8. Butterfly Network Inc. (NYSE:BFLY)
Butterfly Network, Inc. (NYSE: BFLY) reaches eighth place by attempting to change where and how medical imaging can be performed.
Traditional ultrasound equipment can be expensive, bulky and dependent on specialized operators. The company has developed portable ultrasound devices built around its proprietary Ultrasound-on-Chip technology, cloud software and artificial intelligence.
The long-term goal is to extend diagnostic imaging beyond conventional hospital imaging departments. Handheld ultrasound devices could be used in emergency rooms, ambulances, rural clinics, community-care facilities and medical schools.
Second-quarter 2026 revenue increased 39% to a record $32.6 million. U.S. revenue surged 57%, supported by higher probe sales and contributions from the company’s licensing and development partnerships.
The quarter also showed meaningful progress toward a more sustainable financial model. Gross margin expanded to 71.4%, compared with 63.7% one year earlier. Its adjusted EBITDA loss improved by 78% to approximately $1.4 million.
The company’s Compass AI platform is designed to help healthcare institutions manage ultrasound programs, workflows, documentation and device utilization. It signed six new enterprise software agreements during the quarter and continued expanding its pipeline.
The Butterfly Garden platform adds another potential source of growth by allowing third-party developers to create medical-imaging AI applications. Its embedded technology business could also generate licensing revenue from companies building new products around the ultrasound semiconductor platform.
Butterfly Network, Inc. (NYSE: BFLY) remains unprofitable and considerably smaller than the leading medical-technology companies. International revenue also declined during the second quarter, showing that its growth is not yet evenly distributed.
Still, the combination of affordable imaging hardware, enterprise software and artificial intelligence gives it a distinctive position among fast-growing healthcare AI companies. If management can turn growing enterprise interest into recurring software and licensing revenue, the business could become much more valuable than a simple handheld-device manufacturer.
