Butterfly Network Inc (BFLY) 2022 Q3 法說會逐字稿

Hello, everyone, and thank you for joining the Butterfly Network Q3 2022 earnings call. My name is Darius and I'll be the operator for today. (Operator Instructions) I now have the pleasure of handing you over to your host, Heather Getz. Please go ahead.

大家好，感謝您加入 Butterfly Network 2022 年第三季度財報電話會議。我叫 Darius，我是今天的接線員。 （操作員說明）我現在很高興將您交給您的主持人 Heather Getz。請繼續。

Good morning and thank you for joining us today. Earlier this morning, Butterfly released financial results for the third quarter ended September 30, 2022, and provided a business update. The release and earnings presentation, which include a reconciliation of management's use of non-GAAP financial measures compared to the most applicable GAAP measures are currently available on the Investors section of this company's website at ir.butterflynetwork.com.

早上好，感謝您今天加入我們。今天上午早些時候，Butterfly 發布了截至 2022 年 9 月 30 日的第三季度財務業績，並提供了業務更新。發布和收益報告，包括管理層使用非 GAAP 財務指標與最適用的 GAAP 指標的對賬，目前可在該公司網站 ir.butterflynetwork.com 的投資者部分獲得。

I, Heather Getz, Executive Vice President and Chief Financial Officer of Butterfly; alongside Dr. Todd Fruchterman, Butterfly's President and Chief Executive Officer, will host this morning's call.

我，Heather Getz，Butterfly 執行副總裁兼首席財務官； Butterfly 總裁兼首席執行官 Todd Fruchterman 博士將主持今天上午的電話會議。

During today's call, we will be making certain forward-looking statements. These statements may include among other things, expectations with respect to financial results, future performance, development and commercialization of products and services, potential regulatory approvals, the size and potential growth of current or future markets for our products and services, and the impact of the COVID-19 pandemic on our business.

在今天的電話會議中，我們將做出某些前瞻性陳述。這些陳述可能包括對財務業績的預期、未來業績、產品和服務的開發和商業化、潛在的監管批准、我們產品和服務當前或未來市場的規模和潛在增長，以及COVID-19 大流行對我們的業務造成的影響。

These forward-looking statements are based on current information, assumptions, and expectations that are subject to change and involve a number of known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those contained in the forward-looking statements.

這些前瞻性陳述基於可能發生變化的當前信息、假設和預期，並涉及許多已知和未知的風險、不確定性和其他可能導致實際結果與前瞻性陳述中包含的結果大不相同的因素——尋找陳述。

These and other risks are described in our filings made with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, and the company disclaims any obligation to update such statements.

我們向美國證券交易委員會提交的文件中描述了這些風險和其他風險。請注意不要過分依賴這些前瞻性陳述，公司不承擔任何更新此類陳述的義務。

As a reminder, this call is being webcast live and recorded. And we will be referencing a slide presentation in conjunction with our remarks. There may be a short delay between the live telephone audio and the presentation being shown. To access the webcast, please visit the event section in the Investors section of our website and replay of events will be available following the call.

提醒一下，這個電話正在網絡直播和錄音。我們將在發言時引用幻燈片演示。實時電話音頻和顯示的演示文稿之間可能會有短暫的延遲。要訪問網絡廣播，請訪問我們網站投資者部分的活動部分，電話會議後將提供活動重播。

I would now like to turn the call over to Dr. Fruchterman. Todd?

我現在想把電話轉給 Fruchterman 博士。托德？

Thank you, Heather, and good morning. I'd like to start the call off today a little bit differently than I have in the past. I thought it would be worth taking a step back and reminding everyone of the path we are on here at Butterfly and what makes us fundamentally different, so you can better understand why Butterfly.

謝謝你，希瑟，早上好。我想以與過去不同的方式開始今天的電話會議。我認為值得退後一步，提醒大家我們在 Butterfly 所走的道路，以及是什麼讓我們從根本上與眾不同，這樣您就可以更好地理解 Butterfly 的原因。

This context will be important as we get further into our discussion because it will help you better understand how we view the results of this quarter, our growth in the near term, and how we are taking our learnings from the market to drive our future growth and care transformation with ultrasound information at scale.

隨著我們深入討論，這種背景將很重要，因為它將幫助您更好地了解我們如何看待本季度的結果、我們近期的增長以及我們如何從市場中吸取教訓來推動我們未來的增長和大規模超聲信息的護理轉型。

Many of you will remember that we entered the market as a truly remarkable and transformative device. By putting ultrasound on a semiconductor chip, we became a disruptor in the industry, based on our innovation and hardware alone. We're proud to say we are leading in the handheld ultrasound segment today. And we continue to invest in this area to maintain our edge.

你們中的許多人會記得我們進入市場時是作為一種真正卓越和變革性的設備。通過將超聲波置於半導體芯片上，僅憑我們的創新和硬件，我們就成為了行業的顛覆者。我們很自豪地說，我們今天在手持超聲領域處於領先地位。我們繼續在這一領域進行投資以保持我們的優勢。

Our technology works, and it keeps getting better. Some of our initial learnings in the market, however, made us recognize that we were not where we needed to be in order to realize the full value of our technology and the impact to healthcare. So we went to work on our enterprise level software and workflow solutions.

我們的技術行之有效，而且越來越好。然而，我們在市場上的一些初步經驗讓我們認識到，我們還沒有達到實現我們技術的全部價值和對醫療保健的影響所需要的位置。所以我們開始研究我們的企業級軟件和工作流解決方案。

We have spent the last year investing heavily in the development of our software solutions, blueprint, and compass. Significant progress in software development has created best-in-class, image management, and workflow software across ultrasound platforms, both internal and external to Butterfly.

去年，我們投入巨資開發我們的軟件解決方案、藍圖和指南針。軟件開發方面的重大進展已經在 Butterfly 內部和外部的超聲平台上創建了一流的圖像管理和工作流軟件。

As a result, we have gone from software that was objectively lagging to software that is now highly valued. And we continue to innovate and push beyond the status quo based on what we're learning from our customers. We know that software is the enterprise enabler.

結果，我們從客觀上落後的軟件變成了現在價值很高的軟件。我們會根據從客戶那裡學到的東西繼續創新並超越現狀。我們知道軟件是企業的推動者。

We are proud that enterprise level software development has now become a positive differentiator for Butterfly, a platform for our solution and a catalyst for providers to begin their journey of care transformation.

我們感到自豪的是，企業級軟件開發現已成為 Butterfly 的一個積極差異化因素，它是我們解決方案的平台，也是提供商開始護理轉型之旅的催化劑。

But given the significant strains on practitioners throughout the healthcare system, we've learned that they need specialty applications that are highly focused, streamlined, easy to learn, and easy to use. The burden of learning ultrasound cannot be put on them. All practitioners don't want to learn, nor do they have time to become experts in ultrasound.

但考慮到整個醫療保健系統的從業者承受的巨大壓力，我們了解到他們需要高度集中、精簡、易於學習和易於使用的專業應用程序。學習超聲的重擔不能放在他們身上。所有從業者都不想學習，也沒有時間成為超聲專家。

So we have reorganized our product, clinical, and commercial teams around the coordinated pursuit of specialty applications that only Butterfly can enable. Providers want to quickly learn the applications that are most relevant to their practice. And that will dramatically improve their ability to care for their patients and streamline their workflow.

因此，我們圍繞只有 Butterfly 才能實現的專業應用的協調追求，重組了我們的產品、臨床和商業團隊。提供者希望快速了解與其實踐最相關的應用程序。這將顯著提高他們照顧患者和簡化工作流程的能力。

And at Butterfly, we are committed to delivering our technology in a way that accomplishes this. We are developing clinical partnerships that will provide clear evidence to support applications, specific adoption, and usage that is relevant and impactful.

