Butterfly Network Inc (BFLY) 2022 Q4 法說會逐字稿

Good morning, and a warm welcome to the Butterfly Network, Inc. fourth quarter 2022 earnings call. My name is Candice; and I will be your moderator for today's call. (Operator Instructions) I would now like to hand the conference call over to our host, Heather Getz. The floor is yours. Please go ahead.

早上好，熱烈歡迎 Butterfly Network, Inc. 2022 年第四季度財報電話會議。我的名字是坎迪斯；我將擔任今天電話會議的主持人。 （操作員說明）我現在想將電話會議交給我們的主持人 Heather Getz。地板是你的。請繼續。

Good morning, and thank you for joining us today. Earlier this morning, Butterfly released financial results for the fourth quarter ended December 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 recent applicable GAAP measures are currently available on the Investors section of the company's website at ir.butterfleyenetwork.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 12 月 31 日的第四季度財務業績，並提供了業務更新。目前，公司網站 ir.butterfleyenetwork.com 的投資者部分提供了發布和收益報告，其中包括管理層對非 GAAP 財務指標的使用與最新適用的 GAAP 指標的對賬。

I, Heather Getz, Executive Vice President and Chief Financial Officer of Butterfly alongside Dr. Jonathan Rothberg, Butterfly's Founder and Interim Chief Executive Officer; and Darius Shahida, Butterfly's Chief Strategy Officer, will host this morning's call.

我，Butterfly 執行副總裁兼首席財務官 Heather Getz，以及 Butterfly 創始人兼臨時首席執行官 Jonathan Rothberg 博士； Butterfly 的首席戰略官 Darius Shahida 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 macroeconomic factors 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、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宏觀經濟因素對我們業務的影響。

These forward-looking statements are based on current information, assumptions, 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聲明。

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。並且公司不承擔任何更新此類聲明的義務。

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 Events section in the Investors section of our website. And a replay of the event will be available following the call. I would now like to turn the call over to Dr. Rothberg. Jonathan?

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。通話後將重播該事件。我現在想把電話轉給羅斯伯格博士。喬納森？

Thank you, Heather, and good morning. Since this is the first time many of you have heard from me as interim CEO, I wanted to start today's call by sharing with you why I'm so passionate about Butterfly and why I believe this is our most impactful time since I founded the company a decade ago. I've spent my career building disruptive solutions to improve the lives of those I love. I founded Butterfly with a mission to democratize healthcare by making medical imaging accessible to everyone.

謝謝你，希瑟，早上好。由於這是你們中的許多人第一次聽到我作為臨時 CEO 的消息，我想在今天的電話會議開始時與大家分享為什麼我對 Butterfly 如此熱情，以及為什麼我認為這是我成立公司以來我們最具影響力的時刻十年前。在我的職業生涯中，我一直在構建顛覆性的解決方案，以改善我所愛之人的生活。我創立 Butterfly 的使命是通過讓每個人都能獲得醫學影像來實現醫療保健的民主化。

Currently, two-thirds of the world's population lacks access to medical imaging. The team at Butterfly is changing this. Butterfly is the only handheld whole body ultrasound scanner, paired with leading edge AI. We empower healthcare professionals make better clinical decisions. Butterfly's growing impact is uniquely enabled by the ease of use of our solution, which started with the invention of world's first ultrasound-on-a-chip technology and is now paired with powerful AI and enterprise software to make clinical work easy.

目前，世界上三分之二的人口無法獲得醫學成像。 Butterfly 的團隊正在改變這一點。 Butterfly 是唯一一款配備領先人工智能技術的手持式全身超聲掃描儀。我們授權醫療保健專業人員做出更好的臨床決策。 Butterfly 日益增長的影響力得益於我們解決方案的易用性，該解決方案始於世界上第一個片上超聲技術的發明，現在與強大的人工智能和企業軟件相結合，使臨床工作變得簡單。

Butterfly's solution to medical imaging is used by tens of thousands of practitioners across the globe that touch the lives of millions of patients from health systems in the US and Europe to the remote conflict areas and acute crises, including the recent earthquake in Turkey and Syria, practitioners are using Butterfly to transform the way they deliver care and save lives.

Butterfly 的醫學成像解決方案被全球數以萬計的從業者使用，這些從業者涉及數百萬患者的生活，從美國和歐洲的衛生系統到偏遠的衝突地區和嚴重危機，包括最近在土耳其和敘利亞發生的地震，從業者正在使用 Butterfly 改變他們提供護理和拯救生命的方式。

Having started in an industry by putting DNA sequencing on a chip, I can confidently state that Butterfly has (inaudible) history in that ultrasound-on-a-chip and AI will become as ubiquitous as the stethoscope and bring medical imaging to the two-thirds of the world that lack it.

