What is point-of-care ultrasound (POCUS) and how does Butterfly iQ+ differ from traditional ultrasound?

Point-of-care ultrasound (POCUS) is the use of ultrasound at the patient's bedside by the treating clinician for immediate diagnostic decision-making — contrasted with traditional radiology department ultrasound where a technician scans the patient and a radiologist reads the images remotely. POCUS in emergency medicine: emergency physicians use POCUS for rapid assessment of cardiac function (checking for cardiac tamponade or severely reduced function), internal bleeding detection (FAST — Focused Assessment with Sonography for Trauma), line placement (ultrasound-guided central line or peripheral IV placement), and lung assessment (detecting pneumothorax or pleural effusion). Traditional ultrasound systems: cost $30,000-300,000+; require multiple specialized probes (cardiac phased array, linear vascular, curvilinear abdominal, endovaginal); are large cart-based systems or portable but still briefcase-sized; require trained ultrasound technicians for complex imaging. Butterfly iQ+ differences: price approximately $2,000-3,000 (plus annual software subscription); pocket-sized (fits in a white coat pocket); connects to a standard smartphone; single probe handles all body regions by electronically adjusting the imaging frequency; AI-guidance overlays assist non-expert scanning. Why this matters: Butterfly enables any physician or nurse to have an ultrasound immediately available without specialized training or equipment; the iQ+ is used in emergency departments, ICUs, primary care offices, military/austere environments, and global health settings where traditional ultrasound is unavailable.

What is the organ transplant shortage and how much could OCS expand the donor pool?

The U.S. organ transplant shortage is severe: approximately 100,000 patients are on the transplant waiting list (primarily kidneys — 85,000+, but also liver 10,000+, heart 3,000+, lung 1,000+); approximately 6,000 patients die annually while awaiting transplants; approximately 40,000 transplants are performed annually (largely limited by donor availability). Sources of donor organs: donation after brain death (DBD) — traditional donors who are pronounced brain dead while on life support; the heart is still beating, organs remain perfused until procurement. Donation after circulatory death (DCD) — donors whose hearts have stopped; previously only kidneys could reliably be procured from DCD donors; OCS technology has expanded DCD donor use for hearts and livers. How OCS could expand the donor pool: DCD hearts — OCS allows DCD hearts to be perfused immediately after procurement and assessed for viability; DCD hearts were rarely used before OCS; expanding DCD heart use could increase heart transplants by 20-30%. Marginal DBD donors — older donors, donors with risk factors (hypertension, diabetes); cold storage often results in primary graft dysfunction from marginal organs; OCS allows real-time quality assessment, potentially enabling use of otherwise discarded marginal donor organs. Geographic expansion — OCS allows organs to travel farther (more compatible donors can be matched across greater distances), improving HLA matching quality which improves long-term transplant outcomes.

What are the main competitors to Butterfly Network in portable ultrasound?

The portable ultrasound market has several established competitors: Traditional portable ultrasound leaders: GE Healthcare — Vscan Air (pocket-sized) and Venue (point-of-care); GE has the widest clinical familiarity and distribution network globally. Philips Healthcare — Lumify (portable ultrasound that also uses a smartphone interface similar to Butterfly); Lumify competes most directly with Butterfly iQ+; Philips has strong hospital relationships. Fujifilm Sonosite — historically the leader in portable/rugged ultrasound for emergency and point-of-care; Sonosite IVIZ and Edge II are established in emergency medicine. Mindray Medical (China-listed) — increasingly competitive in international markets with lower-cost portable ultrasound options. Clarius (private) — high-image-quality wireless handheld ultrasound. What makes Butterfly's competition difficult: established competitors have decade-long clinical relationships and proven image quality track records; emergency physicians and hospitals may prefer familiar systems from GE or Philips rather than switching to Butterfly; Butterfly's single-probe all-organ capability is unique, but individual probes from traditional vendors may still provide better image quality for specific applications (e.g., cardiac imaging); annual software subscription model creates an ongoing cost comparison against competitors that don't charge annual fees.

brimindinvest.com / compare / tmdx-vs-bflyLIVE

TMDX

TransMedics Group, Inc. · Healthcare - Organ Transplant Technology

$78.79

+19.14% this month

VERSUS

⟷

COMPARE

BFLY

Butterfly Network, Inc. · Healthcare - Portable Ultrasound Technology

$8.90

+117.07% this month

Scoreboard verdict

Across AI score, momentum, valuation, upside, operating margin

TMDX

2

BFLY

2

MIXED SETUP

Comparison scoreboard

MIXED SETUP

AI Score

TMDX ✓34.0

BFLY 23.8

1Y Return

TMDX -36.46%

BFLY ✓+312.04%

Fwd P/E

TMDX 23.90

BFLY ✓-96.22

Target Up.

