Craig-Hallum Maintains a Buy on Butterfly Network (BFLY)

Butterfly Network, Inc. (NYSE:BFLY) is one of the best long-term penny stocks to invest in. On December 8, Craig-Hallum analyst Chase Knickerbocker maintained a Buy rating on Butterfly Network, Inc. (NYSE:BFLY) without assigning a price target.

Is Butterfly Network, Inc. (BFLY) the Best Multibagger Penny Stock to Buy According to Billionaires?

In a separate development, Butterfly Network, Inc. (NYSE:BFLY) announced the launch of Compass AI™ on November 17. Powered by AI, Compass AI is the latest generation of its enterprise software platform specialized to trim workflow friction and support revenue-ready and scalable point-of-care ultrasound (POCUS) programs for health systems.

Management stated that Compass AI replaces the radiology-style, order-based workflows with an AI-enhanced, encounter-based workflow built for POCUS, allowing up to 94% documentation compliance rates in comparison with the about 15% compliant studies captured by traditional workflows. Compass AI thus allows translating it into as much as five times higher revenue, all from the same clinical volume.

Butterfly Network, Inc. (NYSE:BFLY) also reported Compass AI’s use beyond documentation, stating that it works across departments and ultrasound devices to turn POCUS from a set of siloed tools into a coordinated imaging service, allowing health systems the governance and visibility necessary to scale. Administrators can also track usage, quality, credentialing, and potential ROI, bolstering compliance, profitability, and care quality in real time.

Butterfly Network (NYSE:BFLY) is a digital health company specializing in transforming care through intuitive software, semiconductor-based ultrasound technology, services, and educational offerings. The company has two portable ultrasound devices on the market: the third-generation Butterfly iQ3 and  the second-generation Butterfly iQ+. The company also offers cloud-based software solutions to in-app educational tutorials, healthcare systems, formal education programs (through the Butterfly certified courses and Butterfly Academy software), and teleguidance. It also offers professional services for large-scale deployments.

While we acknowledge the potential of BFLY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BFLY and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.