10 Best Multibagger Penny Stocks to Buy According to Billionaires

6. Butterfly Network, Inc. (NYSE:BFLY)

Number of Billionaire Holders: 7

1-Year Gain as of April 21: 225%

Share Price as of April 21: $2.34

Butterfly Network, Inc. (NYSE:BFLY) is a healthcare company that develops and markets affordable, accessible medical imaging tools. Its core technology is the “Ultrasound-on-Chip™” enabling the creation of a single-probe, whole-body ultrasound system. The stock has rallied by 225% over the past year amid growing expectations that robust revenue growth will propel it to profitability. On March 17, William Blair initiated coverage of the stock with an Outperform recommendation.

Butterfly Network, Inc. (NYSE:BFLY) delivered record revenue of $22.4 million in Q4 2024, representing 35% year-over-year growth. Butterfly Network’s transition to the more profitable iQ3 device was the catalyst behind product revenue increasing 45% year-over-year. It also successfully reduced its net loss by 59% to $18.1 million. Butterfly Network has laid up strategic plans to meet long-term financial goals. These include achieving a $500 million revenue goal in five years and cash flow breakeven by 2027.

One of these strategic moves is establishing a new company, Octiv, to market ultrasound technology in new industries. With $92.8 million in cash, the company remains in a strong financial position to invest in key growth strategies.