通過將 DNA 測序放在芯片上開始進入一個行業，我可以自信地說 Butterfly 在片上超聲方面有（聽不清）歷史，人工智能將像聽診器一樣無處不在，並將醫學成像帶入這兩個領域——世界上三分之一的人缺乏它。

Butterfly has a world-class leadership team that is executing with more discipline and focus than ever. Our Board has formed a search committee. And the search is well underway for a full-time CEO. I look forward to updating you on this and other progress in the coming months. I will now turn the call over to Darius to share some of the significant progress we made in 2022.

Butterfly 擁有世界一流的領導團隊，他們比以往任何時候都更加自律和專注。我們的董事會已經成立了一個搜尋委員會。尋找全職 CEO 的工作正在進行中。我期待著在接下來的幾個月裡向您通報這一進展和其他進展。我現在將把電話轉給 Darius，分享我們在 2022 年取得的一些重大進展。

Thank you for that introduction, Jonathan. In many respects, 2022 marked a seminal year in our journey with many historic firsts for both Butterfly and the broader industry. Before Butterfly, the idea that thousands of ultrasound devices would be implemented in a single health system or that a thousand midwives in Sub-Saharan Africa could be trained in a matter of weeks to perform lifesaving obstetric scans was simply not possible.

謝謝你的介紹，喬納森。在許多方面，2022 年標誌著我們旅程中開創性的一年，為 Butterfly 和更廣泛的行業創造了許多歷史性的第一。在 Butterfly 之前，在一個衛生系統中部署數千台超聲波設備，或者在幾週內培訓撒哈拉以南非洲地區的一千名助產士進行產科掃描來挽救生命的想法根本不可能實現。

It is therefore no surprise that the broader industry and competitors alike are taking note of the progress Butterfly is making and of our winning strategy. Just last month, The New Yorker published an article entitled Could Ultrasound Replace the Stethoscope in which the authors cited how recent advances in chip-based technology and AI have finally made a powerful, diagnostic tool capable of transforming healthcare globally.

因此，更廣泛的行業和競爭對手都注意到 Butterfly 取得的進步和我們的製勝戰略也就不足為奇了。就在上個月，《紐約客》發表了一篇題為“超聲能否取代聽診器”的文章，作者在文章中引用了基於芯片的技術和人工智能的最新進展如何最終製造出能夠改變全球醫療保健的強大診斷工具。

By investing in the ease-of-use of our solution through new developments and applications in artificial intelligence and the launch of the most comprehensive and streamlined enterprise software in ultrasound, Butterfly Blueprint, Butterfly is going where traditional point-of-care ultrasound cannot go and in so doing materially expanding the market, whereas our initial focus several years ago was on empowering ultrasound experts and early adopters with Butterfly's whole body scanning capabilities.

通過人工智能的新發展和應用以及超聲領域最全面、最精簡的企業軟件 Butterfly Blueprint 的推出來提高我們解決方案的易用性，Butterfly 正在向傳統床旁超聲無法到達的方向發展這樣做實質上擴大了市場，而幾年前我們最初的重點是為超聲專家和早期採用者提供 Butterfly 的全身掃描功能。

Our product portfolio has since evolved and will continue to evolve to empower all clinicians and eventually patients in the home. One of the unique advantages of a chip-based platform is that it enables us to rapidly innovate and deploy new form factors in ways and at speeds that all the traditional ultrasound technologies simply cannot.

我們的產品組合已經發展並將繼續發展，以增強所有臨床醫生和最終家庭患者的能力。基於芯片的平台的獨特優勢之一是它使我們能夠以所有傳統超聲技術無法做到的方式和速度快速創新和部署新的外形尺寸。

Going forward, we plan on continuing to invest in this technology advantage and build out our product portfolio in a fit-to-purpose way. We believe that this portfolio, coupled with continued investment in ease-of-use through AI and intuitive software will materially expand the market and unlock the potential of ultrasound imaging once and for all.

展望未來，我們計劃繼續投資於這一技術優勢，並以適合目的的方式構建我們的產品組合。我們相信，這一產品組合，加上通過 AI 和直觀軟件對易用性的持續投資，將顯著擴大市場並一勞永逸地釋放超聲成像的潛力。

More specifically, while traditional focus and handheld imaging has represented a $3 billion total addressable market or TAM and was historically confined to only the ultrasound experts, Butterfly is already expanding this TAM by selling to new specialties and practitioners globally. Practitioners previously thought to be out of reach due to the cumbersome and prohibitively expensive nature of traditional focused devices are now embracing Butterfly in ways that were previously not thought possible.

