Butterfly Network Inc (BFLY) 2022 Q1 法說會逐字稿

Hello, and welcome to Butterfly Network's first quarter 2022 earnings call. My name is Alex, and I'll be coordinating the call today. (Operator Instructions) I will now hand over to your host, Agnes Lee, Vice President of Investor Relations. Over to you, Agnes.

大家好，歡迎來到 Butterfly Network 2022 年第一季度財報電話會議。我叫亞歷克斯，今天我將負責協調電話會議。 （操作員說明）我現在將交給您的主持人，投資者關係副總裁 Agnes Lee。交給你了，艾格尼絲。

Good morning, and thank you for joining us today. Earlier this morning, Butterfly released financial results for the first quarter ended March 31, 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 the company's website at ir.butterflynnetwork.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 3 月 31 日的第一季度財務業績，並提供了業務更新。目前，公司網站 ir.butterflynnetwork.com 的投資者部分提供了發布和收益報告，其中包括管理層使用非 GAAP 財務指標與最適用的 GAAP 指標的對賬。

Dr. Todd Fruchterman, Butterfly's President, and Chief Executive Officer will host this morning's call. During today's call, we will be making certain forward-looking statements. These statements may include statements regarding, 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.

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。在今天的電話會議中，我們將做出某些前瞻性陳述。這些聲明可能包括有關以下方面的聲明：對財務業績、未來業績、產品和服務的開發和商業化、潛在監管批准、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 大流行對我們業務的影響。

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

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，並涉及許多可能導致實際結果與前瞻性陳述中包含的結果存在重大差異的風險和不確定性。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。

During this call, we will refer to non-GAAP financial measures, including adjusted gross margin, adjusted gross profit, and adjusted EBITDA. These financial measures are not prepared in accordance with US generally accepted accounting principles for GAAP. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP.

在本次電話會議中，我們將參考非 GAAP 財務指標，包括調整後的毛利率、調整後的毛利和調整後的 EBITDA。這些財務措施不是根據美國公認會計原則的公認會計原則編制的。這些非 GAAP 財務措施並非旨在孤立考慮或替代根據 GAAP 編制的結果。

The definitions and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures and a discussion of why we present these non-GAAP financial measures are included in today's press release and at the end of the slide presentation.

這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標的定義和對賬，以及我們為何提出這些非 GAAP 財務指標的討論包含在今天的新聞稿和幻燈片演示的末尾。

As a reminder, this call is being webcast live and recorded, and we will be referencing a slide presentation in conjunction with our remarks. Because there is a short delay between the live telephone audio and the presentation being shown on the webcast, for the best experience please use either the webcast for both audio and video content, or if you have dialled in by telephone, download the slides from our website and advance them yourselves. To access the webcast. Please visit the Events section in the Investors section of our website, and a replay of the event will be available following the call.

提醒一下，此次電話會議正在網絡直播和錄音中，我們將在發言時參考幻燈片演示。由於實時電話音頻和網絡廣播中顯示的演示文稿之間存在短暫延遲，為了獲得最佳體驗，請同時使用網絡廣播獲取音頻和視頻內容，或者如果您通過電話撥入，請從我們的網站下載幻燈片網站並自己推進。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

我現在想把電話轉給 Fruchterman 博士

Thank you, Agnes, and good morning, everyone. I'd like to start off by sharing that I'm joined by Heather Getz, our new Executive Vice President, and Chief Financial Officer. While she will not be participating in today's call, I did want to briefly introduce her.

謝謝你，艾格尼絲，大家早上好。首先，我想分享一下，我們的新執行副總裁兼首席財務官 Heather Getz 加入了我的行列。雖然她不會參加今天的電話會議，但我確實想簡單介紹一下她。

Heather is a proven CFO, with deep experience in delivering results and value creation. She brings 25 years of corporate finance and operating experience from both public and private companies as well as a strong background in the digital health and medical device space.

Heather 是一位久經考驗的首席財務官，在交付成果和創造價值方面擁有豐富的經驗。她在上市公司和私營公司擁有 25 年的企業融資和運營經驗，並且在數字健康和醫療設備領域擁有深厚的背景。

Heather spent 12 years at BioTelemetry, a publicly traded remote medical technology company, where she served as Executive Vice President and Chief Financial and Administrative Officer. Before this Heather held various leadership positions at companies including Alita Pharmaceuticals, VIASYS Healthcare, and Sunoco. I have no doubt Heather will be a strong partner, as we continue to execute our strategy and introduce unique value for the health care ecosystem and our shareholder.

Heather 在遠程醫療技術上市公司 BioTelemetry 工作了 12 年，擔任執行副總裁兼首席財務和行政官。在此之前，Heather 在 Alita Pharmaceuticals、VIASYS Healthcare 和 Sunoco 等公司擔任過各種領導職務。我毫不懷疑 Heather 將成為一個強大的合作夥伴，因為我們將繼續執行我們的戰略並為醫療保健生態系統和我們的股東帶來獨特的價值。

Now, to set the stage for our first quarter results, I want to highlight the important progress we are making in building a mission aligned culture throughout Butterfly. Our team has come together to not only realize, but to accelerate the vision of Dr. Jonathan Rothberg, an Butterfly's early trailblazing scientists, who set out to make health care more effective, more accessible, more equitable, and more affordable by enabling clinicians to accelerate diagnosis and care, and to improve patient wellness and convenience.

現在，為我們第一季度的業績奠定基礎，我想強調我們在整個 Butterfly 建立使命一致的文化方面取得的重要進展。我們的團隊聚集在一起，不僅是為了實現，而且是為了加速喬納森·羅斯伯格博士的願景，他是蝴蝶早期的開拓性科學家，他著手通過使臨床醫生能夠加快診斷和護理，並改善患者的健康狀況和便利性。

In today's discussion, you will not only hear how we are catalysing care transformation across health systems, but also how we are enabling maternal imaging in Africa, facilitating emergency care in Ukraine, providing EMS teams with imaging capabilities, and empowering veterinarians across the country to more quickly assess and address animal health needs.

在今天的討論中，您不僅會聽到我們如何促進整個衛生系統的護理轉型，還會聽到我們如何在非洲實現孕產婦成像，在烏克蘭促進急救護理，為 EMS 團隊提供成像能力，並使全國各地的獸醫能夠更快地評估和解決動物健康需求。

We are unified by a belief that our technology will dramatically elevate care across use cases and care continuum. And we are investing heavily in our people and product development to meaningfully capture our first-mover advantage.

我們的信念是一致的，即我們的技術將顯著提升跨用例和護理連續體的護理。我們正在大力投資於我們的人員和產品開發，以有意義地抓住我們的先發優勢。

From a revenue perspective, we opened the year with $15.6 million in quarterly revenues, a 25% increase versus the first quarter of 2021. This was an excellent start to the year and in line with our expectations. I'm immensely proud of our Butterfly team for their work this past quarter and throughout the pandemic, which has been a challenging and chaotic period in health care delivery.

