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Butterfly Network, Inc. (BFLY) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

Butterfly Network, Inc.

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CIK: 1804176 Ticker: BFLY

Exhibit 99.1

Butterfly Network Reports Fourth Quarter 2022 Financial Results

Progress on key initiatives sets the stage for 2023

Burlington, MA., and New York, NY, February 28, 2023 -- Butterfly Network, Inc. (NYSE: BFLY) (“Butterfly”), a digital health company transforming care with handheld, whole-body ultrasound, today announced financial results for the quarter ended December 31, 2022, and provided a business update.

Highlights

●Reported total revenue of $19.0 million for the fourth quarter ended December 31, 2022, flat to the fourth quarter ended December 31, 2021. Total Revenue of $73.4 million for the full year ended December 31, 2022, which represented 17.3% growth compared to the full year ended December 31, 2021.
●This year we introduced Butterfly’s “Cloud 2.0” software, a launch that included several new product features and a Proficiency Management Solution for our Blueprint platform, that makes it even easier to manage your workflows and analysis across an institution.
●We added nearly a dozen new Blueprint accounts in Q4, including large systems like Hennepin County, Indiana and University Hospital Bonn in addition to established users (e.g., University of Rochester Medical Center, Mayo, Stanford, UCLA, Denver Health and many more).
●During the year, we successfully rolled out thousands of Butterfly iQ+ devices and our Butterfly Blueprint enterprise platform at the University of Rochester Medical Center, and we were also able to deploy the comprehensive system-wide Butterfly Blueprint solution in only 14 days at the University of Maryland.
●In Q4, we continued to make progress on a first-of-its-kind clinical study, with the John Muir Cardiovascular Institution Research department, to evaluate a novel tool developed by Butterfly to provide novice clinicians—and patients—with the ability to assess pulmonary congestion themselves.
●We completed the largest Global Health deployment of handheld imaging in the world with the Gates Foundation in Sub-Saharan Africa. Within 10 weeks we trained a cohort of 500 midwives in Kenya to perform life-saving obstetric scans and will train another 500 midwives in S. Africa.
●During the year, we launched and announced distribution partnerships in a number of new and compelling international markets; including the UAE, India, Israel, and South Africa, among other geographies - unlocking millions of additional customers that we can target and sell to going forward.
●This quarter, our Veterinary teams not only expanded our previously announced partnerships with Texas Tech University and Petco, but also started new educational and
The following information was filed by Butterfly Network, Inc. (BFLY) on Tuesday, February 28, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Butterfly Network, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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Inside Butterfly Network, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Convertible Preferred Stock And Stockholders' Equity (Deficit)
Consolidated Statements Of Operations And Comprehensive Loss
401(K) Retirement Plan
401(K) Retirement Plan (Details)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Accrued Expenses And Other Current Liabilities - Warranty Expense Activity (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Equity Incentive Plan
Equity Incentive Plan (Details)
Equity Incentive Plan (Tables)
Equity Incentive Plan - Additional Information About Stock Option Activity (Details)
Equity Incentive Plan - Option Grants To Employees And Non-Employees (Details)
Equity Incentive Plan - Restricted Stock Unit Activity (Details)
Equity Incentive Plan - Stock Option Activity (Details)
Equity Incentive Plan - Stock-Based Compensation Expense (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes - Income (Loss) Before Provision For Income Taxes (Details)
Income Taxes - Net Deferred Tax Assets (Details)
Income Taxes - Statutory Income Tax Rate (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Details)
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Lease Term And Discount Rate (Details)
Leases - Operating Lease Payments (Details)
Net Loss Per Share
Net Loss Per Share (Details)
Net Loss Per Share (Tables)
Net Loss Per Share - Anti-Dilutive Common Equivalent Shares (Details)
Organization And Description Of Business
Other Non-Current Assets
Other Non-Current Assets (Details)
Other Non-Current Assets (Tables)
Property And Equipment, Net
Property And Equipment, Net (Details)
Property And Equipment, Net (Tables)
Property And Equipment, Net - Software Intangible Assets (Details)
Reduction In Force
Reduction In Force (Details)
Reduction In Force (Tables)
Related Party Transactions
Related Party Transactions (Details)
Related Party Transactions (Tables)
Restricted Cash
Restricted Cash (Details)
Restricted Cash (Tables)
Restricted Cash - Narratives (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Balances (Details)
Revenue Recognition - Costs Of Obtaining Or Fulfilling Contracts (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Performance Obligations (Details)
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Allowance For Doubtful Accounts (Details)
Summary Of Significant Accounting Policies - Concentration Of Credit Risk (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Warrants
Warrants (Details)

Material Contracts, Statements, Certifications & more

Butterfly Network, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 23.1: Consents Of Experts And Counsel
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: BFLY
CIK: 1804176
Form Type: 10-K Annual Report
Accession Number: 0001558370-23-004464
Submitted to the SEC: Thu Mar 23 2023 4:39:44 PM EST
Accepted by the SEC: Thu Mar 23 2023
Period: Saturday, December 31, 2022
Industry: X Ray Apparatus And Tubes And Related Irradiation Apparatus

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