Butterfly Network, Inc. (BFLY) is an innovative digital health company focused on transforming medical imaging through its proprietary Ultrasound-on-Chip™ technology. The company develops portable, semiconductor-based ultrasound devices paired with intuitive software, services, and educational offerings, making medical imaging more accessible. Butterfly Network sells handheld ultrasound devices, related accessories, and software subscriptions to healthcare systems, physicians, and healthcare providers.
- Product Revenue - Sells medical devices such as the iQ3 and iQ+ probes and related accessories.
- Software and Other Services Revenue - Offers software subscriptions (SaaS), product support and maintenance, and software development kits (SDKs).
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Joseph DeVivo ExecutiveBoard | Chief Executive Officer and Chairperson of the Board of Directors | Member of the Board of Directors at Quantum Surgical; Treasurer on the Board of Directors at American Telemedicine Association | CEO of Butterfly Network, Inc. since April 2023. Previously held executive positions at Teladoc Health (President from July 2020 to April 2022) and InTouch Health (CEO from 2016 to June 2020). | View Report → |
Andrei G. Stoica Executive | Chief Technology Officer | Andrei G. Stoica, Ph.D., has served as CTO at BFLY since July 2021; he previously held leadership roles as CTO at BioTelemetry from April 2020 to July 2021 and as SVP at IQVIA from October 2006 to April 2020. | ||
Heather C. Getz Executive | Chief Financial & Operations Officer and Corporate Secretary | Audit Committee Chair at Myomo, Inc.; Board Member and Lead Independent Director at VitalConnect, Inc. | Heather C. Getz is an executive at BFLY, having served as CFO from May 2022 to July 2023 and now as Chief Financial & Operations Officer and Corporate Secretary since July 2023. She has over 25 years of experience in financial leadership roles across publicly traded healthcare and medical device companies. | |
Steven Cashman Executive | Chief Business Officer | Steven Cashman is the Chief Business Officer at Butterfly Network, Inc. since September 3, 2024. He brings over 25 years of leadership in healthcare, having previously served as President & CEO at Caption Health and Chief Commercial Officer at InTouch Health. | ||
Dawn Carfora Board | Director | Dawn Carfora has been a Director at Butterfly Network, Inc. since February 2021, serving on the board and leading committees such as the Compensation Committee since December 20, 2023. Previously, she held senior leadership roles at Meta Platforms, Inc. and other companies, contributing her extensive expertise in finance, operations, and business planning. | ||
Elazer Edelman Board | Board Director and Chair of the Technology Committee | Founder and Board Member of Autus Valve Technologies, Inc. (since 2019); Founder and Board Member of BioDevek, Inc. (since 2015); Founder and Board Member of PanTher Therapeutics, LLC (since 2014) | Elazer Edelman has served on the board of directors at BFLY since March 2021 and as Chairperson of the Technology Committee since September 2021. He also brings extensive expertise from his academic and entrepreneurial ventures, reinforcing his leadership in both biomedical engineering and innovative technology. | |
Erica Schwartz Board | Member of the Board of Directors and Chair of the Nominating and Corporate Governance Committee | President of Insurance Solutions at United Healthcare; Board Director at Aveanna Healthcare Holdings Inc. | Erica Schwartz has served as a board director and the Chair of the Nominating and Corporate Governance Committee at BFLY since September 2021. She brings extensive healthcare leadership experience from roles at United Healthcare, the U.S. Department of Health and Human Services, and the U.S. Coast Guard. | |
Jonathan M. Rothberg Board | Director | Founder of 4Catalyzer; AI Therapeutics, Inc.; Interim CEO and Executive Chairman at Quantum-Si Incorporated; Vice Chairman at Hyperfine, Inc.; Detect, Inc.; 4Bionics LLC | Dr. Rothberg is the founder of Legacy Butterfly and has held top leadership roles at BFLY including serving as Interim CEO (Dec 2022 - Apr 2023) and Chairperson of the Board (Feb 2021 - Apr 2023). | |
Larry Robbins Board | Lead Independent Director | Board Member at CVS Health Corporation | Larry Robbins has served as Lead Independent Director at Butterfly Network, Inc. (BFLY) since February 2021, bringing extensive experience from founding Glenview Capital Management and holding previous roles at Omega Advisors and Gleacher & Company. | |
S. Louise Phanstiel Board | Member of the Board of Directors and Chair of the Audit Committee | Chair of the Board of Directors at Myriad Genetics; Director at Myriad Genetics; Board Member and Chair of the Audit Committee at Inveresk Research Group, Inc.; Board Member and Chair of the Audit Committee at Verastem Oncology | S. Louise Phanstiel has served as a board member and Chair of the Audit Committee at BFLY since February 2021, bringing extensive expertise in financial accounting and healthcare. She has held significant roles at companies such as Myriad Genetics, Elevance Health, and PricewaterhouseCoopers. |
- Given your full-year guidance, how do you plan to mitigate the potential margin pressure from tariffs if they were to remain in effect for the entire year, and can you provide more detailed strategies to address any unforeseen cost increases?