在 Butterfly，我們致力於以實現這一目標的方式提供我們的技術。我們正在發展臨床合作夥伴關係，以提供明確的證據來支持相關且有影響力的應用程序、具體採用和使用。

Our backlog of applications is deep, proprietary, and unique to Butterfly. Our strategy and roadmap are confidential for obvious reasons and will be revealed as we launched them. We realized this is challenging for the outside world to monitor our progress. But we believe long-term value is maximized by hitting the market with tailored solutions that are unique to Butterfly without competitive distractions.

我們積壓的應用程序是 Butterfly 的深度、專有和獨特的。由於顯而易見的原因，我們的戰略和路線圖是保密的，並將在我們發佈時公佈。我們意識到這對外界監督我們的進展具有挑戰性。但我們相信，在沒有競爭干擾的情況下，通過為 Butterfly 量身定制的解決方案進入市場，可以實現長期價值的最大化。

With the hardware and software now working complementary to one another, Butterfly has truly become the practical application of ultrasound information into the workflow. The experience with a Butterfly is fundamentally different than any other ultrasound device that has come before us.

隨著硬件和軟件現在相互補充，Butterfly 真正成為超聲信息在工作流程中的實際應用。 Butterfly 的體驗與我們之前的任何其他超聲設備有著根本的不同。

With Butterfly, providers now have the ability to use ultrasound to guide their assessment, instead of doing an ultrasound to confirm their decision. This is what separates us from the pack. This is what Butterfly and semiconductor-based ultrasound makes possible.

有了 Butterfly，提供者現在可以使用超聲波來指導他們的評估，而不是通過超聲波來確認他們的決定。這就是我們與眾不同的地方。這就是 Butterfly 和基於半導體的超聲波使之成為可能。

And it's this distinction that we believe will lead to a major shift in how medicine is practiced, and how care is delivered across all settings. We expected this shift to take time because leading people through behavior change takes time, both in practice and implementation. But just as others are experiencing within the industry, the budgeting and workforce pressures have intensified, resulting in implementation delays.

我們相信，正是這種區別將導致醫學實踐方式以及在所有環境中提供護理的方式發生重大轉變。我們預計這種轉變需要時間，因為領導人們改變行為需要時間，無論是在實踐上還是在實施上。但正如業內其他人所經歷的那樣，預算和勞動力壓力加劇，導致實施延遲。

Some of our future partners are simply delaying implementation and commitments until they can catch up on people. We are prioritizing the appropriate coordination for successful launches and rollout over the speed of short-term revenue generation that doesn't meet our long-term objectives.

我們未來的一些合作夥伴只是在推遲實施和承諾，直到他們能夠趕上人們。我們正在優先考慮為成功發布和推出而進行的適當協調，而不是不符合我們長期目標的短期創收速度。

With that said, the signals we are receiving and the conversations we are having in the market reassert that Butterfly's message is clearly resonating, and that we have the ability to fundamentally change the care experience for providers and patients alike with how care is delivered across all settings.

話雖如此，我們收到的信號和我們在市場上進行的對話再次表明，Butterfly 的信息顯然引起了共鳴，並且我們有能力從根本上改變提供者和患者的護理體驗，以及如何在所有方面提供護理設置。

And with that context, I'd like to discuss our business performance and briefly comment on the third quarter high-level financials. From a revenue perspective, we ended Q3 with $19.6 million in quarterly revenues, a 34% increase versus the third quarter of 2021. While this was our highest quarterly revenue to date, and an acceleration in our revenue growth over our first half levels, it is lower than our internal expectations due to increased challenges at the macro level.

在這種背景下，我想討論一下我們的業務表現並簡要評論第三季度的高級財務狀況。從收入的角度來看，我們在第三季度結束時的季度收入為 1960 萬美元，比 2021 年第三季度增長了 34%。雖然這是我們迄今為止最高的季度收入，並且我們的收入增長比上半年水平有所加快，但它由於宏觀層面的挑戰增加，低於我們的內部預期。

Heather will speak to this more. But the broader macroenvironment is waging a toll on health systems. The environment has placed additional demands on frontline healthcare workers and management that has pushed out their inevitable innovation in the very near term.

希瑟將更多地談到這一點。但更廣泛的宏觀環境正在對衛生系統造成影響。環境對一線醫護人員和管理人員提出了額外的要求，這在短期內推動了他們不可避免的創新。

The impact of this environment is causing a delay in our growth and as a result, we are adjusting our guidance to $73 million to $76 million. Because we have proactively and fully offset this lower revenue with expense reductions, there is no change to our adjusted EBITDA loss.

這種環境的影響導致我們的增長延遲，因此，我們將我們的指導調整為 7300 萬美元至 7600 萬美元。由於我們已通過減少費用主動並完全抵消了這一較低的收入，因此我們調整後的 EBITDA 損失沒有變化。

While our topline revenues reflect the market dynamics we have discussed, we're also acutely aware of the opportunities it creates for Butterfly, because we have a tool that quickly becomes part of the solution for hospitals and clinicians.

雖然我們的收入反映了我們所討論的市場動態，但我們也敏銳地意識到它為 Butterfly 創造的機會，因為我們擁有一種工具，可以迅速成為醫院和臨床醫生解決方案的一部分。

We are confident that our business is foundationally strong and growing, based upon these five things: first, the texture of our revenue shows that we are growing where it matters, and health systems and software and services. Hospitals realizing that they need to have the right infrastructure in place to manage and use our technology, want oversight, device management, credentialing, and QA solutions. As critical first steps to technology leading to care transformation, Butterfly delivers here.

基於以下五件事，我們相信我們的業務基礎強大且不斷增長：首先，我們的收入結構表明我們正在重要的地方增長，以及衛生系統、軟件和服務。醫院意識到他們需要有合適的基礎設施來管理和使用我們的技術，需要監督、設備管理、認證和 QA 解決方案。作為通往護理轉型的技術的關鍵第一步，Butterfly 在這裡提供。

Second, there is improved customer and client experience that is driving increasing usage and validity to our vision.

其次，改善了客戶和客戶體驗，這推動了我們願景的使用率和有效性。

Third, we are meeting our customers where they are with our blueprint and compass enterprise software as well as building a pipeline of applications and product introductions that fit the needs of enterprise customers, individual practitioners, and patients.

第三，我們正在通過我們的藍圖和指南針企業軟件與客戶會面，並建立滿足企業客戶、個人從業者和患者需求的應用程序和產品介紹管道。

Fourth, we have a building pipeline of leading institutions whom we have engaged with to drive specific applications with accelerating adoption in the coming periods. While we are not going to project large client deals in the near term, our backlog has clearly built in quality.

第四，我們擁有與我們合作的領先機構的建設渠道，以推動特定應用程序在未來一段時間內加速採用。雖然我們不打算在短期內進行大客戶交易，但我們的積壓訂單顯然已經建立了質量。

And fifth, we are giving institutions and providers the foundation upon which they can build transformational programs they use ultrasound information to change the way care is delivered across the continuum. Everywhere we evaluate the needs of patients and providers can only be best satisfied with Butterfly.

第五，我們正在為機構和提供者提供基礎，他們可以在此基礎上建立轉型計劃，他們使用超聲信息來改變整個連續體中提供護理的方式。我們到處評估患者和提供者的需求，只有 Butterfly 才能讓他們最滿意。

To help address these market dynamics, and further ensure Butterfly remains well positioned to capture this value as we head into 2023 and beyond, today, I'd like to announce some changes to the executive leadership team.

為了幫助應對這些市場動態，並進一步確保 Butterfly 在我們進入 2023 年及以後時保持良好的定位以獲取這一價值，今天，我想宣布對執行領導團隊的一些變動。

To start, Stacey Pugh, our Chief Commercial Officer, has chosen to pursue another opportunity outside of the company and will leave Butterfly as of November 24. I'd like to personally thank Stacey for her contributions to Butterfly and their commitment to this organization. She has helped lead Butterfly through this time of transformation and has expanded our reach and healthcare institutions around the globe. We wish her the best in her future endeavors.

