Digital Health Company Butterfly Network Shares Up: What's Going On?

Butterfly Network Inc BFLY shares are trading higher after the company said it sees higher-than-expected FY23 revenue and profits.

The company expects to exceed FY23 revenue and adjusted EBITDA loss guidance of at least $64 million (vs. consensus: $64.54 million) and $(75) million – $(70) million.

The company plans to launch a handheld ultrasound system, Butterfly iQ3, in Q1 2024, as it got FDA clearance this week.

The new device is BFLY’s third iteration of the world’s first semiconductor-based single-probe, whole-body ultrasound system. 

“Four days ago, we announced that we received FDA clearance for our third-generation device, Butterfly iQ3,” Butterfly president and CEO Joseph DeVivo said. “The power in this device is equivalent to 20,000 4K movies running simultaneously. It allows us to not only get tremendous imaging, but also do calculations and develop new tools, like iQ Slice, that transform how ultrasound is captured.”

Price Action: BFLY shares are up 7.34% at $1.1700 premarket on the last check Friday.

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