BFLY - Healthcare Shares Bid Up Following FDA Approval Announcement

2023-04-04 09:44:42 ET

A Massachusetts-based %Healthcare company is turning heads prior to Tuesday’s opening bell after it was announced that US Food and drug Administration (FDA) has approved its artificial intelligence-enabled Auto B-line Counter for use in evaluating adults with suspected diminished lung function, according to the release.

This news got traders all sorts of excited as they’re currently bidding shares of %ButterflyNetwork (NYSE: ) up at $2.29/share (+22.46% implied open for sellers). This move will be a breath of fresh air for long-term shareholders who have been riding the multi month downtrend.

Butterfly Network Inc is a digital health business transforming care with handheld, whole-body ultrasound. Powered by its proprietary Ultrasound-on-Chip technology, its solution enables the acquisition of imaging information from an affordable, powerful device that fits in a healthcare professional's pocket with a combination of cloud-connected software and hardware technology that is easily accessed through a mobile application. Butterfly enables the practical application of ultrasound information in the clinical workflow. Butterfly iQ+ is an ultrasound device that can perform whole-body imaging in a single handheld probe using semiconductor technology. With its small, handheld size, low cost, and simple user interface.