首先，我們的首席商務官 Stacey Pugh 已選擇在公司之外尋求另一個機會，並將於 11 月 24 日離開 Butterfly。我要親自感謝 Stacey 對 Butterfly 的貢獻以及他們對這個組織的承諾。她幫助領導 Butterfly 度過了這段轉型時期，並擴大了我們在全球的影響力和醫療機構。我們祝愿她在未來的工作中一切順利。

As Butterfly continues to grow and evolve, it is important that we continue to look at the business to make sure it is structured optimally. With Stacey's departure, we took an opportunity to assess the needs of our organization to ensure we have the right structure and leadership. As of November 1, our commercial function is now broken up into two entities: commercial operations and commercial development.

隨著 Butterfly 不斷發展壯大，重要的是我們要繼續審視業務以確保其結構優化。隨著 Stacey 的離職，我們藉此機會評估了我們組織的需求，以確保我們擁有正確的結構和領導層。自 11 月 1 日起，我們的商業職能現已分為兩個實體：商業運營和商業開發。

The commercial operations function will include all commercial operations and activities for North America in our core markets. The commercial development function will be responsible for all marketing operations, the veterinary business, and the international business and expansion. This new structure is intended to drive focus and tighter execution for our sales and marketing teams.

商業運營職能將包括北美在我們核心市場的所有商業運營和活動。商業開發職能部門將負責所有營銷業務、獸醫業務以及國際業務和擴張。這種新結構旨在推動我們的銷售和營銷團隊的重點和更嚴格的執行。

With that said, I'm excited to announce two new additions to the executive leadership team to lead these respective functions. On November 1, [Mike DelVacchio] joined Butterfly as Senior Vice President, Commercial Operations; and Niki Montgomery joined as Senior Vice President, Commercial Development.

話雖如此，我很高興地宣布行政領導團隊的兩名新成員將領導這些各自的職能。 11 月 1 日，[Mike DelVacchio] 加入 Butterfly，擔任商業運營高級副總裁； Niki Montgomery 加入，擔任商業開發高級副總裁。

Mike and Niki are two highly accomplished leaders with deep relevant experience and track records of success with the specific challenges Butterfly is facing right now. I look forward to their partnership and expertise to help us achieve our revenue goals and market adoption. As I have said before, we are making steady progress in the market, and I would like to discuss some of our achievements in Q3.

Mike 和 Niki 是兩位成就卓著的領導者，他們在應對 Butterfly 目前面臨的具體挑戰方面擁有豐富的相關經驗和成功記錄。我期待著他們的合作夥伴關係和專業知識來幫助我們實現我們的收入目標和市場採用率。正如我之前所說，我們在市場上取得了穩步進展，我想談談我們在第三季度取得的一些成就。

This past quarter, we introduced Butterfly's cloud 2.0 software, a launch that included several new product features and a proficiency management solution for our Blueprint platform that makes it even easier to manage your workflows and analysis across an institution.

上個季度，我們推出了 Butterfly 的 cloud 2.0 軟件，此次發布包括多項新產品功能和我們 Blueprint 平台的熟練管理解決方案，使管理整個機構的工作流程和分析變得更加容易。

After implementation, Dr. Ryan Gibbons, Director of Ultrasound Education at the Temple University School of Medicine, said the Butterfly proficiency management system will lead to more recognition of the value that Butterfly brings to clinical assessment at the bedside. We know the power that ultrasound information can bring when it is unlocked at scale.

實施後，天普大學醫學院超聲教育主任 Ryan Gibbons 博士表示，Butterfly 熟練度管理系統將使人們更多地認識到 Butterfly 為床旁臨床評估帶來的價值。我們知道超聲波信息在大規模解鎖時可以帶來的力量。

Our job is to make it as easy as possible for people to acquire that information. Our proficiency management tool does that system wide. And we believe this will help institutions accelerate the adoption and utilization of ultrasound information in patient assessment, diagnosis, and treatment. We continue to see milestone achievement in each of our four pillars that are built on our foundational principles of easy, everywhere, and economical.

我們的工作是讓人們盡可能容易地獲取這些信息。我們的能力管理工具在整個系統範圍內進行。我們相信這將有助於機構加快超聲信息在患者評估、診斷和治療中的採用和利用。我們繼續看到我們的四大支柱中的每一個都取得了里程碑式的成就，這些支柱建立在我們簡單、無處不在和經濟的基本原則之上。

If we take a look at hospitals and health systems, for example, the Butterfly solution is showcasing its relevancy across the country irrespective of geography. We close deals in major health systems, large [IDNs], and rural health care institutions like Monument Health, a community based health care system in South Dakota, that will now have Blueprint system wide coupled with a probe deployment.

例如，如果我們看一下醫院和衛生系統，就會發現 Butterfly 解決方案展示了它在全國范圍內的相關性，而不管地理位置如何。我們完成了主要醫療系統、大型 [IDN] 和農村醫療機構的交易，例如位於南達科他州的基於社區的醫療系統 Monument Health，現在將在整個系統範圍內部署 Blueprint 並進行探測部署。

We are now providing Blueprint at Yale New Haven Health and signed a new contract with Stanford that includes an expanded system footprint of our enterprise software and probes.

我們現在在耶魯大學紐黑文健康中心提供藍圖，並與斯坦福大學簽署了一份新合同，其中包括我們企業軟件和探針的擴展系統足跡。

And we continue to make progress embedding our overarching solution in major academic medical institutions across the US. This includes UC Irvine, who for the fourth year in a row, is utilizing Butterfly for the next generation of doctors. Each new student gets his or her own Butterfly, a one-to-one model, we are replicating across med schools.

我們繼續取得進展，將我們的總體解決方案嵌入美國主要的學術醫療機構。這包括連續第四年將 Butterfly 用於下一代醫生的加州大學歐文分校。每個新生都會得到他或她自己的 Butterfly，這是一種一對一的模式，我們正在跨醫學院複製。

Because of this, the students are learning Butterfly powered assessment from the beginning of their training and they will now have this skillset as they become physicians and the ability to practice medicine differently. These are significant milestones in their own right and we're just getting started.

正因為如此，學生們從培訓開始就學習 Butterfly 驅動的評估，他們現在將擁有這種技能，因為他們成為醫生並能夠以不同的方式行醫。這些本身就是重要的里程碑，而我們才剛剛開始。

With that said, let's move on to our international pillar. This past quarter, Butterfly officially deployed 500 Butterfly iQ+ devices to healthcare practitioners in Kenya at an event at Kenyatta University. This deployment is supported by a $5 million grant from the Bill & Melinda Gates Foundation announced earlier this year that will provide 1000 healthcare workers, predominantly midwives in Sub-Saharan Africa, with the world's only handheld full body ultrasound probe to advance maternal and fetal health.

話雖如此，讓我們繼續我們的國際支柱。上個季度，Butterfly 在肯雅塔大學的一次活動中正式向肯尼亞的醫療保健從業者部署了 500 台 Butterfly iQ+ 設備。這一部署得到了比爾及梅琳達蓋茨基金會今年早些時候宣布的 500 萬美元贈款的支持，該基金會將為 1000 名醫護人員（主要是撒哈拉以南非洲的助產士）提供世界上唯一的手持式全身超聲探頭，以促進母嬰健康.

According to the World Health Organization, regional office for Africa, about 830 women die from pregnancy or childbirth-related complications around the world every day, with more than half of these deaths occurring in Sub-Saharan Africa.

據世界衛生組織非洲區域辦事處稱，全世界每天約有 830 名婦女死於妊娠或分娩相關並發症，其中一半以上的死亡發生在撒哈拉以南非洲。

A total of 500 practitioners will be trained by the end of the year in partnership with the Global Ultrasound Institute bringing ultrasound capabilities to over 50 facilities in rural, underserved communities facing maternal health challenges. This is just phase one of this deployment. Another 500 probes will be deployed to South Africa early next year.