從收入的角度來看，我們年初的季度收入為 1560 萬美元，比 2021 年第一季度增長了 25%。這是今年的一個良好開端，符合我們的預期。我為我們的 Butterfly 團隊在上個季度和整個大流行期間所做的工作感到無比自豪，這是醫療保健服務中充滿挑戰和混亂的時期。

The commitment of our people to transform care by providing valuable clinical insights earlier in the pathway has never wavered. We endeavour to work as hard as clinicians and technicians have over the past several years and look forward to continuing to work alongside them in partnership to help them deliver the best possible care to all patients.

我們的員工通過在路徑的早期提供有價值的臨床見解來改變護理的承諾從未動搖過。我們努力像臨床醫生和技術人員在過去幾年中一樣努力工作，並期待繼續與他們合作，幫助他們為所有患者提供最好的護理。

I'd now like to touch on some overarching market activity that is validating the transformational role of Butterfly. In Q1, at the American Institute of Ultrasound in Medicine Annual Meeting, Dr. Abraham Verghese of Stanford University called out in a keynote speech that it was his hope that recent advancements in ultrasound technology would bring new life to the bedside exam and help foster a greater connection between the doctor and the patient.

我現在想談談一些驗證 Butterfly 轉型作用的總體市場活動。第一季度，在美國醫學超聲學會年會上，斯坦福大學的Abraham Verghese博士在主題演講中呼籲，希望超聲技術的最新進展能夠為床旁檢查帶來新的生機，並有助於培養醫患之間的聯繫更緊密。

Further the institute's President Dr. Nazarian, supported this sentiment by saying, resist that trend of commoditizing ultrasound as just another study that we read what he did in a dark room, understand the importance of getting up scanning and interacting with patients. This is what Butterfly makes possible.

此外，該研究所主席 Nazarian 博士支持這種觀點，他說，抵制將超聲商品化的趨勢，因為我們閱讀了他在暗室裡所做的另一項研究，了解起床掃描和與患者互動的重要性。這就是 Butterfly 使之成為可能的原因。

It's about establishing connections with patients and being present with them at the bedside and obtaining a window into the body to see and that time even show what's happening. It's about using ultrasound information to inform clinical decisions rather than confirm that.

這是關於與患者建立聯繫並在床邊陪伴他們並獲得進入身體的窗口以查看甚至顯示正在發生的事情。它是關於使用超聲信息為臨床決策提供信息而不是確認。

This is a paradigm shift from how ultrasound has historically been used. We believe this shift has the potential to transform health care to improve the patient doctor relationship and in time to unlock multiple economic efficiencies and gains.

這是從歷史上使用超聲波的範式轉變。我們相信，這種轉變有可能改變醫療保健，以改善醫患關係，並及時釋放多種經濟效率和收益。

With that, I'd like to shift to our business update. Our team continues to make progress against our core principles of making Butterfly easy, everywhere, and economical. Let's start with an example of our principle of easy. In our landmark study published March 28, in the New England Journal of Medicine Evidence, Butterfly was found to be an effective tool to estimate foetal gestational age, just as accurately as trained sonographer using a standard ultrasound machine.

有了這個，我想轉到我們的業務更新。我們的團隊繼續在使 Butterfly 變得簡單、無處不在和經濟的核心原則上取得進展。讓我們從簡單原則的一個例子開始。在我們 3 月 28 日發表在《新英格蘭醫學證據雜誌》上的具有里程碑意義的研究中，發現 Butterfly 是估計胎兒胎齡的有效工具，其準確度與訓練有素的超聲醫師使用標準超聲儀一樣準確。

Dr. Joni Price, at UNC, who led the study said, armed with a pocket size Butterfly probe and the smartphone, the Zambian midwife with no prior training and sonography can assess gestational age as accurately as a certified sonographer using an expensive machine. This has the potential to revolutionize the delivery of obstetric care in settings like Zambia.

領導這項研究的北卡羅來納大學的 Joni Price 博士說，贊比亞的助產士沒有事先接受過超聲培訓，只要配備袖珍型 Butterfly 探頭和智能手機，就可以像使用昂貴機器的經過認證的超聲技師一樣準確地評估胎齡。這有可能徹底改變像贊比亞這樣的環境中的產科護理服務。

The results of this study offer hope to millions of mothers, when it comes to determining risks and ensuring good quality maternal care. Access to low-cost imaging devices and the expertise to perform scan has historically presented challenging hurdles to overcome in low resource care settings around the world.

在確定風險和確保優質孕產婦護理方面，這項研究的結果為數百萬母親帶來了希望。在世界各地的資源匱乏的護理環境中，獲得低成本成像設備和執行掃描的專業知識一直是需要克服的具有挑戰性的障礙。

Additionally, ultrasound as part of routine care can demonstrate the benefits of a patient seeing their health, whether it be a greater willingness to seek out appropriate prenatal care or to pursue proper vaccinations. This study reinforces the ease in which Butterfly can enter the equation and drive positive impact and reinforces our belief that all level of practitioners when armed with the right tools can meaningfully advance the standard of care.

此外，作為常規護理的一部分，超聲波可以證明患者看到自己的健康狀況的好處，無論是更願意尋求適當的產前護理還是尋求適當的疫苗接種。這項研究強化了 Butterfly 可以輕鬆進入方程式並產生積極影響，並強化了我們的信念，即在配備正確工具的情況下，各級從業者都可以有意義地提高護理標準。

In addition to such external validation, we continue to strengthen and differentiate our educational curriculum, in-app guidance, and associated services to take the burden off the user while increasing their confidence in scanning with a Butterfly. Fifth, alongside our team's ongoing development of AI to enable and simplify bedside ultrasound for those not traditionally trained in it, is core to making Butterfly adoptable at scale.

除了此類外部驗證之外，我們還繼續加強和區分我們的教育課程、應用程序內指導和相關服務，以減輕用戶的負擔，同時增強他們使用 Butterfly 進行掃描的信心。第五，除了我們的團隊不斷開發人工智能，為那些沒有接受過傳統培訓的人啟用和簡化床邊超聲，這是使 Butterfly 大規模採用的核心。

Now let's talk about our second core principle, everywhere. We believe Butterfly can be as ubiquitous as the stethoscope, and can find a home in every practitioner's pocket, and used for every patient every time.

現在讓我們談談我們的第二個核心原則，無處不在。我們相信Butterfly可以像聽診器一樣無處不在，可以在每個從業者的口袋里安家，每次都為每個患者使用。

Our belief is materialized. The American Academy of Family Physicians is now recommending that family medicine residents be trained in point-of-care ultrasound, in curriculum guidelines, AAFP called out that point-of-care ultrasound will transform family physician's ability to arrive at a rapid diagnosis for patients.

我們的信念被具體化了。美國家庭醫師學會現在建議家庭醫學住院醫師接受床旁超聲培訓，在課程指南中，AAFP 呼籲床旁超聲將改變家庭醫生為患者快速診斷的能力.

