Post by icemandios on Feb 28, 2022 13:56:47 GMT
Butterfly Network Reports Fourth Quarter and Full Year 2021 Financial Results
Full Year 2021 Revenue Growth of 35%
Positive Momentum Driving a New Standard of Care with Butterfly
Butterfly Network, Inc. (NYSE: BFLY) (“Butterfly”), a digital health company transforming care with handheld, whole-body ultrasound, today announced financial results for the quarter and full year ended December 31, 2021, and provided a business update.
Financial and Recent Business Highlights :
Reported revenue of $62.6 million for the full year ended December 31, 2021, representing a 35.3% increase from $46.3 million for the full year ended December 31, 2020.
Launched Butterfly Blueprint™ including AI-powered image capture and interpretation powered by Caption Health.
Announced a large-scale Butterfly Blueprint deployment at The University of Rochester Medical Center.
Partnered with Ambra, an Intelerad Company and maker of a leading cloud-based, medical image management to enhance ultrasound data integration with Butterfly Blueprint.
“We have made significant progress in our first year as a public company,” said Dr. Todd Fruchterman, Butterfly’s President and Chief Executive Officer. “We generated substantial growth in both human healthcare and veterinarian markets including customer deployments, adoption by medical education institutions and global expansion through distributors and partnerships. At the same time, we also strengthened our people, began to evolve our business model, and our approach to innovation.” Fruchterman continued, “As we invest and grow in 2022, we are innovating to bring valuable clinical insights to every care setting worldwide and advancing our vision to make Butterfly as ubiquitous as the stethoscope.”
Fourth Quarter 2021 Financial Results
Fourth quarter revenue increased 21.3% to $19.0 million from $15.7 million in the fourth quarter of 2020. Product revenue increased 15.1% to $14.4 million from $12.5 million in the fourth quarter of 2020. Subscription revenue increased 46.2% to $4.6 million from $3.1 million in the fourth quarter of 2020.
Gross profit for the fourth quarter of 2021 was $7.5 million, compared to gross profit of $8.7 million in the fourth quarter of 2020. Adjusted gross profit was $10.1 million for the fourth quarter of 2021, compared to an adjusted gross profit of $4.9 million in the fourth quarter of 2020.
Total gross margin for the quarter was 39.7%, compared to 55.6% in the fourth quarter of 2020. Adjusted gross margin was 53.3%, compared to 31.2% in the fourth quarter of 2020.
Operating expenses were $52.8 million, compared to $30.9 million in the fourth quarter of 2020, representing an increase of 71.0% primarily due to the build out of personnel and services to support growth initiatives and expenses related to being a publicly traded company.
Net loss was $15.2 million, compared to a net loss of $22.9 million during the fourth quarter of 2020. Adjusted EBITDA was a loss of $33.3 million during the fourth quarter of 2021, compared to a loss of $21.0 million in the fourth quarter of 2020.
Cash and cash equivalents were $422.8 million as of December 31, 2021.
A reconciliation of Adjusted EBITDA to net loss, Adjusted gross profit to gross profit, and Adjusted gross margin to gross margin for the three months and the year ended December 31, 2021 and 2020, is provided in the financial schedules that are part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Non-GAAP Financial Measures.”
Full Year 2021 Financial Results
Full year revenue increased 35.3% to $62.6 million from $46.3 million in full year 2020. Product revenue increased 24.8% to $47.9 million from $38.3 million in full year 2020. Subscription revenue increased 85.9% to $14.7 million from $7.9 million in 2020.
Gross profit for the full year 2021 was $17.1 million, compared to gross profit of negative $61.2 million in full year 2020. Adjusted gross profit was $31.6 million for the full year 2021, compared to an adjusted gross profit of $1.6 million in full year 2020.
Total gross margin for the full year 2021 was 27.3%, compared to a negative 132.4% in 2020. Adjusted gross margin was 50.5%, compared to 3.5% in full year 2020.
Full year operating expenses were $209.8 million, compared to $100.4 million in full year 2020, representing an increase of 109% primarily due to the build out of personnel and services to support growth initiatives and expenses related to being a publicly traded company.
Full year net loss was $32.4 million, compared to a net loss of $162.7 million for the full year 2020. Full year adjusted EBITDA was a loss of $121.8 million, compared to a loss of $85.2 million for the full year 2020.
2022 Financial Guidance
Revenue is expected to be approximately $83 million to $88 million, or approximately 33% to 41% growth year-over-year.
Net loss is expected to be approximately $225 million to $245 million, assuming no change in the fair value of our warrants. Adjusted EBITDA loss is expected to be approximately $175 million to $195 million.
Butterfly may incur charges, realize gains or losses, incur financing costs, or interest expense, or experience other events in 2022 that could cause actual results to vary materially from this guidance.
Conference Call
A conference call to review the fourth quarter and full year 2021 financial results and provide a business update is scheduled for February 28, 2022, at 8:30 am Eastern Time. Interested parties may access the conference call by dialing (888) 440-4052 (U.S.) or (646) 960-0827 (Outside U.S.) and referencing Conference ID 9393576. Additionally, a link to a live webcast of the call will be available in the Investor section of Butterfly's website.
