Butterfly Network, Inc. · NYSE:BFLY
Butterfly Network — SPAC Merger (November 2020)
38 slides from Butterfly Network's SPAC merger presentation, Nov 20, 2020
Slide 1: Investor Presentation
Investor Presentation 1 November 20, 2020
Slide 2: Disclaimer
Confidential — Not for Distribution Disclaimer 2 © 2020 Butterfly Network, Inc. This presentation is for information purposes only to assist interested parties in making their own evaluation with respect to t he proposed business combination (the “Business Combination”) between Butterfly Network, In
Slide 3: Disclaimer (cont.)
Confidential — Not for Distribution Disclaimer (cont.) 3 © 2020 Butterfly Network, Inc. 3 Important Information About the Business Combination and Where to Find It In connection with the proposed Business Combination, Longview intends to file with the Securities and Exchange Commission (t he “SEC”)
Slide 4: Today's Speakers
Confidential — Not for Distribution Today’s Speakers 4 Larry Robbins Chairman Longview Acquisition Corp. Dr. Jonathan R. Rothberg Founder & Chairman Butterfly Network Merger & Investment Vision & Future Development Dr. John Martin Chief Medical Officer Butterfly Network Clinical Overview Gioel Molin
Slide 5: Merger & Investment
5 Merger & Investment
Slide 6: The Story of Butterfly
Confidential — Not for Distribution 6 The Story of Butterfly • Driven by the vision of an innovative founder • Butterfly developed and introduced a revolutionary product • With a breakthrough technology putting ultrasound on a semiconductor chip • Pursuing ubiquity through simplicity and affordabili
Slide 7: 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 ultra sound (“POCUS”) devices and related imaging and workflow software ₋ Founded in 2011 by visionary innovator Jonathan Rothberg (4
Slide 8: Transaction Overview
Confidential — Not for Distribution Transaction Overview Sources, uses and pro forma ownership 1. Assumes no redemptions 2. Excludes the Forward Purchase Agreement (FPA) provided by funds managed by Glenview Capital Management. Such FPA provides fo r t he purchase of common stock at $10 per share in
Slide 9: Investment Case Summary
Confidential — Not for Distribution 9 Investment Case Summary A unique investment in a dynamic Med - Tech environment Our investment case is clear: • Butterfly attacks a large, $8 billion addressable market and expands it materially by meaningfully growing each of the following: points of care, geog
Slide 10: Vision
© 2020 Butterfly Network, Inc. 10 Vision 10
Slide 11: Driven by the Vision of an Innovative Founder
7 C - Corps 400+ team members >$750M raised TODAY Dr. Jonathan Rothberg invents next - gen DNA sequencing & wins Presidential Medal of Tech & Innovation 11 4Catalyzer and Butterfly Network are founded 2011 - 2020 2000 - 2011 Driven by the Vision of an Innovative Founder Dr. Jonathan Rothberg PhD, Fo
Slide 12: Clinical video
Confidential — Not for Distribution 12 Clinical video © 2020 Butterfly Network, Inc.
Slide 13: Clinical Overview
13 Clinical Overview
Slide 14: Addressing an Unmet Need
Addressing an Unmet Need Breaking through the barriers of conventional ultrasound systems Ultrasound usage today has been constrained by high upfront system cost, limited access, and suboptimal convenience. 14 Medical Professionals’ and Patients’ Needs Ubiquity Mobility Affordability Ease - of - use
Slide 15: The Opportunity is Immense and Meaningful
of diagnostic dilemmas can be addressed through simple imaging The Opportunity is Immense and Meaningful Improving healthcare access and delivery is critical 15 of the world has no access to medical imaging 1 1. Per World Health Organization applied to current world population
Slide 16: Use-Cases: Ultrasound is Safe with Broad Applications
Use - Cases: Ultrasound is Safe with Broad Applications 16 Ultrasound Broad Clinical Utilities 16 Lung Cardiac Bladder Needle Viz™ Vascular Access
Slide 17: Expanding Access to Care Beyond Traditional Imaging Settings
Confidential — Not for Distribution Expanding Access to Care Beyond Traditional Imaging Settings New settings closer to patients create breakthrough economics and growth potential … in addition to expanding access to care in numerous new settings Imaging Centers Hospital Sources: 1. GE Healthcare In
Slide 18: Increasing Demand for Point-of-Care (POCUS) Education
Confidential — Not for Distribution Increasing Demand for Point - of - Care (POCUS) Education 18 Protocol 1 Sensitivity Specificity Training Requirement Evaluation for left ventricular systolic function (compared with expert sonography) 69% - 94% 91% - 94% 8 hours of training or 20 practice exams Ev
Slide 19: Technology
19 Technology 19
Slide 20: Butterfly Demo
Butterfly Demo 20
Slide 21: Empowered by AI: A Revolutionary Imaging Solution
