What does the Fairy Bottle item do?

[XDaDePsak]

There's an item that's a pink fairy in a bottle, from The Legend of Zelda.

Only problem is I have no idea what it does. I can throw it and it does some mild damage, but is that it?

It doesn't grant you extra lives or do anything special besides just being a brick to throw at people?

 

[Manzeln]

I think it only heals you if you have more than 100% damage.

 

[Hank Scorpio]

I think it only heals you if you have more than 100% damage.

^This...if you're under 100% it just acts like a object that you can throw at your opponent.