Butterfly Network (NYSE:BFLY) announced today that it completed its merger with Longview Acquisition Corp. and is now trading on the NYSE.
Last week, Longview announced that its stockholders had approved the business combination, from which Butterfly received approximately $859 million before transaction fees, including $414 million held in Longview’s trust account and $175 million from private placement investors.
Private placement investors involved in the transaction included Elridge, Fidelity Management & Research Company, Glenview, Ridgeback, Tenet Healthcare, UPMC Enterprises and Wellington Management, according to a news release. Additionally, Butterfly’s current management and existing equity holders rolled 100% of their equity into the combined company.
The company had announced in November that it was set to go public through the merger with Longview and last month it appointed a new CEO ahead of the business combination. The combined company has been renamed Butterfly Network, Inc., and commenced trade on the NYSE under the BFLY ticker today.
Dr. Todd Fruchterman will lead the combined company as president & CEO, while also serving on the board of directors alongside Butterfly Network founder Dr. Jonathan Rothberg, who will serve as chairman of the board, and Glenview founder Larry Robbins, among others.
The company develops the Butterfly iQ system, a transducer that uses semiconductor technology to perform whole-body imaging using a single handheld probe. It’s powered by Butterfly’s proprietary Ultrasound-on-Chip technology and connects to a mobile device and uses AI to deliver advanced imaging.
The platform is commercially available in more than 20 countries, including the U.S., Canada, Australia and much of Europe.
“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,” Rothberg said in the release. “Today marks yet another significant moment for the company that will enable us to expand and accelerate our collective vision.”
In addition to the completion of the merger, Butterfly noted that its 2020 full-year revenues reached at least $45 million, marking 63% growth (at least) from 2019. It will reveal its fourth-quarter and full-year results next month.
“I am incredibly excited to join this talented organization that has the potential to make a profound impact on global health care,” Fruchterman said. “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.”