Shares of digital health solutions provider Butterfly Network (NYSE:BFLY) are soaring higher today after the U.S. Food and Drug Administration (FDA) gave a 510(K) clearance for the company’s AI-enabled Auto B-line Counter.
The solution utilizes deep learning to provide a B-line count based on six seconds of ultrasound, helping in the assessment of abnormal lung conditions. The company’s data collection protocol taps more than 3.5 million ultrasound images to train its algorithms.
Importantly, the solution promises to help detect, diagnose, and treat cardiovascular conditions faster. Cardiovascular diseases lead to about 18 million fatalities annually globally. The counter is anticipated to be launched in the U.S. in early summer.
Today’s price gains come after a 61% drop in BFLY shares over the past year.
Read full Disclosure