Post by icemandios on Mar 30, 2021 2:25:17 GMT
Butterfly Network, Inc. Reports 2020 Financial Results
Strong Year-Over-Year Revenue Growth Driven by Continued Adoption of Butterfly Technology
Highlights
Reported 2020 revenues of $46.3 million compared to $27.6 million in 2019, a year-over-year increase of 68%.
Introduced the next-generation Butterfly probe, the iQ+, in October 2020.
Appointed Dr. Todd Fruchterman as President and Chief Executive Officer in February 2021.
Formed strategic collaboration with the American College of Cardiology.
Completed business combination with Longview Acquisition Corp. and began trading on the New York Stock Exchange in February 2021.
Butterfly Network, Inc. (NYSE: BFLY) (“Butterfly” or the “Company”), a digital health company working to bring medical imaging to all and to advance global health equity, today announced financial results for the full year 2020 and provided a business update.
“In 2020, Butterfly grew revenues by 68% to $46.3 million as probe sales continued to increase, driven by the further adoption of our technology by healthcare providers,” said Dr. Todd Fruchterman, Butterfly Network’s President and Chief Executive Officer. “In the fourth quarter, we introduced the next-generation Butterfly probe, the iQ+, and more upgrades to our proprietary, patented technology platform. We are excited to see the demand for our comprehensive solution, which helps healthcare providers intercept disease and treat conditions earlier, and we expect will ultimately reduce the total cost of care while improving patient outcomes.”
“The completion of our business combination with Longview Acquisition Corp. in February 2021 solidifies the company’s financial foundation for the next stage of its growth,” said Stephanie Fielding, Butterfly Network Chief Financial Officer.
Full Year 2020 Financial Results
Total revenues for the full year 2020 were $46.3 million, a 68% increase year-over-year from $27.6 million in 2019. Product revenues for the full year 2020 were $38.4 million, an increase of 53% from $25.1 million in 2019, and Subscription revenues were $7.9 million in 2020, growing 216% from $2.5 million in 2019. These increases were primarily due to a higher volume of products sold from a ramping up of commercial efforts and the introduction of Butterfly iQ+, the next generation hardware in October 2020.
Total gross loss for 2020 was ($61.2) million, compared to 2019 gross loss of ($20.9) million. Total gross margin for the full year of 2020 was (132.4%), compared to (75.8%) in 2019. Cost of revenue in 2020 was significantly impacted by non-recurring charges totaling $62.7 million.
Operating expenses in 2020 were $100.4 million, a moderate 23% increase year-over-year from $81.4 million in 2019, as the company conserved cash while various financing options were evaluated over the course of the year.
Net loss in 2020 was ($162.7) million as compared to a net loss of ($99.7) million during 2019.
EBITDA was ($160.3) million in 2020, compared with ($101.5) million in 2019. Adjusted EBITDA was ($85.2) million in 2020 compared with ($86.0) million in 2019.
Cash and cash equivalents at December 31, 2020 were $60.2 million.
Recent Company Highlights
In February 2021, Butterfly announced the appointment of Dr. Fruchterman as its President and Chief Executive Officer in advance of the closing of its business combination with Longview Acquisition Corp.
The company established a number of partnerships in 2020 designed to expand awareness and the reach of its unique point-of-care ultrasound. This included a collaboration with the American College of Cardiology to transform cardiovascular care using point-of-care ultrasound, announced in October 2020.
Conference Call
A conference call to review 2020 financial results and to provide a business update is scheduled for March 29, 2021 at 4:30 PM Eastern Time. Interested parties may access the conference call by dialing (844) 558-0160 (U.S.) or (236) 714-3222 (International) and referencing Conference ID 9239416. Additionally, a link to a live webcast of the call will be available in the Investor Relations section of Butterfly's website at ir.butterflynetwork.com .
About Butterfly Network, Inc.
Founded by Dr. Jonathan Rothberg in 2011, and recently listed on the New York Stock Exchange through a business combination with Longview Acquisition Corp., Butterfly created the world's first handheld, single probe whole-body ultrasound system using semiconductor technology, the Butterfly iQ. Butterfly’s mission is to democratize medical imaging and contribute to the aspiration of global health equity, making high-quality ultrasound affordable, easy-to-use, globally accessible, and intelligently connected, including for the 4.7 billion people around the world lacking access to ultrasound. Through its proprietary Ultrasound-on-Chip™ technology, Butterfly is paving the way for earlier detection and remote management of health conditions around the world. The Butterfly iQ can be purchased by healthcare practitioners in the United States, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. Butterfly iQ is a prescription device intended for trained and qualified healthcare professionals only.
