Butterfly Network, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Butterfly Network, Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

Butterfly Network, Inc. (BFLY) filed a Annual Report (10-K) with the SEC on March 4, 2024. Butterfly Network, Inc. filed its 2023 Form 10-K on March 4, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 1600 District Avenue, Burlington, MA 01803. Butterfly Network, Inc. was formerly known as Longview Acquisition Corp., with a name change on February 20, 2020. The SIC code for the company is 3844, related to X-RAY APPARATUS & TUBES & RELATED IRRADIATION APPARATUS.

Why It Matters

For investors and stakeholders tracking Butterfly Network, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Butterfly Network's financial health, operational status, and strategic direction for the fiscal year 2023, crucial for investors and stakeholders to assess the company's progress and future prospects. As a public document, this filing ensures transparency and allows the market to evaluate Butterfly Network's performance against its peers and its own historical data, influencing investment decisions and market sentiment.

Risk Assessment

Risk Level: medium — Butterfly Network, Inc. shows moderate risk based on this filing. The company's financial performance and future growth are subject to market adoption of its technology and competitive pressures in the medical device industry, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Butterfly Network's current financial position and potential challenges.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240304 — Filing Date (FILED AS OF DATE)
• 103 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 001-39292 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• Butterfly Network, Inc. (company) — FILER
• BFLY (company) — tk
• 10-K (document) — ft
• 2024-03-04T00:00:00.000Z (date) — dt
• Longview Acquisition Corp. (company) — FORMER COMPANY
• 20200220 (date) — DATE OF NAME CHANGE
• 1600 District Avenue, Burlington, MA 01803 (address) — BUSINESS ADDRESS
• 3844 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION

FAQ

Industry Context

Butterfly Network operates in the medical device industry, specifically focusing on ultrasound technology and related imaging apparatus.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit annual reports on Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the risk factors section to understand potential business challenges.
3. Compare Butterfly Network's reported performance against industry benchmarks and previous filings.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-04: Filing Date — Date the 10-K was officially submitted to the SEC.
• 2020-02-20: Company Name Change — Date Butterfly Network, Inc. officially changed its name from Longview Acquisition Corp.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.0001 — which registered Class A common stock, $0.0001 par value per share BFLY The New Yo
• $11.50 — on stock, each at an exercise price of $11.50 per share BFLY WS The New York Stoc
• $11 — ompany's stock price reaches or exceeds $11.50, and outstanding warrants are exerci
• $65.9 million — channel. We generated total revenue of $65.9 million and $73.4 million in the years ended De
• $73.4 million — ated total revenue of $65.9 million and $73.4 million in the years ended December 31, 2023 an
• $133.7 million — ctively. We also incurred net losses of $133.7 million and $168.7 million for the years ended
• $168.7 million — curred net losses of $133.7 million and $168.7 million for the years ended December 31, 2023 a
• $400 million — raGen. Legacy Butterfly has raised over $400 million in equity investments and partnership m
• $45,000 — t-based equipment typically ranges from $45,000 to $100,000 per new device, plus specia
• $100,000 — ipment typically ranges from $45,000 to $100,000 per new device, plus specialized labor.
• $10,000, b — devices with an average price point of $10,000, based on $3,000 to $7,000 per probe, some
• $3,000 — verage price point of $10,000, based on $3,000 to $7,000 per probe, some requiring thr
• $7,000 — ce point of $10,000, based on $3,000 to $7,000 per probe, some requiring three or more
• $2,000 — loud storage) that can reach upwards of $2,000. Further, these incumbent POCUS devices
• $100 billion — ial new market that we estimate exceeds $100 billion. We believe our solution addresses an u