到今年年底，將與全球超聲研究所合作，培訓總共 500 名從業者，為面臨孕產婦健康挑戰的農村、服務欠缺社區的 50 多個設施提供超聲能力。這只是此部署的第一階段。明年初還將向南非部署另外 500 個探測器。

From a global health context, this is the largest deployment of medical imaging in history, and we are already hearing about the life-saving impact it is having in this region for mothers and their unborn infants receiving ultrasound exams for the very first time.

從全球健康的角度來看，這是歷史上最大規模的醫學成像部署，我們已經聽說它在該地區對首次接受超聲檢查的母親及其未出生嬰兒產生的挽救生命的影響。

Moving on to our third pillar, home-based care. You've heard me say, as a digital health company, we are focused on unlocking information and helping make more informed medical decision no matter where they take place, especially as care is moving outside of the hospital.

繼續我們的第三個支柱，家庭護理。您已經聽到我說過，作為一家數字醫療公司，我們專注於解鎖信息並幫助做出更明智的醫療決策，無論這些醫療決策發生在何處，尤其是在護理轉移到醫院以外的情況下。

By facilitating more advanced assessment in non-traditional settings, Butterfly is key to advancing care outside the hospital where we see enormous potential for Butterfly to be an invaluable tool to help monitor and manage the health of those living with chronic conditions.

通過在非傳統環境中促進更高級的評估，Butterfly 是推進醫院外護理的關鍵，我們認為 Butterfly 有巨大潛力成為幫助監測和管理慢性病患者健康的寶貴工具。

This past quarter, we kicked off a clinical study for heart failure patients with the John Muir Cardiovascular Institute Research Department. This is a first-of-its-kind feasibility study that will evaluate a novel tool developed by Butterfly that is designed to provide novice clinicians and patients with the ability to assess pulmonary congestion themselves, the most common reason for morbidity and mortality in congestive heart failure patients against an established implanted device.

上個季度，我們與 John Muir 心血管研究所研究部啟動了一項針對心力衰竭患者的臨床研究。這是一項史無前例的可行性研究，將評估 Butterfly 開發的一種新工具，該工具旨在為新手臨床醫生和患者提供自行評估肺充血的能力，肺充血是充血性心髒病發病率和死亡率的最常見原因失敗的患者反對已建立的植入設備。

The value of Butterfly, a noninvasive technology, providing similar data to an implanted device could be a tremendous opportunity for managing the care of a rapidly growing population of CHF patients. This type of work that is demonstrating the capabilities of Butterfly to transcend the lens of traditional ultrasound and its current market is what makes us confident in our strategy and confident in our ability to reach a nonconsumption user as an advanced clinical assessment tool, a tool that is far more valuable to a lot more people and allows us to take advantage of our core semiconductor technology because it's about using information from ultrasound technology to guide care decisions and improve the lives of people. It's not about ultrasound machines or doing ultrasound.

Butterfly 是一種無創技術，可為植入式設備提供類似數據，其價值可能是管理快速增長的 CHF 患者群體護理的巨大機會。這種類型的工作展示了 Butterfly 超越傳統超聲鏡頭及其當前市場的能力，使我們對我們的戰略充滿信心，並對我們作為高級臨床評估工具接觸非消費用戶的能力充滿信心，該工具可以對更多人來說更有價值，並允許我們利用我們的核心半導體技術，因為它是關於使用超聲技術的信息來指導護理決策和改善人們的生活。這與超聲波機器或做超聲波無關。

And finally, let's discuss our work in adjacent markets. As many of you know, we continue to find value in markets adjacent to healthcare such as veterinary medicine. This past quarter Purdue University College of Veterinary Medicine announced that it will integrate Butterfly iQ+ Vet into the first year of their veterinary medicine programs.

最後，讓我們討論一下我們在鄰近市場的工作。正如你們許多人所知，我們繼續在與醫療保健相關的市場（如獸藥）中發現價值。上個季度，普渡大學獸醫學院宣布將把 Butterfly iQ+ Vet 納入其獸醫學項目的第一年。

We're also excited to share that Texas Tech University will be expanding their partnership with us. The School of Veterinary Medicine has acquired additional Butterfly iQ+ Vet probes to assign every incoming student with a device for the duration of their education. We also added Penn Vet as a new distributor. They are a regional distributor for the Eastern United States, which is the largest market in terms of volume for both vets and vet hospitals in the country.

我們也很高興地告訴大家，德克薩斯理工大學將擴大與我們的合作夥伴關係。獸醫學院已經獲得了額外的 Butterfly iQ+ Vet 探頭，以便在他們的教育期間為每個新生分配一個設備。我們還添加了 Penn Vet 作為新的經銷商。他們是美國東部的區域經銷商，美國東部是美國獸醫和獸醫醫院數量最大的市場。

Lastly, as we help veterinarians along their journey of care transformation through the use of ultrasound information, we announced the collaboration with We See You Solutions which will provide real-time one-to-one veterinary ultrasound education and care support services for hospitals. We believe as strongly today, as we ever have, that Butterfly has the power to be as ubiquitous as the stethoscope and its utility and patient assessment across all specialties, species, and care settings.

最後，在我們通過使用超聲信息幫助獸醫進行護理轉型的過程中，我們宣布與 We See You Solutions 合作，為醫院提供實時一對一獸醫超聲教育和護理支持服務。我們今天和以往一樣堅信，Butterfly 有能力像聽診器一樣無處不在，它的實用性和患者評估適用於所有專業、物種和護理環境。

Providers using Butterfly now have access to valuable information when and where they've never had it before. They now have the ability to use the information that ultrasound provides much earlier in the care of a patient and in care settings where it's never existed.

使用 Butterfly 的提供商現在可以隨時隨地訪問他們以前從未有過的有價值的信息。他們現在能夠在患者護理和從未存在過的護理環境中更早地使用超聲波提供的信息。

Only Butterfly can make that possible because our hardware enables the acquisition of information, and our software makes that information usable and valuable to providers of all skillsets in any setting across the entire continuum of care.

只有 Butterfly 能夠使這成為可能，因為我們的硬件能夠獲取信息，而我們的軟件使這些信息對整個連續護理過程中任何環境中所有技能組合的提供者都可用並有價值。

Our path to transformation at scale is on the right track. And we are a young and agile company with fiscal discipline, organizational optimization, and learnings from in-market experiences working to create every opportunity to accelerate growth and adoption.

我們的大規模轉型之路走在正確的軌道上。我們是一家年輕而敏捷的公司，具有財務紀律、組織優化和從市場經驗中學習的經驗，致力於創造一切機會來加速增長和採用。

Heather will speak to this further and also take a deeper dive into the financials to give you a clearer picture of the results we are seeing.

希瑟將進一步討論這一點，並深入研究財務狀況，讓您更清楚地了解我們所看到的結果。

Thank you, Todd, and good morning again. Revenue for the third quarter of 2022 was $19.6 million, a 34% increase versus the prior-year period and our highest quarterly revenue to date. Growth accelerated from first half 2022 levels, albeit at less than our internal expectations.

謝謝你，托德，再次早上好。 2022 年第三季度的收入為 1960 萬美元，比去年同期增長 34%，是我們迄今為止最高的季度收入。增長從 2022 年上半年的水平開始加速，儘管低於我們的內部預期。

Product Revenue was $13.2 million, an increase of 21% versus Q3 2021. This increase was driven by higher average selling prices in both our US and international markets. In addition, total volume was up 3% with health systems volume up significantly and global health volumes more than quadrupling due to our launch with the Gates Foundation in Africa.