更具體地說，雖然傳統的聚焦和手持成像代表了 30 億美元的總可尋址市場或 TAM，並且在歷史上僅限於超聲專家，但 Butterfly 已經通過向全球新的專業和從業者銷售來擴展這個 TAM。由於傳統聚焦設備的笨重和昂貴的性質，從業者以前被認為是遙不可及的，現在正在以以前認為不可能的方式擁抱 Butterfly。

This is why we believe we are breaking through the ceiling of the traditional TAM as we embark on a multi-phase journey that will eventually culminate in the unlocking of home use of Butterfly for patient self-scanning and chronic disease monitoring.

這就是為什麼我們相信我們正在突破傳統 TAM 的天花板，因為我們開始了一個多階段的旅程，最終將解鎖家庭使用 Butterfly 進行患者自我掃描和慢性病監測。

So with that said, let's examine some of the specific progress that we made in 2022. Starting with health systems and medical education, 2022 marked a critical inflection point in our journey with Butterfly accomplishing several firsts in our industry. Not only did we successfully rolled out thousands of Butterfly iQ+ devices and our Butterfly Blueprint enterprise platform at the University of Rochester Medical Center. But we were also able to deploy the comprehensive system wide Butterfly Blueprint solution in only 14 days at the University of Maryland.

因此，話雖如此，讓我們來看看我們在 2022 年取得的一些具體進展。從衛生系統和醫學教育開始，2022 年標誌著我們旅程中的一個關鍵轉折點，Butterfly 實現了我們行業的多項第一。我們不僅在羅徹斯特大學醫學中心成功推出了數千台 Butterfly iQ+ 設備和我們的 Butterfly Blueprint 企業平台。但我們也能夠在馬里蘭大學僅用 14 天就部署了全面的全系統 Butterfly Blueprint 解決方案。

The scale and the speed with which we can deploy our solution is a testament to the investments we have made in building the number one enterprise software solution for ultrasound, which more and more health systems are embracing to manage their workflow, [billing], and productivity. In fact, for the first time ever, we have had a number of institutions buying our software alone and implementing it across their full suite of ultrasound devices, most notably Baylor Scott & White.

我們部署解決方案的規模和速度證明了我們在構建第一大超聲企業軟件解決方案方面所做的投資，越來越多的衛生系統正在採用它來管理他們的工作流程、[計費]，以及生產率。事實上，有史以來第一次，許多機構單獨購買我們的軟件並在他們的全套超聲設備上實施它，最著名的是 Baylor Scott & White。

What is more, in 2022, we saw more medical schools than ever adopt Butterfly as part of their core medical education and roll it out for incoming students class wide. In Q4, our team continued to make progress, landing new logos and expanding at existing ones. We added nearly a dozen new Blueprint accounts, including large systems in Hennepin County and Indiana, and expanded with established partners, including a major institution in Utah, which has become one of the largest installed bases worldwide. h

更重要的是，在 2022 年，我們看到比以往更多的醫學院將 Butterfly 作為其核心醫學教育的一部分，並在全班新生中推廣。在第 4 季度，我們的團隊繼續取得進展，登陸新徽標並擴展現有徽標。我們添加了近十幾個新的 Blueprint 帳戶，包括亨內平縣和印第安納州的大型系統，並與現有合作夥伴一起擴展，包括猶他州的一家主要機構，該機構已成為全球最大的安裝基地之一。 H

Our progress in the enterprise was not just limited to the United States, as we also announced another historic deployment with the University of Bonn in Germany, whereby they will be deploying Butterfly iQ+ in a one-to-one model across their medical school and Butterfly Blueprint across their health system. Going forward, we see health systems and medical schools as foundational to our success in realizing our vision and also building a durable, sticky, and high-margin recurring revenue business.

我們在企業方面的進展不僅限於美國，因為我們還宣布了與德國波恩大學的另一項歷史性部署，他們將在他們的醫學院和 Butterfly 中以一對一的模式部署 Butterfly iQ+整個醫療系統的藍圖。展望未來，我們將衛生系統和醫學院視為我們成功實現願景以及建立持久、有粘性和高利潤的經常性收入業務的基礎。

Moving to our next pillar, international expansion, 2022 saw fantastic progress as we continued to demonstrate the transformational potential of Butterfly across the globe. More specifically, in Q4, we completed the largest global health deployment of handheld imaging ever with the Gates Foundation. This deployment took only 10 weeks to train a cohort of 500 midwives in Kenya to perform lifesaving obstetric scans, a feat that is a testament to the ease of use of Butterfly alone.

