---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-009272"
form_type: "8-K"
ticker: "BFLY"
cik: "0001804176"
company_name: "Butterfly Network, Inc."
filed_at: "2023-05-11T23:59:59+00:00"
generated_at: "2026-06-15T04:33:22.892924+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Butterfly Network Q1 revenue flat at $15.5M; net loss narrows to $33.5M

## Summary
- Total revenue $15.5M flat YoY; product revenue down 19.7% to $8.8M, software/services up 45.4% to $6.6M.
- Gross margin improved to 58.7% from 53.6% on higher ASP and subscription mix; operating expenses down 23.7% to $44.1M.
- Net loss $33.5M vs $44.5M YoY; adjusted EBITDA loss $22.3M vs $39.7M; cash $198M.
- Received FDA clearance for AI-enabled Auto B-Line Counter for lung assessment.
- Signed multi-year rollout with HQ Med Ed to over 100 rural hospitals; large deployment with largest US medical school.

## SEC filing metadata
- accession: 0001558370-23-009272
- form_type: 8-K
- ticker: BFLY
- cik: 0001804176
- company_name: Butterfly Network, Inc.
- filed_at: 2023-05-11T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1804176/000155837023009272/0001558370-23-009272-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1804176/000155837023009272/bfly-20230511x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-009272
- JSON: https://secwatch.observer/filing/0001558370-23-009272.json
- Plain text: https://secwatch.observer/filing/0001558370-23-009272.txt

## Key facts
- Earnings Releases
  Butterfly Network, Inc. reported the quarter ended March 31, 2023 results: revenue $15.5 million, net income $33.5 million.
  - Period: the quarter ended March 31, 2023
  - Revenue: $15.5 million
  - Net income: $33.5 million
  - Result: reported results
  source text: First Quarter 2023 Financial Results First quarter total revenue of $15.5 million was flat from $15.6 million in the first quarter of 2022. Our U.S. direct sales channel saw a 15% increase led by software and other services as well as increases in our global health business. These increases were offset by lower eCommerce, International, and Vet. Product revenue decreased 19.7% to $8.8 million from $11.0 million in the first quarter of 2022. Software and other services revenue increased 45.4% to $6.6 million from $4.6 million in the first quarter of 2022. Gross profit for the first quarter was $9.1 million, compared to gross profit of $8.3 million in the first quarter of 2022. Total gross margin for the first quarter was 58.7%, compared to 53.6% in the first quarter of 2022. This increase was primarily due to a higher average selling price, in addition to product mix, reflecting a higher proportion of subscription revenues. Also contributing to the increased margin was higher manufactur
  evidence_url: https://www.sec.gov/Archives/edgar/data/1804176/000155837023009272/0001558370-23-009272-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.