Butterfly Network is a digital health company that specializes in ultrasound imaging. A case study from Amazon Web Services points out the company’s differentiating factor. “Butterfly iQ offers ease of use, leveraging artificial intelligence for an intuitive ultrasound experience.” Furthermore, the ultrasound device is of the size of a smartphone and is 80% less expensive than previous portable devices.
For Q1 2021, the company reported revenue of $12.4 million, which was higher by 43.5% on a year-on-year basis. Butterfly is already expanding its footprint in the cosmetic and plastic surgery market. In addition, the company has launched iQ Vet, which is for the global Veterinary Imaging opportunity. The company believes that the addressable market for iQ Vet is $450 million by fiscal year 20215.
There are ample growth opportunities. The company expects to clock revenue of $78 million for FY2021. With an extensive global addressable market and top-line solid growth, BFLY stock seems attractive at current levels.