A Strong Forecast Prompts Growth

Butterfly Network Inc BFLY shares are trading higher after the company revealed its optimistic outlook for FY23 revenue and profits, surpassing previous consensus estimates.

The company has projected that it will exceed FY23 revenue and adjusted EBITDA loss guidance of at least $64 million, compared to the previous consensus of $64.54 million, and $(75) million – $(70) million.

Revolutionary Product Launch

In addition, Butterfly Network intends to introduce a handheld ultrasound system, Butterfly iQ3, in Q1 2024, after obtaining FDA clearance this week.

The Butterfly iQ3 marks the company’s third iteration of the world’s first semiconductor-based single-probe, whole-body ultrasound system.

Butterfly president and CEO Joseph DeVivo expressed enthusiasm, stating, “Four days ago, we announced that we received FDA clearance for our third-generation device, Butterfly iQ3. 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.”

Market Response

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