Butterfly Network, Inc. · NYSE:BFLY
Butterfly Network — Investor Day (March 2024)
90 slides from Butterfly Network's investor day presentation, Mar 18, 2024
Slide 1: Butterfly Network Investor Day
Butterfly Network Investor Day March 18, 2024
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, estima
Slide 3: Today's Agenda
Today’s Agenda 12:30pm | Butterfly Leadership Presentations: DeVivo, Sanchez, Shahida 1:15 pm | Breakout Stations: Innovation & Partner Showcase 1:45 pm | Butterfly Leadership Presentations: Martin, LeClair, Shah, Getz 2:30 pm | Breakout Stations: Innovation & Partner Showcase 3:00 pm | Clinical Key O
Slide 4: Butterfly Leadership Presentations
Butterfly Leadership Presentations Chip Technology and HomeCare Business R&D Roadmap Opportunity Nevada Sanchez Paula LeClair Co-Founder, Vice President, Core Technology Sr. Vice President, HomeCare Partnership Ecosystem Strategy Global Health Impact Darius Shahida Sachita Shah, MD Chief Strategy Offic
Slide 5: Executive Summary
Executive Summary POCUS is here to POCUS is at the Butterfly offers the Butterfly is leading a stay – momentum is most complete forefront of medical digital ultrasound building with over ultrasound solution education with the revolution with its 1,600 academic that is enterprise majority of schools rob
Slide 6: Quote from Dr. Jonathan Rothberg
“Throughout my career, I have built companies to improve the lives of people I love while also maximizing societal impact. Butterfly has the potential to expand to everyone.” Dr. Jonathan Rothberg Founder & Board Member Butterfly Network Quote: Dr. Rothberg, The CEO Magazine. 2019.
Slide 7: Driving Access to Affordable, Highly Versatile, Durable Imaging
Driving Access to Affordable, Highly Versatile, Durable Imaging to Democratize Healthcare
Slide 8: POCUS is Transforming Patient Care Across the Globe
POCUS is Transforming Patient Care Across the Globe 80% of diagnostic dilemmas can be solved with simple imaging.1 of initial assessments with imaging 50% resulted in changed diagnosis or management.2 1. PAHO/WHO | World Radiography Day: Two-Thirds of the World's Population has no Access to Diagnost
Slide 9: A Premium Portable Solution Serving Customers Across Care Venues
Primary Care Emergency Hospitals Medicine Anesthesiology Outpatient Practices A Premium Portable Musculoskeletal Specialty Groups Solution Serving Specialty Post-Acute Customers Across Surgery Care Homecare Care Venues Hospitalists Providers Cardiology Nursing Radiology Industry Partners Veterinary1
Slide 10: The Operating System Every Hospital Needs: Butterfly iQ3 with Compass
The Operating System Every Hospital Needs: Butterfly iQ3 with Compass™ Workflow Billing Easily document, review and QA Increase your percentage of scans from anywhere, on any billable ultrasound exams & device. reduce phantom scanning. Storage & Security Interoperability Unlimited HIPAA-compliant clou
Slide 11: The Ultrasound-on-Chip Evolution iQ iQ+ iQ3
The Ultrasound-on-Chip™ Evolution iQ iQ+ iQ3 Chip Version P2.0 P4.1 P4.3 Data Rate 4.8Gb/s 4.8Gb/s 9.6Gb/s MI @ 1.5MHz 1x (baseline) 1x 1x CPU (Count x Freq) 1x @ 100Mhz 1x @ 100Mhz 2x @ 600Mhz DSP (Count x Freq) 16x @ 100Mhz 16x @ 100Mhz 16x @ 100Mhz Compute CSPS 1.6 billion 1.6 billion 1.6 billion
Slide 12: The Ultrasound-on-Chip Evolution iQ3 iQ4 X
The Ultrasound-on-Chip™ Evolution iQ3 iQ4 X Chip Version P4.3 P5.0 A1.0 Data Rate 9.6Gb/s 9.6Gb/s 240Gb/s MI @ 1.5MHz 1x 2x 2x CPU (Count x Freq) 2x @ 600Mhz 2x @ 600Mhz 1x @ 1Ghz DSP (Count x Freq) 16x @ 100Mhz 16x @ 100Mhz 128x @ 1Ghz Compute CSPS 1.6 billion 1.6 billion 128 billion
Slide 13: Today's Global Ultrasound Market
Today’s Global Ultrasound Market Compact Handheld ultrasound Low-end cart Mid-range cart High-end cart Premium cart ultrasound carts ultrasound ultrasound ultrasound ultrasound system (Low, Mid & system system system system (Digital and piezo) Premium) Pocket-sized Compact Cart system with Cart with
Slide 14: New Markets Open Up as Ultrasound-on-Chip Advances