This is a meaningful recommendation with one in a US medical graduate entering family medicine residencies each year. It's this type of catalyst that our clinical education and commercial teams are prepared to quickly activate around and already have. Also, this past quarter, I was reminded of the importance of our everywhere principle, as our team worked to arm caregivers for aiding in the humanitarian crisis in and around Ukraine.

對於每年進入家庭醫學住院醫師的美國醫學畢業生來說，這是一項有意義的建議。正是這種類型的催化劑，我們的臨床教育和商業團隊準備迅速激活並且已經擁有。此外，在上個季度，我想起了我們無處不在的原則的重要性，因為我們的團隊致力於武裝護理人員，以幫助解決烏克蘭及其周邊地區的人道主義危機。

True to our mission, we were able to provide quick care teams on the frontlines of this crisis with Butterfly. And we're already hearing of the value it's bringing to this distressing situation. The use of Butterfly in such a backdrop reinforces what we are doing, innovating to inform better decisions, so people everywhere get the care they need. It's moments like these that emphasize the great impact and utility of Butterfly and drive our team.

忠實於我們的使命，我們能夠通過 Butterfly 在這場危機的前線提供快速護理團隊。我們已經聽說了它為這種令人痛苦的情況帶來的價值。在這樣的背景下使用 Butterfly 加強了我們正在做的事情，通過創新為更好的決策提供信息，讓世界各地的人們都能得到他們需要的護理。正是這些時刻強調了 Butterfly 的巨大影響和實用性，並推動了我們的團隊。

If we take a quick look at our third principle, economical, one area where Butterfly is increasingly seen as becoming a standard of care is with diagnostic assessment of the lungs. In Q1, the Journal of Ultrasound in Medicine, featured a retrospective multicentre study of 479 patients that found point-of-care ultrasound to bring radiation free, affordable, and equivalent diagnostic accuracy to lung assessment as compared to chest x-ray.

如果我們快速看一下我們的第三個原則，即經濟性，Butterfly 越來越被視為成為護理標準的一個領域是對肺部的診斷評估。在第 1 季度，醫學超聲雜誌對 479 名患者進行了一項回顧性多中心研究，發現與胸部 X 光相比，床旁超聲可以為肺部評估帶來無輻射、負擔得起和同等的診斷準確性。

Given the magnitude and regularity of patients who present with respiratory distress, we're encouraged that Butterfly is being increasingly used by and adding value with a wide range of clinicians to informed decision making, and in turn to expedite treatment.

鑑於出現呼吸窘迫的患者的嚴重性和規律性，我們感到鼓舞的是，Butterfly 越來越多地被廣泛的臨床醫生使用並增加價值，以做出明智的決策，從而加快治療。

Studies like this one demonstrate Butterfly's momentum in challenging healthcare's traditional point of care toolkit and workflow. As you have just heard, we have made progress in the first quarter in reinforcing the vision of being easy, everywhere, and economic. I will now provide some updates in line with each of our four strategic pillars.

像這樣的研究證明了 Butterfly 在挑戰醫療保健的傳統護理點工具包和工作流程方面的勢頭。正如您剛剛聽到的那樣，我們在第一季度在強化輕鬆、無處不在和經濟的願景方面取得了進展。我現在將根據我們的四個戰略支柱中的每一個提供一些更新。

Let's start with hospitals and health systems. We are pleased with our Q1 year-over-year growth in the hospital and health systems space, which benefited from solid momentum in software sales and from deeper penetration with current clients.

讓我們從醫院和衛生系統開始。我們對第一季度醫院和衛生系統領域的同比增長感到滿意，這得益於軟件銷售的強勁勢頭以及對現有客戶的更深入滲透。

Looking ahead, we believe the industry's growing interest to educate and train practitioners to incorporate ultrasound information into the clinical workflow across the enterprise will help drive continued growth in our blueprint offering.

展望未來，我們相信該行業對教育和培訓從業者將超聲信息納入整個企業的臨床工作流程的興趣日益濃厚，這將有助於推動我們藍圖產品的持續增長。

In Q1, we began a number of installations in top hospitals across the country. We anticipate announcing additional partnerships in the near future.

在第一季度，我們開始在全國各地的頂級醫院進行大量安裝。我們預計在不久的將來會宣布更多的合作夥伴關係。

Our first enterprise-wide deployment with Rochester is the embodiment of our blueprint solution, utilizing Butterfly to advance care delivery, medical education, and clinical research. This project is fully on track, and we expect our device deployment to begin in Q2 of this year.

我們與羅徹斯特的首次企業範圍部署是我們藍圖解決方案的體現，利用 Butterfly 推進護理服務、醫學教育和臨床研究。這個項目完全走上正軌，我們預計我們的設備部署將在今年第二季度開始。

Let's move on to our international pillar. We continue to make progress in markets outside of US. I'm happy to share that in Q1, we solidified a distribution partnership with NovoLog, a leading health care services group in Israel. This will enable us to bring Butterfly into Israel and introduce its value as part of primary care.

讓我們繼續我們的國際支柱。我們繼續在美國以外的市場取得進展。我很高興在第一季度分享這一點，我們鞏固了與以色列領先的醫療保健服務集團 NovoLog 的分銷合作夥伴關係。這將使我們能夠將 Butterfly 引入以色列，並介紹其作為初級保健一部分的價值。

Additionally, we have made a number of segments penetrating deals. One of these comes from the UK, where we began working with Eastern England Ambulance Trust, which provides accident and emergency services covering an area made up of around 6.2 million people. This will allow us to further demonstrate the value of Butterfly in the hands of EMS team, which represents a substantial opportunity for Butterfly in many markets.

此外，我們還進行了一些細分市場的滲透交易。其中之一來自英國，在那裡我們開始與 Eastern England Ambulance Trust 合作，該機構提供事故和緊急服務，覆蓋約 620 萬人口的地區。這將使我們能夠進一步展示 Butterfly 在 EMS 團隊手中的價值，這代表了 Butterfly 在許多市場的實質性機會。

Also, as we previously announced, the Bill & Melinda Gates Foundation provided a $5 million grant to help bring Butterfly to Sub-Saharan Africa to improve maternal and fetal health. This grant enables our teams to Arm a thousand health care workers with Butterfly iQ+. 500 probes will be given to mid-level practitioners in Kenya, and 500 probes will be distributed to health care workers in South Africa later this year.

此外，正如我們之前宣布的那樣，比爾及梅琳達蓋茨基金會提供了 500 萬美元的贈款，幫助將 Butterfly 帶到撒哈拉以南非洲地區，以改善孕產婦和胎兒的健康。這筆贈款使我們的團隊能夠為 1000 名醫護人員配備 Butterfly iQ+。將向肯尼亞的中級從業者提供 500 個探針，今年晚些時候將向南非的醫護人員分發 500 個探針。

This quarter represents an important step towards improving worldwide access to medical imaging and advancing our commitment to global health equity. I look forward to sharing more progress on future calls as we roll out this initiative later in the year.

