$BFLY
Butterfly Network, Inc.

2022 Q1 Form 10-Q Financial Statement

#000155837022007630 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $15.57M $12.44M
YoY Change 25.16% 43.52%
Cost Of Revenue $7.232M $6.027M
YoY Change 19.99% -36.6%
Gross Profit $8.342M $6.416M
YoY Change 30.02% -867.46%
Gross Profit Margin 53.56% 51.56%
Selling, General & Admin $34.25M $44.45M
YoY Change -22.94% 298.39%
% of Gross Profit 410.6% 692.77%
Research & Development $23.62M $15.72M
YoY Change 50.31% 25.57%
% of Gross Profit 283.18% 244.95%
Depreciation & Amortization $839.0K $458.0K
YoY Change 83.19% 60.7%
% of Gross Profit 10.06% 7.14%
Operating Expenses $57.88M $60.16M
YoY Change -3.8% 154.15%
Operating Profit -$49.53M -$53.75M
YoY Change -7.84% 119.3%
Interest Expense $5.173M $638.0K
YoY Change 710.82% 12660.0%
% of Operating Profit
Other Income/Expense, Net -$100.0K -$631.0K
YoY Change -84.15% 2075.86%
Pretax Income -$44.46M -$666.0K
YoY Change 6575.68% -97.26%
Income Tax $17.00K $24.00K
% Of Pretax Income
Net Earnings -$44.48M -$690.0K
YoY Change 6345.94% -97.17%
Net Earnings / Revenue -285.58% -5.55%
Basic Earnings Per Share -$0.22 -$0.01
Diluted Earnings Per Share -$0.22 -$0.01
COMMON SHARES
Basic Shares Outstanding 199.0M 105.9M
Diluted Shares Outstanding 199.0M 105.9M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $359.9M $545.3M
YoY Change -34.0%
Cash & Equivalents $359.9M $18.85M
Short-Term Investments $526.4M
Other Short-Term Assets $52.98M $18.60M
YoY Change 184.84%
Inventory $48.35M $36.13M
Prepaid Expenses
Receivables $13.07M $5.237M
Other Receivables $0.00 $0.00
Total Short-Term Assets $474.3M $605.2M
YoY Change -21.63%
LONG-TERM ASSETS
Property, Plant & Equipment $22.77M $7.254M
YoY Change 213.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.371M $2.505M
YoY Change 194.25% 735.0%
Total Long-Term Assets $61.11M $42.29M
YoY Change 44.5% 13998.0%
TOTAL ASSETS
Total Short-Term Assets $474.3M $605.2M
Total Long-Term Assets $61.11M $42.29M
Total Assets $535.4M $647.5M
YoY Change -17.31% 215726.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.683M $5.268M
YoY Change -49.07%
Accrued Expenses $31.95M $37.60M
YoY Change -15.03% 18700.0%
Deferred Revenue $13.36M $9.548M
YoY Change 39.91%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $50.71M $52.37M
YoY Change -3.18% 17357.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $828.0K $2.055M
YoY Change -59.71%
Total Long-Term Liabilities $828.0K $2.055M
YoY Change -59.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.71M $52.37M
Total Long-Term Liabilities $828.0K $2.055M
Total Liabilities $122.8M $211.3M
YoY Change -41.91% 70338.33%
SHAREHOLDERS EQUITY
Retained Earnings -$471.7M -$395.5M
YoY Change 19.27%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $412.7M $436.2M
YoY Change
Total Liabilities & Shareholders Equity $535.4M $647.5M
YoY Change -17.31% 215726.0%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$44.48M -$690.0K
YoY Change 6345.94% -97.17%
Depreciation, Depletion And Amortization $839.0K $458.0K
YoY Change 83.19% 60.7%
Cash From Operating Activities -$54.23M -$63.43M
YoY Change -14.49% 222.46%
INVESTING ACTIVITIES
Capital Expenditures $4.506M $1.289M
YoY Change 249.57% 168.54%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$526.9M
YoY Change -100.0%
Cash From Investing Activities -$4.506M -$528.2M
YoY Change -99.15% 109941.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $4.366M
YoY Change -100.0%
Cash From Financing Activities 550.0K 550.3M
YoY Change -99.9% 357216.88%
NET CHANGE
Cash From Operating Activities -54.23M -63.43M
Cash From Investing Activities -4.506M -528.2M
Cash From Financing Activities 550.0K 550.3M
Net Change In Cash -58.19M -41.36M
YoY Change 40.71% 106.82%
FREE CASH FLOW
Cash From Operating Activities -$54.23M -$63.43M
Capital Expenditures $4.506M $1.289M
Free Cash Flow -$58.74M -$64.72M
YoY Change -9.23% 221.17%

Facts In Submission

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368651000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18850000
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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:0pt;margin:0pt 0pt 10pt 0pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, and accounts receivable. At March 31, 2022, 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 any significant losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">One customer accounted for 14% and 15% of the Company’s accounts receivable as of March 31, 2022 and December 31, 2021, respectively. For the three months ended March 31, 2022 and 2021, no customer accounts for more than 10% of the total revenues.</p>
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<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:0pt;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:0pt;margin: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. 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, 2021.</p>
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
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15574000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12443000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15574000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12443000
CY2022Q1 bfly Duration For Payment Terms
DurationForPaymentTerms
P30D
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
400000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
400000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4700000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3300000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
22800000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.65
CY2022Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2022Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.35
CY2022Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
32158000
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
19853000
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
3583000
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1122000
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
12613000
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
15268000
CY2022Q1 us-gaap Inventory Net
InventoryNet
48354000
CY2021Q4 us-gaap Inventory Net
InventoryNet
36243000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
28940000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20079000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6173000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5376000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22767000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14703000
CY2022Q1 bfly Accrued Property And Equipment
AccruedPropertyAndEquipment
2000000.0
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
359901000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
18850000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
368651000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18850000
CY2021Q2 us-gaap Debt Instrument Collateral Amount
DebtInstrumentCollateralAmount
4000000.0
CY2022Q1 bfly Proceeds From Grant Received
ProceedsFromGrantReceived
4800000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5846000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
12746000
CY2022Q1 us-gaap Deposit Liability Current
DepositLiabilityCurrent
934000
CY2021Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
1850000
CY2022Q1 bfly Deferred Grant Funding Current
DeferredGrantFundingCurrent
4750000
CY2022Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
265000
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
266000
CY2022Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1783000
CY2021Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
2477000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4947000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2797000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1590000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1391000
CY2022Q1 bfly Accrued Inventory Obligation
AccruedInventoryObligation
1775000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7032000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4104000
CY2022Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
28922000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
25631000
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1116000
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1826000
CY2022Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
161000
CY2021Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-392000
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
183000
CY2021Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
248000
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1094000
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1186000
CY2022Q1 bfly Percentage Of Increment In Of Shares Outstanding
PercentageOfIncrementInOfSharesOutstanding
0.04
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
105916706
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8730000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20298000
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
44477000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-44477000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199000258
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
199000258
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
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
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
46952321
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
46075623
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1200000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
600000

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