Butterfly Network Powers New Full-Body Scanner, Shares Surge 56% on $74M Deal
BFLY•Butterfly Network's ultrasound-on-chip modules power Midjourney Medical's new full-body scanner, driving Butterfly Network shares up 56% and marking their best trading day ever. The co-development deal could yield up to $74 million in payments over five years as future scanner versions scale imaging capacity.
1. Partnership and Technology
Butterfly Network is providing 40 proprietary Ultrasound-on-Chip modules for Midjourney Medical's full-body scanner prototype, which aims to produce MRI-like whole-body images in about 60 seconds. Midjourney plans to scale the platform by adding substantially more imaging modules and processing terabytes of ultrasonic data with AI and high-performance computing.
2. Financial Terms
Under the co-development agreement, Butterfly Network stands to receive up to $74 million in payments over five years as the scanner platform scales and commercial launches occur. This revenue stream is expected to support Butterfly's imaging module production and drive its commercial roadmap.
3. Market Reaction
Butterfly Network shares jumped 56%, marking the company's best trading day ever after unveiling the partnership, while trades remain up in overnight sessions. Investor interest spiked following public praise from a notable hedge fund manager, highlighting the partnership's potential to democratize advanced health imaging.