本季度是朝著改善全球醫學影像獲取和推進我們對全球健康公平的承諾邁出的重要一步。隨著我們在今年晚些時候推出這一計劃，我期待在未來的電話會議上分享更多進展。

Our third pillar is home-based care. In addition to the clinical evidence supporting Butterfly, the increasing prevalence of chronic diseases is spurring interest and use cases in in-home care. This presents us with the market opportunity, as Butterfly can enable improved disease management and early detection of some diseases.

我們的第三個支柱是家庭護理。除了支持 Butterfly 的臨床證據外，慢性病的日益流行也激發了人們對家庭護理的興趣和使用案例。這為我們提供了市場機會，因為 Butterfly 可以改善疾病管理並及早發現某些疾病。

As part of our clinical program, we are launching multiple studies to evaluate the use of Butterfly for bladder scanning, heart failure, and dialysis. These are just a few of the scenarios where Butterfly could be meaningfully used for home health assessments. We believe this will reduce hospital visits, better manage conditions, and in some instances, replace a more expensive workflow or device.

作為我們臨床計劃的一部分，我們正在開展多項研究，以評估 Butterfly 在膀胱掃描、心力衰竭和透析中的應用。這些只是 Butterfly 可以有意義地用於家庭健康評估的幾個場景。我們相信這將減少醫院就診次數，更好地管理條件，並在某些情況下取代更昂貴的工作流程或設備。

And finally, as I've covered on past calls, we are exploring markets adjacent to healthcare. One such market is veterinary medicine. I'm pleased to announce that we are welcoming Petco to Butterfly's customer ecosystem. Beginning this year, Butterfly's iQ+ vet will be deployed and become standard across 200 Petco clinic locations in the United States.

最後，正如我在過去的電話會議中提到的那樣，我們正在探索與醫療保健相關的市場。一個這樣的市場是獸藥。我很高興地宣布，我們歡迎 Petco 加入 Butterfly 的客戶生態系統。從今年開始，Butterfly 的 iQ+ vet 將在美國 200 個 Petco 診所部署並成為標準配置。

We are proud to be the first and only US imaging provider to collaborate with Petco nationwide, and to lead the largest deployment of ultrasound into a practice group in veterinary medicine. Whether used as part of routine exams for early detection or for intervention, Butterfly iQ+ vet will expand the services offered to Petco pet owners and more importantly, will deliver valuable insights to veterinarians, elevating the care deliver in Petco examiners.

我們很自豪能夠成為美國第一家也是唯一一家在全國范圍內與 Petco 合作的成像供應商，並領導最大的超聲部署進入獸醫實踐小組。無論是作為早期檢測或乾預的常規檢查的一部分，Butterfly iQ+ vet 都將擴大為 Petco 寵物主人提供的服務，更重要的是，將為獸醫提供有價值的見解，提升 Petco 檢查員的護理水平。

This partnership is driven by an aligned vision and a mission with Petco, a health and wellness company focused on creating a better world for animals and the people who love and need them. Our team maintained focus on deploying Butterfly iQ+ vet to the more than 250,000 veterinarians and vet techs globally, who could benefit from having Butterfly in their pocket. I'm excited about the progress we have made and will continue to make in the veterinarian market as we evolve and expand our footprint.

這種夥伴關係是由與 Petco 一致的願景和使命推動的，Petco 是一家健康和保健公司，致力於為動物以及愛護和需要它們的人們創造一個更美好的世界。我們的團隊一直專注於為全球超過 250,000 名獸醫和獸醫技術人員部署 Butterfly iQ+ vet，他們可以從 Butterfly 中受益。隨著我們的發展和擴大我們的足跡，我對我們在獸醫市場已經取得併將繼續取得的進展感到興奮。

I hope this recap illustrates the progress of our journey. As we stated at the beginning of the year, we believe that Butterfly can be as ubiquitous as the stethoscope across all specialties, species, and care settings. Over the past year, we've empowered the use of ultrasound where ultrasound is not traditionally utilized, where ultrasound expertise is not traditionally found.

我希望這次回顧能說明我們旅程的進展。正如我們在年初所說的那樣，我們相信 Butterfly 可以像聽診器一樣在所有專業、物種和護理環境中無處不在。在過去的一年裡，我們已經授權在傳統上不使用超聲波、傳統上找不到超聲波專業知識的地方使用超聲波。

As we introduced more caregivers to the benefit of seeing inside the body at the bedside and as the industry's understanding of the value of imaging to inform first confirmed care decisions continues to grow, Butterfly is proving itself. And with that, I will now turn to the financial results.

隨著我們讓更多的護理人員受益於在床邊看到身體內部，並且隨著行業對成像價值的理解不斷加深，以告知首次確認的護理決策，Butterfly 正在證明自己。有了這個，我現在將轉向財務結果。

Revenue for Q1 2022 was $15.6 million, a 25% increase versus the prior year period and in line with our expectations. Product revenue was $11 million, an increase of 15% versus Q1 2021. This increase was driven by higher average selling prices and volume in both our US and international health care channels as well as in the vet market. Partially offsetting this increase was a reduction in e-commerce or direct-to-user sales, as our business models evolving to enterprise sales across health systems.

2022 年第一季度的收入為 1560 萬美元，比去年同期增長 25%，符合我們的預期。產品收入為 1100 萬美元，比 2021 年第一季度增長 15%。這一增長是由於我們的美國和國際醫療保健渠道以及獸醫市場的平均售價和銷量增加所致。隨著我們的業務模式演變為跨衛生系統的企業銷售，電子商務或直接面向用戶的銷售減少部分抵消了這一增長。

Subscription revenue was $4.6 billion in the first quarter, growing by approximately 60% over the prior year period. Subscription mix of 29.3% of revenue increased by approximately 6% points versus Q1 2021. This increase was due to a higher installed base of products with the accompanying subscription software as well as increased renewal.

第一季度訂閱收入為 46 億美元，比去年同期增長約 60%。與 2021 年第一季度相比，佔收入 29.3% 的訂閱組合增長了約 6 個百分點。這一增長是由於隨附訂閱軟件的產品安裝基數增加以及續訂增加。

Turning now to adjusted gross profit. Please note that a reconciliation of our adjusted numbers to GAAP can be found in today's press release and at the end of this slide presentation. Adjusted gross profit was $8.8 million in Q1 2022 compared to $5.9 million in the prior year. Period.

現在轉向調整後的毛利。請注意，可以在今天的新聞稿和本幻燈片演示文稿的末尾找到我們調整後的數字與 GAAP 的對賬。 2022 年第一季度調整後的毛利潤為 880 萬美元，而去年同期為 590 萬美元。時期。

This increase was primarily due to product mix, reflecting a higher proportion of subscription revenues in addition to higher device prices and volume. Also contributing to the increased margin was higher manufacturing productivity, partially offset by the increased cost of manufacturing materials. Adjusted gross profit margin was 56.3% for the first quarter, which compares to 47.8% in Q1 2021, reflecting the positive mix, higher product ASP, and manufacturing efficiencies.

