$BFLY
Butterfly Network, Inc.

2021 Q1 Form 10-Q Financial Statement

#000155837021007403 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $12.44M $8.670M
YoY Change 43.52%
Cost Of Revenue $6.027M $9.506M
YoY Change -36.6%
Gross Profit $6.416M -$836.0K
YoY Change -867.46%
Gross Profit Margin 51.56% -9.64%
Selling, General & Admin $44.45M $11.16M
YoY Change 298.39%
% of Gross Profit 692.77%
Research & Development $15.72M $12.52M
YoY Change 25.57%
% of Gross Profit 244.95%
Depreciation & Amortization $458.0K $285.0K
YoY Change 60.7%
% of Gross Profit 7.14%
Operating Expenses $60.16M $23.67M
YoY Change 154.15%
Operating Profit -$53.75M -$24.51M
YoY Change 119.3%
Interest Expense $638.0K $5.000K
YoY Change 12660.0%
% of Operating Profit
Other Income/Expense, Net -$631.0K -$29.00K
YoY Change 2075.86%
Pretax Income -$666.0K -$24.34M
YoY Change -97.26%
Income Tax $24.00K $10.00K
% Of Pretax Income
Net Earnings -$690.0K -$24.35M
YoY Change -97.17%
Net Earnings / Revenue -5.55% -280.9%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.01 $0.00
COMMON SHARES
Basic Shares Outstanding 105.9M 5.979M
Diluted Shares Outstanding 105.9M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $545.3M $0.00
YoY Change
Cash & Equivalents $18.85M $70.01M
Short-Term Investments $526.4M
Other Short-Term Assets $18.60M
YoY Change
Inventory $36.13M
Prepaid Expenses
Receivables $5.237M
Other Receivables $0.00
Total Short-Term Assets $605.2M $0.00
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $7.254M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.505M $300.0K
YoY Change 735.0%
Total Long-Term Assets $42.29M $300.0K
YoY Change 13998.0%
TOTAL ASSETS
Total Short-Term Assets $605.2M $0.00
Total Long-Term Assets $42.29M $300.0K
Total Assets $647.5M $300.0K
YoY Change 215726.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.268M
YoY Change
Accrued Expenses $37.60M $200.0K
YoY Change 18700.0%
Deferred Revenue $9.548M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.37M $300.0K
YoY Change 17357.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.055M
YoY Change
Total Long-Term Liabilities $2.055M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $52.37M $300.0K
Total Long-Term Liabilities $2.055M $0.00
Total Liabilities $211.3M $300.0K
YoY Change 70338.33%
SHAREHOLDERS EQUITY
Retained Earnings -$395.5M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $436.2M -$233.8M
YoY Change
Total Liabilities & Shareholders Equity $647.5M $300.0K
YoY Change 215726.0%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$690.0K -$24.35M
YoY Change -97.17%
Depreciation, Depletion And Amortization $458.0K $285.0K
YoY Change 60.7%
Cash From Operating Activities -$63.43M -$19.67M
YoY Change 222.46%
INVESTING ACTIVITIES
Capital Expenditures $1.289M $480.0K
YoY Change 168.54%
Acquisitions
YoY Change
Other Investing Activities -$526.9M
YoY Change
Cash From Investing Activities -$528.2M -$480.0K
YoY Change 109941.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $4.366M
YoY Change
Cash From Financing Activities 550.3M 154.0K
YoY Change 357216.88%
NET CHANGE
Cash From Operating Activities -63.43M -19.67M
Cash From Investing Activities -528.2M -480.0K
Cash From Financing Activities 550.3M 154.0K
Net Change In Cash -41.36M -20.00M
YoY Change 106.82%
FREE CASH FLOW
Cash From Operating Activities -$63.43M -$19.67M
Capital Expenditures $1.289M $480.0K
Free Cash Flow -$64.72M -$20.15M
YoY Change 221.17%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, marketable securities and accounts receivable. At March 31, 2021, substantially all of the Company’s marketable securities were invested in mutual funds with one financial institution. At December 31, 2020, substantially all of the Company’s cash and cash equivalents were invested in money market accounts at one financial institution. The Company also maintains balances in various operating accounts above federally insured limits. The Company has not experienced significant losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents and marketable securities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">As of March 31, 2021 and December 31, 2020, no customer accounts for more than 10% of the Company’s accounts receivable. For the three months ended March 31, 2021 and 2020, no customer accounts for more than 10% of the total revenues.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The Company makes estimates and assumptions about future events that affect the amounts reported in its condensed consolidated financial statements and accompanying notes. Future events and their effects cannot be determined with certainty. On an ongoing basis, management evaluates these estimates, judgments and assumptions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The Company bases its estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements. Except with respect to estimates related to the warrant liabilities, there have been no material changes to the Company’s use of estimates as described in the audited consolidated financial statements as of December 31, 2020.</p>
CY2021Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-300000
CY2021Q1 bfly Merger Agreement Right To Receive Shares At Effective Time Upon Conversion
MergerAgreementRightToReceiveSharesAtEffectiveTimeUponConversion
1.0383
CY2021Q1 bfly Business Combination Increase In Cash
BusinessCombinationIncreaseInCash
589500000
CY2021Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
11400000
CY2021Q1 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
30900000
CY2021Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
186500000
CY2021Q1 bfly Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Warrant Liability
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedWarrantLiability
