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Butterfly Network’s Business Model Canvas: A Clear View of Digital Ultrasound Value
Explore Butterfly Network, Inc.’s business model in a clear, strategic format that shows how the company creates value in digital ultrasound. The full Business Model Canvas breaks down its key partnerships, revenue streams, customer segments, and cost drivers. It’s a smart pick for investors, analysts, and founders who want actionable insight. Download the complete version to go deeper.
Partnerships
Global distributors
Butterfly Network uses global distributors to sell probes, accessories, and software bundles into hospitals and clinics across multiple geographies, so it can scale international reach without building full local sales teams everywhere. In FY2025, this channel model stayed central to commercialization by plugging into established medical buying networks and lowering direct go-to-market cost.
Healthcare systems pilots
Healthcare systems and provider networks act as Butterfly Network, Inc.’s pilot partners for trials, adoption, and scaling, giving real-world feedback on workflow fit, integration, and buying decisions. That matters most for Butterfly Blueprint, where enterprise sales depend on proving value inside hospital systems, not just in single-site use.
Component suppliers
Butterfly Network, Inc. relies on component suppliers for electronics, probe parts, and other manufacturing inputs that feed its portable ultrasound devices and accessories. Keeping this supply chain steady matters for product quality, unit cost, and on-time delivery, especially as the Company scales production and supports a hardware-heavy model.
Software integration partners
Butterfly Network, Inc. depends on software integration partners to embed Butterfly Blueprint and Compass into hospital IT systems, so the platform fits existing clinical and admin workflows. These links speed deployment across provider networks and help keep ultrasound data inside daily care systems, which is key for adoption.
- Connects Compass to hospital networks
- Supports workflow adoption
- Reduces deployment friction
Clinical training partners
Clinical training partners help Butterfly Network, Inc. push Butterfly Academy and teleguidance into daily use, so clinicians learn point-of-care ultrasound faster and with less friction. These education ties also lift retention by raising device confidence and actual scan volume, which matters because one trained user can spread POCUS use across an entire care team.
- Speeds POCUS adoption
- Builds user confidence
- Raises device utilization
- Supports teleguidance workflows
Butterfly Network’s Partner Ecosystem Speeds POCUS Adoption
Butterfly Network, Inc. leans on global distributors, hospital systems, IT integrators, and training partners to sell devices, fit into care workflows, and speed POCUS adoption. These links cut rollout friction for Butterfly Blueprint and Compass while helping the Company scale without building every market from scratch.
| Partner | Key role |
|---|---|
| Distributors | Reach hospitals |
| Provider networks | Pilot and scale use |
| IT partners | Integrate Compass |
| Training partners | Lift adoption |
What is included in the product
Detailed Word Document
A concise Business Model Canvas overview of Butterfly Network, Inc.’s ultrasound platform, covering key customers, channels, value creation, and strategic drivers.
Customizable Excel Spreadsheet
Simplifies Butterfly Network, Inc.’s business model into a clear, editable view that quickly highlights customer pain points and solution fit.
Reference Sources
Provides a clear source trail for Butterfly Network, Inc., helping users verify claims fast and make more confident decisions.
Activities
Device design and engineering
Butterfly Network, Inc. focuses on device design and engineering to build portable whole-body ultrasound hardware, centered on the Butterfly iQ and Butterfly iQ+ product lines. In 2025, this work still matters because the company competes on 3 things at once: portability, usability, and image quality, so product innovation is the main driver of adoption.
Software development
Butterfly Network, Inc.'s software development builds cloud tools, Compass integration, and in-app learning, which power teleguidance, enterprise rollout, and smoother workflow fit; in FY2025, that software layer helped support recurring subscription revenue and deeper customer use across hospital networks.
Manufacturing and quality control
Butterfly Network, Inc. must build probes and accessories to medical-device standards, because each defect can hurt reliability, regulatory compliance, and clinical trust. In FY2025, that manufacturing discipline directly shapes gross margin and product availability, since higher yield and fewer recalls lower unit costs and keep inventory flowing.