這一增長主要是由於產品組合，除了更高的設備價格和數量外，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。第一季度調整後的毛利率為 56.3%，而 2021 年第一季度為 47.8%，反映了積極的組合、更高的產品平均售價和製造效率。

For the first quarter of 2022, adjusted EBITDA was a loss of $40 million compared with a loss of $26.5 million for the same period in 2021. The increase in adjusted EBITDA loss of $13.5 million was driven by investments in our commercial and R&D functions, as we build out our commercial operation and products as well as investment in future revenue streams. These investments were partially offset by increased adjusted gross margin dollars, driven by the aforementioned positive product mix, ASPs, and volume.

2022 年第一季度，調整後的 EBITDA 虧損 4000 萬美元，而 2021 年同期為虧損 2650 萬美元。調整後的 EBITDA 虧損增加 1350 萬美元，這是由於我們對商業和研發職能的投資推動的，因為我們建立了我們的商業運營和產品以及對未來收入流的投資。在上述積極的產品組合、平均售價和銷量的推動下，這些投資部分被調整後毛利率的增加所抵消。

Moving to our capital resources. As of March 31, 2022, cash and cash equivalents were $359.9 million. In addition to our operating expenses, our Q1 cash position was impacted by fiscal 2021 annual bonus pay-outs.

轉向我們的資本資源。截至 2022 年 3 月 31 日，現金及現金等價物為 3.599 億美元。除了我們的運營費用外，我們第一季度的現金狀況還受到 2021 財年年度獎金支出的影響。

Capital expenditures for the build-out of our headquarters in Burlington, Massachusetts and the annual renewal of insurance premium. We have a solid cash position, and we plan to continue to invest in 2022 to maintain our momentum and continue to capitalize on this attractive market opportunity.

用於擴建我們位於馬薩諸塞州伯靈頓的總部和每年更新保險費的資本支出。我們擁有穩固的現金狀況，我們計劃在 2022 年繼續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。

Looking at our 2022 guidance, given the strong start to the year, we are reaffirming the previously issued annual revenue guidance of $83 million to $88 million and the adjusted EBITDA guidance for a loss of $175 million to $195 million.

看看我們的 2022 年指引，鑑於今年的強勁開局，我們重申之前發布的 8300 萬至 8800 萬美元的年收入指引和調整後的 EBITDA 指引為 1.75 億美元至 1.95 億美元的虧損。

As a reminder, we expected about 40% to 45% of 2022 revenue in the first half of the year, and 55% to 60% in the second half. This translates to approximately 25% to 30% growth in the first half and approximately 45% growth in the second half.

提醒一下，我們預計上半年約佔 2022 年收入的 40% 至 45%，下半年約佔 55% 至 60%。這意味著上半年增長約 25% 至 30%，下半年增長約 45%。

The increased growth in the second half is due to strength in our international channel, in addition to the evolution of our business model from e-commerce sales to institutional purchases and deployments. This evolution will be driven by the industry building awareness of an appreciation for Butterfly's practical application of ultrasound information into the clinical workflow. In time, we believe this shift will not only accelerate our growth but will also allow for more predictable growth expectations.

下半年的增長得益於我們國際渠道的實力，以及我們的商業模式從電子商務銷售到機構購買和部署的演變。這一演變將由行業建立對 Butterfly 將超聲信息實際應用到臨床工作流程的認識的認識推動。隨著時間的推移，我們相信這種轉變不僅會加速我們的增長，還會帶來更可預測的增長預期。

For some additional color, as mentioned, we are expecting 25% to 30% growth in the first half of the year and approximately 45% growth in the second half. We expect our gross margin percentage will fluctuate quarterly, along with the change in mix between product and software subscription sets. The first quarter tends to be the lightest in terms of product set. As such, we anticipate it will be our highest in terms of subscription sales as a percentage of revenue and gross margin percentage.

對於一些額外的顏色，如前所述，我們預計上半年增長 25% 至 30%，下半年增長約 45%。我們預計我們的毛利率將隨著產品和軟件訂閱集之間的組合變化而按季度波動。就產品系列而言，第一季度往往是最輕的。因此，我們預計訂閱銷售額佔收入的百分比和毛利率將是我們最高的。

We do, however, anticipate that our subscription sales as a percentage of revenue and gross margin percentage to increase for the full year 2022 versus 2021. For operating expenses, please remember, we are doing two things simultaneously. One, we are building a domestic and international commercial organization to support our current revenue base. And two, we are investing in R&D resources to create future revenue streams.

但是，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在 2022 年全年都會增加。對於運營費用，請記住，我們同時做兩件事。第一，我們正在建立一個國內和國際商業組織來支持我們目前的收入基礎。第二，我們正在投資研發資源以創造未來的收入來源。

Because we are investing significantly for the future and expecting operating leverage on these investments in subsequent years, we believe at this time, adjusted gross margins are the best predictor of our future profitability.

由於我們正在為未來進行大量投資，並預計在隨後幾年對這些投資進行經營槓桿，我們認為目前調整後的毛利率是我們未來盈利能力的最佳預測指標。

In closing, time and time again, Butterfly's unique ability to surface valuable clinical information quickly and easily where it otherwise does not exist, is winning the hearts and minds of practitioners and leaders across health care. Butterfly is the practical application of ultrasound information in the clinical workflow. This is not about doing more ultrasound, but about using the valuable information from ultrasound to better inform care decisions everywhere.

最後，Butterfly 一次又一次地在原本不存在的地方快速輕鬆地呈現有價值的臨床信息的獨特能力正在贏得醫療保健從業者和領導者的芳心。 Butterfly 是超聲信息在臨床工作流程中的實際應用。這不是要進行更多的超聲檢查，而是要利用超聲中有價值的信息更好地為各地的護理決策提供信息。

Thank you for joining today's call and thank you to the Butterfly team for the amazing and important work you continue to do. Now, we'll open up for Q&A.

感謝您參加今天的電話會議，並感謝 Butterfly 團隊繼續所做的出色而重要的工作。現在，我們將開放問答環節。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Josh Jennings, Cowen.

喬什詹寧斯，考恩。

Hi, good morning, and thanks for taking the questions. Todd, I'm going to just start off on just the hostile capital spending environment. I think there's some medtech companies that have really a slow start to the capital purchasing or capital budgets for US hospitals for systems like robots.

嗨，早上好，感謝您提出問題。托德，我將從敵對的資本支出環境開始。我認為有些醫療技術公司在為美國醫院購買機器人等系統的資本採購或資本預算方面確實起步緩慢。

But Butterfly queues in a different category and making a couple of thousand dollars per device versus $1 million plus for robotics, high-ticket, other capital equipment. I just wanted to better understand the slower capital purchasing environment impacted your business at the start of this year.

但 Butterfly 在不同的類別中排隊，每台設備賺幾千美元，而機器人、高價和其他資本設備則超過 100 萬美元。我只是想更好地了解今年年初緩慢的資本採購環境對您的業務產生了影響。

So first of all, good morning, Josh, and thanks for the question. I think in general, it is a challenging environment across health care, right? And I think we see that as it relates to a number of factors coming together, coming out of managing the pandemic, a whole bunch of dynamics with how care is being delivered, a whole a whole bunch of things within society, employment, et cetera.

