GUILFORD, Conn. and
NEW YORK, Feb. 16, 2021 /PRNewswire/ — Butterfly Network,
Inc. ("Butterfly" or the "Company") (NYSE: BFLY), an
innovative digital health company that is working to democratize
medical imaging and contribute to the aspiration of global health
equity, today announced that it has completed its business
combination with Longview Acquisition Corp. (NYSE: LGVW.U,
LGVW, LGVW WS) ("Longview"), a special purpose acquisition company
sponsored by an affiliate of Glenview Capital Management, LLC
("Glenview"). The business combination, which was approved by
Longview's stockholders at its special meeting held on February 12, 2021, will fuel further adoption and
help accelerate Butterfly's current and future pipeline of
innovative technologies, which have the potential to transform
health care delivery and drive a direct impact for patients.
The transaction resulted in the combined company being renamed
to "Butterfly Network, Inc.," with its Class A common stock and
warrants to commence trading on the New York Stock Exchange
("NYSE") on February 16, 2021 under
the symbols "BFLY" and "BFLY WS", respectively.
Working to create the new image of health, Butterfly has
developed a groundbreaking single-probe, whole-body point-of-care
ultrasound solution leveraging its patented Ultrasound-on-Chip™
technology. The Company's breakthrough software solutions can
integrate into hospital networks to help clinicians transform care
delivery and improve efficiencies.
Today, Butterfly also announced that unaudited 2020 full-year
revenues are at least $45 million,
representing a full-year growth rate of at least 63% compared to
the full year 2019, each ahead of the prior forecast. Butterfly
plans to disclose its fourth quarter and full-year 2020 financial
results in March, followed by a live conference call and webcast to
discuss the results and business plans.
"2020 was a milestone year for Butterfly as we made significant
progress towards fulfilling our mission to deliver innovative
ultrasound technology that is easy to use, integrates into
clinical decision-making workflow, and ultimately lowers the
cost of care," said Dr. Jonathan
Rothberg, founder of Butterfly and Chairman of the Board of
Directors of the combined company. "Today marks yet another
significant moment for the Company that will enable us to
expand and accelerate our collective vision."
"I am incredibly excited to join this talented organization that
has the potential to make a profound impact on global health care,"
stated Dr. Todd Fruchterman,
President and Chief Executive Officer of Butterfly Network, Inc.
"Butterfly allows people to think differently about the value of
ultrasound as a critical and integrated part of the full patient
journey. By making ultrasound more accessible and deployable across
a variety of care settings, we have the opportunity to expand the
use cases of ultrasound and impact disease interception, helping
clinicians make more informed decisions to take action earlier. As
we further develop our roadmap, we plan to partner with our
customers to expand into novel market applications including
chronic disease management, which impacts more than 100 million
patients in the United States
alone."
The combined company will be led by industry veteran, Dr.
Todd Fruchterman as President and
Chief Executive Officer, alongside its highly capable executive
team. The combined company's board of directors will include Dr.
Rothberg as Chairman, Dr. Fruchterman, and Glenview founder,
Larry Robbins. Butterfly has also
welcomed new members to the combined company's board:
Dawn Carfora (Vice President,
Business Planning and Operations, Global Business Group, Facebook),
John Hammergren (former Chairman and
CEO, McKesson Corporation),
Gianluca Pettiti (Senior Vice
President and President of Specialty Diagnostics, Thermo Fisher
Scientific, Inc.), and S. Louise
Phanstiel (Chair of the Board of Directors, Myriad
Genetics).
As a result of the business combination, Butterfly received
approximately $589 million prior to
transaction fees, including approximately $414 million of cash
held in Longview's trust account and $175
million from private placement (PIPE) investors, including
Eldridge, Fidelity Management & Research Company LLC, Glenview,
Ridgeback, Tenet Healthcare Corporation, UPMC Enterprises, and
Wellington Management. In addition, Butterfly's current management
and existing equity holders have rolled 100% of their equity into
the combined company.
Advisors
J.P. Morgan Securities LLC acted as financial advisor to
Butterfly. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
acted as legal advisor to Butterfly. The Council acted as strategic
and integration advisor to the combining entities. UBS Investment
Bank acted as financial advisor to Longview as well as the
exclusive placement agent for the PIPE. UBS Investment Bank and
Cowen acted as capital markets advisors to Longview, and originally
underwrote the IPO of Longview in May
2020. Ropes & Gray LLP acted as legal advisor to
Longview.
About Butterfly Network
Founded by Dr. Jonathan Rothberg
in 2011, Butterfly has created the world's first handheld,
single-probe whole-body ultrasound system using its patented
Ultrasound-on-Chip™ semiconductor technology. Butterfly's mission
is to democratize medical imaging and contribute to the aspiration
of global health equity, including for the 4.7 billion people
around the world lacking access to ultrasound. Butterfly is paving
the way for earlier detection and remote management of health
conditions around the world. The Butterfly iQ can be purchased
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 trained and qualified healthcare professionals
only.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. The combined
company's actual results may differ from its expectations,
estimates, and projections and, consequently, you should not rely
on these forward-looking statements as predictions of future
events. Words such as "expect," "estimate," "project," "budget,"
"forecast," "anticipate," "intend," "plan," "may," "will," "could,"
"should," "believes," "predicts," "potential," "continue," and
similar expressions (or the negative versions of such words or
expressions) are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, the combined company's expectations with respect to
financial results, future performance, development of products and
services, potential regulatory approvals, anticipated financial
impacts and other effects of the business combination on the
combined company's business, and the size and potential growth of
current or future markets for the combined company's products and
services. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially from those discussed in the forward-looking
statements. Most of these factors are outside the combined
company's control and are difficult to predict. Factors that may
cause such differences include, but are not limited to: the impact
of COVID-19 on the combined company's business; the ability to
maintain the listing of the combined company's Class A common stock
on the NYSE following the business combination; the ability to
recognize the anticipated benefits of the business combination,
which may be affected by, among other things, competition and the
ability of the combined company to grow and manage growth
profitably and retain its key employees; changes in applicable laws
or regulations; the ability of the combined company to raise
financing in the future; the success, cost and timing of the
combined company's product and service development activities; the
potential attributes and benefits of the combined company's
products and services; the combined company's ability to obtain and
maintain regulatory approval for its products, and any related
restrictions and limitations of any approved product; the combined
company's ability to identify, in-license or acquire additional
technology; the combined company's ability to maintain its existing
license, manufacture, supply and distribution agreements; the
combined company's ability to compete with other companies
currently marketing or engaged in the development of products and
services that the combined company is currently marketing or
developing; the size and growth potential of the markets for the
combined company's products and services, and its ability to serve
those markets, either alone or in partnership with others; the
pricing of the combined company's products and services and
reimbursement for medical procedures conducted using its products
and services; the combined company's estimates regarding expenses,
revenue, capital requirements and needs for additional financing;
the combined company's financial performance; and other risks and
uncertainties indicated from time to time in the proxy
statement/prospectus relating to the business combination,
including those under "Risk Factors" therein, and the combined
company's other filings with the SEC. The combined company cautions
that the foregoing list of factors is not exclusive. The combined
company cautions readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
The combined company does not undertake or accept any obligation or
undertake to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
Contacts
Investor Relations
Butterfly Network, Inc.
Mike
Cavanaugh or Mark
Klausner
Westwicke, an ICR Company
(646) 677-1838
investors@butterflynetwork.com
Media Relations
Butterfly Network, Inc.
Sean
Leous
Westwicke, an ICR Company
(646) 866-4012
media@butterflynetwork.com
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SOURCE Butterfly Network