Filing Documents

• bfly-20231231x10k.htm (10-K) — 2649KB
• bfly-20231231xex23d1.htm (EX-23.1) — 3KB
• bfly-20231231xex31d1.htm (EX-31.1) — 9KB
• bfly-20231231xex31d2.htm (EX-31.2) — 8KB
• bfly-20231231xex32d1.htm (EX-32.1) — 6KB
• bfly-20231231xex97d1.htm (EX-97.1) — 41KB
• bfly-20231231x10k006.jpg (GRAPHIC) — 27KB
• bfly-20231231x10k007.jpg (GRAPHIC) — 45KB
• bfly-20231231xex97d1001.jpg (GRAPHIC) — 1KB
• 0001558370-24-002308.txt (&nbsp;) — 10772KB
• bfly-20231231.xsd (EX-101.SCH) — 61KB
• bfly-20231231_cal.xml (EX-101.CAL) — 75KB
• bfly-20231231_def.xml (EX-101.DEF) — 254KB
• bfly-20231231_lab.xml (EX-101.LAB) — 596KB
• bfly-20231231_pre.xml (EX-101.PRE) — 453KB
• bfly-20231231x10k_htm.xml (XML) — 1957KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 45 Item 1C. C ybersecurity 45 Item 2.

Properties

Properties 47 Item 3.

Legal Proceedings

Legal Proceedings 47 Item 4. Mine Safety Disclosures 47 PART II 47 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47 Item 6. [Reserved] 48 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 48 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 60 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 60 Item 9A.

Controls and Procedures

Controls and Procedures 60 Item 9B. Other Information 61 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 61 PART III 61 Item 10. Directors, Executive Officers and Corporate Governance 61 Item 11.

Executive Compensation

Executive Compensation 62 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 62 Item 13. Certain Relationships and Related Transactions, and Director Independence 62 Item 14. Principal Accountant Fees and Services 62 PART IV 62 Item 15 Exhibits and Financial Statement Schedules 62 Item 16. Form 10-K Summary 66

Signatures

Signatures 67 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that relate to future events or our future financial performance regarding, among other things, our plans, strategies and prospects, both business and financial. These statements are based on the beliefs and assumptions of our management team. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about: the success, cost and timing of our product development activities; the potential attributes and benefits of our products and services; our ability to obtain and maintain regulatory authorization for our products, and any related restrictions and limitations of any authorized product; our ability to identify, in-license or acquire additional technology; our ability to maintain our existing license, manufacturing and supply agreements; our ability to compete with other companies currently marketing or engaged in the development of ultrasound imaging devices, many of which have greater financial and marketing resources than us; the size and growth potential of the markets for our products and services, and the ability of each to serve those markets, either alone or in partnership with others; our estimates regarding expenses, revenue, capital requirements and needs for additional financing; our ability to raise financing in the future; and our financial performance. These statements may be preceded by, followed by or include the words "believes

BUSINESS

Item 1. BUSINESS Overview We are an innovative digital health company transforming care through a unique combination of portable, semiconductor-based ultrasound technology, intuitive software, services and educational offerings that can make medical imaging more accessible than ever before. Butterfly's solution enables the practical application of ultrasound information into the clinical workflow through affordable hardware that fits in a healthcare professional's pocket and is paired with cloud-connected software that is easily accessed through a mobile application. With our proprietary, comprehensive portable ultrasound solution, protected by a robust intellectual property portfolio, we are on a mission to democratize healthcare by increasing access and use of ultrasound information wherever care is being delivered – whether a large healthcare system, a rural clinic, a global conflict zone or beyond. We are helping streamline and optimize deployment of ultrasound at scale across hospital systems with our Compass TM software that integrates into health system infrastructures, and connects across all departments and specialties, including nursing. Furthermore, we envision a future where Butterfly's imaging technology is fully integrated into hospital-at-home workflows, improving remote monitoring and management of patients' health conditions from the comfort of their homes. As of February 13, 2024, Butterfly has two portable ultrasound devices on the market: our second-generation Butterfly iQ+ and third-generation Butterfly iQ3, which received U.S. Food and Drug Administration ("FDA") clearance of our premarket notification ("510(k)") on January 4, 2024). Butterfly iQ+/iQ3 are both powered by our Ultrasound-on-Chip technology, allowing them to power whole-body imaging on a single handheld probe using digital semiconductor technology. Both of these small, handheld devices are priced competitively compared to incumbent, piezoelectric crystal-based ultrasound hand

View Full Filing

View this 10-K filing on SEC EDGAR