12 Best Multibagger Penny Stocks to Buy Now

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

Stock Performance Over Last Year: 330.68%

Number of Hedge Fund Holders: 15

Share Price as of February 5: $4.50

Butterfly Network, Inc. (NYSE:BFLY) is a digital health company revolutionizing medical imaging. Its flagship product is the Butterfly iQ3, a portable, semiconductor-based ultrasound technology. This represents the third generation of the company’s innovative handheld ultrasound system.

The company’s preliminary Q4 2024 revenue grew approximately 35% year over year. This momentum is likely to be sustained, especially after Butterfly Network and its associates recently revealed that point-of-care ultrasound (POCUS) reduces hospital stays for patients. The efficiency gains translate to substantial cost savings, with some patients experiencing up to 50% reduction in healthcare costs. As healthcare systems increasingly adopt POCUS to improve patient outcomes and reduce costs, Butterfly Network is poised to benefit from this growing market demand.

Furthermore, the company has moved to strengthen its financial position. It recently secured $75.6 million through a public offering of 24 million shares at $3.15 per share. This capital injection will accelerate product development and commercialization efforts. The timing is particularly strategic as Butterfly’s iQ3 device just earned Best Medical Technology at the 2024 Prix Galien USA Awards, further validating its innovative approach to healthcare technology.

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