a reduction from the $133.7 million loss reported in 2023, reflecting improved operational efficiencies and reduced costs.

Operationally, Butterfly Network has made significant strides in expanding its market presence. The company reported a 19% increase in units fulfilled, totaling 3,131 additional devices sold compared to the previous year. This growth was supported by the onboarding of new distribution territories and the successful launch of the iQ3 probe. As of January 31, 2025, Butterfly employed approximately 190 individuals and sold its products in over 30 countries, with a notable presence in low-resource settings through global health partnerships.

Strategically, Butterfly Network has focused on enhancing its product offerings and operational efficiencies. The company has reduced its annual cash requirements by approximately $180 million, bringing them below $50 million. In January 2025, Butterfly raised $86.9 million through a public offering of 27.6 million shares, which is expected to support ongoing product development and market expansion efforts. The company also introduced its Butterfly HomeCare Services Business, aimed at supporting chronic care management outside traditional hospital settings.

Looking ahead, Butterfly Network anticipates continued growth driven by the adoption of its innovative ultrasound technology and software solutions. The company aims to leverage its Ultrasound-on-Chip™ technology to penetrate new markets and enhance its service offerings, particularly in home care settings. However, the company remains cautious about potential challenges, including competition from established medical device manufacturers and the need to maintain regulatory compliance across various jurisdictions. Butterfly's management has expressed optimism about achieving profitability in the future, contingent on successful commercialization of its products and services.