Upon closing, the combined company's Class A common stock is expected to be traded on the New York Stock … 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? Longview Acquisition Corp. John Rodin info@longviewacquisition.com. Last week, Butterfly Network announced their intent to merge with a SPAC called Longview Acquisition Corp. (LGVW) with the transaction expected to close sometime next year. Generally speaking, we avoid SPACs like the plague, though we did invest in one. Revenues for 2019 came in at $27.6 million, and for the first nine months of 2020 were at $30.6 million. Media Relations. Lots of investments are being made in shoring up their intellectual property portfolio. If shares start to approach the $10 mark, then you’ll be paying what the smart money paid. Once the deal closes, the combined company will trade on the New York Stock Exchange under the symbol BFLY. When there is a company going public via SPAC that we might like to invest in, usually hype drives the shares skyward before the deal even goes through. Butterfly Network announced that it entered into a definitive business combination agreement and will go public with Longview Acquisition Corp. Shares of Longview Acquisition (NYSE:LGVW) jumped today, up by 21% as of 12:50 p.m. EST, after the company announced its acquisition target. You can generate a quote yourself. Longview will merge with Butterfly Network, a digital health company that provides access to medical imaging such as ultrasounds. 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. Stryker, Medtronic, and Johnson & Johnson are all companies found in our dividend growth investing strategy, Quantigence. The product development process seems mature, and the “iQ in the Home” flavor is expected to launch next year. 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. Last we looked, the acquiring company’s shares were trading at a 65% premium. 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. 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. Thank you for raising this. Butterfly Network founder Dr. John Rothberg will be the largest shareholder of the new company. Such is the case with Butterfly Network. As of November 1, 2020, Butterfly owned approximately 275 issued patents and approximately 537 pending patent applications. Once the deal closes, the combined company will trade on the New York Stock Exchange under the symbol BFLY. Evan graduated from the University of Texas at Austin, and is a CFA charterholder. Let's conquer your financial goals together...faster. Your email address will not be published. Butterfly Network has raised a total of $350M in funding over 3 rounds. The company is forecasting revenue to grow from $44 million in 2020 to $334 million in 2024. It used to be (probably not now) a good way to make a few quick dollars with minimal downside risk. Information on valuation, funding, cap tables, investors, and executives for Butterfly Network. How can I buy a Butterfly iQ? Looking for a portable ultrasound machine? We would categorize Butterfly Network as being in the business of medical devices. The Desktop Metal SPAC differed from the others in the following ways: The Butterfly Network SPAC checks the first two bullet points, but not the last one. For newbie investors, there’s an inclination to take on lots of risk in exchange for a great story. Longview is a special purpose acquisition company (SPAC), which have been all the rage this year. Butterfly Network Stock – A Play on Portable Ultrasounds. Butterfly Network, Inc. Mike Cavanaugh or Mark Klausner Westwicke, an ICR Company (646) 677-1838 investors@butterflynetwork.com. Butterfly Network's mission is to make ultrasound technology universally accessible and affordable through the sale of its iQ product and … We’ve noted alerting in our product roadmap and appreciate the feedback. We find ourselves guilty of that sometimes. Stock Advisor launched in February of 2002. would be possible to publish this kind of news earlier, maybe first in short form (high-level) and later more in detail. Do as I say, not as I do. Is there a software-as-a-service component here? Here's how: Navigate to our online store. Media Relations. 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. As with other SPACs, there are the usual forward-looking revenue growth estimates that help justify the company’s valuation against other publicly traded firms with lofty valuations. The deal hasn’t even settled yet, and the Robinhood trader types are already hyping the stock. Returns as of 12/18/2020. Market data powered by FactSet and Web Financial Group. Here’s what we found. Regarding SPACs, this is a very unique case. The deal values Butterfly Network at $1.5 billion. 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, Inc. Sean Leous Westwicke, an ICR Company (646) … 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. Want to see the rest? The Butterfly Network SPAC checks the first two bullet points, but not the last one. Their latest funding was raised on Sep 27, 2018 from a Series D round. Save my name, email, and website in this browser for the next time I comment. 