Butterfly Network, Inc.

Butterfly is headquartered in Burlington, Massachusetts and operates through subsidiaries in the United States, Australia, Germany, the Netherlands, the United Kingdom, and Taiwan. The company sells in over 30 countries through direct sales, distributors, and eCommerce, and its commercial footprint extends to approximately 40 countries. It sells directly in Germany and the United Kingdom, while other markets are served through partners and online channels. Outside core commercial geographies, Butterfly devices are also used in more than 70 low-resource settings and over 100 countries through NGO and global health collaborations. Geography matters because regulatory clearance, channel structure, and local reimbursement or adoption patterns shape where the company can sell devices and software most effectively.

Butterfly remains exposed to the risk that adoption of handheld ultrasound grows more slowly than expected, especially because the company has a limited history of sustained profitability and continues to invest heavily in commercialization. Its products depend on software, cloud services, and third-party components, so cybersecurity incidents or supplier disruptions could impair manufacturing, customer use, or data security. Regulatory and reimbursement complexity also matters because the company sells medical devices across multiple jurisdictions and must maintain clearances such as FDA and CE approvals. Competitive pressure is significant because larger imaging and medtech companies can bundle ultrasound into broader hospital relationships, while Butterfly must prove that its portable model delivers clinical and economic value. The business also faces execution risk in new channels such as home care, embedded licensing, and global health partnerships, where adoption, compliance, and support requirements can be uneven.