BFLY shares were up more than 23% to $1.25 apiece on the news. MassDevice‘s MedTech 100 Index was up more than 1%.

The Butterfly iQ3 point-of-care ultrasound (POCUS) system marks the third iteration of the company’s technology. Burlington, Massachusetts- based Butterfly develops semiconductor-based, single-probe, whole-body ultrasound technology. iQ3 features a brand-new ergonomic design and provides double the data processing speed compared to previous generations.

According to a news release, the new system optimizes image resolution, sensitivity and penetration. It also enables faster 3D capabilities to power novel, automated image capture modes called iQ Slice and iQ Fan.