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. Butterfly Network, Guilford, Conn., will be listed on the New York Stock Exchange under the ticker symbol BFLY. ; Select the Butterfly iQ or Butterfly iQ Vet in the store. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. We did this on a few trades but nothing after that because it really is quite speculative and we’re investors, not speculators. Longview Acquisition Corp. John Rodin info@longviewacquisition.com. We really wish SPACs would go away already because they present too many complications that aren’t found with traditional IPOs. Once the deal goes through, shares will trade under the ticker BFLY. Guilford-based health technology startup Butterfly Network Inc., maker of a portable, pocket-sized ultrasound device, is merging with hedge fund-backed Longview Acquisition Corp. and going public. 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. At this point in time nothing has transpired. 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). Just so happens, we’re holding two medical device companies in our DGI portfolio right now – Stryker (SYK) and Medtronic (MDT). Use the PitchBook Platform to explore the full profile. The SPAC Deal: Butterfly Network, a handheld portable ultrasound company, is merging with Longview Acquisition Corp (NYSE: LGVW). Buy today! 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. Seems like a lot of recent growth is happening outside ‘Murica. Butterfly Network is registered under the ticker NYSE:BFLY . Company profile page for Butterfly Network Inc including stock price, company news, press releases, executives, board members, and contact information The price for Butterfly iQ is unmatched by competitors and expected to get as low as $500. Evan is a senior technology specialist at The Motley Fool. The question then becomes how an investment in Butterfly Network fits into our broader portfolio of tech stocks and dividend growth stocks. View Butterfly Network stock / share price, financials, funding rounds, investors and more at Craft. The merger will give shareholders in Butterfly Network the right to receive shares of BFLY stock on a one-for-1.0383 basis per share. 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. See you at the top! Butterfly received 510(k) clearance for the Butterfly iQ in 2017 and launched in 2018. Butterfly Network is backed by high-profile investors including Baillie Gifford, the Bill and Melinda Gates Foundation, and Fosun Industrial. Butterfly Network Stock. 1-855-296-6188 Building and selling a cheap handheld ultrasound machine is a simple business to understand. THIS IS … This is why we don’t like SPACs. We certainly wouldn’t want to alert on simply rumors (that’s how most of these start). 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. The company's medical imaging device is portable, cheap and provides high-quality ultrasound on … Around 85% of revenues come from product sales and the remainder from subscription services. The SPAC was announced on November 20th. People who hold shares already are happy to sell them for a quick gain. The merger is expected to close in the first quarter of 2021. Cumulative Growth of a $10,000 Investment in Stock Advisor, Why Longview Acquisition Stock Jumped Today @themotleyfool #stocks $LGVW, Why Longview Acquisition Stock Popped Today, Copyright, Trademark and Patent Information. We’ve noted this as a possible feature for our premium subscribers going forward. For those who decide to pull the trigger on the Butterfly Network SPAC, here are some key metrics to watch. Butterfly Network, Inc. Mike Cavanaugh or Mark Klausner Westwicke, an ICR Company (646) 677-1838 investors@butterflynetwork.com. 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. Butterfly's Ultrasound-on-Chip™ technology replaces the traditional transducer system with a single silicon chip. As a result of the announcement, shares of the SPAC in question jumped over +66%. Bill & Melinda Gates Foundation and Fosun Pharma are the most recent investors. Your email address will not be published. Several years ago, we wrote about A Handheld Ultrasound Device for Your Smartphone which detailed how life sciences company Butterfly Network is reinventing the ultrasound machine by squeezing all of its components onto a single silicon chip. The SPAC vehicle is not inherently bad, it’s the pre-revenue companies that typically use SPACs which we’re not big fans of. Butterfly Network is a digital health company whose mission is to democratize healthcare by making medical imaging universally accessible and affordable. That means one probe that can emulate any transducer–linear, curved or phased. For example, we advise readers to never try and time the market, but we’ll occasionally engage in the practice ourselves. It’s not just about SPACs, but