Sales and onboarding
Butterfly Network, Inc. sells Butterfly iQ devices through direct sales, distributors, and e-commerce, then uses onboarding to set up hardware, subscriptions, and hospital workflows. This matters because enterprise sales in healthcare are still account-led, while clinicians can also buy directly; the company reported $73.9M in 2025 revenue.
- Direct, channel, and online sales
- Onboarding for devices and subscriptions
- Supports health systems and clinicians
Regulatory and clinical validation
Butterfly Network, Inc. must keep its handheld ultrasound platform clear of FDA 510(k) and CE Mark rules, while clinical studies prove it works in real point-of-care settings. That validation matters because it supports sales in the U.S. and abroad, where buyers expect evidence on usability, image quality, and workflow fit.
- Supports FDA and CE access
- Builds point-of-care clinical proof
- Helps win domestic and global buyers
Butterfly Network: FY2025 Revenue Hits $73.9M
Butterfly Network, Inc. key activities are ultrasound R&D, software buildout, and medical-device manufacturing, with FY2025 revenue of $73.9M. It also runs direct, channel, and online sales plus FDA/CE validation to support clinical adoption and subscription use.
| Key activity | FY2025 data |
|---|---|
| Revenue | $73.9M |
| Product focus | Butterfly iQ / iQ+ |
| Go-to-market | Direct, channel, online |
Preview Before You Purchase
Business Model Canvas
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Resources
Butterfly iQ technology
Butterfly iQ is Butterfly Network, Inc.'s core hardware asset: a single-probe, handheld ultrasound device that can image the whole body from one unit. It anchors the product's identity and sales model by pairing portable point-of-care imaging with software-driven use across hospitals and clinics.
Butterfly iQ+ platform
Butterfly iQ+ is a core key resource because it extends Butterfly Network, Inc.’s ultrasound platform to smartphones, tablets, and hospital networks, which helps keep scans at the bedside and on the move. That reach supports more point-of-care use across emergency, inpatient, and outpatient settings, and it strengthens the company’s mobile-first model.
Compass software
Compass software is a key digital asset inside Butterfly Blueprint, tying ultrasound workflows into provider systems so scans, notes, and sharing move inside the same care flow. That software layer helps Butterfly Network, Inc. stand out beyond hardware alone, and the company has said its platform strategy is central to recurring revenue growth.
Cloud and data infrastructure
Butterfly Network, Inc. uses cloud and data infrastructure to deliver teleguidance, training, and enterprise software, while remote access supports subscription features for clinicians and health systems. This stack is the core enabler for scaling digital health services across connected ultrasound workflows.
- Cloud delivery powers teleguidance and training
- Data layers support subscriptions and remote access
- Scales enterprise digital health offerings
Clinical and commercial teams
Butterfly Network, Inc. depends on sales, support, and clinical application teams to win enterprise accounts and help hospitals adopt its handheld ultrasound devices and software. In FY2025, these people were central to converting product installs into recurring software and service revenue, which is key for retention and customer expansion.
- Drives enterprise sales
- Supports device adoption
- Improves customer retention
Butterfly Network’s Core Resources Power Recurring Growth
Butterfly Network, Inc.'s key resources are its single-probe Butterfly iQ and iQ+, plus Compass software and cloud data systems that power bedside imaging, teleguidance, and workflow integration. In FY2025, these assets were backed by sales and clinical teams that turned device installs into recurring software use.
| Key resource | FY2025 use |
|---|---|
| Butterfly iQ / iQ+ | 1 handheld platform for body-wide imaging |
| Compass software | Supports scans, notes, and sharing |
| Cloud and data stack | Powers teleguidance and training |
Value Propositions
Whole-body ultrasound in one probe
Butterfly iQ puts whole-body ultrasound in one portable probe, so clinicians can scan multiple use cases without juggling separate carts or dedicated systems. That speeds point-of-care use in EDs, ICUs, and clinics, where fast setup and bedside imaging can matter most.
Smartphone and tablet connectivity
Butterfly iQ+ pairs a single probe with a smartphone or tablet, so clinicians can scan at the bedside or in the field without a cart. By using existing iOS and Android devices and linking to hospital networks, it cuts setup friction and helps make ultrasound faster to access across care teams.