Strong Year-Over-Year Revenue Growth Driven by Continued Adoption of Butterfly Technology
Highlights
Reported 2020 revenues of $46.3 million compared to $27.6 million in 2019, a year-over-year increase of 68%.
Introduced the next-generation Butterfly probe, the iQ+, in October 2020.
Appointed Dr. Todd Fruchterman as President and Chief Executive Officer in February 2021.
Formed strategic collaboration with the American College of Cardiology.
Completed business combination with Longview Acquisition Corp. and began trading on the New York Stock Exchange in February 2021.
Butterfly Network, Inc. (NYSE: BFLY) (“Butterfly” or the “Company”), a digital health company working to bring medical imaging to all and to advance global health equity, today announced financial results for the full year 2020 and provided a business update.
“In 2020, Butterfly grew revenues by 68% to $46.3 million as probe sales continued to increase, driven by the further adoption of our technology by healthcare providers,” said Dr. Todd Fruchterman, Butterfly Network’s President and Chief Executive Officer. “In the fourth quarter, we introduced the next-generation Butterfly probe, the iQ+, and more upgrades to our proprietary, patented technology platform. We are excited to see the demand for our comprehensive solution, which helps healthcare providers intercept disease and treat conditions earlier, and we expect will ultimately reduce the total cost of care while improving patient outcomes.”
“The completion of our business combination with Longview Acquisition Corp. in February 2021 solidifies the company’s financial foundation for the next stage of its growth,” said Stephanie Fielding, Butterfly Network Chief Financial Officer.
Full Year 2020 Financial Results
Total revenues for the full year 2020 were $46.3 million, a 68% increase year-over-year from $27.6 million in 2019. Product revenues for the full year 2020 were $38.4 million, an increase of 53% from $25.1 million in 2019, and Subscription revenues were $7.9 million in 2020, growing 216% from $2.5 million in 2019. These increases were primarily due to a higher volume of products sold from a ramping up of commercial efforts and the introduction of Butterfly iQ+, the next generation hardware in October 2020.
Total gross loss for 2020 was ($61.2) million, compared to 2019 gross loss of ($20.9) million. Total gross margin for the full year of 2020 was (132.4%), compared to (75.8%) in 2019. Cost of revenue in 2020 was significantly impacted by non-recurring charges totaling $62.7 million.
Operating expenses in 2020 were $100.4 million, a moderate 23% increase year-over-year from $81.4 million in 2019, as the company conserved cash while various financing options were evaluated over the course of the year.
Net loss in 2020 was ($162.7) million as compared to a net loss of ($99.7) million during 2019.
EBITDA was ($160.3) million in 2020, compared with ($101.5) million in 2019. Adjusted EBITDA was ($85.2) million in 2020 compared with ($86.0) million in 2019.
Cash and cash equivalents at December 31, 2020 were $60.2 million.
Recent Company Highlights
In February 2021, Butterfly announced the appointment of Dr. Fruchterman as its President and Chief Executive Officer in advance of the closing of its business combination with Longview Acquisition Corp.
The company established a number of partnerships in 2020 designed to expand awareness and the reach of its unique point-of-care ultrasound. This included a collaboration with the American College of Cardiology to transform cardiovascular care using point-of-care ultrasound, announced in October 2020.
Conference Call
A conference call to review 2020 financial results and to provide a business update is scheduled for March 29, 2021 at 4:30 PM Eastern Time. Interested parties may access the conference call by dialing (844) 558-0160 (U.S.) or (236) 714-3222 (International) and referencing Conference ID 9239416. Additionally, a link to a live webcast of the call will be available in the Investor Relations section of Butterfly's website at ir.butterflynetwork.com .
About Butterfly Network, Inc.
Founded by Dr. Jonathan Rothberg in 2011, and recently listed on the New York Stock Exchange through a business combination with Longview Acquisition Corp., Butterfly created the world's first handheld, single probe whole-body ultrasound system using semiconductor technology, the Butterfly iQ. Butterfly’s mission is to democratize medical imaging and contribute to the aspiration of global health equity, making high-quality ultrasound affordable, easy-to-use, globally accessible, and intelligently connected, including for the 4.7 billion people around the world lacking access to ultrasound. Through its proprietary Ultrasound-on-Chip™ technology, Butterfly is paving the way for earlier detection and remote management of health conditions around the world. The Butterfly iQ can be purchased by healthcare practitioners in the United States, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. Butterfly iQ is a prescription device intended for trained and qualified healthcare professionals only.