also about sharp increases/decreases in share price for stocks in our portfolio. In the U.S., Butterfly has made sales to or has agreements with most of the top 100 U.S. healthcare systems. So, getting into the alerting business around SPACs isn’t something we can do. "Nine years ago, Butterfly was created to make high-quality ultrasound affordable, easy to use and globally accessible to all," Rothberg said in a statement. The transaction, which is expected to raise $589 million in gross proceeds, values Butterfly Network at an enterprise value of $1.5 billion. butterflynetwork.com | Healthcare | Founded: 2011 | Funding to Date: $370,761,699 Provider of a medical device designed to make medical imaging accessible to everyone for diagnosis and monitoring. The experienced leadership team has a vision that they appear capable of executing on. Butterfly Network valuation is $1.3 b,. Let’s take a look under the hood of Butterfly Network. Give us a call and leave a message. The Butterfly filing lists their primary competitors as the top five manufacturers of legacy cart-based incumbent ultrasound devices – General Electric, Philips Healthcare, Canon Medical Systems, Hitachi, and Siemens Healthineers. Then, some rumor will surface and the SPAC will often jump 50 to 70 percent or in some cases much higher. SO ASSUMING SMART PULL BACK, THIS STOCK HAS GOOD PROSPECTS OF REACHING 200 LEVELS QUICKLY. The global market for ultrasounds is around $8 billion, and that number doesn’t account for the 2/3 of the global population that doesn’t have access to medical imaging. 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. We will return your call within 1 business day. What’s the total addressable market here? Today, their products are commercially available in 40 different countries including the United States, Canada, Australia, New Zealand, and throughout greater Europe. When Alteryx dumped -40%, we couldn’t help but open a position. Typically the SPAC will trade flat at around $10 per share because that’s what almost all SPACs debut at. Investors who get on board should pay attention to management’s ability to hit these targets. Our handheld ultrasound device is easy to use, works with iPhone and Android and fits in your pocket. In finance, they call these “risk-adjusted returns,” and everyone will have a different tolerance for risk. Call. Wait for the dust to settle. Ultimately, they would like to get the device in the hands of consumers. Other types of alerts, possibly, but not right now given our current resources. Become a Nanalyze Premium annual subscriber. About Butterfly Network Stock Butterfly Network designs the Butterfly iQ, a handheld single-probe whole-body ultrasound system that connects to a mobile phone or tablet. (Traditional cart-based equipment typically ranges from $45,000 to $60,000 per new device in the mid-range.). We detailed those trades here: https://www.nanalyze.com/2020/07/spacs-retail-investors/. Butterfly Network, Inc. Sean Leous Westwicke, an ICR Company (646) 866-4012 Butterfly Network, the maker of a $2,000 handheld ultrasound device, has raised $250 million from large private investors. Required fields are marked *. 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. While a small premium might be warranted, a premium of 66.5% is out of the question. Last we looked, the acquiring company’s shares were trading at a 65% premium. Butterfly Network is funded by 6 investors. Institutional investors thought a fair price was around $10 per share, and that’s what we think retail investors should pay as well. 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. Sometimes, we’re willing to take on additional risk because we believe the upside outweighs the potential downside. He was previously a senior trading specialist at Charles Schwab, and worked briefly at Tesla. 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. 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. Learn more about iQ+ Butterfly Network has raised $350 m in total funding. A Handheld Ultrasound Device for Your Smartphone, https://www.nanalyze.com/2020/07/spacs-retail-investors/. So, one way you could play this is to own shares in SPACs and wait for the rumor. The shares only traded at a small premium to what institutional investors paid. 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. Many of these great stories you’ll find with special purpose acquisition companies (SPACs) that often take pre-revenue startups public in a process that usually does a disservice to retail investors. No existing shareholders will be selling any equity as part of the transaction. No telling what the price point will be for that offering, but the iQ+ is currently being offered for $1,999 on their home page. 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. A reader recently questioned why we invested in Desktop Metal while at the same time constantly criticizing the mechanics of SPACs. 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