System-wide workflow integration
Butterfly Blueprint embeds Compass software into provider infrastructure, so ultrasound fits into clinical, admin, and reporting workflows instead of sitting outside them. That gives enterprise buyers a more connected imaging platform and supports better adoption across large sites.
Cloud-based teleguidance and training
Butterfly Network, Inc. uses cloud-based teleguidance, in-app education, and Butterfly Academy to help clinicians learn scanning steps, run exams correctly, and build confidence faster. The result is better adoption of Butterfly iQ across point-of-care settings and less training friction for new users.
- Live guidance during exams
- On-device learning tools
- Butterfly Academy training
- Higher user confidence
- Faster product adoption
Portable point-of-care deployment
Butterfly Network, Inc. built its portfolio for bedside and on-the-go use, with handheld ultrasound that physicians can carry between emergency, ICU, and outpatient settings. This mobility is a clear edge versus cart-based systems, and it helps bring imaging closer to the patient, where speed matters most.
- Handheld design supports true point-of-care use
- Works across many clinical settings
- Less bulky than cart-based ultrasound systems
Butterfly Network: Bedside Ultrasound Made Simple
Butterfly Network, Inc. sells handheld ultrasound that brings imaging to the bedside, plus cloud tools that help clinicians learn, guide scans, and plug results into hospital workflows. Butterfly Blueprint and Butterfly Academy make the system easier to adopt across EDs, ICUs, and outpatient sites.
| Value proposition | Why it matters |
|---|---|
| Portable whole-body imaging | Fast bedside use |
| Teleguidance and learning | Faster adoption |
| Workflow integration | Better enterprise fit |
Customer Relationships
Direct account management
Butterfly Network, Inc. supports enterprise customers with direct sales and account teams, which fits large rollouts and renewals across multi-site health systems. This is important in healthcare, where one rollout can span dozens of sites and teams, so named account coverage helps keep adoption, training, and renewals aligned.
Clinical support services
Butterfly Network, Inc. uses dedicated clinical support to help healthcare teams with onboarding, scanning workflows, and issue resolution, which lifts adoption and day-to-day use. This matters because faster setup and fewer scan errors help clinicians keep ultrasound in routine care, not just pilot use.
Training and education
Butterfly Network, Inc. uses Butterfly Academy and in-app modules to build user skill fast, which lowers the learning curve for first-time ultrasound users. This education-led relationship keeps clinicians engaged over time and supports repeat platform use.
Subscription-based engagement
Butterfly Network, Inc. uses software subscriptions to keep contact after the device sale, so customers stay tied to the platform for updates and new features. In FY2025, that recurring model helps keep the product relevant and supports a steadier revenue base than one-time hardware sales alone.
- Recurring software keeps users engaged.
- Updates extend device value.
- Feature rollouts support retention.
Self-service purchasing
Butterfly Network, Inc. uses e-commerce and self-service buying to give clinicians and smaller buyers a faster, simpler path to order devices and accessories. That trims sales cycle work for low-volume customers and lets the enterprise sales team focus on larger hospital deals.
- Faster ordering for smaller buyers
- Less sales support needed
- Fits alongside enterprise selling
Butterfly Network Builds Retention with Enterprise and Self-Service Sales
Butterfly Network, Inc. builds customer ties through 2 tracks: enterprise account teams for large health systems and self-service buying for smaller customers. In FY2025, recurring software and Butterfly Academy keep users active after the first sale, while clinical support helps adoption and retention.
| Relationship | Role | FY2025 signal |
|---|---|---|
| Enterprise | Rollout, renewal | Named account coverage |
| Self-service | Fast ordering | 2nd buying path |
| Software | Retention | Recurring use |
Channels
Direct sales force
Butterfly Network, Inc. uses a direct sales force to sell into healthcare systems and professional buyers, which fits high-touch enterprise deals that need training, workflow setup, and integration. This channel matters because Butterfly’s annual revenue was $81.4 million in 2024, and direct selling helps push higher-value clinical adoption, not just one-off device sales.
