Butterfly Network, Inc. · NYSE:BFLY
Butterfly Network — SPAC Merger (November 2020)
26 slides from Butterfly Network's SPAC merger presentation, Nov 20, 2020
Slide 1: Investor Presentation November 2020
Investor Presentation November 2020 Strictly Confidential
Slide 2: Disclaimer
Confidential — Not for Distribution Disclaimer 2 This presentation is being furnished solely for the purpose of considering a potential transaction involving Longview Acquisi tio n Corp. (“Longview”) and Butterfly Network, Inc. (the “Company”). By accepting this presentation, the recipient acknowled
Slide 3: Disclaimer (cont.)
Confidential — Not for Distribution Disclaimer (cont.) Longview has retained UBS Securities LLC as placement agent (together with its affiliates, partners, directors, agents, emplo yee s, representatives, and controlling persons, the “Placement Agent”) on a potential transaction to which this docume
Slide 4: Butterfly and Longview overview
Confidential — Not for Distribution • Butterfly Network, Inc. (“Butterfly”) is the inventor / pioneer in the emerging field of semiconductor - based point - of - care ultrasound (“POCUS”) devices and related imaging and workflow software ₋ Founded in 2011 by visionary innovator Jonathan Rothberg (45
Slide 5: Transaction Overview
Confidential — Not for Distribution Transaction Overview Sources, uses and pro forma ownership Sources Butterfly Rollover Equity $1,293.8 Longview Cash Held in Trust 414.0 1 PIPE Investment 175.0 Total Sources $1,882.8 2 Uses Equity Consideration to Existing Investors $1,293.8 Cash to Balance Sheet
Slide 6: Today's Presenters
Confidential — Not for Distribution Today’s Presenters Larry Robbins Chairman Longview Acquisition Corp. • CEO and Founder of Glenview Capital Management • Board Chair: KIPP NY Inc., Board Member Robin Hood Foundation, Zearn , Relay GSE • Previously served as Partner at Omega Advisors, and Associate
Slide 7: Executive Summary
Confidential — Not for Distribution Executive Summary A unique investment in a dynamic Med - Tech environment • Driven by the vision of an innovative founder . . . • Butterfly developed and introduced a revolutionary product . . . • With a breakthrough technology putting ultrasound on a semiconducto
Slide 8: Driven by the Vision of an Innovative Founder
Confidential — Not for Distribution Driven by the Vision of an Innovative Founder Dr. Jonathan Rothberg, Founder and Chairman, has dedicated his career to enabling breakthrough technologies to revolutionize healthcare 8 Dr. Jonathan M. Rothberg Chairman and Founder Select Awards Education ▪ M.S., Bi
Slide 9: Butterfly Developed and Introduced a Revolutionary Product
Confidential — Not for Distribution Butterfly Developed and Introduced a Revolutionary Product Healthcare Breakthrough Award: Not Impossible Award Winner 9 2 https://www.youtube.com/watch?v=lgoNgY71AK4
Slide 10: Butterfly Developed and Introduced a Revolutionary Product (cont.)
Confidential — Not for Distribution Butterfly Developed and Introduced a Revolutionary Product (cont.) A technology to democratize healthcare 71 Net Promoter Score 1 25K+ Healthcare Practitioner Users 10M+ Images Stored 65% ’19 - ’24E Revenue CAGR 115% ’19 - ’24E Software Revenue CAGR 700+ Patents a
Slide 11: Powered by semis, empowered by AI
Confidential — Not for Distribution Butterfly Developed and Introduced a Revolutionary Product (cont.) Powered by semis, empowered by AI Butterfly’s software harnesses Artificial Intelligence (“AI”) to drive ease - of - use for image acquisition, improve analysis, guide and educate practitioners, an
Slide 12: Breakthrough Technology Putting Ultrasound on a Semiconductor Chip
Confidential — Not for Distribution 12 With a Breakthrough Technology Putting Ultrasound on a Semiconducter Chip Semiconductors revolutionized the consumer imaging market twenty years ago and should revolutionize medical imaging for the coming decades. Butterfly’s IP platform, partnerships and eight
Slide 13: Breakthrough Technology Putting Ultrasound on a Semiconductor Chip
Confidential — Not for Distribution 13 With a Breakthrough Technology Putting Ultrasound on a Semiconducter Chip Butterfly has established a significant moat comprised of R&D, IP, trade secrets, and manufacturing Research & Development Intellectual Property Trade Secrets Manufacturing • 200+ Issued
Slide 14: Pursuing Ubiquity Through Simplicity and Affordability
Confidential — Not for Distribution Pursuing Ubiquity Through Simplicity and Affordability For under $3 per day, healthcare practitioners can substantially improve care while simultaneously benefiting from a powerful set of value - added propositions 4 x Wellness monitoring x Imaging where previousl
Slide 15: Pursuing Ubiquity Through Simplicity and Affordability (cont.)
