Buy today! In this case, we have a quality company that – at least from where we sit – is inaccessible because shares are being bid up when the deal hasn’t even closed. Butterfly Network, Inc. Mike Cavanaugh or Mark Klausner Westwicke, an ICR Company (646) 677-1838 investors@butterflynetwork.com. A Handheld Ultrasound Device for Your Smartphone, https://www.nanalyze.com/2020/07/spacs-retail-investors/. Is there a software-as-a-service component here? Media Relations. Other types of alerts, possibly, but not right now given our current resources. Here's how: Navigate to our online store. Market data powered by FactSet and Web Financial Group. Butterfly estimates that its addressable market is $8 billion, and the company believes that it can disrupt the market with a combination of low costs and superior technology. Wait for the dust to settle. Butterfly Network, a global leader in democratizing medical imaging, to be listed on NYSE through a merger with Longview Acquisition Corp. Butterfly Network’s mission is to enable universal access to superior medical imaging, making high quality ultrasound affordable, easy-to-use, globally accessible and intelligently connected. People who want to go long the company that’s being absorbed by the SPAC are in a bad position because they need to pay a hype premium. The deal values Butterfly Network at $1.5 billion. The transaction, which is expected to raise $589 million in gross proceeds, values Butterfly Network at an enterprise value of $1.5 billion. We will return your call within 1 business day. Today, their products are commercially available in 40 different countries including the United States, Canada, Australia, New Zealand, and throughout greater Europe. Butterfly's Ultrasound-on-Chip™ technology replaces the traditional transducer system with a single silicon chip. An overly simple explanation of what’s happening is that institutional investors are paying around $10 per share for their investment in Butterfly Network while retail investors have to pay $16.65 for the same shares. Longview is a special purpose acquisition company (SPAC), which have been all the rage this year. The shares only traded at a small premium to what institutional investors paid. Butterfly received 510(k) clearance for the Butterfly iQ in 2017 and launched in 2018. Institutional investors thought a fair price was around $10 per share, and that’s what we think retail investors should pay as well. Butterfly Network has raised a total of $370 million in funding from investors including the Bill & Melinda Gates Foundation, ... Stock Quotes, and Market Data and Analysis. Required fields are marked *. How can I buy a Butterfly iQ? The merger is expected to close in the first quarter of 2021. Existing Butterfly investors Baillie Gifford, the Bill and Melinda Gates Foundation, and Fosun Industrial will have their current shares converted into equity in the new company at a ratio of 1 for 1.0383 per share. Thank you for raising this. Butterfly sold and shipped approximately 12,900 devices in the year ended December 31, 2019, and approximately 12,500 devices in the nine months ended September 30, 2020. The deal hasn’t even settled yet, and the Robinhood trader types are already hyping the stock. Regarding SPACs, this is a very unique case. Butterfly Network, Guilford, Conn., will be listed on the New York Stock Exchange under the ticker symbol BFLY. Evan is a senior technology specialist at The Motley Fool. Generally speaking, we avoid SPACs like the plague, though we did invest in one. Considering the founder, Jonathan Rothberg, is a serial entrepreneur who founded more than 10 healthcare/technology companies, including 454 Life Sciences, Ion Torrent, and CuraGen, seems likely they’ll hit these aggressive revenue growth numbers. Let’s take a look under the hood of Butterfly Network. Founder Jonathan Rothberg will become chairman of the new company and wield controlling voting power through supervoting Class B shares that receive 20 votes per share. Longview Acquisition Corp. John Rodin info@longviewacquisition.com. Building and selling a cheap handheld ultrasound machine is a simple business to understand. During 2019 and for the nine months ended September 30, 2020, approximately 13% and 28%, respectively, of Butterfly’s product and service revenue was generated from customers located outside of the United States. Investors who get on board should pay attention to management’s ability to hit these targets. THIS IS … Stock Advisor launched in February of 2002. Then, some rumor will surface and the SPAC will often jump 50 to 70 percent or in some cases much higher. While there are other companies offering handheld ultrasound units like Philips Lumify, the overall market penetration for handheld devices is quite low at less than 3% globally. We’ve noted alerting in our product roadmap and appreciate the feedback. View Butterfly Network stock / share price, financials, funding rounds, investors and more at