TMDX ✓+48.92%

BFLY -20.65%

Op. Margin

TMDX N/A

BFLY N/A

Metrics last refreshed: 6/20/2026

Quick take

TMDX vs BFLY Stock Comparison: AI Score, Valuation, Performance and Upside

TMDX (TransMedics) and BFLY (Butterfly Network) are both clinical-stage commercial medical technology companies addressing unmet needs in fundamentally different areas — TransMedics keeps donor organs viable for transplant using warm perfusion technology with a high-value logistics service business, while Butterfly Network has developed a semiconductor-based portable ultrasound democratizing imaging but faces commercial execution challenges. TransMedics has stronger revenue momentum; Butterfly faces a steeper commercialization path.

TMDX vs BFLY is warm organ perfusion technology transforming transplant medicine (TransMedics's OCS keeping hearts, lungs, and livers viable beyond cold static storage limits while building a national logistics program around each procedure) versus semiconductor-based portable ultrasound democratizing point-of-care imaging (Butterfly Network's iQ+ chip-based ultrasound enabling smartphone-connected, all-organ imaging facing competitive headwinds from established portable ultrasound vendors) — high-value transplant logistics versus portable imaging mass-market ambition.

Live analysis · updated 6/20/2026

TMDX and BFLY are closely matched — they split the tracked metrics evenly. BFLY leads on both 1-year return (+312.04%) and forward P/E (-96.22x vs 23.90x for TMDX), a relatively favorable combination of momentum and valuation. Analyst consensus implies meaningfully more upside for TMDX (+48.92%) than for BFLY (-20.65%).

Normalized 1Y performance

TMDX

BFLY

Recent returns

TMDX

BFLY

Analyst price targets & sentiment

TMDX · 9 analysts

STRONG BUYHOLDSTRONG SELL

Buy (1.7/5.0)

Price target range

analyst low$80.00
analyst high$142.00
analyst mean$117.33
current price$78.79

+48.9% upside to analyst mean

BFLY · 4 analysts

STRONG BUYHOLDSTRONG SELL

Strong Buy (1.0/5.0)

Price target range

analyst low$5.25
analyst high$11.00
analyst mean$7.06
current price$8.90

-20.6% upside to analyst mean

Who should consider this stock?

TMDX may suit investors who:

→Believe warm organ perfusion will become the standard of care for heart, lung, and liver transplantation, expanding the viable donor pool and enabling more transplants — a profound medical and commercial opportunity
→Value TransMedics's national OCS logistics program as building a recurring-revenue infrastructure business around each transplant procedure that compounds as adoption grows
→Are comfortable with concentration in a relatively small transplant center customer base in exchange for deep relationships with a high-value, sticky customer segment

BFLY may suit investors who:

→Believe Butterfly's USIC semiconductor chip technology will eventually achieve the manufacturing cost reduction that makes handheld ultrasound accessible globally at dramatically lower cost, realizing the mass-market vision
→Value Butterfly's pioneering position in handheld AI-guided ultrasound for point-of-care use by non-specialist clinicians — emergency physicians, hospitalists, and military medics — as a durable market entry advantage
→Are patient with near-term commercial execution challenges in exchange for exposure to a potentially disruptive ultrasound democratization story if Butterfly can improve sales execution and grow its subscription base

Performance & AI score

Metric	TMDX	BFLY
AI score	34.0	23.8
AI rank	#1795	#3426
Latest close	$78.79	$8.90
1M return	+19.14%	+117.07%
6M return	-35.38%	+180.76%
1Y return	-36.46%	+312.04%

$10,000 invested — hypothetical growth (dividends reinvested)

How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?

Period	TMDX	BFLY
1Y ago	$6.35K (-36.5%) started 2025-06-18	$41.2K (+312.0%) started 2025-06-18
5Y ago	$26.46K (+164.6%) started 2021-06-18	$6.38K (-36.2%) started 2021-06-18
10Y ago	$35.24K (+252.4%) started 2019-05-02	$8.99K (-10.1%) started 2020-07-13

Hypothetical — past performance does not guarantee future results.