Distributor network
Butterfly Network, Inc. uses distributors to widen reach in the U.S. and abroad, giving it local market access and help with regional procurement. This channel supports global commercialization by lowering direct sales friction; in Butterfly Network, Inc.'s 2024 filing, international revenue already made up a meaningful share of sales, showing why distributor coverage matters.
E-commerce platform
Butterfly Network, Inc. uses an e-commerce platform to speed orders and make buying simpler, especially for smaller clinics that do not need a long enterprise sales process. This direct channel broadens reach beyond large accounts and fits a low-friction, digital-first sales model.
Enterprise integration path
Butterfly Blueprint reaches customers through healthcare IT and system integrators, so Compass can sit inside existing EHR and hospital workflows instead of forcing a new stack. This path matters most for large provider rollouts, where integration, security, and admin support drive adoption.
- Fits existing IT infrastructure
- Supports large deployments
- Speeds enterprise adoption
Butterfly Academy and support
Butterfly Academy and clinical support act as the main adoption channel for Butterfly Network, Inc., turning product trials into day-to-day use. They also support retention by helping clinicians keep using the software subscription layer after first deployment.
In practice, this matters because Butterfly Network, Inc. sells both devices and recurring software access, so training lowers friction and keeps usage active across sites.
- Convert trials into active users
- Support recurring software adoption
- Improve customer retention
Butterfly Network’s Multi-Channel Sales Engine Drives Adoption
Butterfly Network, Inc. sells through direct sales, distributors, e-commerce, Blueprint integrators, and clinical support, so it can reach hospitals, clinics, and digital buyers without one path doing all the work. This mix supports adoption across its $81.4 million 2024 revenue base and helps turn trials into recurring software use.
| Channel | Role |
|---|---|
| Direct sales | Enterprise deals |
| Distributors | Local reach |
| Blueprint/support | Workflow adoption |
Customer Segments
Healthcare systems
Large healthcare systems are a core customer for Butterfly Network, Inc., with about 6,100 U.S. hospitals in the market and many buying across emergency, ICU, cardiology, and outpatient sites at once. Butterfly Blueprint fits this segment well because it helps standardize rollout, training, and device use across many departments and locations.
Individual physicians
Individual physicians buy Butterfly Network, Inc.'s handheld ultrasound for bedside and outpatient care because it is fast, portable, and simple to use. The company sells through e-commerce and direct sales, which fits solo doctors and small practices that want a device they can use anywhere, without a cart-based system.
Hospitals and clinics
Hospitals and clinics use Butterfly Network, Inc.'s point-of-care ultrasound across emergency, ICU, cardiology, OB/GYN, and primary care, because fast imaging at the bedside can cut patient transport and speed decisions. Their buying needs center on access, clinician training, and workflow fit, and larger sites often want device fleets plus support, software, and rollout help.
Other medical professionals
Nurses, advanced practice providers, and allied clinicians are core Butterfly Network users because portable ultrasound fits high-turnover care settings, from EDs to wards. Teleguidance and in-app education help them scan faster and reduce reliance on a specialist at the bedside.
- Fits workflow-heavy care teams
- Supports teleguidance and training
- Helps non-physician users scan confidently
International buyers
Butterfly Network, Inc. serves international buyers through commercialization and distribution partners, reaching providers, distributors, and healthcare networks outside the U.S. This segment broadens demand beyond the American market and supports overseas rollout of Butterfly’s portable ultrasound platform.
- Partner-led global distribution
- Providers and healthcare networks
- Expands beyond the U.S.
Butterfly Network Targets Hospitals, Clinicians, and Global Partners
Butterfly Network, Inc. mainly sells to hospitals and health systems, plus individual clinicians and outpatient practices that need fast bedside imaging. It also serves nurses and advanced practice providers through teleguidance, and reaches international buyers through partners.
| Segment | Need |
|---|---|
| Hospitals | Rollout |
| Clinicians | Portable use |
| Global partners | Scale |
Cost Structure
Research and development
Research and development is one of Butterfly Network, Inc.'s biggest costs because it must keep improving hardware, imaging software, connectivity, and app features. In its latest reported year, R&D stayed in the tens of millions of dollars, showing how much the company spends to protect long-term product edge and platform value.
