Slide 1: Q1 2022 Earnings Call
Q1 2022 Earnings Call May 5, 2022
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
Slide 4: Joining Our Team: Heather C. Getz
Joining Our Team Heather C. Getz Executive Vice President Chief Financial Officer 4
Slide 5: The problem we are solving: Enabling more informed clinical decisions
The problem we are solving: Enabling more informed clinical decisions Many clinical decisions are made with incomplete information. We’re here to change that. The vision. The mission. That all people, everywhere, get the right care, driven Create access to valuable clinical insights using by the rig
Slide 6: Q1 2022 Revenue Growth of 25% Year-over-Year
Q1 2022 Revenue Growth of 25% Year-over-Year $15.6 million total revenue in Q1 2022 20 $15.6 million Total Revenue $4.6 Year-over-Year Growth USD (millions) $12.4 million Total Revenue 10 $2.8 15% Product Revenue $11.0 60% Subscription Revenue $9.6 25% Overall Revenue 0 Q1 2022 Q1 2021 Product Reven
Slide 7: Thinking Differently with Better Information, Earlier in Care
Thinking Differently with Better Information, Earlier in Care Butterfly is designed to change the paradigm of how clinical decisions are made 7
Slide 8: Advancing Execution and Impact
Advancing Execution and Impact Core principles applied across strategic pillars to drive adoption Health Systems International Expansion Home Path to Home Adjacent Markets Easy. Everywhere. Economical. International / Geographic Expansion Butterfly iQ+ is a prescription device intended for qualified
Slide 9: Easy.: Building evidence with a landmark publication
Easy. Building evidence with a landmark publication • With a Butterfly device, a smartphone and support from AI, practitioners were able to utilize Butterfly to conduct blind abdomen ultrasound sweeps and gather the necessary data to accurately assess gestational age • This study offers hope to mill
Slide 10: Everywhere.
Everywhere. Making Butterfly as ubiquitous as the stethoscope Butterfly equipping care teams on the frontlines of the crisis at Ukraine Recommendation in curriculum guidelines that Family Medicine Residents be trained in point-of-care ultrasound 10 10
Slide 11: Economical.: Demonstrating the value of point-of-care ultrasound
Economical. Demonstrating the value of point-of-care ultrasound • Butterfly is increasingly seen as being standard of care is with diagnostic assessment of the lungs • This retrospective study found that point-of-care ultrasound brings radiation-free, affordable, and equivalent diagnostic accuracy t
Slide 12: Butterfly's Reach is Groundbreaking
Butterfly’s Reach is Groundbreaking Strategic pillars for focused innovation and growth across markets Health Systems International Expansion Home Adjacent Markets Path to Home International / Geographic Expansion Butterfly iQ+ is a prescription device intended for qualified healthcare professionals
Slide 13: Launched URMC Partnership to Demonstrate the Power of Butterfly at Scale
Health Systems Launched URMC Partnership to Demonstrate the Power of Butterfly at Scale Multi-year deployment beginning in the second quarter 2022 Building Blocks Deploy Butterfly Blueprint™ at scale including both software infrastructure and thousands of probes across the URMC system Education Inte
Slide 14: Butterfly International: Developed
International Expansion Butterfly International: Developed ● Established a distribution partnership with Novolog, a leading healthcare ● East of England Ambulance services group in Israel, which strives to Trust provides accident and provide services to public and private emergency services, coverin
Slide 15: Butterfly International: Developing
International Expansion Butterfly International: Developing ● Received a grant in the amount of $5 million from the Bill and Melinda Gates Foundation to use toward ultrasound improvements in maternal and fetal health ● Butterfly will bring 1,000 Butterfly iQ+ probes to Sub-Saharan Africa to mid- lev
Slide 16: Same Information, Same Quality, Regardless of Care Setting
Home Same Information, Same Quality, Regardless of Care Setting Standardization becomes possible when the information is consistent Clinical studies to show the value of Butterfly for home—based care Butterfly iQ+ is a prescription device intended for qualified healthcare professionals only. Potenti
Slide 17: Transforming Care in Veterinary Medicine
Adjacent Markets Transforming Care in Veterinary Medicine ● Collaborating with Butterfly to deploy Butterfly iQ+ Vet to Petco’s growing network of nearly 200 full-service veterinary hospitals at Petco pet care centers. ● Butterfly iQ+ Vet will arm Petco veterinarians with ultrasound imaging to help
Slide 18: Q1 2022 Financials
Q1 2022 Financials
Slide 19: Q1 2022 Revenue Growth of 25% Year-over-Year
Q1 2022 Revenue Growth of 25% Year-over-Year $15.6 million total revenue in Q1 2022 20 $15.6 million Total Revenue $4.6 Year-over-Year Growth USD (millions) $12.4 million Total Revenue 10 $2.8 15% Product Revenue $11.0 60% Subscription Revenue $9.6 25% Overall Revenue 0 Q1 2022 Q1 2021 Product Reven
Slide 20: Q1 2022: Solid Gross and Adjusted Margins
Q1 2022: Solid Gross and Adjusted Margins Selected Financials (Dollars in Millions) – Q1 2022 Compared to Q1 2021 USD (millions) Q1 2022 Q1 2021 Gross Profit $8.3 $6.4 - Gross Margin 53.6% 51.6% Adjusted Gross Profit* $8.8 $5.9 - Adjusted Gross Margin* 56.3% 47.8% Adjusted EBITDA* ($40.0) ($26.5) Ca
Slide 21: Full Year 2022 Guidance
Full Year 2022 Guidance A reconciliation of Adjusted EBITDA to its corresponding GAAP measure, net loss, 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 working capi
Slide 22: Butterfly Makes it Possible and Practical
Butterfly Makes it Possible and Practical All Healthcare Workers From Nurse to Physician All specialties From Primary Care All Care Venues to Critical Care From Hospital to Home Unprecedented Versatility Economic Values All Levels of Experience From Revenue From Novice to Expert to Cost Savings Work
Slide 23: Thank you.
a6 Thank you.
Slide 24: 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 non