Butterfly Network’s Q4 Revenue Rises 41%, Cowen Lifts Target to $6
TD Cowen raised its price target to $6 from $4.50 after Butterfly Network reported Q4 revenue of $31.5 million, a 41% year-over-year increase. The firm noted Butterfly Embedded’s expansion alongside core POCUS business could transform the company into a tech-focused AI-native imaging player.
1. Strong Fourth-Quarter Performance
Butterfly achieved Q4 revenue of $31.5 million, up 41% year-over-year from $22.4 million, marking record topline growth driven by increased adoption of handheld devices like iQ+ and iQ3.
2. Cowen Raises Price Target
TD Cowen lifted its price target to $6 from $4.50 while maintaining a Buy rating, indicating more than 64% upside potential based on the company’s expanding revenue streams and robust quarterly results.
3. Strategic Shift Toward Semiconductor AI Imaging
The firm is positioning Butterfly Embedded as a complementary revenue source alongside its core POCUS business and leveraging proprietary Ultrasound-on-Chip technology to evolve into an AI-native imaging and semiconductor-focused company.