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 online today 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 qualified healthcare professionals only.
Financial Data
Full Year 2021 Revenue Growth of 35%
Positive Momentum Driving a New Standard of Care with Butterfly
Butterfly Network, Inc. (NYSE: BFLY) (“Butterfly”), a digital health company transforming care with handheld, whole-body ultrasound, today announced financial results for the quarter and full year ended December 31, 2021, and provided a business update.
Financial and Recent Business Highlights :
Reported revenue of $62.6 million for the full year ended December 31, 2021, representing a 35.3% increase from $46.3 million for the full year ended December 31, 2020.
Launched Butterfly Blueprint™ including AI-powered image capture and interpretation powered by Caption Health.
Announced a large-scale Butterfly Blueprint deployment at The University of Rochester Medical Center.
Partnered with Ambra, an Intelerad Company and maker of a leading cloud-based, medical image management to enhance ultrasound data integration with Butterfly Blueprint.
“We have made significant progress in our first year as a public company,” said Dr. Todd Fruchterman, Butterfly’s President and Chief Executive Officer. “We generated substantial growth in both human healthcare and veterinarian markets including customer deployments, adoption by medical education institutions and global expansion through distributors and partnerships. At the same time, we also strengthened our people, began to evolve our business model, and our approach to innovation.” Fruchterman continued, “As we invest and grow in 2022, we are innovating to bring valuable clinical insights to every care setting worldwide and advancing our vision to make Butterfly as ubiquitous as the stethoscope.”
Fourth Quarter 2021 Financial Results
Fourth quarter revenue increased 21.3% to $19.0 million from $15.7 million in the fourth quarter of 2020. Product revenue increased 15.1% to $14.4 million from $12.5 million in the fourth quarter of 2020. Subscription revenue increased 46.2% to $4.6 million from $3.1 million in the fourth quarter of 2020.
Gross profit for the fourth quarter of 2021 was $7.5 million, compared to gross profit of $8.7 million in the fourth quarter of 2020. Adjusted gross profit was $10.1 million for the fourth quarter of 2021, compared to an adjusted gross profit of $4.9 million in the fourth quarter of 2020.
Total gross margin for the quarter was 39.7%, compared to 55.6% in the fourth quarter of 2020. Adjusted gross margin was 53.3%, compared to 31.2% in the fourth quarter of 2020.
Operating expenses were $52.8 million, compared to $30.9 million in the fourth quarter of 2020, representing an increase of 71.0% primarily due to the build out of personnel and services to support growth initiatives and expenses related to being a publicly traded company.
Net loss was $15.2 million, compared to a net loss of $22.9 million during the fourth quarter of 2020. Adjusted EBITDA was a loss of $33.3 million during the fourth quarter of 2021, compared to a loss of $21.0 million in the fourth quarter of 2020.
Cash and cash equivalents were $422.8 million as of December 31, 2021.
A reconciliation of Adjusted EBITDA to net loss, Adjusted gross profit to gross profit, and Adjusted gross margin to gross margin for the three months and the year ended December 31, 2021 and 2020, is provided in the financial schedules that are part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Non-GAAP Financial Measures.”
Full Year 2021 Financial Results
Full year revenue increased 35.3% to $62.6 million from $46.3 million in full year 2020. Product revenue increased 24.8% to $47.9 million from $38.3 million in full year 2020. Subscription revenue increased 85.9% to $14.7 million from $7.9 million in 2020.
Gross profit for the full year 2021 was $17.1 million, compared to gross profit of negative $61.2 million in full year 2020. Adjusted gross profit was $31.6 million for the full year 2021, compared to an adjusted gross profit of $1.6 million in full year 2020.
Total gross margin for the full year 2021 was 27.3%, compared to a negative 132.4% in 2020. Adjusted gross margin was 50.5%, compared to 3.5% in full year 2020.
Full year operating expenses were $209.8 million, compared to $100.4 million in full year 2020, representing an increase of 109% primarily due to the build out of personnel and services to support growth initiatives and expenses related to being a publicly traded company.
Full year net loss was $32.4 million, compared to a net loss of $162.7 million for the full year 2020. Full year adjusted EBITDA was a loss of $121.8 million, compared to a loss of $85.2 million for the full year 2020.
2022 Financial Guidance
Revenue is expected to be approximately $83 million to $88 million, or approximately 33% to 41% growth year-over-year.
Net loss is expected to be approximately $225 million to $245 million, assuming no change in the fair value of our warrants. Adjusted EBITDA loss is expected to be approximately $175 million to $195 million.
Butterfly may incur charges, realize gains or losses, incur financing costs, or interest expense, or experience other events in 2022 that could cause actual results to vary materially from this guidance.
Conference Call
A conference call to review the fourth quarter and full year 2021 financial results and provide a business update is scheduled for February 28, 2022, at 8:30 am Eastern Time. Interested parties may access the conference call by dialing (888) 440-4052 (U.S.) or (646) 960-0827 (Outside U.S.) and referencing Conference ID 9393576. Additionally, a link to a live webcast of the call will be available in the Investor section of Butterfly's website.
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 online today 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 qualified healthcare professionals only.
Financial Data