產品收入為 1320 萬美元，比 2021 年第三季度增長 21%。這一增長是由於美國和國際市場平均售價較高所致。此外，由於我們與蓋茨基金會在非洲的合作，總數量增加了 3%，其中衛生系統數量顯著增加，全球衛生數量增加了四倍多。

Partially offsetting these increases [was a] reduction in e-commerce. This trend of higher health system sales partially offset by lower e-commerce is consistent with our strategy of driving adoption and health system and de-emphasizing our individual probe sales through e-commerce.

部分抵消了這些增長 [是] 電子商務的減少。這種較高的衛生系統銷售額的趨勢部分被較低的電子商務所抵消，這與我們推動採用和衛生系統以及通過電子商務不再強調我們的個人探針銷售的戰略是一致的。

Software and Services revenue was $6.5 million in the third quarter, growing by approximately 71% over the prior-year period. Software and Services mix was 33% of revenue, an increased by approximately 7 percentage points versus Q3 2021.

第三季度軟件和服務收入為 650 萬美元，比去年同期增長約 71%。軟件和服務組合佔收入的 33%，比 2021 年第三季度增長約 7 個百分點。

This increase was due to implementations that occurred in the quarter as well as a higher installed base of product with accompanying subscription software and increased renewals. We are encouraged by this momentum as we diversify our revenue from the aforementioned e-commerce channel to providing software and services to health systems that enable more informed clinical decisions.

這一增長是由於本季度的實施以及隨附訂閱軟件和續訂增加的產品安裝基數增加。隨著我們將收入從上述電子商務渠道分散到為衛生系統提供軟件和服務，從而做出更明智的臨床決策，我們對這種勢頭感到鼓舞。

Overall, we believe our Q3 revenue was negatively impacted by quarterly softness as well as some intensifying macrotrends, where we are seeing hospitals constrained not just budgetarily, but also by the resources needed to implement. Internationally, revenue was also impacted by the weakening of the euro, which made our products more expensive. I will touch more on these factors later when I discuss the full-year guidance.

總體而言，我們認為我們第三季度的收入受到季度疲軟以及一些加劇的宏觀趨勢的負面影響，我們看到醫院不僅在預算上受到限制，而且還受到實施所需資源的限制。在國際上，收入也受到歐元疲軟的影響，這使我們的產品更加昂貴。稍後在討論全年指導時，我將更多地討論這些因素。

Turning now to adjusted gross profit. Adjusted gross profit was $12 million in Q3 2022, compared to $7.2 million in the prior-year period. Adjusted gross profit margin was 61% for the third quarter, which compares to 49% in Q3 2021.

現在轉向調整後的毛利。 2022 年第三季度調整後的毛利潤為 1200 萬美元，而去年同期為 720 萬美元。第三季度調整後的毛利率為 61%，而 2021 年第三季度為 49%。

This increase was primarily due to product mix, reflecting a higher proportion of subscription revenues in addition to higher device prices. Also contributing to the increase margin was higher manufacturing productivity, partially offset by the increased cost of manufacturing materials.

這一增長主要是由於產品組合，除了更高的設備價格外，還反映了更高比例的訂閱收入。提高利潤率的另一個原因是更高的製造生產率，部分被製造材料成本的增加所抵消。

We expect our gross margin percentage will fluctuate quarterly along with the change in mix between products and subscription sales. We believe the fourth quarter will have a slightly higher percentage of product revenue. And as such, we anticipate a lower gross margin percentage by a few 100 basis points. We do, however, expect that both our subscription sales as a percentage of revenue and gross margin percentage will increase for the full-year 2022 versus 2021.

我們預計我們的毛利率將隨著產品和訂閱銷售之間的組合變化而每季度波動。我們認為第四季度產品收入的百分比將略高。因此，我們預計毛利率將降低幾百個基點。然而，我們確實預計，與 2021 年相比，我們的訂閱銷售額佔收入的百分比和毛利率百分比將在 2022 年全年有所增加。

For the third quarter of 2022, adjusted EBITDA was a loss of $32.9 million, compared with a loss of $33.5 million for the same period in 2021. The improvement in adjusted EBITDA loss was driven by increased adjusted gross margin dollars due to the aforementioned positive product mix and ASPs. Partially offsetting these benefits were investments in our commercial and R&D functions as we build out our commercial operations and products.

2022 年第三季度，調整後 EBITDA 為虧損 3290 萬美元，而 2021 年同期為虧損 3350 萬美元。調整後 EBITDA 虧損的改善是由上述積極產品帶來的調整後毛利率美元增加推動的混合和 ASP。在我們建立商業運營和產品時，對我們的商業和研發職能的投資部分抵消了這些收益。

Moving to our capital resources. As of September 30, 2022, cash and cash equivalents including restricted cash were $273 million. Our monthly operating use of cash was $15 million in the third quarter, down from over $18 million in the first half.

轉向我們的資本資源。截至 2022 年 9 月 30 日，包括受限制現金在內的現金和現金等價物為 2.73 億美元。我們第三季度的月度經營現金使用量為 1500 萬美元，低於上半年的 1800 萬美元。

In addition to our year-to-date operating expenses, our September 30 cash position was impacted by fiscal 2021 annual bonus payouts, capital expenditures for the build out of our headquarters, the annual renewal of insurance premium, and inventory purchase obligations.

除了年初至今的運營費用外，我們 9 月 30 日的現金狀況還受到 2021 財年年度獎金支出、總部擴建資本支出、年度續保保險費和庫存採購義務的影響。

In Q3, we implemented the previously announced plan to reduce cash expenses by approximately $36 million annualized when fully implemented by year end. In addition to this plan, we continue to evaluate all spending to ensure it aligns to the strategic vision of Butterfly.

在第三季度，我們實施了之前宣布的計劃，在年底全面實施後每年減少現金支出約 3600 萬美元。除了這個計劃，我們還會繼續評估所有支出，以確保它符合 Butterfly 的戰略願景。

Looking at our 2022 guidance, interest in Butterfly is strong and the long-term opportunity and available market for our products is clear. As many in our industry have noted, intensified labor constraints in the third quarter and associated budget pressures from temporary labor costs have limited client side implementation capabilities and [caused deferrals] and adoption of medical technology more broadly.

從我們的 2022 年指南來看，對 Butterfly 的興趣濃厚，我們產品的長期機會和可用市場也很明確。正如我們行業中的許多人所指出的那樣，第三季度勞動力限制的加劇以及臨時勞動力成本帶來的相關預算壓力限制了客戶端的實施能力，並[導致延期]和更廣泛地採用醫療技術。

As we do not have a good faith basis to assume that this will immediately reverse in the fourth quarter and as Todd discussed along with our change in sales leadership, we believe it is prudent to revise our full-year guidance to $73million to $76 million.

由於我們沒有誠意假設這種情況會在第四季度立即逆轉，而且正如托德在討論我們的銷售領導層變動時所討論的那樣，我們認為將我們的全年指導修改為 7300 萬美元至 7600 萬美元是明智的.

However, due to the actions taken in Q3 and additional control measures, we are able to reiterate our adjusted EBITDA guidance in the range of a loss of $155 million to $145 million. We need to be realistic about the macro and microenvironment. Where it is at, its burden on health systems and how it affects our ability to grow quickly as we are changing the way healthcare is delivered.

然而，由於第三季度採取的行動和額外的控制措施，我們能夠重申我們調整後的 EBITDA 指導，虧損範圍為 1.55 億美元至 1.45 億美元。我們需要對宏觀和微觀環境持現實態度。它在哪裡，它對衛生系統的負擔以及它如何影響我們在改變醫療保健提供方式時快速增長的能力。

Having a strong go-to-market strategy that we can build on and optimize against is essential. But also having an environment where hospitals are able to invest in resources and grow their budgets is also important. Until then, we will remain laser focused on extending our leadership position that clearly differentiates Butterfly while working against this headwind of a difficult macroenvironment.

