Overview

• Digital health firm's Q4 revenue rose 41% yr/yr, beating analyst expectations

• Company achieved positive net cash flow of $6.3 mln in Q4

• Midjourney partnership contributed $6.8 mln to Q4 revenue

Outlook

• Butterfly Network forecasts 2026 revenue of $117 mln to $121 mln, up 20% to 24%

• Company expects adjusted EBITDA loss of $21 mln to $25 mln in 2026

• Butterfly Network anticipates first HomeCare agreement by mid-2026

Result Drivers

• MIDJOURNEY PARTNERSHIP - Contributed $6.8 mln to Q4 revenue, advancing Butterfly Embedded™ platform strategy

• SEMICONDUCTOR STRATEGY - Transition to semiconductor-based company with Ultrasound-on-Chip™ technology driving growth

• R&D ADVANCEMENTS - Production of fifth-generation P5.1 chip and Apollo development to enhance AI-enabled imaging

Company press release: ID:nBw377Ns7a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Beat	$31.50 mln	$25.92 mln (4 Analysts)
Q4 Net Income		-$15.30 mln
Q4 Adjusted EBITDA		-$3.20 mln
Q4 Adjusted Gross Margin		67.50%

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the advanced medical equipment & technology peer group is "buy"

• Wall Street's median 12-month price target for Butterfly Network Inc is $5.13, about 65.3% above its February 25 closing price of $3.10

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