首先，喬希，早上好，謝謝你提出這個問題。我認為總的來說，這是一個充滿挑戰的醫療保健環境，對吧？而且我認為我們看到這與許多因素相關，這些因素來自於管理大流行病、與如何提供護理有關的一大堆動態、社會、就業等方面的一大堆事情.

That said, we think we're actually in a fairly good position. Because we think, we're not seeing a lot of challenges as a lot of objections to working with Butterfly and exploring the solutions for health care systems. So, we're not getting the initial resistance. We're working through the challenges that are going on in the health care system.

也就是說，我們認為我們實際上處於一個相當好的位置。因為我們認為，我們沒有看到很多挑戰，因為很多人反對與 Butterfly 合作並探索醫療保健系統的解決方案。所以，我們沒有得到最初的阻力。我們正在努力應對醫療保健系統中正在發生的挑戰。

And I think part of that is because Butterfly is more part of the solution. So as you put together a Butterfly solution, and you have the ability to look at how you go about deploying, how you step into the software, how you step into deploying probes, it actually becomes economically beneficial.

我認為部分原因是因為 Butterfly 更像是解決方案的一部分。因此，當您將 Butterfly 解決方案放在一起時，您就有能力查看如何進行部署，如何進入軟件，如何進入部署探測器，它實際上在經濟上變得有利可圖。

So, I think as systems get educated about it, as they understand the utility of Butterfly in helping them provide more efficient, more effective care and workflows across the whole system, I think they see that as something they want to explore as a positive to economically.

因此，我認為隨著系統接受有關它的教育，當他們了解 Butterfly 在幫助他們在整個系統中提供更高效、更有效的護理和工作流程方面的效用時，我認為他們認為這是他們想要探索的東西，對經濟上。

I think we will benefit from the challenges, but I think we benefit from where we're positioned as a solution moving forward in this environment. So, people are willing to talk to us, and we haven't seen upfront objection due to the capital environment in healthcare today.

我認為我們將從挑戰中受益，但我認為我們受益於我們作為解決方案在這種環境中向前發展的定位。因此，人們願意與我們交談，而且由於當今醫療保健領域的資本環境，我們還沒有看到預先反對的聲音。

Great. That's helpful. And just on the supply chain constraints, I know, historically, you have this great relationship with some of these semiconductor manufacturing company. But just wanted to check in on semiconductor chip supply, but also in the other supply chain constraints that you're facing. And seems like you're navigating through these macro challenges effectively on the supply side, but just wanted to sanity check that thought.

偉大的。這很有幫助。就供應鏈限製而言，我知道，從歷史上看，你與其中一些半導體製造公司有著良好的關係。但只是想檢查一下半導體芯片供應，還有你面臨的其他供應鏈限制。看起來你在供應方面有效地應對了這些宏觀挑戰，但只是想對這個想法進行理智檢查。

So, right now, our relationship with TSMC is great, and we haven't had any issues as it relates to the semiconductor components of our device, as we've spoken to you before. And I think that's an advantage for us as we've gone into this. As it relates to overall supply chain, I think everybody is having challenges with increased prices, with increase with the challenges on supply.

所以，現在，我們與台積電的關係很好，我們沒有遇到任何與我們設備的半導體組件有關的問題，正如我們之前與您交談過的那樣。我認為這對我們來說是一個優勢，因為我們已經進入了這個領域。由於它涉及到整個供應鏈，我認為每個人都面臨著價格上漲的挑戰，隨著供應挑戰的增加而增加。

We have done a good job. We have good relationships with our supply partners. And so we've been able to work with them to ensure that we're getting what we need to be able to produce product and to be able to keep things moving forward.

我們做得很好。我們與我們的供應合作夥伴有著良好的關係。因此，我們能夠與他們合作，以確保我們獲得生產產品所需的東西，並能夠讓事情繼續向前發展。

So, I think that's been an advantage of ours, Josh, by being in the market. And I think when people look at the landscape of devices, we are here, we're working with our suppliers. We have relationships or in this mix, we are partnering. And so, we're getting access to components. We have access to semiconductors, and we've been able to keep our supply chain and our product moving.

所以，我認為這是我們的優勢，Josh，進入市場。而且我認為當人們看到設備的景觀時，我們就在這裡，我們正在與我們的供應商合作。我們有關係，或者在這種組合中，我們正在合作。因此，我們可以訪問組件。我們可以使用半導體，並且我們能夠保持供應鍊和產品的運轉。

Great. And I just wanted to ask about the guidance reiteration revenue guidance range intact. Understand` the balance in terms of how we should be thinking about growth in the first half, or the second half is very helpful. Are you're able to share just any other incremental color, just on what's giving your team confidence that you will see this acceleration over the next three quarters, but particularly in the second half?

偉大的。我只是想問一下完整的指導重申收入指導範圍。了解我們應該如何考慮上半年或下半年增長的平衡非常有幫助。您是否能夠分享任何其他增量顏色，只是讓您的團隊相信您將在接下來的三個季度，尤其是下半年看到這種加速？

And then how long -- we're thinking that the sales pipeline on the enterprise channel is building up nicely that the funnel is full. But that what's giving you the confidence in the back half. Any other details you can share would be super helpful?

然後是多長時間——我們認為企業渠道上的銷售渠道正在很好地建立，漏斗已經滿了。但這讓你對後半場充滿信心。您可以分享的任何其他詳細信息都會非常有幫助嗎？

So, I think, you're getting more familiar with the story and I would start there, Josh. I would say that we see confidence in our sales pipeline building. And as you know, we've gone through -- we've been in a number of conversations and we continue to have things working through our pipeline, as we've evolved our value proposition into the enterprise channel.

所以，我認為，你對這個故事越來越熟悉了，我會從這裡開始，喬希。我會說我們對我們的銷售渠道建設充滿信心。正如你所知，我們已經經歷了——我們已經進行了多次對話，並且隨著我們將我們的價值主張發展到企業渠道中，我們繼續通過我們的管道進行工作。

I think also, it's an evolution of the story, right? As more time goes on, we're able to enhance our product offering, which is creating more value, which is helping us to be able to move through and be more aggressive as we move through the pipeline and we sign more deals, those will help us in the back half of the quarter.

我也認為，這是故事的演變，對吧？隨著時間的推移，我們能夠增強我們的產品供應，這正在創造更多價值，這有助於我們能夠通過並在我們通過管道移動時更加積極進取，我們簽署更多交易，這些將在本季度後半段幫助我們。

We see external trends supporting our value proposition where we're going as some of the guidelines and recommendations that have come out. We continue to produce clinical evidence. So things are really starting to come together as people have the awareness to it.