擁有一個強大的上市戰略，我們可以以此為基礎並進行優化，這一點至關重要。但是，擁有一個醫院能夠投資資源和增加預算的環境也很重要。在那之前，我們將繼續專注於擴大我們的領導地位，在應對困難的宏觀環境的逆風的同時，明確區分 Butterfly。

To close, in addition to seeing continued topline growth in the third quarter, we tightly managed expenses and reduced cash consumption. Our plan will allow us to navigate the headwinds from the macroenvironment while still realizing the vision and mission of Butterfly. We have a solid cash position, and we plan to continue to invest in a targeted manner to maintain our momentum and continue to capitalize on this attractive market opportunity.

最後，除了第三季度營收持續增長外，我們還嚴格管理開支並減少現金消耗。我們的計劃將使我們能夠駕馭宏觀環境的逆風，同時仍然實現 Butterfly 的願景和使命。我們擁有穩固的現金狀況，我們計劃繼續有針對性地進行投資，以保持我們的勢頭並繼續利用這個有吸引力的市場機會。

With that, I will turn the call back over to Todd for closing remarks. Todd?

有了這個，我將把電話轉回給托德以作結束語。托德？

Thank you, Heather. Butterfly is a game-changing technology solution to the current state of healthcare. Our technology works and our value is real. It is my hope that you walk away from this call having a better understanding of our path and appreciation for how we are navigating the market with our innovative technology and our ability to manage the foundational elements of the business to weather external factors.

謝謝你，希瑟。 Butterfly 是針對當前醫療保健狀況的改變遊戲規則的技術解決方案。我們的技術有效，我們的價值是真實的。我希望您在結束本次電話會議後能更好地了解我們的道路，並欣賞我們如何利用我們的創新技術以及我們管理業務基本要素以抵禦外部因素的能力來駕馭市場。

We understand the elements needed for the success of the Butterfly solution; hardware, software, and connectivity. And we are meeting our customers where they are and providing a Blueprint to using ultrasound information to catalyze care transformation.

我們了解 Butterfly 解決方案成功所需的要素；硬件、軟件和連接性。我們正在與客戶會面，並提供使用超聲信息促進護理轉型的藍圖。

Fundamental to all of these achievements is our people. I'd like to thank them for their incredible hard work and commitment to this organization and to each other. Our employees are dedicated to our mission and want to help realize our vision to impact the lives of people all around the globe. Our leadership and organization changes will help to ensure their success.

所有這些成就的基礎是我們的員工。我要感謝他們難以置信的辛勤工作以及對這個組織和彼此的承諾。我們的員工致力於我們的使命，並希望幫助實現我們影響全球人民生活的願景。我們的領導層和組織變革將有助於確保他們的成功。

In a challenging time for health care, with increasing demands and a workforce that is stretched thin, Butterfly is ultimately a solution that efficiently delivers better, more informed, lower cost care. And while we continue to evolve our go-to-market and investment strategy to provide accelerated revenue growth and adoption, the achievements this past quarter still demonstrate that Butterfly's message is resonating broadly.

在醫療保健充滿挑戰的時代，隨著需求的增加和勞動力的減少，Butterfly 最終成為一種解決方案，可以有效地提供更好、更明智、成本更低的護理。雖然我們繼續發展我們的上市和投資戰略以提供加速的收入增長和採用，但上個季度的成就仍然表明 Butterfly 的信息正在廣泛引起共鳴。

As we finish out this year and move into 2023, our charge is to continue to walk this journey with physicians and care providers to get them to think about Butterfly technology and solutions differently. To get them to understand that Butterfly is the evolution of what they have previously known or been exposed to about ultrasound. And Butterfly's accessibility, ease of use, and broad utility is the only solution out there that makes the evolution possible in all settings and geography. It's why Butterfly.

當我們今年結束並進入 2023 年時，我們的職責是繼續與醫生和護理人員一起走過這段旅程，讓他們以不同的方式思考 Butterfly 技術和解決方案。讓他們了解 Butterfly 是他們之前了解或接觸過的超聲波知識的演變。 Butterfly 的可訪問性、易用性和廣泛的實用性是唯一可以在所有環境和地理環境中實現進化的解決方案。這就是為什麼蝴蝶。

And with that, we will open it up to questions.

有了這個，我們將開放它來提問。

(Operator Instructions) Josh Jennings, Cowen.

（操作員說明）喬什詹寧斯，考恩。

Hi, good morning. Thanks for taking the questions. I was hoping to start Todd and Heather just ask about the sales funnel. If anything you can share quantitatively or qualitatively about how that spilling out sounds like you are getting in front of more and more high-profile accounts. And maybe there's just with the macroenvironment just some delays in finalizing contracts but want to just better understand how the sales funnel have been developing and what sort of visibility you have within that pipeline?

早上好。感謝您提出問題。我希望開始托德和希瑟只是詢問銷售渠道。如果有什麼可以定量或定性地分享這種溢出聽起來如何讓你出現在越來越多的知名客戶面前。也許只是在宏觀環境中，合同的最終確定有一些延遲，但只是想更好地了解銷售渠道是如何發展的，以及您在該渠道中有什麼樣的知名度？

Good morning, Josh. So absolutely, we see the -- we see our pipeline building. We also see the retexturing of the revenue. So if you look at where revenue is coming from as it looks from hardware, software, and our services. We see positive momentum in each of those aspects. We are lining up implementation and we see continuing building sales funnels. So I don't know Heather, if you want to comment.

早上好，喬希。所以絕對，我們看到了——我們看到了我們的管道建設。我們還看到了收入的重組。因此，如果您從硬件、軟件和我們的服務來看收入來自哪裡。我們在每個方面都看到了積極的勢頭。我們正在排隊實施，我們看到繼續建立銷售渠道。所以我不認識希瑟，如果你想發表評論的話。

Yes, sure. Good morning, Josh. I'd also like to just emphasize, as Todd did in his script, that the kind of delays that we're seeing are causing a push out in our funnel, not people opting out of our product. So I think that's an important item to note as well.

是的，當然。早上好，喬希。我還想強調，就像托德在他的劇本中所做的那樣，我們看到的這種延遲導致我們的渠道推出，而不是人們選擇退出我們的產品。所以我認為這也是一個需要注意的重要事項。

Thanks a lot. And I wanted to just think about 2023. I mean, I know entering 2022 Butterfly's foundation has evolved very nicely behind the scenes, but then events revealed everything that was happening in 2021. Just in terms of building out the Blueprint platform, adding incompetence, and you continuing to add to the technology. But as we're entering 2023 in a couple of months, how would you have us think about Butterfly's positioning relative to the start of 2022 and any kind of drivers that we should be considering [as we model -- our forecast out in our models].

非常感謝。我只想想想 2023 年。我的意思是，我知道進入 2022 年 Butterfly 的基金會在幕後發展得非常好，但隨後的事件揭示了 2021 年發生的一切。就構建藍圖平台而言，增加無能，並且您繼續添加到技術中。但是幾個月後我們將進入 2023 年，您如何讓我們考慮 Butterfly 相對於 2022 年初的定位以及我們應該考慮的任何類型的驅動因素 [在我們建模時——我們在模型中的預測].

Josh, I think when we look at 2023, the items that are impacting us this year with a budgetary constraints and the macroenvironment, we believe are mainly transitory. So we do expect to be able to enter 2023 strong and as the year progresses, see improvement. The focus for next year in driving our product will be medical education, a continuation on the build of our software as well as global health. And I think we're well positioned to take advantage of those areas. Todd, do you want to add anything?

喬希，我認為當我們展望 2023 年時，我們認為今年因預算限制和宏觀環境而影響我們的項目主要是暫時的。因此，我們確實希望能夠以強勁的勢頭進入 2023 年，並且隨著時間的推移，情況會有所改善。明年推動我們產品的重點將是醫學教育、我們軟件構建的延續以及全球健康。我認為我們已做好充分準備，可以利用這些領域。托德，你想補充什麼嗎？

Yeah, Josh, I would just say that I think every minute, every day that we're in the market, we make progress. And our customers understanding to where they can benefit and use the technology makes progress. I think as we look at the headwinds, I mean, everybody's seen this. I think as you look at the headwinds, at the end of the day, hospitals have to figure out how to take care of patients.