Manufacturing and supply chain
Butterfly Network, Inc. spends on materials, assembly, and logistics for probes and accessories, so tighter supply chain control matters for unit economics and on-time delivery. In 2025, even small quality faults can be costly in medical devices, where rework, returns, and recalls can add direct costs and pressure gross margin.
Sales and marketing
Sales and marketing stay heavy for Butterfly Network, Inc. because enterprise selling, distributor support, and e-commerce promotion all cost money, and hospital buyers usually need training before they buy. In the U.S., the company is still competing in a medical device market that topped $200 billion, so awareness and education matter as much as product performance.
Cloud and software operations
Butterfly Network, Inc. cloud and software costs are recurring, because hosting, patching, and updating the app stack support teleguidance and training. As subscription use rises, these platform costs usually scale with traffic, storage, and support demand.
- Recurring hosting and maintenance spend
- Reliable infrastructure for teleguidance
- Higher costs as subscriptions scale
Regulatory and clinical support
Regulatory and clinical support is a fixed cost for Butterfly Network, Inc.: medical-device compliance, validation, and post-sale help must run year-round to keep products marketable and users retained. Clinical teams also handle onboarding and issue resolution, which lowers setup friction and supports hospital adoption, so these costs directly protect access and repeat use.
- Compliance keeps market access open
- Clinical support speeds onboarding
- Issue resolution supports retention
Butterfly Network’s Heavy Cost Base Keeps Growth Expensive
Butterfly Network, Inc.'s cost base is led by R&D, manufacturing, cloud hosting, and clinical/regulatory support, with R&D still in the tens of millions in the latest reported year. Sales support stays high too, because hospital onboarding, training, and enterprise selling are expensive in a market where adoption takes time.
| Cost item | Latest view |
|---|---|
| R&D | Tens of millions |
| Cloud / support | Recurring |
| Sales / compliance | High fixed spend |
Revenue Streams
Probe hardware sales
Butterfly Network, Inc. earns core revenue from Butterfly iQ and Butterfly iQ+ probe hardware sales, which seed the customer base and expand the installed base. In recent filings, hardware still anchors the model, with sales tied to device placements that can later support recurring software and service revenue.
Accessories and peripherals
Accessories and peripherals add recurring, high-margin revenue after the core ultrasound device sale by supporting daily use and replacement needs. For Butterfly Network, Inc., this stream helps raise account value over time as users buy cables, probes, chargers, and other parts tied to ongoing device use.
Software subscriptions
Butterfly Network, Inc. uses Butterfly Blueprint and other cloud tools to turn software into recurring revenue, which helps keep customers engaged after the scan device sale. In FY2024, Butterfly Network reported $93.0 million in total revenue, and subscription income makes that base less dependent on one-time hardware sales.
Enterprise platform licenses
Enterprise platform licenses let large health systems pay for Butterfly Network, Inc.’s software across sites, with system-wide access, integration, Compass-based workflows, and admin deployment. This fits Butterfly Network, Inc.’s hospital-first model, where software can scale alongside its handheld ultrasound devices.
- Health-system wide software access
- Compass workflows and admin rollout
- Built for enterprise adoption
Training and support services
Butterfly Network, Inc.’s training and support services, including Butterfly Academy, teleguidance, and clinical support, create service revenue and help customers use the platform well. In FY2025, this support layer also helps keep subscriptions sticky by reducing setup friction and improving clinician adoption.
- Butterfly Academy drives onboarding revenue.
- Teleguidance supports bedside use.
- Clinical support lifts retention.
Butterfly Network: Hardware First, Recurring Revenue Next
Butterfly Network, Inc. makes money from probe hardware first, then adds recurring software, enterprise licenses, accessories, and support. FY2024 revenue was $93.0 million, and the mix still depends on device placements that can later expand into higher-margin subscriptions and services.
| Stream | Role | Data |
|---|---|---|
| Hardware | Core sale | FY2024 revenue: $93.0m |
| Software | Recurring | Blueprint, Compass |
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