Butterfly Network Stock Earnings Reports

Key points for investors: Butterfly reported record Q2 revenue of $23.4M, with an all-time high gross margin of 64% and the lowest quarterly cash burn this year (~$7M). Cash and equivalents totaled $152M with trailing 12-month cash use of $46M. Management narrowed full‑year 2025 revenue guidance to $91M–$95M and improved the adjusted EBITDA loss outlook by $5M to a range of $32M–$37M; Q3 guidance is $20M–$22M revenue and an adjusted EBITDA loss of $8M–$9M. Management cited near‑term delays in large enterprise, medical‑school and public/global‑health deals driven by funding and budget uncertainties, and said those delays (not competitive share losses) are the primary reason for the guidance revision. Offsetting drivers: (1) closed a large, unnamed enterprise deal to deploy system‑wide at a top‑5 health system; (2) enterprise software (Compass) and the upcoming Compass AI platform (H2 2025) are central to driving broader adoption and higher‑value enterprise contracts; (3) Butterfly Garden moved to commercialization with multiple FDA‑cleared partner AI apps (HeartFocus and others) that expand clinical use cases and address users without prior ultrasound training; (4) strategic initiatives Octiv (semiconductor/IP business) and HomeCare (pilot showed major readmission reductions) could materially add revenue — management cited a potential $40M–$60M revenue opportunity from one HomeCare customer population; (5) roadmap includes continued semiconductor (P5/4th‑gen) and form‑factor advances plus iQ Station to address cart budgets. Leadership: CFO Heather Getz will depart and transition to an advisory role; Megan Carlson named Interim CFO. Primary risks: continued budget uncertainty/funding changes could keep enterprise and global‑health deal timelines elongated; management remains long‑term bullish and emphasizes disciplined expense management while investing in growth areas.