是的，喬希，我只想說，我認為我們在市場上的每一分鐘，每一天，我們都會取得進步。我們的客戶了解他們可以在哪裡受益並使用該技術取得進步。我認為當我們看到逆風時，我的意思是，每個人都看到了這一點。我認為當你看到不利因素時，最終醫院必須弄清楚如何照顧病人。

And, as care continues to evolve itself as to what the next evolution of care is, I don't think it's going back to where it was. But as it continues to evolve, they're going to be looking into technologies that help them do that better. Butterfly clearly comes out as part of the solution as you start looking into more cost effective efficient care that helps drive better quality.

而且，隨著護理不斷發展，關於護理的下一個演變是什麼，我認為它不會回到原來的位置。但隨著它的不斷發展，他們將研究可以幫助他們做得更好的技術。當您開始尋找有助於提高質量的更具成本效益的高效護理時，Butterfly 顯然會作為解決方案的一部分出現。

So we see very positive trends moving into '23, if you look at our fundamental elements of our technology, we continue to advance it and its performance. We continue to understand how it's being absorbed by our customers and helping them get on the journey faster where we're looking and segmenting as we get to the areas that we're making the greatest impact.

因此，我們看到進入 23 世紀的非常積極的趨勢，如果您查看我們技術的基本要素，我們將繼續推進它及其性能。我們繼續了解它是如何被我們的客戶吸收的，並幫助他們更快地踏上我們正在尋找和細分的旅程，因為我們到達了我們產生最大影響的領域。

I think Heather mentioned, we'll focus on [MedEd's] global health, software enablement of the workflow, and the adoption and utilization of the technology. So I think with the activities we're seeing in the market as we finished '22 with where we see the macro evolving in '23, we're optimistic continued progress in '23 moving forward.

我想 Heather 提到過，我們將專注於 [MedEd] 全球健康、工作流程的軟件支持以及技術的採用和利用。因此，我認為隨著我們在 22 年結束時在市場上看到的活動以及我們在 23 年看到宏觀發展的地方，我們對 23 年繼續取得進展持樂觀態度。

Understood, thank you. Just one last question. It's on the sales leadership change, can you help us better understand just how the sales strategy, the commercial strategy has evolved over the past 6 to 12 months and how do you think new leaders could -- what type of direction we're going to take it from here and (inaudible) TBD as they're just getting onboard, but any high level thoughts would be appreciated. Thanks for taking all the questions.

明白了，謝謝。最後一個問題。這是關於銷售領導層的變化，您能否幫助我們更好地了解銷售策略、商業策略在過去 6 到 12 個月中是如何演變的，以及您認為新的領導者會如何——我們將朝著什麼樣的方向發展？從這裡開始，（聽不清）待定，因為他們剛剛加入，但任何高層次的想法都會受到讚賞。感謝您回答所有問題。

Sure, absolutely. Thanks, Josh. Look, if you think about what we're trying to do. If you just take a step back, right, we didn't invent ultrasound, right? Our technology is enabling others to reimagine how they use ultrasound and what that means in the healthcare environment.

當然，絕對。謝謝，喬希。看，如果你考慮一下我們正在嘗試做的事情。退一步說，超聲波不是我們發明的，對吧？我們的技術使其他人能夠重新想像他們如何使用超聲波以及這在醫療保健環境中意味著什麼。

So we have elements of our solution that make it a complex, multilevel sale. So we've understood as we've been out in the marketplace, that what we need to do with our customers in order to get them on the journey is complex. Part of what we're doing here is bringing in the leadership that understands how to work through these complex conversations in the market, reduce that simplicity, and help our organization be successful.

因此，我們的解決方案中包含使其成為複雜的多層次銷售的要素。因此，當我們進入市場時，我們已經了解到，為了讓他們踏上旅程，我們需要與客戶一起做些什麼是複雜的。我們在這裡所做的部分工作是引入了解如何處理市場中這些複雜對話的領導層，減少這種簡單性，並幫助我們的組織取得成功。

We're doing that both with our leadership and with our organizational structure to help our people and help our customers drive to efficiency and effectiveness more rapidly, more efficiently, and more enjoyably.

我們正在通過我們的領導層和我們的組織結構來做到這一點，以幫助我們的員工和我們的客戶更快、更高效、更愉快地提高效率和有效性。

So we are breaking that forward so the commercial operations is really getting around the ultimate solution and helping our customers to implement that and realize the value of it sooner across the entire continuum of care. We have a heavy focus on North America.

因此，我們正在打破這一局面，以便商業運營真正圍繞最終解決方案，並幫助我們的客戶實施該解決方案，並在整個連續護理過程中更快地實現其價值。我們非常關注北美。

We also understand that we need to continue to develop our technology to take more of the burden onto our solutions that we need to understand how to deliver that through our technology across hardware and software and across geographies. So our commercial development organization will have a greater focus on how we do that, how we support our commercial and selling activities, and how we incorporate new and novel things into our platforms to help people get on their journeys faster.

我們還明白，我們需要繼續開發我們的技術，以減輕我們解決方案的負擔，我們需要了解如何通過我們的技術跨硬件和軟件以及跨地域交付這些解決方案。因此，我們的商業開發組織將更加關注我們如何做到這一點，我們如何支持我們的商業和銷售活動，以及我們如何將新奇事物融入我們的平台以幫助人們更快地開始他們的旅程。

So this is [comments from] and this is what I talk about with us being out in the market. This comes from a lot of learning by not just talking about it by being out there. And we are really trying to learn be nimble and agile and help enable success of the company and our customers and part of that is through the organizational change and the leadership change.

所以這是[來自]的評論，這就是我在市場上談論的內容。這來自於大量的學習，而不僅僅是在外面談論它。我們真的在努力學習敏捷和敏捷，幫助公司和我們的客戶取得成功，其中一部分是通過組織變革和領導層變革。

Thanks again, Todd. Thanks, Heather.

再次感謝，托德。謝謝，希瑟。

Neil Chatterji, B. Riley.

尼爾查特吉，B.萊利。

Great. Thanks for taking the questions, guys. I guess first off, just wondering if you could maybe just talk more about the Yale and Stanford Blueprint deals and then just more broadly with the sales funnel, I guess, how much are the mix of opportunities more software based to start versus say a hardware deployment and software?

偉大的。謝謝你們提出問題，伙計們。我想首先，只是想知道你是否可以更多地談論耶魯和斯坦福藍圖交易，然後更廣泛地談論銷售渠道，我想，更多基於軟件的機會組合與說硬件相比有多少部署和軟件？

I think, Neil, I'd take a step back and say if you think about how we need to and where the market is, talks about meeting our customers where they are, and if you think about where our customers are, right, there are people in institutions that are charged with managing and teaching and disseminating point of care ultrasound, right.

我想，尼爾，我退後一步說，如果你考慮我們需要如何做以及市場在哪裡，談論在他們所在的地方與我們的客戶會面，如果你考慮我們的客戶在哪裡，對，那裡是機構中負責管理、教學和傳播床旁超聲的人員，對吧。

And when they think about how do you do that it's kind of been put on them because they have some expertise and then people realize there's value of that. What we're doing with our software is helping experts, both be expert teach and be able to help monitor the progress of how they disseminate that technology. And then help institutions architect how they want to use the technology to deliver better care. And then to help novices utilize elements of that information into delivering better care.