Valuation & upside potential

Metric	TMDX	BFLY
Market cap	$2.72B	$2.33B
Trailing P/E	18.03	N/A
Forward P/E	23.90	-96.22
Price/Sales	4.28	22.63
EV/Revenue	4.75	13.20
Analyst target	$117.33	$7.06
Target upside	+48.92%	-20.65%

Growth, profitability & risk

Metric	TMDX	BFLY
Revenue growth	21.20%	25.00%
Earnings growth	-71.50%	N/A
EPS growth	-71.50%	N/A
FCF margin	+17.11%	+8.61%
Operating margin	N/A	N/A
Profit margin	27.04%	-73.63%
ROIC proxy	45.22%	-35.17%
Return on equity	45.22%	-35.17%
Dividend yield	0.00%	0.00%
Beta	1.88	2.20
Debt/equity	174.78	10.33
Current ratio	6.74	4.03
Quick ratio	6.01	2.74

Drawdown & downside risk

Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.

1Y risk snapshot

TMDX max drawdown58.76%

BFLY max drawdown40.61%

TMDX max wkly drop33.77%

BFLY max wkly drop28.93%

5Y risk snapshot

TMDX max drawdown67.79%

BFLY max drawdown95.22%

TMDX max wkly drop34.17%

BFLY max wkly drop38.71%

10Y risk snapshot

TMDX max drawdown73.69%

BFLY max drawdown97.40%

TMDX max wkly drop34.17%

BFLY max wkly drop38.71%

Performance metrics by period

Period	Metric	TMDX	BFLY
1Y	Growth	-36.46%	+312.04%
	CAGR	-36.48%	+312.44%
	Sharpe ratio	-0.57	1.67
	Max drawdown	58.76%	40.61%
	Max daily drop	23.19%	18.84%
	Max wkly drop	33.77%	28.93%
5Y	Growth	+164.57%	-36.20%
	CAGR	+21.48%	-8.60%
	Sharpe ratio	0.55	0.34
	Max drawdown	67.79%	95.22%
	Max daily drop	29.90%	19.59%
	Max wkly drop	34.17%	38.71%
10Y	Growth	+252.37%	-10.10%
	CAGR	+19.32%	-1.78%
	Sharpe ratio	0.53	0.40
	Max drawdown	73.69%	97.40%
	Max daily drop	29.90%	19.59%
	Max wkly drop	34.17%	38.71%

Business comparison

Category	TMDX	BFLY
Company	TransMedics Group, Inc.	Butterfly Network, Inc.
Sector	Healthcare - Organ Transplant Technology	Healthcare - Portable Ultrasound Technology
Industry	N/A	N/A
Core business	TransMedics Group is a commercial-stage medical technology company whose Organ Care System (OCS) keeps donor organs viable in a warm, perfused, functioning state outside the body during transport to the recipient. Traditional organ preservation uses cold static storage (packed in ice) — which limits viable transport time to 4-6 hours for hearts and 12-24 hours for livers and lungs. OCS maintains organs in near-physiological conditions (warm blood perfusion, continuous monitoring) and can extend viable transport time while also allowing real-time organ quality assessment. TransMedics also operates a national OCS program providing procurement, transport, and logistics coordination services.	Butterfly Network makes the iQ+ — a handheld, pocket-sized ultrasound device using a single semiconductor chip (butterfly's proprietary USIC — Ultrasound-on-Chip) rather than traditional piezoelectric transducer arrays. Butterfly's ultrasound system uses a smartphone (iOS or Android) as the display, connected to the iQ+ probe. The iQ+ can perform cardiac, abdominal, lung, OB/GYN, musculoskeletal, and vascular ultrasound with a single probe (replacing the need for multiple traditional probes). Butterfly distributes through hospitals, emergency physicians, military, and international markets including low-resource settings where traditional ultrasound is unaffordable.
Investor focus	Investors track TransMedics's OCS device revenue (per-procedure fees for heart, lung, and liver OCS systems), the national OCS program revenue (logistics and procurement services), transplant program adoption of OCS over cold static storage, and the clinical evidence supporting expanded organ utilization (using previously discarded organs enabled by OCS).	Investors track Butterfly's revenue growth (device sales and subscription software), gross margin trajectory as manufacturing scales, the expansion of point-of-care ultrasound use cases (emergency medicine, primary care, telemedicine), and the potential to democratize ultrasound globally in cost-constrained settings.

