/
Butterfly is the pioneer of the Ultrasound-on-Chip semiconductor platform and a leader in semiconductor-based point-of-care ultrasound technology. We combine proprietary hardware, intuitive software, services and educational offerings that can make ultrasound more accessible than ever before.
The business is unprofitable at the operating level (-88.53% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 19.0% YoY with margins expanding 2.2pp.
ROIC dropped from -26.92% to -33.46%, capital efficiency is deteriorating. Negative free cash flow of -$16M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$103M
▲ +19.0% YoY
Net Income (TTM)
-$76M
▼ -6.3% YoY
Op. Margin
-79.50%
▲ +2.2pp YoY
ROIC
-28.52%
▼ -6.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$19M
▲ +63.9% YoY
Op. Cash Flow (TTM)
-$15M
▲ +69.5% YoY
Net Debt
-$118M
Net Cash Position
Cash & Equiv.
$138M
5Y CAGR: +16.1%
Continue Research