New Markets Open Up as Ultrasound-on-Chip™ Advances
Slide 15: Total Addressable Market
Unlocking the Inevitable Ubiquity of Ultrasound as our Product Portfolio Expands We’re also building a new TAM… w 1 device per doctor, nurse & ’s La ore Total Addressable Market CHF/Bladder/Pregnancy patient Mo $350B+ TAM Worldwide Homecare and LTC facilities (bladder + lung) Hospital ultrasound >$2
Slide 16: Butterfly Leadership Presentations
Butterfly Leadership Presentations Chip Technology and HomeCare Business R&D Roadmap Opportunity Nevada Sanchez Paula LeClair Co-Founder, Vice President, Core Technology Sr. Vice President, HomeCare Partnership Ecosystem Strategy Global Health Impact Darius Shahida Sachita Shah, MD Chief Strategy Offic
Slide 17: Chip Technology and R&D Roadmap
Chip Technology and R&D Roadmap Nevada Sanchez Co-Founder, VP, Core Technology Butterfly Network
Slide 18: Medical Practice vs. Ultrasound Technology
Medical Practice vs. Ultrasound Technology Medical Practice Ultrasound Technology Imaging to Aid Diagnosis Point of Care Ultrasound
Slide 19: Butterfly: Born Digital, Mobile, in the Cloud
Butterfly: Born Digital, Mobile, in the Cloud Traditional 1-D Piezoelectric Butterfly 2-D MEMS Array Analog Digital Set freq range Wide freq range = Multiple probes = One-probe, whole-body 2D Plane 3D Spatial Beam steering iQ Slice & iQ Fan Power Efficient
Slide 20: Digital vs. Analog Inflection Point
Digital vs. Analog Inflection Point Butterfly iQ+ Butterfly iQ3 Gen 2 Chip Gen 3 Chip Step-Function P4.1 P4.3 Digital Advances ● Micro-beamforming, data ● Fast micro-beamforming compression ADC multiplexing ● 22Hz Abdomen ● 28 Hz Abdomen ● 1 CPU FPGA ● 4 CPU FPGA ● 1-10MHz ● 1-12 MHz ● 5h Charge ● 2h C
Slide 21: Integrated Ecosystem
Integrated Compass Workflow Management App Ecosystem Device Mobile App Agnostic Encounter-Based Workflow Encounter-Based Workflow Hospital IT Integration
Slide 22: Fit-for-Purpose Integrated POCUS Applications
Fit-for-Purpose Integrated POCUS Applications
Slide 23: Easy to Use with Real-Time AI
Easy to Use with Real-Time AI Butterfly Al Infrastructure ● 1.1B+ frames ● 3.5M+ cines ● Annotation Cloud ● 2M+ annotated frames ● 15 Al models deployed ○ 2000+ labeled frames/model
Slide 24: 3D Scan and Visualization with AI
3D Scan and Visualization with AI High-end cart features on handheld POCUS. • Automated 3D Scanning with beam-steering • 3D visualization and measurements with AI • iQ Slice™ and iQ Fan™ beam-steering
Slide 25: AI Assisted Education
Al Assisted Education aa Parastornat Long Axis (PLAX) Thee Ode er , < ~ Position: Fo the Parasternal Long Asis (PLAX sion, posto the probe at tho th wareoxalepuce oa elt Sterna borer. Thisieoten equivalent tothe fevel ofthe olen makes ihe bie fh mana sue in females Pont the probe acca touaees ght re
Slide 26: Technology Roadmap
Technology Roadmap 2018 2020 2024 2025 2026 2027 iQ iQ+ iQ3 Self-scan iQ4 In-hospital
Slide 27: 3D Beam Steering
3D Beam Steering 30 cm 30 cm 30 cm
Slide 28: Ultrasound Chip Gen 4 Gen 5
Ultrasound Chip Gen 5 Apollo A1 Gen 4 ● Additional increase in Poseidon P5 ultrasonic field acoustic output ● Double to quadruple data Gen 3 transfer and processing power Poseidon P4.3 Gen 2 Poseidon P4.1 Gen 1 Poseidon P2.0 iQ3 iQ+ Increased ultrasonic iQ field acoustic output
Slide 29: Intellectual Property
Intellectual Property ● Over 600 patents in multiple geographies ● Robust coverage of foundational technologies ● Layered coverage on technology usage ● Cross Functional IP – Legal & Engineering
Slide 30: Partnership Ecosystem Strategy
Partnership Ecosystem Strategy Darius Shahida Chief Strategy Officer Butterfly Network
Slide 31: The Premiere Platform to Grow the Future of Ultrasound AI
The Premiere Platform to Grow the Future of Ultrasound AI. ✓ Provides developers access to the largest user network in point-of-care.1 ✓ Drive powerful outcomes for healthcare with an all-in-one development kit. ✓ 15 new partners signed in under 6 months.
