Butterfly Network, Inc. · NYSE:BFLY
Butterfly Network — Bank of America Securities 2026 Global Healthcare Conference
17 slides from Butterfly Network's conference presentation, May 12, 2026
Slide 1: Unlocking Ultrasound at Scale in the AI infrastructure
Unlocking Ultrasound at Scale in the AI infrastructure. May 12, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements in this presentation include “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology
Slide 3: Butterfly was founded to change the practice of medicine
Butterfly was founded to change the practice of medicine. 20% 80% 50% of patients with serious of diagnostic of initial assessments with conditions are at dilemmas can be solved imaging resulted in changed first misdiagnosed.1 with simple imaging.1 diagnosis or management.2 980-21401-00 Rev P For pr
Slide 4: Butterfly Ultrasound-on-Chip: one probe, more capability
Butterfly Ultrasound-on-Chip™: one probe, more capability. Compact 3 traditional Affordable arrays Whole-body 3D imaging modes Advanced Supercomputers to iPhone. Ultrasound carts to Butterfly. Just as the digital cameras Butterfly aims to revolutionize disrupted the film camera industry… the ultraso
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Slide 6: Compass AI: The complete POCUS operating system for enterprises
Compass AI™: The complete POCUS operating system for enterprises. Workflow Manager Education & Training Device iQ3 Agnostic Orders or encounters-based workflows Butterfly Academy educational videos with or without attestation. and Proficiency Management™. Encounter-Based Workflow Interoperability Im
Slide 7: Accelerating adoption with AI-powered apps for Butterfly devices
Accelerating adoption with AI-powered apps for Butterfly devices. • ~30 portfolio companies • 1 FDA-cleared partner app commercially available • Educational apps available for download • 4 partners with FDA clearance and a roadmap for commercial readiness 7
Slide 8: Expanding POCUS across the care continuum
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 DEVICES
Slide 9: The fastest-growing areas of ultrasound research are beyond traditional medical imaging
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 sou
Slide 10: TAM expansion: Ultrasound-on-Chip in new technologies and adjacent markets
TAM expansion: Ultrasound-on-Chip™ in new technologies and adjacent markets. >$350 Billion Opportunity in Healthcare Alone Handheld POCUS >2BN Hospital Cart Ultrasound Therapeutics >$6.5BN >$80BN Interventional Implantable >$100BN >$115BN Home & Long-term Care Facilities (lung and bladder) ~20BN Wea
Slide 11: A New Wave of Ultrasound-enabled Technologies
A New Wave of Ultrasound-enabled Technologies. • Compact, cost-effective, power-efficient, immensely capable • 9,000 element 2D Matrix Array for 3D imaging • Ultra-wide frequency range (1-12MHz) • 25,000 concurrent 4K movie streams • 1 Trillion operations per second Photo: Jordan Harrison/Pexels 11
Slide 12: One Platform. Vast Opportunity.
One Platform. …and a world Vast Opportunity. of non-healthcare POCUS applications Patient Tomo- Battery Regeneration Monitoring graphy Material Stress Fish Finding Underwater Drones Consumer Products Neuro- Security Pharma modulation Military & BCI Wearables Butterfly Ultrasound-on-Chip™ Therapy Rob
Slide 13: Butterfly Embedded featured partners
Butterfly” Embedded FEATURED PARTNERS Forest Neurotech @#Emz> BCI / neuromodulation High-density cortical recording for next-gen brain-computer interfaces Sonic incytes @@W—> Diagnostics — liver Fatty liver disease diagnosis via shear wave elastography, replacing biopsy Mendaera (HD Robotic surgery
Slide 14: Evolving into a Platform with Multiple, Synergistic Revenue Streams
Evolving into a Platform with Multiple, Synergistic Revenue Streams. Total Revenue POCUS Market Butterfly Embedded Licensing fee Ultrasound Core POCUS Business Home & Dev Toolkit Community Care ● Probes Chip Purchasing SDK Access ● Individual Membership ● Monthly Service ● Enterprise Software (Compa
Slide 15: Demonstrated Growth and Financial Discipline
Demonstrated Growth and Financial Discipline Historical performance and 2026 guidance USD (millions) FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Revenue ($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)
Slide 16: Q1 2026 results and Recent Operational Highlights
Demonstrated Growth and Recent Operational Highlights Financial Discipline ● Received first-of-its-kind FDA clearance and initiated rollout of blind-sweep Gestational Age AI tool. Q1 2026 results ● Added two new partners to Butterfly Garden, bringing the portfolio total to 30. ● Closed first enterpr
Slide 17: Thank you!
Thank you! Ultrasound-on-ChipTM Versatile Handheld Intuitive Software Platform With >20 presets on a single, AI, workflow and educational 600+ patents issued whole-body probe tools to drive ultrasound use and pending and adoption ir.butterflynetwork.com investors@butterflynetinc.com Headquarters Pro
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