Butterfly Network, Inc. · NYSE:BFLY
Butterfly Network — Q3 2021 Earnings Presentation
22 slides from Butterfly Network's earnings presentation, Nov 15, 2021
Slide 1: Q3 2021 Earnings Call
Q3 2021 Earnings Call November 15, 2021 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Butterfly Network, Inc.’s (the “Company”) actual results may differ from its expectations, esti
Slide 3: Dr. Todd Fruchterman, President & CEO
Dr. Todd Fruchterman, President & CEO 3
Slide 4: Third Quarter Revenue Growth 2020 vs. 2021
Third Quarter Revenue Growth 2020 vs. 2021 20 $14.6 million Total Revenue 5,556 Total Units $3.8 $10.1 million Total Revenue USD (millions) 3,947 Total Units $1.5 10 $10.8 $8.6 0 Q3 2021 Q3 2020 Product Revenue Subscription Revenue Due to rounding, numbers presented may not add up precisely to the t
Slide 5: Q3 2021 Performance
Q3 2021 Performance
Slide 6: Butterfly is digital health in practice
Butterfly is digital health in practice. Butterfly makes it possible to reimagine care, through the confluence of a transformational device and software to create an entirely new clinical experience. 6
Slide 7: Foundational Near-Term Goals to Drive Commercial Growth
Foundational Near-Term Goals to Drive Commercial Growth Talent Drive innovation with additional horsepower in commercial, regulatory, operations and development Clinical Partnerships Broaden partnerships with clinical leaders to unleash the full potential of Butterfly Payor Alignment Align with payo
Slide 8: New Additions to our Team
New Additions to our Team Erica Schwartz MD, JD, MPH Troy Quander Board of Directors Senior Vice President Quality and Regulatory Affairs 8
Slide 9: Growing evidence that acknowledges the use of ultrasound
Growing evidence that acknowledges the use of ultrasound to establish a clinical diagnosis or guide a procedure ● A recent article was published in the New England Journal of Medicine about the growth of POCUS being driven by smaller and more affordable ultrasound machines. ● There is growing eviden
Slide 10: Seeing is Knowing
Seeing is Knowing ● Historically, it was challenging to administer regional anesthesia without complications. ● With Butterfly and our Needle Viz technology, the anesthesiologist can see the targeted area, and safely and accurately locate the needle to effectively administer the anesthetic. ● As a r
Slide 11: Caption Health: Enabling ease of use and behavior change for cardiac assessments
Caption Health: Enabling ease of use and behavior change for cardiac assessments ● Butterfly announced an exclusive partnership with Caption Health. ● Caption AI is the first and only FDA cleared AI-guided ultrasound software and a recent recipient of CMS for technology add-on payments (NTAP). ● A B
Slide 12: Unlocking New Markets: Global Expansion
Unlocking New Markets: Global Expansion ● Butterfly added distributor partnerships in Chile and Pakistan in the third quarter. ● Butterfly recently announced a partnership with Abdul Latif Jameel Health to bring Butterfly to the Middle East, North Africa, Turkey, India and beyond. ● Butterfly is als
Slide 13: Innovation: Introducing iQ+ Vet and expanding our market reach
Innovation: Introducing iQ+ Vet and expanding our market reach • iQ+ Vet is a second-generation veterinary device designed to bring more valuable information and capabilities to veterinarians in a variety of care settings. • New features added to iQ+ Vet include: 15% smaller probe face, 10% shorter
Slide 14: Butterfly Makes it Possible
Butterfly Makes it Possible 14
Slide 15: Q3 2021 Financials
Q3 2021 Financials 15
Slide 16: Total Revenue Growth of 44% Year-over-Year
Total Revenue Growth of 44% Year-over-Year $14.6 million total revenue in Q3 2021 20 $14.6 million Total Revenue 5,556 Total Units $3.8 Year-over-Year $10.1 million Total Revenue Growth in Q3 USD (millions) 3,947 Total Units $1.5 10 26% Product Revenue $10.8 149% Subscription Revenue $8.6 44% Overal
Slide 17: Solid Non-GAAP Adjusted Gross Profit and Adjusted Gross Margins
Solid Non-GAAP Adjusted Gross Profit and Adjusted Gross Margins Adjusted Gross Margin of 49.3% in Q3 2021, excludes $11.6 million in a non-recurring loss on purchase commitments USD (millions) Reconciliation of Non-GAAP Measures to Comparable GAAP Measures are in Appendix A of this presentation.
Slide 18: Q3 2021: Solid Adjusted Margins and Cash Position
Q3 2021: Solid Adjusted Margins and Cash Position Selected Financials (Dollars in Millions) – Q3 2021 Compared to Q3 2020 USD (millions) Q3 2021 Q3 2020 Gross Profit ($5.1) ($69.3) - Gross Margin (35.0%) (683.3%) Adjusted Gross Profit (Loss)* $7.2 ($2.7) - Adjusted Gross Margin 49.3% (26.3%) Operati
Slide 19: Full Year 2021 Guidance
Full Year 2021 Guidance A reconciliation of Adjusted EBITDA and Adjusted gross margin to corresponding GAAP measures is not available on a forward-looking basis because the Company is unable to predict with reasonable certainty the non-cash component of employee compensation expense, changes in its
Slide 20: Butterfly Makes it Possible
Butterfly Makes it Possible 20
Slide 21: Thank you
Thank you a4
Slide 22: Reconciliation of Non-GAAP Measures to Comparable GAAP Measures
Reconciliation of Non-GAAP Measures to Comparable GAAP Measures Appendix A (in thousands, unaudited) In evaluating the Company’s financial performance and outlook, management uses, adjusted EBITDA, adjusted gross profit and adjusted gross margin, which are non-GAAP measures. Management uses these no