我們看到外部趨勢支持我們的價值主張，作為一些已經出現的指導方針和建議。我們繼續提供臨床證據。因此，隨著人們意識到這一點，事情真的開始融合在一起。

The guidelines are supporting it. Our evidence continues to reinforce it. And we're getting out there and we're building this pipeline and working with people to implement things.

指南支持它。我們的證據繼續加強它。我們正在走出去，我們正在建設這條管道，並與人們合作實施這些事情。

So our natural cadence in the business and as we see things kind of evolving and coming together, we see the back half really pulling together nicely. And I think it's a much more balanced picture than what we had last year.

因此，我們在業務中的自然節奏以及當我們看到事情在不斷發展和融合時，我們看到後半部分真的很好地融合在一起。我認為這比我們去年的情況要平衡得多。

Great. Just thinking about them you laid it out here in your prepared remarks, your presentation. But just -- it seems like you're making nice progress in all four pillars, but enterprise channel, international debt that and then even start kicking off some of these clinical trials in the home channel.

偉大的。只要想想他們，你就把它放在了你準備好的發言中，你的演講中。但是——看起來你在所有四個支柱上都取得了不錯的進展，但企業渠道、國際債務甚至開始在家庭渠道中啟動其中一些臨床試驗。

Is that the way to think about the progress, as you continued progress throughout the year that it's going to be balanced to each of those channels? Or should we be thinking that one of those channels, either enterprise systems, international or that will outpace the others and drive the acceleration the through the end of 2022?

這是考慮進展的方式嗎，因為你在全年持續取得進展，它將與每個渠道保持平衡？或者我們是否應該考慮其中一個渠道，無論是企業系統、國際還是將超過其他渠道，並推動加速到 2022 年底？

I think this is where we're kind of balancing where we are in the story, which is the early part of this story, Josh. And that's how I think things will over a little bit of time here, coming to a more predictable pattern. But right now, given where we were and how we started out, we're seeing a lot of our efforts materializing in health system. We are also moving in our geographical expansion, but that's coming.

我認為這是我們在故事中平衡我們所處位置的地方，這是這個故事的早期部分，Josh。這就是我認為事情會在這裡持續一段時間的方式，變得更可預測的模式。但現在，考慮到我們所處的位置以及我們的起步方式，我們看到我們的許多努力在衛生系統中得到了體現。我們也在進行地理擴張，但這即將到來。

Right now, we've done a lot of work in our pipelines and our solution that we're offering. So, we see right now, a good momentum in the health system scheme. We're starting to get momentum in our international geographical expansion, and you've seen that, in some of our global health initiatives. And we want to stay committed to our global health equity initiatives, both here in the United States and around the world. That continues to do well and so that we continue to do well in that.

現在，我們已經在我們的管道和我們提供的解決方案中做了很多工作。因此，我們現在看到衛生系統計劃的良好勢頭。我們開始在我們的國際地域擴張中獲得動力，你已經在我們的一些全球衛生計劃中看到了這一點。我們希望在美國和世界各地繼續致力於我們的全球健康公平倡議。這繼續做得很好，所以我們繼續在這方面做得很好。

And we believe that really the embodiment of our strategy we've talked about it in the health systems is important. But what we've been all about is the utility of information from ultrasound. And we believe path to home, as you think about where care is going, how inflammation drives that care, and how standard of care across different settings to be equal in order to maintain a high quality of care in alternative settings is really important.

我們相信，我們在衛生系統中討論過的戰略的體現確實很重要。但我們一直關注的是超聲波信息的效用。我們相信回家之路，當你思考護理的去向、炎症如何推動護理，以及不同環境中的護理標準如何平等以在替代環境中保持高質量的護理時，這些都是非常重要的。

We see the path to home has been very important, but that's the one that we're really developing right now. And we see health systems, International and that as more active and really home as more developmental in driving growth in the future.

我們看到回家的道路非常重要，但這是我們現在真正正在開發的道路。我們認為衛生系統、國際衛生系統在推動未來增長方面更積極、更真正地在國內發展。

And maybe just a follow-up on home, if I could just. You guys are kicking on clinical studies, it sounds like you're latter scanning heart failure, some other indications and how we think about the home channel evolving in front of, I guess, data? And then, when should we be expecting results from some of these trials? And I assume that the follow up would be a pretty short follow-up period.

如果可以的話，也許只是回家的後續行動。你們正在進行臨床研究，聽起來你們正在掃描心力衰竭、其他一些跡象，以及我們如何看待家庭頻道在數據面前的發展？然後，我們什麼時候可以期待其中一些試驗的結果？而且我認為跟進將是一個非常短的跟進期。

But could we see some outcomes from some of these clinical development initiatives or trial initiatives in 2022? Or should we be thinking about results coming in 2023? and just in front of results, sorry to beat the question, but do you how do you see revenue from the home channel evolving on prior to really establishing the evidence?

但是我們能否在 2022 年看到其中一些臨床開發計劃或試驗計劃的一些成果？還是我們應該考慮 2023 年的結果？就在結果面前，很抱歉打敗了這個問題，但是在真正建立證據之前，您如何看待家庭頻道的收入不斷發展？

I think if you think about home as a journey and it's the site of care, I think that home is a destination. So today, people are delivering care in the home. Butterfly provides benefits to practitioners who are going out in the home setting and delivering care to patients. So that's really the start.

我認為，如果您將家視為一段旅程並且它是護理場所，我認為家就是一個目的地。所以今天，人們在家裡提供護理。 Butterfly 為在家庭環境中外出並為患者提供護理的從業者提供了好處。這才是真正的開始。

Because remember, at its core Butterfly's about information. It's about getting information and informing care decisions. So, we're demonstrating the value of that in the different care setting today, by getting it in the hands of practitioners who are going out of the hospital to the home to deliver care.

因為請記住，Butterfly 的核心是信息。這是關於獲取信息和告知護理決定。因此，我們通過將它交到從醫院到家中提供護理的從業者手中，展示了它在當今不同護理環境中的價值。

And we're already doing that. And what we want to do is then expand that utility, so we can bring more efficiencies to care. And that's the next step, right? So that as you use that information in managing disease, identifying disease, and then continuing to do that in a broader and more expanded way. So, getting patients more involved in their care, getting that information last this point in time, but more as a continuum to practitioners.

我們已經在這樣做了。然後我們要做的是擴展該實用程序，以便我們可以提高護理效率。那就是下一步，對吧？因此，當您使用這些信息來管理疾病、識別疾病，然後以更廣泛、更擴展的方式繼續這樣做時。因此，讓患者更多地參與他們的護理，及時獲取這些信息，但對從業者來說更像是一個連續體。

And that's really evolution. So, Butterfly is going in the home today with practitioners. We then want to bring it in the hands of patients. So that information flow can continue. Do we want to ultimately evolve it two other form factors where we can have an information more seamlessly coming.

這就是真正的進化。所以，蝴蝶今天要和學員一起回家。然後我們想把它帶到病人手中。這樣信息流才能繼續。我們是否希望最終將其發展為另外兩個形式因素，以便我們可以更無縫地獲取信息。

So, it's really about bringing information and evolution of care in different settings. That's what homes all about. So, we're already there today. It's just that we're starting that journey and we're going to continue that evolution as we go on. So, we're proving that. So, we have some of that data with practitioners doing that evidence.

