Results of the measurements of sound speed and attenuation in a bubbly medium are reported. Monodisperse bubble solutions are sonicated with broadband ultrasound pulses with pressure amplitudes ranging between 12.5-100 kPa. Fundamental relationships between the frequency dependent attenuation, sound speed and pressure are established. A new model for the estimation of sound speed and attenuation is derived that incorporates the effect of nonlinear bubble oscillations on the wave propagation in the bubbly media. Model predictions are in good agreement with experimental results. PACS numbers: 43.25.Yw, 43.35.Bf, 43.35.Ei Acoustically excited microbubbles (MBs) are present in a wide range of phenomena; they have applications in sonochemistry [1]; oceanography and underwater acoustics [2, 3]; material science [4], sonoluminescence [5] and in medicine [6][7][8][9][10][11][12]. Due to their broad and exciting biomedical applications, it has been stated that˝The future of medicine is bubbles˝ [12]. MBs are used in ultrasound molecular imaging [6,7] and recently have been used for the non-invasive imaging of the brain microvasculature [7]. MBs are being investigated for site-specific enhanced drug delivery [8][9][10][11] and for the non-invasive treatment of brain pathologies (by transiently opening the impermeable blood-brain barrier (BBB) to deliver macromolecules [9]; with the first in human clinical BBB opening reported in 2016 [8]). However several factors limit our understanding of MB dynamics which consequently hinder our ability to optimally employ MBs in these applications. The MB dynamics are nonlinear and chaotic [13][14][15]; furthermore, the typical lipid shell coatings add to the complexity of the MBs dynamics due to the nonlinear behavior of the shell (e.g., buckling and rupture [16]). Importantly, the presence of MBs changes the sound speed and attenuation of the medium [17][18][19][20][21]. These changes are highly nonlinear and depend on the MB nonlinear oscillations which in turn depend on the ultrasound pressure and frequency, MB size and shell characteristics [17][18][19][20]. The increased attenuation due to the presence of MBs in the beam path may limit the pressure at the target location. This phenomenon is called pre-focal shielding (shadowing) [21,22]. Additionally, changes in the sound speed can change the position and dimensions of the focal region; thus, reducing the accuracy of focal placement (e.g., for targeted drug delivery). In imaging applications, MBs can limit imaging in depth due to the shadowing caused by prefocal MBs [21,22]. In sonochemistry, changes in the attenuation and sound speed impact the pressure distribution inside the reactors and reduces the procedure efficacy [23]. An accurate estimation of the pressure dependent atten-uation and sound speed in bubbly media remains one of the unsolved problems in acoustics [24]. Most current models are based on linear approximations which are only valid for small amplitude MB oscillations [17]. Linear approximations, however, are no...