- With the push towards one-to-one models in medical schools, what specific challenges do you foresee regarding budget constraints or adoption delays, and how are you prioritizing these programs amid competing institutional needs?
- Regarding enterprise hospital contracts, can you elaborate on your strategy for displacing incumbent technologies and how you plan to overcome internal resistance within large health systems to secure more comprehensive deals?
- As international revenue growth has been influenced by both higher pricing and volume, what concrete measures are you taking to sustain this momentum in the face of global economic uncertainties and U.S. Aid funding cuts?
- With the production of your P5 technology set to begin by the end of 2025, what are the key risks and potential regulatory hurdles you anticipate, and how might these factors impact your long-term growth and R&D investment strategy?
Research analysts who have asked questions during Butterfly Network earnings calls.
Joshua Jennings
TD Cowen
4 questions for BFLY
Benjamin Haynor
Lake Street Capital Markets
3 questions for BFLY
Suraj Kalia
Oppenheimer & Co. Inc.
3 questions for BFLY
Andrew Brackmann
William Blair & Company, L.L.C.
2 questions for BFLY
Ben Haynor
Lake Street Capital Markets
1 question for BFLY
Chase Knickerbocker
Craig-Hallum Capital Group
1 question for BFLY
Recent press releases and 8-K filings for BFLY.
- Cardiosense has appointed John Martin, MD, MBA, as Executive Vice President and Chief Medical Officer, effective August 12, 2025.
- Dr. Martin previously held an executive leadership position at Butterfly Network, where he contributed to bringing advanced imaging and monitoring solutions into clinical workflows.
- His appointment follows the recent FDA 510(k) clearance for Cardiosense's CardioTag™ device, a Class II medical device.
- Cardiosense anticipates De Novo classification for its first AI algorithm for noninvasive pulmonary capillary wedge pressure (PCWP) estimation in the coming year.
- The company aims to significantly expand patient access to hemodynamic-guided care across heart failure and other volume-sensitive conditions with its noninvasive approach.
- Butterfly Network Inc. projects 20% revenue growth for the year, targeting between $96 million and $100 million, alongside an EBITDA loss. The company achieved $25 million in revenue in Q1 2025, also reflecting 20% growth, with improving gross margins and reduced cash consumption.
- The company has launched its third-generation ultrasound device, IQ three, and is developing fourth and fifth generations of its semiconductor technology, with the fourth generation anticipated by late 2026 or early 2027. Over $300 million has been invested in the development of this semiconductor.
- Butterfly is expanding its ecosystem by opening to third-party developers, with five partners having applications submitted to the FDA, and two (iCardio and Deske/Heart Focus) already cleared and set to launch this calendar year. There are 23 different companies currently developing apps for the Butterfly ecosystem.
- The company is also developing a licensing business for its chip, having secured five deals with companies embedding the technology in various devices, including non-healthcare applications like oil and gas and military.
- Butterfly Network, Inc. reported revenue of $21.2 million for the first quarter ended March 31, 2025, representing 20% year-over-year growth.
- The company significantly reduced its net loss by 36% to $14.0 million in Q1 2025, compared to $21.8 million in the prior year period.
- Butterfly Network reiterated its full-year 2025 revenue guidance of $96 million to $100 million and Adjusted EBITDA loss guidance of $37 million to $42 million.
- The company raised $81.7 million in net proceeds through a public offering that closed on January 31, 2025.