Feed / BFLY

Butterfly Network, Inc.

BFLY

Healthcare · 7.32 +3.0% today

Isolated · not yet confirmedMarket checked 11 Sept, 15:55 GMT-4

Market read

Butterfly Network, Inc.'s current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 7 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.

Company+3.0% todayVolume comparison unavailable
Market group0 of 7 activeGovernment Services & Retail · unavailable
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
  • BFLY's market-adjusted activity becomes unusual and at least one connected name confirms.

Invalidation: The isolated read changes if BFLY's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Healthcare · Medical Devices

No new filing conclusion is available. 0 of 7 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • BFLY's market-adjusted activity becomes unusual and at least one connected name confirms.

Company research

Understand the business, not just the ticker

As of Sep 12, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods7
Price observations320
Usable filing statements105
Verified relationships2
Evidence supporting the case
  • Latest annual revenue changed +19.0% year over year.
  • Operating margin changed +2.2 percentage points in the latest annual period.
  • Net margin changed +9.4 percentage points in the latest annual period.
Evidence challenging the case
  • Diluted shares increased 16.7% in the latest annual period.
Questions before a position
  • EV/sales is 427% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 11, 2026

7.32
6m+90.1%12m+349.1%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$62.6M+35.3%$-0.19
2022-12-31$73.4M+17.3%$-0.84+15.0%
2023-12-31$65.9M-10.2%$-0.65+2.8%
2024-12-31$82.1M+24.5%$-0.34+3.1%
2025-12-31$97.6M+19.0%$-0.31+16.7%

What management says matters

Persistent and emerging business drivers

Legal and regulatory exposurenegative · 4 filings
This decrease was partially offset by the recognition of $3.3 million of estimated liabilities for loss contingencies related to ongoing litigation, $2.2 million of higher legal costs due to litigation, and $0.3 million of higher employment-related costs.
10-Q · Apr 30, 2026
Pricing and mixmixed · 1 filings
Prior to 2025, due to supply constraints, we saw increases to the costs of our raw materials, but we were largely able to offset these costs through manufacturing efficiencies and pricing actions.
10-K · Feb 27, 2026
Product pipeline and R&Dnegative · 1 filings
Stock-Based Compensation Expense The Company’s stock-based compensation expense for the periods presented was as follows (in thousands): Year ended December 31, 2025 2024 2023 Cost of revenue – software and other services $ 371 $ — $ — Research and developmen…
10-K · Feb 27, 2026
Restructuring and cost reductionsnegative · 1 filings
This decrease was primarily driven by reductions of $7.4 million of employee severance and benefits costs related to our reductions in force carried out in 2023 and $6.8 million in legal costs due to litigation and other legal matters.
10-K · Feb 27, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 18.5× · EV/sales 17.0×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

7.32+3.0% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for BFLY. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for BFLY. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind BFLY

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

BHEBenchmark Electronics, Inc.partnerFeb 27, 2026

Business — Manufacturing — Key Agreements — Manufacture and Supply Agreement with Benchmark Electronics, Inc ”.

TSMTaiwan Semiconductor Manufacturing Company LimitedsupplierFeb 27, 2026

Business — Manufacturing — Key Agreements — Foundry Service Agreement with Taiwan Semiconductor Manufacturing Company Limited ”.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

BFLY is currently a Early Follower in the organic co-movement group Government Services & Retail. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for BFLY; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.