187300000
CY2021Q1 bfly Business Combination Additional Proceeds
BusinessCombinationAdditionalProceeds
600000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12443000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8670000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12443000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8670000
CY2021Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
5237000
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
5752000
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
9548000
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
8443000
CY2021Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
4014000
CY2020Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
2790000
CY2021Q1 bfly Duration For Payment Terms
DurationForPaymentTerms
P30D
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
400000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
600000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3300000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
900000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
17700000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.61
CY2021Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2021Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.39
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3400000
CY2021Q1 us-gaap Security Deposit
SecurityDeposit
1883000
CY2020Q4 us-gaap Security Deposit
SecurityDeposit
1888000
CY2020Q4 us-gaap Deferred Costs
DeferredCosts
3711000
CY2021Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
622000
CY2021Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2505000
CY2020Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5599000
CY2021Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
19805000
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
7688000
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
1058000
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
865000
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
15265000
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
17252000
CY2021Q1 us-gaap Inventory Net
InventoryNet
36128000
CY2020Q4 us-gaap Inventory Net
InventoryNet
25805000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3900000
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4651000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5968000
CY2021Q1 us-gaap Deposit Liability Current
DepositLiabilityCurrent
904000
CY2020Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
1177000
CY2021Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
418000
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
646000
CY2021Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
3605000
CY2020Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
3695000
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2458000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
5432000
CY2020Q4 bfly Vendor Settlements
VendorSettlements
2975000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2630000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2069000
CY2021Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
14666000
CY2020Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
21962000
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1826000
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
876000
CY2021Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-392000
CY2020Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
723000
CY2021Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
248000
CY2020Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
500000
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1186000
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1099000
CY2021Q1 bfly Number Of Series Of Convertible Preferred Stock
NumberOfSeriesOfConvertiblePreferredStock
4
CY2020Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
107197118
CY2021Q1 bfly Business Combination Conversion Ratio
BusinessCombinationConversionRatio
1.0383
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20298000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2683000
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
690000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-690000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105916706
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
105916706
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2020Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
24354000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24354000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5979232
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5979232
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-4.07
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
46075623
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
125445658
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
873000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2043000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1934000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
16095000
CY2020 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
50000000.0
CY2020 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
49900000
CY2021Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
400000
CY2021Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000
CY2020Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
500000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1904000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1987000
CY2021Q1 bfly Operating Lease Future Minimum Payments Due Year Four And After Year Four
OperatingLeaseFutureMinimumPaymentsDueYearFourAndAfterYearFour
7354000

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