Slide 32: Connecting the Best AI to Our Leading Install Base of POCUS Users
Connecting the Best AI to Our Leading Install Base of POCUS Users
Slide 33: A Future Driven By Semiconductor-Enabled Healthcare
Compact A Future Driven By Affordable Semiconductor-Enabled Whole-body Healthcare 3D Technologies ✓ Provides developers access to Butterfly’s patented Ultrasound-on-Chip™ ✓ Recent partnerships with Forest Neurotech and Mendaera For prescription use only. Butterfly iQ+/iQ3™ is a portable ultrasound syst
Slide 34: A Platform with Limitless Applications
A Platform with Limitless Applications Wearables Implantables And a world of non-medical applications… Interventional Therapeutics For prescription use only. Butterfly iQ+/iQ3™ is a portable ultrasound system designed for external ultrasound imaging. Read the User Manual for warnings, precautions and
Slide 35: Sumner Norman, Forest Neurotech
Sumner Norman, PhD, Co-founder & Chief Executive Officer Forest Neurotech
Slide 36: Ultrasound Enables Next-Gen Brain-Computer Interfaces
Ultrasound Enables Next-Gen Brain-Computer Interfaces
Slide 37: Made Possible by Butterfly's Ultrasound-on-Chip Technology
Made Possible by Butterfly’s Ultrasound-on-Chip™ Technology Research system Butterfly’s Implanted Ultrasound-on-Chip™
Slide 38: Josh DeFonzo, Mendaera
Josh DeFonzo, Chief Executive Officer Mendaera
Slide 39: Mendaera Platform
Mendaera Platform High-quality medical intervention requires sound clinical judgment, technical expertise, and timely and effective care delivery. Organ Vascular MSK / Pain Few providers perform image-guided intervention at Access Access high-volume due to procedural complexity. Mendaera’s vision is
Slide 40: Mendaera, Powered By Butterfly
Mendaera, Powered By Butterfly Mendaera has partnered with Butterfly to customize iQ3 to be compatible with the robotic guidance platform. Butterfly’s iQ3 platform allows for whole body scanning, supporting Mendaera’s broad range of clinical applications. Working with Butterfly creates opportunities to
Slide 41: The business model
The business model. Chip revenue SDK access fee Technology license fee Revenue share Revenue share
Slide 42: Breakout Session: Innovation and Partner Showcase
Breakout Session: Innovation and Partner Showcase Resuming Presentation at 1:45 pm EST
Slide 43: Clinical Strategy and Validation
Clinical Strategy and Validation John Martin, MD, MBA Chief Medical Officer Butterfly Network
Slide 44: Time to Reimagine the Long-Established Standard Medical Exam
It’s Time to Reimagine the Long-Established Standard Medical Exam History Treatment Pause & Imaging Plan Deliberate Lab Tests Reassurance Physical
Slide 45: Why Would You…
Why Would You… Be limited by this? If you could do this?
Slide 46: We're Driving Adoption of a Redefined HPI
We’re Driving Adoption of a Redefined “HPI” Additional Diagnostics History Fast, informed care decisions Treatment Plan Physical Imaging Reassurance
Slide 47: Patient Avoids a Devastating Stroke
Patient Avoids a Devastating Stroke 70 years old | Presented with leg pain
Slide 48: POCUS Brings Economic and Clinical Benefit
POCUS Brings Economic and Clinical Benefit On average, POCUS use eliminated $1134.31 of additional testing for privately insured patients, $2826.31 for out-of-network or uninsured Our Enterprise customers patients, and $181.63 for Center for Medicare find Butterfly at scale to and Medicaid Services p
Slide 49: Momentum is Building in Favor of POCUS
Momentum is Building in Favor of POCUS Hospital margins have Baby boomers not recovered hitting the desperate need for healthcare financial solutions system2 Overcrowding & Clinical evidence prolonged wait mounting on times driving value need for improved efficiency POCUS-trained residents & Profession
Slide 50: POCUS is at the Forefront of Medical Education at All Levels
POCUS is at the Forefront of Medical Education at All Levels • 73% of U.S. Medical Schools have ultrasound in their curriculum • 1 probe per student model is expanding • The majority of medical specialties now require POCUS training in residency programs, including Family Medicine starting in July
Slide 51: Organizations Are Restructuring for Scaled Deployments
Organizations Are Restructuring for Scaled Deployments
Slide 52: Driving Adoption Requires Accelerating Competency and Confidence
Driving Adoption Requires Accelerating Competency and Confidence Credentialing Training on Training on image interpretation image acquisition Expert Access to devices Novice Next Step
Slide 53: Learning curves need to be accelerated
Learning curves need to be accelerated. Learning curve BLADDER AORTA LUNG RENAL CARDIAC Number of scans conducted Breunig, M., Hanson, A. & Huckabee, M. Learning curves for point-of-care ultrasound image acquisition for novice learners in a longitudinal curriculum. Ultrasound J 15, 31 (2023). https:
Slide 54: AI-Powered Education with ScanLab
AI-Powered Education with ScanLab™ Reference imagery Relevant anatomy illustrates proper highlighted through probe placement. Deep Learning model shown on live imaging. Users are provided guided, contextual Quality indicators actions on probe provide real-time orientation, and focal feedback to lear
Slide 55: What if Ultrasound Was as Easy as CT?