TMDX strengths

→OCS dramatically extends organ viability and enables donor pool expansion — OCS systems allow hearts to be transported longer distances (from more distant donors) and may enable use of organs previously deemed too marginal for cold static storage; expanded donor pool could significantly increase transplant volumes
→National OCS program creates a high-value services revenue stream — TransMedics's logistics program (coordinating organ procurement, transportation, and OCS management) provides recurring revenue beyond device sales; logistics infrastructure creates switching costs
→Unmet need in organ transplantation is enormous — approximately 100,000 people await kidney, liver, heart, and lung transplants in the U.S.; approximately 6,000 patients die annually waiting for transplants; technology enabling more and better-quality transplants addresses a profound unmet need

BFLY strengths

→Semiconductor-based ultrasound chip is potentially cost-disruptive versus traditional piezoelectric transducers — if Butterfly's USIC chip can be manufactured at semiconductor scale costs, the long-term manufacturing cost of portable ultrasound could drop dramatically; current iQ+ pricing is competitive vs. traditional portable ultrasound
→Single-probe all-organ capability provides workflow simplicity — traditional ultrasound requires multiple probes (cardiac probe, linear probe for veins, curvilinear probe for abdomen); the iQ+'s semiconductor chip can adjust frequency electronically, providing all-body imaging with one probe
→Software and AI integration enables non-expert ultrasound at the point of care — Butterfly's cloud-connected platform with AI guidance (Butterfly iQ+ with AI-assisted cardiac and lung detection) enables less-trained clinicians (nurses, non-specialist physicians) to perform basic ultrasound examinations previously requiring specialized training

Risks to watch — TMDX

→High per-procedure cost may limit broad adoption — OCS systems are expensive; hospital transplant programs must justify the incremental cost versus cold static storage for each procedure; reimbursement coverage for OCS must support adoption
→Single-product company with concentrated transplant center customer base — TransMedics depends on a relatively small number of major transplant centers (approximately 200 U.S. programs, with larger centers representing disproportionate volume); customer concentration creates revenue dependency risk
→Competition from XVIVO Perfusion and Paragonix Technologies — XVIVO and Paragonix offer alternative organ perfusion systems for lungs and hearts; competition in each organ category limits TransMedics's pricing power

Risks to watch — BFLY

→Revenue growth has been challenging — Butterfly has struggled to grow device revenue despite compelling technology; competition from GE Healthcare, Philips, and Fujifilm with established portable ultrasound products has limited Butterfly's market penetration
→USIC chip technology has not yet achieved the cost reduction needed for full mass-market deployment — at current pricing, iQ+ is competitive but not dramatically cheaper than other portable ultrasounds; the full semiconductor-scale cost reduction thesis remains to be proven at volume
→Subscription software model requires recurring customer commitment — Butterfly charges an annual software subscription for its imaging platform and AI features; converting device buyers into long-term subscribers with consistent renewal rates has been a commercial execution challenge

Frequently asked questions

Traditional organ preservation (cold static storage): donor organs are flushed with preservation solution and packed in ice; cold temperature slows cellular metabolism and extends viability; limitations: hearts can only be preserved 4-6 hours (limiting geographic reach of procurement); livers 12-24 hours; lungs 6-8 hours; cold ischemia causes cellular injury that accumulates over time; organs from older or marginal donors (donation after circulatory death — DCD donors) tolerate cold ischemia poorly and may be discarded as unusable. OCS warm machine perfusion: OCS maintains the organ in a portable device that pumps oxygenated blood (or preservation solution) through the organ at physiological temperature; the organ continues to metabolize, consume oxygen, and produce metabolic byproducts; OCS includes monitoring of organ function (flow, pressure, oxygen consumption, bile production for livers) allowing real-time quality assessment; warm perfusion extends viable transport time and reduces ischemic injury. Clinical advantages: OCS Heart can enable cardiac transplant from donors 1,000+ miles away (previously 4-6 hour geographic radius); DCD donor hearts (donation after circulatory death — previously rarely used for hearts) become viable with OCS assessment and perfusion; OCS Liver can resuscitate marginal livers that would fail with cold storage; liver OCS enables DCD livers to be assessed and potentially 'reconditioned' before transplant.

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