Bank of America Securities 2026 Global Healthcare Conference – Presentation (05/12/2026 00: 00
BFLY
Published on 05/12/2026 at 07:59 pm EDT
May 12, 2026
of patients with serious conditions are at
first misdiagnosed.1
of diagnostic dilemmas can be solved
with simple imaging.1
of initial assessments with imaging resulted in changed diagnosis or management.2
980-21401-00 Rev P
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For prescription use only. Butterfly iQ+/iQ3™ is a portable ultrasound system designed for external ultrasound imaging. Read the User Manual for warnings, precautions and/or contraindications.
PAHO/WHO | World Radiography Day: Two-Thirds of the World's Population has no Access to Diagnostic Imaging
Aakjær Andersen C, Brodersen J, Davidsen AS, et al Use and impact of point-of-care ultrasonography in general practice: a prospective observational study. BMJ Open 2020;10:e037664.
Butterfly Ultrasound-on-Chip™: one probe, more capability.
Advanced imaging modes
3 traditional arrays
Compact Affordable Whole-body 3D
Supercomputers to iPhone. Ultrasound carts to Butterfly.
Just as the digital cameras disrupted the film camera industry…
Butterfly aims to revolutionize the ultrasound industry.
Analog camera with film
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Digital camera on semiconductor chip
Analog ultrasound with piezoelectric crystals
Digital ultrasound on semiconductor chip
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Device
Agnostic
Enc
Compass AI™: The complete POCUS operating system for enterprises.
iQ3
Encounter-based
Workflow
Hospital IT
Integration
Butterfly Handheld Ultrasound
Device-agnostic
Works with Butterfly and non-Butterfly ultrasounds.
Fleet Management Dashboard View usage and device data, and manage all DICOM settings in one place.
Implementation Team
Robust implementation team to guide a swift install and dedicated support.
Interoperability
Seamless EHR + PACS integration, single sign-on, mobile device management.
Education & Training
Butterfly Academy educational videos and Proficiency Management™.
Workflow Manager
Orders or encounters-based workflows with or without attestation.
Leaders in Security & Compliance
Our commitment to meeting the ever-evolving global security standards is unwavering.
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Accelerating adoption with AI-powered apps for Butterfly devices.
~30 portfolio companies
1 FDA-cleared partner app commercially available
Educational apps available for download
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4 partners with FDA clearance and a roadmap for commercial readiness
Expanding POCUS across the care continuum: From home to hospitals, and anywhere in between.
Next-generation devices and workflow software targeting deeper hospital adoption
Services business, AI tools and education aimed at expanding into ambulatory settings and to lower-cost care teams
D E V I C E S
S O F T W A R E
S E R V I C E S
Care Continuum
Home & Long-term Care Facilities EMS & Clinics Medical Schools & Hospital Systems
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The fastest-growing areas of ultrasound research are beyond traditional medical imaging.
5-Year Ultrasound Publication Trends: Search of Nature + PubMed
Growth is indexed to 2019 (set = 100).
For example, a value of 650 represents a 6.5x increase in annual research publications since 2019.
Chart source: Directional publication estimates derived from PubMed/MEDLINE and Nature Portfolio keyword-search analysis of ultrasound-related research publications (2019-2025): Traditional Radiology Ultrasound (~13.5K publications in
2019 vs. ~16.5K in 2025), Handheld/POCUS Ultrasound (~900 vs. ~2.2K), and Emerging Ultrasound Applications (~220 vs. ~1.4K). Counts are intended to illustrate relative growth trends and may vary based on search methodology, indexing 9
coverage, journal inclusion, and overlap across emerging research areas.
TAM expansion: Ultrasound-on-Chip™ in new technologies and adjacent markets.
>$350 Billion Opportunity in Healthcare Alone
Handheld POCUS >2BN
Hospital
Cart Ultrasound
>$6.5BN
Therapeutics
>$80BN
Interventional
Implantable
>$100BN
>$115BN
Home & Long-term
Care Facilities
(lung and bladder)
~20BN
Wearables
>$30BN
POCUS/Ultrasound Data: Global ultrasound market revenues projected by 2029 from the 2025 Signify Ultrasound Equipment Report
Homecare/LTC Data: company estimate based on calculation of combined opportunity to address long term care facility + Neurogenic Bladder + CHF + PAD + hospital readmission populations 10
Chip markets: company estimate based on calculation of combined opportunity and global market research
A New Wave of Ultrasound-enabled Technologies.