Confidential — Not for Distribution 21 © 2020 Butterfly Network, Inc. Empowered by AI A Revolutionary Imaging Solution of Hardware & Software Powered by Ultrasound - on - Chip™
Slide 22: Open Imaging Ecosystem: Devices, Content, SaaS
Confidential — Not for Distribution Open Imaging Ecosystem: Devices, Content, SaaS 22 Software Services Image Storage (PACS) & Collaboration Enterprise Workflow & Analytics Telemedicine Educational Community AI Collective Intelligence Powered AI Content Hardware Assistance and Interpretation Apps De
Slide 23: A Logical, Advantaged, Expected Product Roadmap
Confidential — Not for Distribution 23 A Logical, Advantaged, Expected Product Roadmap Our story of innovation only started with Butterfly iQ 2023 iQ Launched in 2018 Gen3 Probe Gen4 Probe Wearable In - Home iQ+ iQ in the Home 2022 2021 2020 2018 2024+ “Butterfly Labs” Innovation
Slide 24: Business Overview
ae Business e Overview ._-
Slide 25: Disrupting a Large and Expanding Total Addressable Market
Disrupting a Large and Expanding Total Addressable Market Focus on expansion into new settings beyond legacy market with large addressable populations Sources: 1. Per WHO World Health Report Global Medical Doctors 2. Comprised of Anesthesiologists, Primary Care Physicians, Medical Schools, Emergency
Slide 26: The Time for Butterfly to Transform Healthcare is Now
Confidential — Not for Distribution The Time for Butterfly to Transform Healthcare is Now 26 Macro Trends Tailwinds Aging Population Chronic Disease Proliferation Move from Hospital to Home Settings Wellness Monitoring Big Data / AI to Empower Decisions Value - Based Care Adoption POCUS in Medical E
Slide 27: 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 legacy market with large addressable populations Sources: 1. Per WHO World Health Report Global Medical Doctors 2. Comprised of Anesthesiologists, Primary Care Ph
Slide 28: Rapid Innovation Cycle for Better Clinical Outcome
Confidential — Not for Distribution Rapid Innovation Cycle for Better Clinical Outcome Continuous i nnovation streams on both h ardware and software Hardware iQ+: Our 2nd Generation Ultrasound - on - Chip™ Software Recent Monthly Upgrades smaller probe head 15% continuous run time 2x faster frame ra
Slide 29: E-Commerce for Individual Practitioners and Early Adopters
Confidential — Not for Distribution E - Commerce for Individual Practitioners and Early Adopters 29 © 2020 Butterfly Network, Inc. General Medicine is #1 Buying Segment… General Medicine Emergency Medicine Anesthesiology MSK Hospitalist Speciality Surgery Cardiology Rads Medical Students GYN/OB 29 D
Slide 30: Healthcare Institutions to Drive Adoption at Scale
Healthcare Institutions to Drive Adoption at Scale: Strong initial adoption, excitement, and momentum 30 Butterfly has an existing footprint in most of the Top 100 US Health Systems Butterfly Enterprise
Slide 31: Plans to Access the Home Market
Plans to Access the Home Market Novice healthcare practitioners, then patients self scanning + wearables Dialysis centers Long term care Urology - Bladder Alternative sites of care In - home care 2023 Wearable In - Home 31 Primary care Urgent care Cardiovascular - CHF
Slide 32: Financials
32 Financials
Slide 33: Substantial Growth Potential Across Multiple End-Markets
Butterfly has Substantial Growth Potential Across Multiple End - Markets 65% revenue CAGR from 2019 - 2024E 2020E 2024E $44mm $334mm Software iQ Commercial Plans ● Scale sales and marketing ● Execute on enterprise - level strategy ● Further develop software and analytics suite ● Plans to launch new
Slide 34: Robust Revenue Growth with Roadmap to Compelling Margin Profile
Robust Revenue Growth with Roadmap to Compelling Margin Profile Revenue ($ millions) 60% 77% 77% 71% 42% 2020 2021 2022 2023 2024 1. Subject to development timelines and marketing authorization iQ vs. Wearables Wearables Conservatively 0% of 2022 Revenue , 5% of 2023 Revenue, and 10% of 2024 Revenue
Slide 35: Highly Compelling Investment Attributes
Confidential — Not for Distribution Highly Compelling Investment Attributes 35 Strong Balance Sheet Rapid Growth Recurring Business Over $500 million of cash 1 to drive the Company through its investment phase and to expected positive cash flow Discount to Comparables Revenue projected to grow over
Slide 36: Brought to the Public at an Attractive Valuation
Confidential — Not for Distribution Brought to the Public at an Attractive Valuation Merger price set at a comfortable discount to similar early - stage innovators to incentivize current and new stakeholders to maximize impact 1. FactSet as of 11/18/20 36 High Growth Med - Tech Software - as - a - S
Slide 37: Supported by a Clear Mission and World Class Team
Confidential — Not for Distribution Supported by a Clear Mission and World Class Team 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 Dave Perri Har
Slide 38: Thank You
—_ i) ThankYou