Butterfly Network, Inc. · NYSE:BFLY
Butterfly Network — Q1 2021 Earnings Presentation
18 slides from Butterfly Network's earnings presentation, May 13, 2021
Slide 1: Q1 2021 Earnings Call
Q1 2021 Earnings Call May 13, 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: Our impact on patient outcomes motivates our work
Our impact on patient outcomes motivates our work 3 3
Slide 4: Q1 2021 Performance
Q1 2021 Performance 4
Slide 5: First Quarter Revenue Growth 2020 vs. 2021
First Quarter Revenue Growth 2020 vs. 2021 15 $12.4 million Total Revenue 5,013 Total Units $2.9 $8.7 million Total Revenue USD (millions) 3,711 Total Units USD (millions) $1.5 7.5 $9.6 $7.2 0 Q1 2020 Q1 2021 2020 2021 Product Revenue Subscription Revenue Due to rounding, numbers presented may not a
Slide 6: 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 pa
Slide 7: Q1 Updates on Foundational Near-Term Goals
Q1 Updates on Foundational Near-Term Goals TALENT Doubled size of sales team; filled key new positions (Chief Human Resources Officer, VP of IR, VP of Gov. Affairs) CLINICAL PARTNERSHIPS PAYOR ALIGNMENT COMMERCIAL EXPANSION Partnered with leaders across healthcare disciplines, including Sientra Crea
Slide 8: Growing Our Team
Growing Our Team Tim Trodden Agnes Lee Andrea Hechavarria Dr. Jill Kalman Chief Human Resources Officer Vice President of Vice President of Commercial Investor Relations Government Affairs Strategic Partnerships 8 8
Slide 9: Adding Clinical Partnerships
Adding Clinical Partnerships • Expands Butterfly’s footprint into the cosmetic and plastic surgery marketplace • Enables plastic surgeons to provide a better experience for patients, improve resource planning and deliver more efficient care • Sientra has begun promoting Butterfly iQ+ to hospitals an
Slide 10: Driving Commercial Expansion – iQ Vet
Driving Commercial Expansion – iQ Vet • The global Veterinary Imaging opportunity is projected to reach at least ~$450 million by 2025* • Butterfly is well positioned to disrupt this market, with: - The only handheld ultrasound probe capable of imaging a broad array of anatomy and applications acros
Slide 11: Q1 2021 Financials
Q1 2021 Financials 11
Slide 12: Total Revenue Growth of ~44% Year-over-Year
Total Revenue Growth of ~44% Year-over-Year $12.4 million total revenue in Q1 2021 15 $12.4mm Total Revenue 5,013 Total Units $2.8 $8.7mm Total Revenue Year-over-Year Growth in Q1 USD (millions) 3,711 Total Units $1.5 7.5 33.1% Product Revenue $9.6 94.9% Subscription Revenue 43.5% Overall Revenue $7
Slide 13: Cost of Revenue Decreased to $6.0 million, Including Non-Recurring Changes
Cost of Revenue Decreased to $6.0 million, Including Non-Recurring Changes $9.5mm Total Cost of Revenue $0.2 10 Year-over-Year Cost of Revenue Change $6.0mm Total Cost of - 39.0% Product-Related Revenue - 55.3% Subscription-Related USD (millions) $0.4 - 36.6% Overall Revenue 5 $9.3 $5.6 0 Q1 2020 Q1
Slide 14: Q1 2021: Higher Gross Margin Reflects Benefits of Supply Chain
Q1 2021: Higher Gross Margin Reflects Benefits of Supply Chain Selected Financials (Dollars in Millions) – Q1 2021 Compared to Q1 2020 USD (millions) Q1 2021 Q1 2020 Gross Profit $6.4 ($0.8) - Gross Margin 51.6% (9.6%) Adjusted Gross Profit (Loss)* $5.9 ($0.8) - Adjusted Gross Margin 47.8% (9.4%) Op
Slide 15: Inventory - Securing Supply and Building for Future Growth
Inventory - Securing Supply and Building for Future Growth 40 35 30 USD (millions) 25 20 15 10 5 0 Q4 2020 Q1 2021 Inventory 15 15 15
Slide 16: 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 17: 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 n
Slide 18: Thank you
dé Butterfly” Thank you