Compact, cost-effective, power-efficient, immensely capable
9,000 element 2D Matrix Array for 3D imaging
Ultra-wide frequency range (1-12MHz)
25,000 concurrent 4K movie streams
1 Trillion operations per second
Photo: Jordan Harrison/Pexels
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One Platform.
Pharma
Patient
Monitoring
POCUS
Butterfly
Tomography
Neuro-modulation & BCI
…and a world of non-healthcare
applications
Battery Regeneration Material Stress
Fish Finding Underwater Drones Consumer Products Security
Military
Wearables
Therapy Healing
Ultrasound-on-Chip™
Robotics
Endo-luminal
Catheter Based (IVUS)
HIFU
Treatment
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Ultrasound Dev Toolkit
Licensing fee
Evolving into a Platform with Multiple, Synergistic Revenue Streams.
Total Revenue
POCUS Market
Butterfly Embedded
Core POCUS Business
Probes
Individual Membership
Enterprise Software (Compass AI™)
Implementation + Training Services
Butterfly Garden
Ultrasound-on-Chip™ Platform & Core IP
Home & Community Care
Monthly Service Fee
Performance based payment
Chip Purchasing
Revenue Share
SDK Access
Tech Access Fee
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Demonstrated Growth and Financial Discipline
Historical performance and 2026 guidance
USD (millions)
FY 2022
FY 2023
FY 2024
FY 2025
FY 2026
Revenue ($M)
73.4
65.9
82.1
97.6
117.0-121.0
Adjusted Gross Margin
54.8%
58.8%
59.6%
64.9%
Adjusted EBITDA Loss ($M)
(136.4)
(67.5)
(38.9)
(26.5)
(21.0 - 25.0)
Cash, Cash Equivalents & Restricted Cash
166.8
138.7
92.8
154.4
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Demonstrated Growth and
Financial Discipline
USD (millions)
Q1 2026
Q1 2025
QoQ
Revenue ($M)
26.5
21.2
25%
Adjusted Gross Margin
69%
63%
+600 bps
Adjusted EBITDA Loss ($M)
(6.1)
(9.1)
32%
Cash & Cash Equivalents
138.0
155.2
(17.2)
Q1 2026 results
Recent Operational Highlights
Received first-of-its-kind FDA clearance and initiated rollout of blind-sweep Gestational Age AI tool.
Added two new partners to Butterfly Garden, bringing the portfolio total to 30.
Closed first enterprise deal of 2026 and drove significant growth in the software pipeline since launching the next generation Compass AI solution.
Advanced entry into new markets across the Americas and Asia, including high-growth regions such as Brazil, with iQ3 expansion in multiple countries.
Progressed toward first commercial agreement for Butterfly Home & Community Care™, expected in the first half of 2026.
Signed ninth Butterfly Embedded™ partner and made meaningful development progress with existing partners.
Continued advancement of next-generation Apollo semiconductor architecture designed to significantly increase data processing and compute performance.
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Ultrasound-on-ChipTM Platform
600+ patents issued and pending
Intuitive Software
AI, workflow and educational tools to drive ultrasound use and adoption
Versatile Handheld
With >20 presets on a single, whole-body probe
ir.butterflynetwork.com
Health Systems
Penetration in 100
of top 100
Butterfly Garden AI Marketplace
Software development kits for 3-party AI apps
Professional Services
Dedicated support to organizations from day one
Headquarters
1600 District Ave
Burlington, MA 01803
Founded in 2011 Offices in New York, Burlington and Taiwan
Global reach 100+ countries (inclusive of global health partners)
Medical Education
Over 80% of U.S. med schools have adopted Butterfly
VERSATILE. AFFORDABLE. DIGITAL.
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Disclaimer
Butterfly Network Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 23:58 UTC.