TD Cowen Reiterates a Buy Rating on Butterfly Network (BFLY), Sets a PT of $3.50

Butterfly Network, Inc. (NYSE:BFLY) is one of the best medical device stocks to buy according to analystsOn August 1, analyst Josh Jennings from TD Cowen reiterated a Buy rating on Butterfly Network, Inc. (NYSE:BFLY), setting a $3.50 price target.

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

A doctor looking at a ultrasound system with a Compass software interface, demonstrating the sophistication of the device.

The analyst told investors in a research note that Butterfly Network, Inc. (NYSE:BFLY) attained record quarterly revenue and gross margin in Q2 despite a challenging macro environment affecting sales cycles and enterprise deals.

Butterfly Network, Inc. (NYSE:BFLY) reported $23.4 million in revenue for the quarter, reflecting a 9% year-over-year growth. The growth was attributed to international market expansion and higher average selling prices.

The analyst further reasoned that Butterfly Network, Inc. (NYSE:BFLY) underwent an 18% growth in gross profit compared to last year, resulting in a record high gross margin of 63.7%.

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 Ultrasound-on-Chip technology powers both technologies, allowing them to undertake whole-body imaging on a single handheld probe through digital semiconductor technology.

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