On Tuesday, Oppenheimer maintained its Outperform rating for Butterfly Network stock (NYSE:BFLY), with a steady price target of $3.75 following the company's investor day event held on March 18, 2024. The firm highlighted Butterfly Network's research and development efforts and strategic plans presented during the event.
Management at Butterfly Network showcased its latest technological advancements, including the iQ3 handheld ultrasound device. This new product is considered to be comparable to current piezoelectric handheld ultrasound devices. Butterfly Network's focus is now on narrowing the performance gap between handheld systems and more traditional cart-based ultrasound systems, offering similar capabilities at a lower cost.
The company is developing its 4th Generation P5 chip, which is expected to deliver image quality that rivals low to medium-end cart-based systems. Additionally, the upcoming 5th Generation Apollo chip is anticipated to match the performance of high-end cart systems. These advancements are coupled with the introduction of new features and artificial intelligence-driven digital tools.
Butterfly Network is also exploring different product form factors, including wearable devices, miniaturized probes, and probes designed for self-scanning applications. These innovations are part of the company's broader strategy to expand the applications of its ultrasound-on-a-chip technology, initially aimed at point-of-care ultrasound (POCUS) and potentially extending to diagnostic uses in the future.
The company has set financial goals to achieve cash flow break-even by 2027 and aims to reach a revenue target of $500 million by 2030. Oppenheimer's continued support for Butterfly Network stems from their belief in the long-term competitive advantages of the company's ultrasound-on-a-chip technology.
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