At the Morgan Stanley 24th Annual Global Healthcare Conference on Sept. 15, 2026, Butterfly Network (BFLY) CEO Joe briefed investors on the company’s platform strategy and financial performance.
Butterfly reported trailing twelve‑month revenue of $112 million, up 28% year‑over‑year, with a gross profit margin of 68% and a current ratio of 4.06. The firm remains unprofitable, posting a loss of $0.29 per share, and carries a market capitalization of about $2.02 billion. A $300 million investment funded the first semiconductor‑based imaging chip, and the total addressable market was expanded from $20 billion to $250 billion through the Butterfly Embedded partnership model.
The product roadmap includes a next‑generation probe slated for early 2025, a station or cart version later in 2025, and a fourth‑generation chip expected in early 2027. A home‑business launch is planned for October (year not specified). The company emphasized that its platform is built around cloud‑based software, allowing remote upgrades without on‑site hardware changes.
Operationally, Butterfly has deployed roughly 150,000 devices worldwide, with about 80,000 active units. Its cloud database stores 25 million “cines” – collections of over one billion images – growing by approximately 40,000 cines daily. A single scan that networks 40 devices generates around 400 terabytes of data, compared with roughly 40 terabytes for a conventional MRI scan.
Strategic partnerships were highlighted: TSMC supplies semiconductor manufacturing; a five‑year agreement with Midjourney is valued at a minimum of $74 million; negotiations with Merge Technologies are ongoing; and the firm is working with 4‑5 brain‑computer‑interface partners, including Aleph Neuro. CEO Joe noted the company holds more than 600 patents, creating a significant barrier for rivals.
Looking ahead, Joe said the fourth‑generation chip will deliver harmonic imaging, a capability he believes will invalidate competitors’ assumptions about semiconductor‑based ultrasound. He reiterated that the cloud‑first architecture positions Butterfly to upgrade devices remotely, contrasting it with legacy systems that require on‑site hardware updates.
