Full-Time
Posted on 8/23/2025
Handheld ultrasound device for point-of-care imaging
$65k/yr
No H1B Sponsorship
New York, NY, USA
Hybrid
Hybrid position requiring two or more days a week in the office.
Butterfly Network makes medical imaging tools, focusing on point-of-care ultrasound (POCUS). Its main product is the Butterfly iQ, a handheld ultrasound device that uses a single probe to scan the whole body. The iQ connects to a software platform, storing images, supporting telehealth, and providing advanced imaging tools. The device is sold to doctors, nurses, and medical technicians in hospitals, clinics, and rural settings, with revenue from device sales, software subscriptions, and educational resources. What sets Butterfly Network apart is its single-probe, portable design that aims to simplify ultrasound workflows and make high-quality imaging more affordable and accessible, especially in underserved areas. The company’s goal is to improve diagnostic access and patient outcomes worldwide by delivering cost-effective, easy-to-use ultrasound technology that integrates hardware and software in one connected system.
Company Size
201-500
Company Stage
IPO
Headquarters
Burlington, Massachusetts
Founded
2011
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Health, dental & vision insurance
Equity
401k
PTO
Flexible hybrid work
Parental leave
Home office stipend
Rewards & recognition program
LinkedIn Learning
Butterfly Network has appointed David Horsley as Senior Vice President of Innovation for Butterfly Embedded, its ultrasound-on-chip licensing and co-development initiative. Dr Horsley will lead strategy, partnerships and commercialisation efforts to scale the programme. Dr Horsley is a Professor of Electrical and Computer Engineering at Northeastern University and previously served as Chief Technology Officer at TDK InvenSense. He co-founded Chirp Microsystems, a sensor pioneer acquired by TDK, and is a Fellow of IEEE and the National Academy of Inventors. Butterfly Embedded enables partners to integrate the company's semiconductor-based ultrasound technology into new products and applications. Chief executive Joseph DeVivo said momentum is increasing, with growing demand and early collaborations beginning to generate revenue.
Butterfly Network has received a price target increase from TD Cowen to $6 from $4.50, maintaining a Buy rating with over 64% upside potential. The upgrade follows strong fourth-quarter results showing revenue of $31.5 million, up 41% year-over-year from $22.4 million. TD Cowen highlighted Butterfly Embedded as an emerging revenue stream that could transform the company from a pure medical technology business into a broader tech player. The platform supplements Butterfly's core point-of-care ultrasound business. CEO Joseph DeVivo stated the company is shifting from a medical device focus to becoming a semiconductor-based firm centred on AI-native imaging. Butterfly Network develops ultrasound imaging solutions, including its Butterfly iQ+ and iQ3 handheld devices, serving markets worldwide.
Butterfly Network reported record quarterly revenue of $31.5 million for Q4 2025, up 41% year-over-year, and achieved its first quarter of positive operating cash flow. The digital health company, which makes semiconductor chip-based ultrasound devices, reached a post-money valuation based on its expanded partnerships and product initiatives. US revenue grew 55% to $26.8 million, driven partly by a co-development partnership with Midjourney that contributed $6.8 million in Q4. The agreement, disclosed in November 2025, anticipates up to $74 million in payments over five years. Gross margin improved to 67.3% from 61.4% in the prior year. For fiscal year 2026, Butterfly forecasts revenue of $117 million to $121 million, representing 20% to 24% growth, with an adjusted EBITDA loss of $21 million to $25 million.
Butterfly Network has secured GovRAMP and TX-RAMP authorizations for its Butterfly iQ+/iQ3 and Compass AI ultrasound solution, enabling the company to sell cloud services to all state and local government agencies, including Texas. The certifications demonstrate compliance with the highest security standards. The digital health company reported at least 17% year-over-year revenue growth in Q4, reaching $26.2 million compared to Street estimates of $25.7 million, with full-year revenue landing at $92.3 million. Growth was primarily driven by its core business, with some contribution from its Midjourney partnership. Following these announcements, Craig-Hallum raised its price target on Butterfly Network to $5.25 from $3.25 on 21 January whilst maintaining a Buy rating on the shares.
Larry Robbins' Glenview Capital Management acquired 2.8 million shares of Butterfly Network Inc at $2.65 per share, raising its total holdings to 12.8 million shares. This strategic move in the medical devices sector impacted Glenview's portfolio by 0.16%. Despite being overvalued compared to its GF Value, the stock saw a 22.45% price gain post-transaction.