Butterfly Network has announced the pricing of a public offering of 24 million shares of its Class A common stock at $3.15 per share, expecting to raise approximately $75.6 million before expenses.

Underwriters will have a 30-day option to purchase an additional 3.6 million shares at the offering price, minus underwriting discounts and commissions.

The Burlington, Massachusetts-based company specializes in handheld ultrasound devices powered by semiconductor-based technology. The company’s latest model, the iQ3, was released in 2024 and builds on previous iterations by improving performance and imaging capabilities.

Butterfly iQ3 transfers digital data twice as earlier models during exams, speeding up frame rates to capture better-quality images, and like previous versions, has more than 20 anatomical presets, six imaging modes, and AI and advanced imaging tools. Among these Butterfly iQ Slice, the world’s first automated, sequential ultrasound capture mode for handheld devices, that directs the beam as it scans the organ, capturing up to 46 high-quality ultrasound images at a time across a wide angle, regardless of the user’s experience.

Butterfly markets its technology as an affordable, portable alternative to traditional ultrasound systems, aiming to expand access to medical imaging across various healthcare settings.

The company plans to use the proceeds to support product development, commercialization efforts, and general corporate operations.

TD Cowen, William Blair, and Lake Street Capital Markets are serving as bookrunners for the offering, which is being conducted under a shelf registration statement filed with the Securities and Exchange Commission (SEC) in August 2023. A final prospectus supplement will be filed and made available on the SEC’s website.

Ultrasound Homepage