Butterfly Network (BFLY) Research & Development (2020 - 2026)
Butterfly Network (BFLY) recorded Research & Development of $10.17 million in Q3 2026, up 16.9% from $8.7 million a year earlier but down 3.5% from the prior quarter.
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Analysis
Butterfly Network (BFLY) Research & Development (2020 - 2026) Analysis & Trends
On a TTM basis, Butterfly Network's Research & Development came in at $39.57 million as of Sep 30, 2026, up 10.6% year-over-year; for FY2025, it came in at $36.26 million, down 4.1% from FY2024.
- Annual Research & Development has declined for three straight years, with a five-year compound annual growth rate of -6.1% (FY2020 to FY2025).
- Across earlier years, Research & Development came in at $37.8 million in FY2024 (-32.0%), $55.62 million in FY2023 (-36.8%), $88.04 million in FY2022 (+18.2%) and $74.46 million in FY2021 (+49.7%).
- Quarterly Research & Development has ranged from $8.32 million in Q2 2025 to $23.62 million in Q1 2022 over the past five years.
- On a year-over-year basis, Research & Development rose in three of the last eight quarters, with growth averaging 0.4%.
- Peak year-over-year performance for Research & Development in the last five years was growth of 50.3% in Q1 2022, against a decline of 45.0% in Q3 2023 at the low end.
- Per Business Quant, the preceding three quarters came in at $10.54 million (Q2 2026), $9.54 million (Q1 2026) and $9.32 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Thermo Fisher Scientific | 257.79 Bn | 234.30 Bn | 5.13 Bn | 348.00 Mn |
| 2 | Abbott Laboratories | 190.83 Bn | 164.70 Bn | 7.39 Bn | 920.00 Mn |
| 3 | Danaher | 162.10 Bn | 141.75 Bn | 3.84 Bn | 433.00 Mn |
| 4 | Intuitive Surgical | 158.05 Bn | 138.34 Bn | 2.08 Bn | 408.30 Mn |
| 5 | Medtronic | 130.31 Bn | 95.56 Bn | 6.34 Bn | 771.00 Mn |
| 6 | Stryker | 124.76 Bn | 110.95 Bn | 4.25 Bn | 433.00 Mn |
| 7 | Boston Scientific | 62.03 Bn | 57.46 Bn | 3.43 Bn | 520.00 Mn |
| 8 | Edwards Lifesciences | 58.73 Bn | 41.94 Bn | 1.35 Bn | 281.40 Mn |
| 9 | Becton Dickinson | 58.33 Bn | 55.48 Bn | 2.32 Bn | 258.00 Mn |
| 10 | Butterfly Network | 1.67 Bn | 1.13 Bn | 23.80 Mn | 10.17 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 10.17 Mn |
| Jun 30, 2026 | 10.54 Mn |
| Mar 31, 2026 | 9.54 Mn |
| Dec 31, 2025 | 9.32 Mn |
| Sep 30, 2025 | 8.70 Mn |
| Jun 30, 2025 | 8.32 Mn |
| Mar 31, 2025 | 9.92 Mn |
| Dec 31, 2024 | 8.83 Mn |
| Sep 30, 2024 | 8.84 Mn |
| Jun 30, 2024 | 9.41 Mn |
| Mar 31, 2024 | 10.72 Mn |
| Dec 31, 2023 | 11.21 Mn |
| Sep 30, 2023 | 12.13 Mn |
| Jun 30, 2023 | 15.63 Mn |
| Mar 31, 2023 | 16.65 Mn |
| Dec 31, 2022 | 19.16 Mn |
| Sep 30, 2022 | 22.04 Mn |
| Jun 30, 2022 | 23.22 Mn |
| Mar 31, 2022 | 23.62 Mn |
| Dec 31, 2021 | 20.00 Mn |
API Access
Butterfly Network Research & Development API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=research-and-development&ticker=BFLY&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "ticker": "BFLY", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=research-and-development&ticker=BFLY&period=max&api_key=YOUR_API_KEY");
const data = await res.json();