當他們考慮你如何做時，這有點被強加給他們，因為他們有一些專業知識，然後人們意識到這是有價值的。我們用我們的軟件所做的是幫助專家，他們既是專家教授，又能夠幫助監控他們如何傳播該技術的進展。然後幫助機構設計他們希望如何使用該技術來提供更好的護理。然後幫助新手利用這些信息的要素來提供更好的護理。

So if you -- so fundamentally, in order to bring this to life, you need a backbone to make that happen. That's what we learned. That's what we're implementing. So our software really helps institutions, experts, and users go down their journey. And that comes back to fundamentally that our technology is revolutionary because it allows you to use ultrasound information and acquire it differently.

因此，如果您 - 從根本上說，為了將其變為現實，您需要有骨幹才能實現這一目標。這就是我們學到的。這就是我們正在實施的。因此，我們的軟件真正幫助機構、專家和用戶踏上他們的旅程。這從根本上說我們的技術是革命性的，因為它允許您使用超聲信息並以不同的方式獲取它。

But our hardware acquires the information, our software makes it [user] usable, both in the device and in the application. And then we have an element of the connectivity that makes the information valuable in the context that you have it which allows the information to travel across the continuum, which then brings it into your ability to deliver care transformation.

但是我們的硬件獲取信息，我們的軟件使它[用戶]在設備和應用程序中可用。然後我們有一個連通性元素，它使信息在您擁有的上下文中有價值，它允許信息在連續體中傳播，然後將其帶入您提供護理轉型的能力。

So it's really important that we're not selling a widget and a device, right? Like this isn't like you back it up and sell an ultrasound machine and let people use it. We are giving people the opportunity to reimagine and benefit from ultrasound information. In order to do that, our in-market learning have helped us see how we need to create some of the lines across the dots to help our customers cross these things to think about how they can imagine care differently.

所以我們不銷售小部件和設備真的很重要，對吧？就像這不像你備份它並出售超聲波機器並讓人們使用它。我們讓人們有機會重新想像超聲信息並從中受益。為了做到這一點，我們在市場上的學習幫助我們了解了我們需要如何創建一些跨越點的線來幫助我們的客戶跨越這些東西來思考他們如何以不同的方式想像護理。

So it's important for us to put the software in, partner with them, help them understand how they're currently using ultrasound, how they can evolve in the future to use ultrasound, and how Butterfly can help them use ultrasound information differently. So it's a software, hardware enterprise solution [cell]. And so that's what's happening at Stanford. That's what's happening at Yale. And that's our approach to helping people move forward with the journey.

因此，對我們來說，重要的是將軟件放入其中，與他們合作，幫助他們了解他們目前如何使用超聲波，他們在未來如何發展以使用超聲波，以及 Butterfly 如何幫助他們以不同的方式使用超聲波信息。所以它是一個軟件、硬件企業解決方案 [cell]。這就是斯坦福正在發生的事情。這就是耶魯正在發生的事情。這就是我們幫助人們繼續前進的方法。

(Operator Instructions) It appears we have no questions at the stage. So I'm just going to -- oh, there is one question from Neil again. I'm just going to open his line up again.

（操作員說明）看來我們在這個階段沒有問題。所以我只想——哦，Neil 又提了一個問題。我只是要再次打開他的陣容。

Hey, guys, sorry. I had some follow-ups. Yes. Just in terms of the healthcare spending environment, just curious from like, at the customer level, are you seeing any nuances there? Say, are those labor and budget pressures more? Is it widely spread? Or are you seeing it more in the community health system side versus, say, the academic medical center side? And have you seen a kind of new mitigation strategies?

嘿，伙計們，對不起。我有一些後續行動。是的。就醫療保健支出環境而言，只是好奇，在客戶層面，您是否看到任何細微差別？說，那些勞動力和預算壓力更大嗎？流傳廣泛嗎？或者你在社區衛生系統方面看到的更多，而不是學術醫療中心方面？你見過一種新的緩解策略嗎？

It's really hospital to hospital. Some folks have managed their finances well through the pandemic and first pandemic and others have not. And then, I think it's a pretty consistent theme across most of the health systems with the burnout of the clinicians and hospital staff. So even the folks who have the budgets often don't have the resources because they're not going to put another burden on their staff. So we are seeing it fairly widespread. Obviously, we still did have nice revenue in Q3. So it's not everywhere. But it's definitely more prevalent and became more prevalent in Q3.

這真的是醫院到醫院。有些人在大流行和第一次大流行期間很好地管理了他們的財務，而其他人則沒有。然後，我認為這是大多數衛生系統的一個非常一致的主題，即臨床醫生和醫院工作人員的倦怠。因此，即使是有預算的人也常常沒有資源，因為他們不會給員工增加負擔。所以我們看到它相當普遍。顯然，我們在第三季度的收入仍然不錯。所以它不是無處不在。但它肯定更普遍，並且在第三季度變得更加普遍。

No, I think we see, Neil, is that -- it's definitely a macro trend, right? But I think in general healthcare is institution by institution difference. So the conversations that we're in, and I think that's why we say we meet our customers where they are, both with what their economic challenges are, what their workflow challenges are, what their technology challenges are, we see it as an opportunity because there's a lot of flexibility in the Butterfly solution. It really can help you solve the problem that you want to solve.

不，我想我們看到了，尼爾，這絕對是一個宏觀趨勢，對吧？但我認為一般醫療保健是機構之間的差異。所以我們正在進行的對話，我認為這就是為什麼我們說我們會在客戶所在的地方與他們會面，無論是他們的經濟挑戰是什麼，他們的工作流程挑戰是什麼，他們的技術挑戰是什麼，我們都將其視為一個機會因為 Butterfly 解決方案具有很大的靈活性。它確實可以幫助您解決您想要解決的問題。

And that's a blessing and a curse for us in the sense that we're getting people to understand that. It also brings some complexity that's out. At the end of the day, it's far more an opportunity than it is a challenge. And we just, we're early in the journey. We see positive signs across every aspect of the journey. And we definitely believe that at the end of the day, regardless of where you are as a health institution, Butterfly will be part of your solution moving forward.

從我們讓人們理解這一點的意義上說，這對我們來說既是福也是禍。它還帶來了一些複雜性。歸根結底，這與其說是挑戰，不如說是機遇。而我們只是，我們還處於旅程的早期階段。我們在旅程的各個方面都看到了積極的跡象。我們絕對相信，最終，無論您作為一家衛生機構身在何處，Butterfly 都將成為您前進解決方案的一部分。

Got it. Thanks. And then just one more follow-up. In terms of the adjusted topline guidance, so is that reflective mostly of the macroenvironment? Or are you expecting some disruptive impact from the commercial leadership change over organizational restructuring?

知道了。謝謝。然後再進行一次跟進。就調整後的頂線指導而言，這主要反映了宏觀環境嗎？或者您是否期望商業領導層的變化對組織重組產生一些破壞性影響？

Look, I think it's just a combination of all. I think we're trying to be good partners. We're trying to be prudent about how we go about doing this. We're really optimistic. We have lots of good signals. And I think we're early, right? So when we look at something it, every action has an opposite reaction, right?

看，我認為這只是所有因素的結合。我認為我們正在努力成為好的合作夥伴。我們正在努力謹慎行事。我們真的很樂觀。我們有很多好的信號。我想我們還早，對吧？所以當我們看某樣東西時，每一個動作都會產生相反的反應，對吧？

We're building, we're growing. And so we want to be prudent about the impact of the macroenvironment, the complexity of the cell, the changes that we're making organizationally, and we just want to be cautious moving forward. We're very optimistic about how things are going. We're getting very positive signals, but we also want to be realistic and good partners in the marketplace.

我們在建設，我們在成長。因此，我們希望對宏觀環境的影響、細胞的複雜性、我們在組織上所做的改變持謹慎態度，我們只是想謹慎前進。我們對事情的進展非常樂觀。我們收到了非常積極的信號，但我們也希望成為市場上現實的好合作夥伴。

All right. Thanks, guys. That's it for me.

好的。謝謝你們。對我來說就是這樣。

Thanks, [Neil].

謝謝，[尼爾]。

Thanks, Neil.

謝謝，尼爾。