所以，這實際上是關於在不同的環境中提供信息和護理的演變。這就是家的意義所在。所以，我們今天已經到了。只是我們正在開始這段旅程，我們將在繼續前進的過程中繼續發展。所以，我們正在證明這一點。所以，我們有一些數據，從業者正在做這些證據。

Now, some of those studies are going on, and we hope to see some of that data towards the end of this year and at the beginning of next year. And then we are also starting studies to help this walk with patients becoming involved in their care, and then some of the evidence that we need to continue our form factor evolution, and how we can get the continuation of the flow of information into decision making.

現在，其中一些研究正在進行中，我們希望在今年年底和明年年初看到其中的一些數據。然後我們也開始研究以幫助患者參與他們的護理，然後是我們需要繼續我們的外形因素進化的一些證據，以及我們如何讓信息流繼續進入決策制定.

So, we'll start hopefully having evidence as part of that journey towards the end of the year and then into next year. And this stories is going to keep evolving, and we're just going to keep telling the story.

因此，我們將開始希望在年底和明年開始獲得證據，作為這一旅程的一部分。這個故事將不斷發展，我們將繼續講述這個故事。

Great. And maybe just a two-part or just maybe two last questions. Just speaking about enterprise contracts. The big University of Rochester win, and then how we should be kind of incorporating those enterprise wins into our own models.

偉大的。也許只有兩部分或最後兩個問題。只談企業合同。羅切斯特大學的大勝利，然後我們應該如何將這些企業勝利納入我們自己的模型。

Just read from a revenue generation standpoint, it looks like Butterfly iQ device deployment will start in the second quarters is a multiyear agreement, thousands of devices being deployed. But any help just thinking through how revenue would flows through and is recognized as you deploy is Butterfly iQ devices over the next couple of years?

從創收的角度來看，Butterfly iQ 設備部署似乎將在第二季度開始，這是一項多年協議，部署了數千台設備。但是，在未來幾年內，僅考慮收入將如何流動並在您部署 Butterfly iQ 設備時得到認可有什麼幫助嗎？

So I think, Josh, this is the part where we're working on and how they're coming in will help us as we continue to attach to revenue. I think what it demonstrates is that our revenue is multi-component. And so that there's different elements that how we're going to be building, which hopefully, we will also get some comment.

所以我認為，喬希，這是我們正在努力的部分，他們的參與方式將在我們繼續重視收入時幫助我們。我認為這表明我們的收入是多方面的。因此，我們將如何構建不同的元素，希望我們也能得到一些評論。

There are some confidence as we continue to move through. Because, upfront actually, we look at some elements of the software which enable the deployment, right? So there's a capital element to the subscription. There are services elements to that. There are services elements to how we deploy.

隨著我們繼續前進，我們有一些信心。因為，實際上，我們首先查看了支持部署的軟件的一些元素，對嗎？因此，訂閱有一個資本要素。有服務元素。我們如何部署有服務元素。

And then there's obviously, the capital acquisition of the devices. So, I think what it does is it helps us as we're evolving our business model to bring diversification into our revenue. And it's also helping us understand, how we can bring greater value faster into the health system. And so, right now, we're at the phase where we're bringing software up to speed in understanding the services component and to maximize the deployment.

然後顯然是設備的資本收購。所以，我認為它的作用是幫助我們發展我們的商業模式，使我們的收入多樣化。它還幫助我們了解，我們如何才能更快地為衛生系統帶來更大的價值。因此，現在，我們正處於讓軟件加快理解服務組件和最大化部署的階段。

We're going to be bringing devices on board with time, we 1will be doing that. But what I would caution you as we look it as a predictor, right now, what it is, is an enabler. And so this is really what we're learning with them on how we can package this. So, it can be more scalable, and done faster, and more segmented out to other institutions. So, we can accelerate their path onto the journey.

隨著時間的推移，我們將把設備帶到船上，我們 1will 會這樣做。但是，當我們將其視為預測因素時，我要提醒您的是，現在，它是一個推動因素。因此，這確實是我們正在與他們一起學習如何打包的內容。因此，它可以更具可擴展性，完成得更快，並且更細分到其他機構。因此，我們可以加速他們的旅程。

And so, I think these big deployments early are a huge advantage for us. Because they're allowing us to absorb and learn the multi elements that are required to actually do something completely different, which is differing encounter-based workflow with ultrasound into clinical care. And it's an evolutionary change.

因此，我認為這些早期的大型部署對我們來說是一個巨大的優勢。因為它們讓我們能夠吸收和學習實際做一些完全不同的事情所需的多種元素，這將基於遭遇的工作流程與超聲結合到臨床護理中。這是一個進化的變化。

And so, we're in it, right now and we're going to package it. And then it will be more predictable as we go through. And then, we are understanding how it impacts revenue moving forward into the future. So that's how we're approaching these larger enterprise size deployments right now. And then as we do some of the smaller ones, we're taking elements of it and bringing that together.

因此，我們現在就參與其中，我們將打包它。然後隨著我們的進行，它將變得更加可預測。然後，我們正在了解它如何影響未來的收入。這就是我們現在處理這些更大的企業規模部署的方式。然後當我們做一些較小的事情時，我們將其中的元素整合在一起。

Excellent. And lastly, just thinking about the Bill & Melinda Gates grants. It is $5 million. Just how do we how do we think about how that $5 million flows through the P&L for onto the balance sheet. Are you generating revenue as you deploy these devices out into Kenya, and I think South Africa? Is that -- how should we think about that $5 million run into the P&L 2022?

出色的。最後，想想比爾和梅琳達·蓋茨的資助。這是500萬美元。我們如何看待這 500 萬美元如何通過損益表流入資產負債表。當您將這些設備部署到肯尼亞（我認為是南非）時，您是否正在創造收入？那是——我們應該如何考慮 2022 年損益表中的 500 萬美元？

Yes. So I think you're thinking that exactly correct, Josh. As we deploy the services elements and the devices into Kenya and to South Africa, over the course of the year, we will be recognizing the revenue. So it will be recognized over the -- the majority will be recognized over the course of the year.

是的。所以我認為你的想法完全正確，喬什。當我們將服務元素和設備部署到肯尼亞和南非時，在這一年中，我們將確認收入。因此，它將在一年內得到認可——大多數人將在一年中得到認可。

Fantastic. Thanks for putting up with all my questions. I really appreciate it.

極好的。謝謝你容忍我所有的問題。對此，我真的非常感激。

Thanks for your interest, Josh.

感謝您的關注，喬希。

(Operator Instructions)

（操作員說明）

Okay. We have no further questions for today. That concludes today's conference call. Thank you for joining. You may now disconnect.

好的。我們今天沒有其他問題了。今天的電話會議到此結束。感謝您的加入。您現在可以斷開連接。