Butterfly Network, Inc. (BFLY)

NYSEHealth CareMedical - DevicesSnapshot 2026-10-23

$6.76-0.73%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Butterfly Network, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
Revenue	—	34.07M
EPS	—	-0.026
FY 2026 · Annual
Revenue	$119M–$123M	121.54M
EPS	—	-0.108
EBITDA	-$9M–-$6Mnon-GAAP	—
FY 2027 · Annual
Revenue	—	149.34M
EPS	—	-0.073

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Keep adjusted EBITDA loss within $21M to $25M in 2026	Management plans to cut adjusted EBITDA loss to $21M-$25M in 2026.	Intact	Adjusted EBITDA loss exceeds $25M in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Improve gross profit through operational efficiencies	Gross profit improved from $13.4M to $18.3M in the last year.	Improving	Gross profit falls below $13M in Q1 2026	Gross profit: $23.288M FY2026-Q2; GAAP. Published target: Gross profit >= $18M in Q1 2026. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Jul 30, 202623,288,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 30bc6451-a5b6-444e-b0fa-49ccdc959181. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Achieve 20% to 24% revenue growth in 2026	A primary condition in Butterfly Network, Inc.'s published investment case. The stated target is 20% to 24% YoY growth.	Intact	YoY revenue growth falls below 17% in FY26	Revenue growth: 39.47% FY2026-Q2; GAAP. Published target: 20% to 24% YoY growth. Target period is not explicitly aligned with this observation. Source published Jul 30, 202639.468845 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 30bc6451-a5b6-444e-b0fa-49ccdc959181. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 2 quarters. Revenue grew from $26.5 million in 2026-Q1 to $32.6 million in 2026-Q2, a 23% increase quarter-over-quarter and 39% year-over-year growth in Q2. Full year 2026 revenue guidance was raised to $119 million to $123 million, targeting 22% to 26% growth. The trajectory is delivering with revenue growth exceeding prior year and guidance. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenue$0.15B