What if Ultrasound Was as Easy as CT?
Slide 56: iQSLICE
iQSLICE™ Capturing... X iOStice Ww r~a
Slide 57: Rapid Aortic Assessment for AAA
Rapid Aortic Assessment for AAA USPSTF Recommends Screening for AAA in males 65-75 who have ever smoked “Despite the Simplicity of screening, research suggests poor adherence to AAA screening guidelines.” Sypert D, Van Dyke K, Dhillon N, Elliott JO, Jordan K. Improved Resident Adherence to AAA Scree
Slide 58: iQ Slice for Obstetrics
iQ Slice™ for Obstetrics Currently only available through abdomen preset.
Slide 59: The future of advanced 3D imaging is vast
It doesn’t stop there. The future of advanced 3D imaging is vast.
Slide 60: Clinical Progress to Home Use of Butterfly
Clinical Progress to Home Use of Butterfly
Slide 61: Home Health Use of POCUS has Been Validated
Home Health Use of POCUS has Been Validated
Slide 62: Patient Use of TeleGuidance has been Validated
Patient Use of TeleGuidance™ has been Validated
Slide 63: Patient Ability to Self-Scan has been Validated
Patient Ability to Self-Scan has been Validated Image source: Duggan, N.M., Jowkar, N., Ma, I.W.Y. et al. Novice-performed point-of-care ultrasound for home-based imaging. Sci Rep 12, 20461 (2022). https://doi.org/10.1038/s41598-022-24513-x
Slide 64: Ultrasound is Getting Easier with AI Tools
Ultrasound is Getting Easier with AI Tools Auto B-line Auto Bladder Counter Volume Produces a B-line Delivers automated count from just a six bladder volume second ultrasound calculations, with 3D clip, simplifying and visualizations, in seconds. expediting dyspnea Simplifies urinary assessment. rete
Slide 65: Historical Parallels: Defibrillator
Historical Parallels Defibrillator Implantable and Hospital expert use Portable & home use other use POCUS
Slide 66: Adoption is Inevitable
When profound clinical & economic benefits clearly align and apply to all stakeholders… Adoption is Inevitable.
Slide 67: HomeCare Business Opportunity
HomeCare Business Opportunity Paula LeClair Senior Vice President, Homecare Butterfly Network
Slide 68: Butterfly HomeCare Business
Butterfly HomeCare Business Vision: A robust homecare services business that leverages wearable devices to not only open up new channels for Butterfly, but further differentiate us from our competitors. Moat Building: Contract with payers, Develop new product, Build high-quality, Establish new provider
Slide 69: Why Home? Why Now?
Why Home? Why Now? Improve Patient & Provider Experiences Advance Health Equity Enhance Health Plan Performance and Fiscal Stability
Slide 70: Why Home? Why Now?
Why Home? Why Now? Improve Patient & Provider Experiences ● COVID-19 set widespread demand for telehealth and home health. ● Nearly 63% of physicians report signs of burnout. ● Patients want autonomy; providers want efficiency and to improve outcomes. Technology can drive seamless patient-provider eng
Slide 71: Why Home? Why Now?
Why Home? Why Now? Improve Patient & Provider Experiences Advance Health Equity ● Equitable access to healthcare services is a priority for preventive care, treatment, and health promotion programs. ● The National Committee for Quality Assurance now evaluates Health Plans on an equity measure as of
Slide 72: Why Home? Why Now?
