BURLINGTON, Mass. & NEW YORK - Butterfly Network, Inc. (NYSE: NYSE:BFLY), a digital health company, announced today the commercial availability of its latest handheld ultrasound system, Butterfly iQ3. The device, which received FDA clearance last month, features the company's most advanced semiconductor chip to date, promising to deliver superior image quality and faster processing for 3D imaging.
Butterfly iQ3 is touted to offer best-in-class, high-resolution imaging with double the processing power of its predecessor, the Butterfly iQ+. The new model comes with a novel "no focus" rubber lens that is intended to simplify the identification of anatomy and observation of small structures, which could lead to more confident diagnostic decisions.
The device introduces two new 3D imaging capabilities: iQ Slice and iQ Fan. iQ Slice allows for automatic, sequential ultrasound capture, while iQ Fan aids in visualizing lung conditions without manual probe fanning. These features aim to streamline the imaging process for healthcare providers.
In terms of design, the Butterfly iQ3 is smaller and lighter than previous models, with a 17% smaller probe face and a 7% shorter probe. This design is meant to ease physical strain on users and improve scanning precision. Additionally, the device features three configurable buttons, faster charging, and extended thermal run time.
Butterfly Network's collaboration with Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM) has been instrumental in the development of the P4.3 chip that powers the Butterfly iQ3. This partnership has focused on advancing ultrasound imaging through innovative CMOS-MEMS integration.
The Butterfly iQ3 is now available for healthcare providers in the United States for $3,899 plus membership. The release aligns with the company's mission to democratize medical imaging by making ultrasound technology more accessible and connected, including to regions where ultrasound is not widely available.
This announcement is based on a press release statement and follows Butterfly's introduction of ScanLab, an AI-powered educational application for ultrasound scanning practice, compatible with all Butterfly devices.
InvestingPro Insights
As Butterfly Network, Inc. (NYSE: BFLY) launches its latest innovation, the Butterfly iQ3, investors are closely monitoring the company's financial health and market performance. Here are some key insights based on real-time data from InvestingPro and InvestingPro Tips:
InvestingPro Data highlights a market capitalization of $211.27M, indicating the size and scale of the company in the digital health sector. Despite the technological advancements, the company's P/E ratio stands at -1.96 for the last twelve months as of Q1 2023, underscoring that Butterfly Network is not currently profitable. The revenue growth has also seen a decline of 6.85% over the same period, which may concern investors looking for growth opportunities.
InvestingPro Tips provide additional context to the data. While Butterfly Network holds more cash than debt, which is a positive sign of liquidity, the company is quickly burning through cash. This rapid cash burn could be a point of consideration for investors, especially in a competitive market. Additionally, analysts do not anticipate the company will be profitable this year, aligning with the negative P/E ratio observed.
It's also notable that the stock price movements are quite volatile, which could either represent a risk or an opportunity for traders depending on their investment strategy. Despite a significant return over the last week, the stock has taken a big hit over the last six months, highlighting the importance of monitoring market trends closely.
Investors interested in a deeper dive into Butterfly Network can find more InvestingPro Tips on https://www.investing.com/pro/BFLY. For those considering an InvestingPro subscription, use the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are a total of 10 InvestingPro Tips available that could provide further insights into Butterfly Network's financial and market performance.
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