$0.14B → $0.15B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	$142,180,000	4 / 5
2026-07-25	Unavailable	$142,180,000	4 / 5
2026-07-26	Unavailable	$142,180,000	4 / 5
2026-07-27	Unavailable	$142,180,000	4 / 5
2026-07-28	Unavailable	$142,180,000	4 / 5
2026-07-29	Unavailable	$142,180,000	4 / 5
2026-07-30	Unavailable	$142,180,000	4 / 5
2026-07-31	Unavailable	$142,180,000	4 / 5
2026-08-01	Unavailable	Unavailable	2 / 3
2026-08-02	Unavailable	$143,359,200	3 / 5
2026-08-03	Unavailable	$143,359,200	3 / 5
2026-08-04	Unavailable	$143,359,200	3 / 5
2026-08-05	Unavailable	$143,359,200	3 / 5
2026-08-06	Unavailable	$143,359,200	3 / 5
2026-08-07	Unavailable	Unavailable	2 / 3
2026-08-08	Unavailable	$146,219,200	3 / 5
2026-08-09	Unavailable	$146,219,200	3 / 5
2026-08-10	Unavailable	$146,219,200	3 / 5
2026-08-11	Unavailable	$146,219,200	3 / 5
2026-08-12	Unavailable	$146,219,200	3 / 5
2026-08-13	Unavailable	$146,219,200	3 / 5
2026-08-14	Unavailable	Unavailable	2 / 3
2026-08-15	Unavailable	Unavailable	2 / 3
2026-08-16	Unavailable	Unavailable	2 / 3
2026-08-17	Unavailable	Unavailable	2 / 3
2026-08-18	Unavailable	Unavailable	2 / 3
2026-08-19	Unavailable	Unavailable	2 / 3
2026-08-20	Unavailable	Unavailable	2 / 3
2026-08-21	Unavailable	Unavailable	2 / 3
2026-08-22	Unavailable	Unavailable	2 / 3
2026-08-23	Unavailable	Unavailable	2 / 3
2026-08-24	Unavailable	Unavailable	2 / 3
2026-08-25	Unavailable	Unavailable	2 / 3
2026-08-26	Unavailable	Unavailable	2 / 3
2026-08-27	Unavailable	Unavailable	2 / 3
2026-08-28	Unavailable	Unavailable	2 / 3
2026-08-29	Unavailable	Unavailable	2 / 3
2026-08-30	Unavailable	Unavailable	2 / 3
2026-08-31	Unavailable	Unavailable	2 / 3
2026-09-01	Unavailable	Unavailable	2 / 3
2026-09-02	Unavailable	Unavailable	2 / 3
2026-09-03	Unavailable	Unavailable	2 / 3
2026-09-04	Unavailable	Unavailable	2 / 3
2026-09-05	Unavailable	Unavailable	2 / 3
2026-09-06	Unavailable	Unavailable	2 / 3
2026-09-07	Unavailable	Unavailable	2 / 3
2026-09-08	Unavailable	Unavailable	2 / 3
2026-09-09	Unavailable	Unavailable	2 / 3
2026-09-10	Unavailable	Unavailable	2 / 3
2026-09-11	Unavailable	Unavailable	2 / 3
2026-09-12	Unavailable	Unavailable	2 / 3
2026-09-13	Unavailable	Unavailable	2 / 3
2026-09-14	Unavailable	Unavailable	2 / 3
2026-09-15	Unavailable	Unavailable	2 / 3
2026-09-16	Unavailable	Unavailable	2 / 3
2026-09-17	Unavailable	Unavailable	2 / 3
2026-09-18	Unavailable	Unavailable	2 / 3
2026-09-19	Unavailable	Unavailable	2 / 3
2026-09-20	Unavailable	Unavailable	2 / 3
2026-09-21	Unavailable	Unavailable	2 / 3
2026-09-22	Unavailable	Unavailable	2 / 3
2026-09-23	Unavailable	Unavailable	2 / 3
2026-09-24	Unavailable	Unavailable	2 / 3
2026-09-25	Unavailable	Unavailable	2 / 3
2026-09-26	Unavailable	Unavailable	2 / 3
2026-09-27	Unavailable	Unavailable	2 / 3
2026-09-28	Unavailable	Unavailable	2 / 3
2026-09-29	Unavailable	Unavailable	2 / 3
2026-09-30	Unavailable	Unavailable	2 / 4
2026-10-01	Unavailable	Unavailable	2 / 4
2026-10-02	Unavailable	Unavailable	2 / 4
2026-10-03	Unavailable	Unavailable	2 / 4
2026-10-04	Unavailable	Unavailable	2 / 4
2026-10-05	Unavailable	Unavailable	2 / 4
2026-10-06	Unavailable	Unavailable	2 / 4
2026-10-07	Unavailable	Unavailable	2 / 4
2026-10-08	Unavailable	Unavailable	2 / 4
2026-10-09	Unavailable	Unavailable	2 / 4
2026-10-10	Unavailable	Unavailable	2 / 4
2026-10-11	Unavailable	Unavailable	2 / 4
2026-10-12	Unavailable	Unavailable	2 / 4
2026-10-13	Unavailable	Unavailable	2 / 4
2026-10-14	Unavailable	$149,349,525	3 / 5
2026-10-15	Unavailable	$149,349,525	3 / 5
2026-10-16	Unavailable	$149,349,525	3 / 5
2026-10-17	Unavailable	$149,349,525	3 / 5
2026-10-18	Unavailable	$149,344,000	3 / 5
2026-10-19	Unavailable	$149,344,000	3 / 5
2026-10-20	Unavailable	$149,344,000	3 / 5
2026-10-21	Unavailable	$149,344,000	3 / 5
2026-10-22	Unavailable	$149,344,000	3 / 5
2026-10-23	Unavailable	$149,344,000	3 / 5
2026-10-24	Unavailable	$149,344,000	3 / 5

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	5	0	0
2026-06-01	5	0	0
2026-07-01	5	0	0
2026-08-01	5	0	0
2026-09-01	6	0	0
2026-10-01	7	0	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 7 Buy / Strong Buy · 0 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Canaccord GenuityOct 12

$10.00New observation · no comparable prior

Evercore ISISep 29

$15.00New observation · no comparable prior

$0$8.25$16.50

0 raises · 0 cuts · 0 unchanged · 2 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Keep adjusted EBITDA loss within $21M to $25M in 2026Direct metric needs a verified mapping
Improve gross profit through operational efficienciesGross profit: $23.288M
Achieve 20% to 24% revenue growth in 2026Revenue growth: 39.47%

Next proof point

Oct 29, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

3.6%Typical daily move · historical

Downside history

-40.6%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Butterfly Network, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a speculative growth business, with a thesis built on expanding revenue and improving profitability rather than current earnings. The thesis is intact, but confidence is medium and the company remains loss-making.

What's priced into Butterfly Network, Inc.

The valuation is tagged as justified, with low fragility, but it carries a 6.51% premium versus peers. The expectations gap is negative, and the valuation model has low confidence, so the evidence on what the market assumes is limited.

What the fundamentals likely do

Near term, recent execution is encouraging: second-quarter revenue grew 39% year over year, and the adjusted EBITDA loss narrowed to $1.4 million. Full-year revenue and adjusted EBITDA loss guidance were raised, while partnership growth is progressing but its revenue impact is not quantified. The business remains loss-making, and a guidance reversal or weaker economic conditions are risks.

What Butterfly Network, Inc. hinges on

Over the next few quarters, the thesis depends on sustaining the raised 2026 guidance and continuing to narrow losses. A guidance cut would damage management credibility, while weakening jobs data could add pressure; continued strong results from healthcare peers would support the sector backdrop. Butterfly Embedded growth is another swing factor, though its financial contribution remains unclear.