Confidential — Not for Distribution Pursuing Ubiquity Through Simplicity and Affordability (cont.) Butterfly iQ is disrupting the incumbent ultrasound market with an unmatched combination of quality, innovation, simplicity, and affordability Legacy Cart - Based Incumbents Point - of - Care / Handhel
Slide 16: Addressing an Unmet Need
Confidential — Not for Distribution Addressing an Unmet Need Breaking through the barriers of conventional ultrasound systems ▪ Traditional cart - based devices within the $8B global ultrasound market are often prohibitively expensive and come with burdensome maintenance / service contracts Ultrasou
Slide 17: Addressing an Unmet Need (cont.)
Confidential — Not for Distribution Addressing an Unmet Need (cont.) Expanding beyond the barriers of institutional settings creates breakthrough economics and growth potential … in addition to expanding access to care in numerous new greenfield care settings Imaging Centers Hospital Sources: 1. GE
Slide 18: Disrupting a Large and Expanding Total Addressable Market
Confidential — Not for Distribution Disrupting a Large and Expanding Total Addressable Market Focus on expansion into new settings beyond ultrasound with large addressable populations Sources: 1. Per WHO World Health Report Global Medical Doctors 2. Comprised of Anesthesiologists, Primary Care Physi
Slide 19: Aligned with and Enabling Healthcare's Mega-Trends
Confidential — Not for Distribution 19 Aligned with and Enabling Healthcare’s Mega - Trends Butterfly is uniquely positioned to disrupt healthcare and democratize medical imaging 7 Universal Affordability Collaboration Through the Cloud Value - Based Care Harnessing AI / Big Data Disruptive Medical
Slide 20: Fortified by an Experienced Partner
Confidential — Not for Distribution Fortified by an Experienced Partner Longview Acquisition Corp. • Longview is sponsored by an affiliate of Glenview Capital Management, a registered investment adviser • Glenview brings extensive public market experience in the healthcare industry with a long - ter
Slide 21: Enabling a Logical, Advantaged Product Roadmap
Confidential — Not for Distribution Enabling a Logical, Advantaged Product Roadmap Our story of innovation only starts with Butterfly iQ 9 21 2018 2020 2021 2022 2023 2024+ Butterfly iQ Butterfly iQ+ Butterfly iQ + at Home Gen3 Butterfly Probe Gen4 Butterfly Probe Wearable in the Home Innovation fro
Slide 22: Strong Initial Market Adoption, Excitement and Momentum
Confidential — Not for Distribution With Strong Initial Market Adoption, Excitement and Momentum (cont.) Butterfly has substantial growth potential across multiple end - markets 2020E 2024E $44mm $334mm Device & Accessories 1 Software iQ Commercial Plans Scale sales and marketing Execute on enterpri
Slide 23: Robust revenue growth with roadmap to compelling margin profile
Confidential — Not for Distribution With Strong Initial Market Adoption, Excitement and Momentum (cont.) Robust revenue growth with roadmap to compelling margin profile Revenue ($ millions) 9 23 IQ vs. Wearables Wearables Conservatively 0% of 2022 Revenue , 5% of 2023 Revenue, and 10% of 2024 Revenu
Slide 24: Brought to the Public at an Attractive Valuation
Confidential — Not for Distribution EV/Revenue 2022E 1 Revenue CAGR 2020 - 2022E 1 High Growth MedTech 14.0x 34% Software - as - a - Service 13.1x 27% Disruptive Technologies 20.2x 45% Butterfly 10.6x 77% Brought to the Public at an Attractive Valuation Merger price established at a comfortable disc
Slide 25: Supported by a Clear Mission and Fully Committed Team
Confidential — Not for Distribution Supported by a Clear Mission and Fully Committed Team Butterfly’s team shares a common mission 12 25 Our mission is to bring medical imaging to everyone “Our mission is to democratize healthcare by making medical imaging accessible to everyone around the world.” J
Slide 26: Supported by a Clear Mission and Fully Committed Team (cont.)
Confidential — Not for Distribution Supported by a Clear Mission and Fully Committed Team (cont.) Zero selling shareholders in the transaction Visionary Leadership Strong Support Team $400mm+ of Total Funding Gioel Molinari President / Product & Software Stephanie Fielding Finance Jan Grimm Sales Da