Cash used in operations was $26 million, influenced by performance reconciliations and a collection slowdown, with $24 million catch-up payments received post-quarter.
Normalized oncology trend for Q2 was approximately 10.5%, modestly below the initial forecast of 12% for the year.
Prior year claims development provided a favorable $11.7 million impact, partially offset by $4.6 million in revenue updates, netting a $7.1 million benefit.
Q2 adjusted EBITDA was $37.5 million, in the top half of the guided range, driven by strong results across Technology and Services and Performance Suite.
Q2 revenue was $444 million, $11 million below the midpoint of guidance, mainly due to lower 2024 revenue and go-live timing delays.
Unrestricted cash ended at $151 million at quarter-end.
Adjusted EBITDA loss improved by 24% to $6.2 million from $8.1 million in Q2 2024, driven by higher revenue and gross profit improvements.
Adjusted EBITDA loss improved by 24% to $6.2 million from $8.1 million in the prior year, with normalized cash burn at $7 million for the quarter.
Butterfly Network reported record quarterly revenue of $23.4 million for Q2 2025, marking a 9% growth primarily driven by higher average selling prices, semiconductor chip sales, and international volume expansion.
Butterfly Network reported record revenue of $23.4 million for Q2 2025, marking a 9% growth primarily driven by higher average selling prices, semiconductor chip sales, and international volume expansion.
Cash and cash equivalents stood at $152 million at quarter-end, with trailing 12-month cash use of $46 million.
Cash burn was the lowest on record at approximately $7 million for the quarter, with cash and equivalents totaling $152 million at quarter-end.
Gross margins reached an all-time high of 64%, up from 59% the prior year, positively impacted by higher ASPs, chip sales, and improved software and services margins.
Gross profit rose 18% to $14.9 million with gross margin improving to 64% from 59%, aided by higher ASPs, chip sales, and improved software margins.
Product revenue increased 13% to $16.6 million, driven by higher ASPs and chip sales; software and other services revenue remained flat at $6.8 million.
Product revenue increased 13% to $16.6 million, while software and other services revenue remained flat at $6.8 million, representing 29% of total revenue.
U.S. revenue was flat at $17.2 million, impacted by lower probe volume and absence of prior year trade-in upgrades, while international revenue grew 19% to $6.2 million.
U.S. revenue was flat at $17.2 million, offset by chip sales and higher ASPs but lower probe volume; international revenue grew 19% to $6.2 million due to iQ3 launch and geographic expansion.
Dafinchi