Why Home? Why Now? Improve Patient & Provider Experiences Advance Health Equity Enhance Health Plan Performance and Fiscal Stability ● Health plans take financial risk for services provided, with accurate risk stratification yielding higher capitated rates. ● 51% of seniors are choosing Medicare Advan
Slide 73: The Business Plan – Initial Use Cases
The Business Plan – Initial Use Cases Lung HomeCare Bladder HomeCare Home provider Self Scan Self Scan Wearable Wearable
Slide 74: Home Lung Scanning Opportunity
Home Lung Scanning Opportunity Creating new monitoring and care management capabilities for the 6.7M people in the U.S. alone who are affected by heart failure. Phase 1 - Today Phase 2 - Upon FDA Clearance Phase 3 - Complete R&D Healthcare workers conduct CHF patients self-scan lungs Patients living
Slide 75: Home Bladder Scanning Opportunity
Home Bladder Scanning Opportunity Improving bladder volume monitoring for those who self catheter (due to spinal cord injury, MS, spina bifida) and ~25M Americans living with urinary incontinence. Phase 1 - Upon FDA Clearance Phase 2 - Complete R&D Patients living with neurogenic Patients with neurog
Slide 76: As our AI capabilities grow, so can our home opportunities
As our AI capabilities grow to simplify scanning more anatomy, so can our home opportunities.
Slide 77: Butterfly Global Health Impact
Butterfly Global Health Impact Sachita Shah, MD Sr. Director, Global Health Butterfly Network
Slide 78: Helping Achieve the UN 2030 Sustainable Development Goals
Helping Achieve the United Nations 2030 Sustainable Development Goals ● Reduce maternal mortality ● End preventable newborn & child death ● End epidemics (AIDS, TB, Malaria, NTDs, combat hepatitis) ● Reduce NCD mortality (via prevention & Tx) ● Cut the number of deaths from RTAs in half ● Enable uni
Slide 79: Why Butterfly? Barriers Broken
Why Butterfly? Barriers Broken Leading trainings pre-BFLY Leading trainings with BFLY Expensive, Immobile, Fragile, Offline, Affordable, Portable, Durable, Medical Waste, Requires Extensive Cloud-connected, RoHS Compliant, Training in Person Training-oriented (embedded & AI-enhanced)
Slide 80: Breaking the Last Barrier – Education
Breaking the Last Barrier – Education ● Embedded AI for calculations ● In-app training videos ● Butterfly Academy™ ● In-person training ● Supporting POCUS in medical and nursing education ● Transition to AI and blind sweep through Butterfly Garden™
Slide 81: Butterfly's Broad Global Health Impact
Butterfly’s Broad Global Health Impact Partners 4000+ probes distributed for global health 100+ global health countries Funder 600+ global health partners
Slide 82: A foundation for antenatal imaging in Sub-Saharan Africa at scale
A foundation for antenatal imaging in Sub-Saharan Africa at scale Widespread obstetrical ultrasound dissemination, education, and implementation has the power to change the trajectory of maternal and child health in Sub-Saharan Africa. Funders: Bill & Melinda Gates Foundation
Slide 83: Accelerating High Quality Maternal Health Care Worldwide
Accelerating High Quality Maternal Health Care Worldwide
Slide 84: Disaster preparedness, emergency medicine, and health systems resilience
Disaster preparedness, emergency medicine, and health systems resilience. Inequities in access to high quality care, alongside the growing risk of natural disasters and humanitarian emergencies, persist.
Slide 85: Eliminating Tuberculosis
Eliminating Tuberculosis m6
Slide 86: We Are Building the Future of Care Delivery in Global Health
We Are Building the Future of Care Delivery in Global Health
Slide 87: Our Strategic Growth Plan
Our Strategic Growth Plan Heather Getz Chief Financial and Operations Officer Butterfly Network
Slide 88: Strategic Pillars
Strategic Pillars Strengthen Core Expand Differentiate Generate 1. Achieve $500 million of 1. Maintain market leadership 1. Transform standard of care 1. Leverage value proposition revenue goal by 2030 in handheld POCUS through new applications of the only functioning whole-body 2. Breakeven on cash
Slide 89: Our Growth Trajectory
Our Growth Trajectory Expected cash $500mm+ in flow breakeven revenue Disclaimer: graph not to scale.
Slide 90: Executive Summary
Executive Summary POCUS is here to POCUS is at the Butterfly offers the Butterfly is leading a stay – momentum is most complete forefront of medical digital ultrasound building with over ultrasound solution education with the revolution with its 1,600 academic that is enterprise majority of schools rob