Craft. Ultimately, they would like to get the device in the hands of consumers. We would categorize Butterfly Network as being in the business of medical devices. Their latest funding was raised on Sep 27, 2018 from a Series D round. Use the PitchBook Platform to explore the full profile. Just so happens, we’re holding two medical device companies in our DGI portfolio right now – Stryker (SYK) and Medtronic (MDT). For the sake of argument, let’s pretend the price of shares falls back to $11.00 and we’re paying a more reasonable premium of 10% – or ideally, no … Butterfly Network's mission is to make ultrasound technology universally accessible and affordable through the sale of its iQ product and … Once the deal goes through, shares will trade under the ticker BFLY. Become a Nanalyze Premium annual subscriber. Bill & Melinda Gates Foundation and Fosun Pharma are the most recent investors. As a result of the announcement, shares of the SPAC in question jumped over +66%. Our handheld ultrasound device is easy to use, works with iPhone and Android and fits in your pocket. Given we already have a decent amount of exposure to the medical device theme, we’re not overly keen to occupy one of our 30 portfolio holding slots with a medical device company, exciting as it may sound. Butterfly Network has raised a total of $350M in funding over 3 rounds. Save my name, email, and website in this browser for the next time I comment. Returns as of 12/18/2020. The price for Butterfly iQ is unmatched by competitors and expected to get as low as $500. For the sake of argument, let’s pretend the price of shares falls back to $11.00 and we’re paying a more reasonable premium of 10% – or ideally, no premium at all. Butterfly Network is funded by 6 investors. As of November 1, 2020, Butterfly owned approximately 275 issued patents and approximately 537 pending patent applications. According to the company, Butterfly iQ is “the only ultrasound transducer that can perform whole-body imaging in a single handheld probe using semiconductor technology.” Their latest Butterfly iQ+ device connects directly to an iPhone or Android smartphone and tablet to provide its imaging and software features for more than two consecutive hours, while charging to full battery in approximately five hours. So, if you want alerting for SPACs, we wouldn’t be able to get an alert out fast enough for anyone to take advantage of. Butterfly Network Stock – A Play on Portable Ultrasounds. We can work to get these SPAC pieces out sooner, but we often need to wait for them to file sufficient information so we can write an informative piece. It’s not just about SPACs, but also about sharp increases/decreases in share price for stocks in our portfolio. BUTTERFLY - BUY AT CURRENT LEVELS 183-180 FOR PULLBACK BUTTERFLY MADE A RECENT HIGH OF AROUND 212 AND SINCE THEN SHOWING CORRECTION NIFTY ALSO WAS DOWN 100 PTS TODAY. We can also see they plan to introduce wearables in 2023, a whole new market the company plans to expand into, and one of their largest growth opportunities. No existing shareholders will be selling any equity as part of the transaction. What’s the total addressable market here? Media Relations. Butterfly Network Stock. Company profile page for Butterfly Network Inc including stock price, company news, press releases, executives, board members, and contact information Guilford, CT and New York, NY – November 20, 2020 – Butterfly Network, Inc. (“Butterfly” or the “Company”), an innovative digital health company that is working to enable universal access to superior medical imaging, and Longview Acquisition Corp. (NYSE: LGVW.U, LGVW, LGVW WS). Butterfly Network, Inc. Mike Cavanaugh or Mark Klausner Westwicke, an ICR Company (646) 677-1838 investors@butterflynetwork.com. We really wish SPACs would go away already because they present too many complications that aren’t found with traditional IPOs. Here are some of the key points from our 2018 article on Butterfly Network: Today, we want to learn more about the inner workings of Butterfly, things like: Because Butterfly is going public using a SPAC, we needed to sift through their 636-page filing document looking for the juicy tidbits. Revenues for 2019 came in at $27.6 million, and for the first nine months of 2020 were at $30.6 million. If you're in a country where we are available, you can purchase a probe in the Butterfly Store.. How can I get a quote? Evan graduated from the University of Texas at Austin, and is a CFA charterholder. Around 85% of revenues come from product sales and the remainder from subscription services. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Longview Acquisition Corp. John Rodin info@longviewacquisition.com. Do as I say, not as I do. That means one probe that can emulate any transducer–linear, curved or phased. Call. Typically the SPAC will trade flat at around $10 per share because that’s what almost all SPACs debut at. Here’s what we found. 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