轉向我們的下一個支柱，即國際擴張，隨著我們繼續在全球展示 Butterfly 的轉型潛力，2022 年取得了驚人的進展。更具體地說，在第四季度，我們與蓋茨基金會一起完成了有史以來最大規模的手持成像全球健康部署。這次部署僅用了 10 週的時間就在肯尼亞培訓了 500 名助產士進行救生產科掃描，這一壯舉證明了 Butterfly 的易用性。

In the first half of this year, our team will train another 500 midwives this time in South Africa where we expect to replicate the success as we now have a playbook to train record numbers of low skilled practitioners with high impact clinical protocols.

今年上半年，我們的團隊這次將在南非培訓另外 500 名助產士，我們希望在那裡複製成功，因為我們現在有一個劇本來培訓創紀錄數量的低技能從業者和高影響力的臨床方案。

Outside of our global health efforts, we also made significant progress with our international expansion in Q4. More specifically, we launched and announced distribution partners in a number of new and compelling international markets, including the UAE, India, Israel, and South Africa, among other geographies, unlocking millions of additional customers that we can target and sell to going forward.

除了我們的全球衛生工作外，我們在第四季度的國際擴張方面也取得了重大進展。更具體地說，我們在許多新的和引人注目的國際市場推出並宣布了分銷合作夥伴，包括阿聯酋、印度、以色列和南非以及其他地區，從而釋放了數百萬我們可以瞄準和銷售的額外客戶。

Moving to the path to home, our team has now identified and incorporated a number of key applications for patient self-scanning in our roadmap and advanced a number of key studies showing the ease of use of patient self-scanning in the home. We are actively working to identify the regulatory pathways and pre-submission workflows with the FDA as we believe Butterfly is uniquely positioned to enable use in the home and in so doing reduce costs and improve patient outcomes.

轉向回家的道路，我們的團隊現在已經確定並在我們的路線圖中納入了一些患者自我掃描的關鍵應用程序，並推進了一些關鍵研究，顯示了患者在家中使用自我掃描的易用性。我們正在積極努力與 FDA 確定監管途徑和提交前工作流程，因為我們相信 Butterfly 具有獨特的優勢，可以在家中使用，從而降低成本並改善患者結果。

In Q4, we continued to make progress with enrollment of our John Muir study in which we will be demonstrating the ease of use of patient self-scanning for CHF. As a reminder, this is a first-of-its-kind feasibility study that will evaluate a novel artificial intelligence tool developed by Butterfly that is designed to provide novice clinicians and patients with the ability to assess pulmonary congestion themselves. That's the most common reason for more morbidity and mortality among CHF patients. Expect more progress on this pillar later this year.

在第 4 季度，我們繼續在 John Muir 研究的註冊方面取得進展，我們將在該研究中展示患者自我掃描 CHF 的易用性。提醒一下，這是一項史無前例的可行性研究，將評估 Butterfly 開發的一種新型人工智能工具，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。這是 CHF 患者發病率和死亡率較高的最常見原因。預計今年晚些時候在這一支柱上取得更多進展。

Last but not least, our team made considerable progress in 2022 with our veterinary business as it continues to represent a growing, attractive, and high impact market for Butterfly's unique solutions. Not only did our team announced a historic partnership with Petco to roll out Butterfly across each of their hospitals nationwide, but our team also continued to penetrate veterinary education with the rollout and commitment by Texas Tech University and others to deploy Butterfly in a one-to-one model for every veterinary student.

最後但並非最不重要的一點是，我們的團隊在 2022 年的獸醫業務方面取得了長足進步，因為它繼續代表 Butterfly 獨特解決方案的不斷增長、有吸引力和高影響力的市場。我們的團隊不僅宣布與 Petco 建立歷史性合作夥伴關係，在全國的每家醫院推廣 Butterfly，而且我們的團隊還繼續滲透獸醫教育，德克薩斯理工大學和其他機構推出並承諾以一對一的方式部署 Butterfly - 每個獸醫學生都有一個模型。

In Q4 in addition to further expanding our partnership with Texas Tech and Petco, our veterinary team also landed new educational and commercial partnerships in Australia and Canada as more veterinarians are embracing the value of Butterfly iQ+ Vet globally. Our work in this domain was even featured in a Wall Street Journal article detailing the new and disruptive technologies that pet owners are demanding as they seek better care for their animals.

在第四季度，除了進一步擴大我們與德克薩斯理工大學和 Petco 的合作夥伴關係外，隨著越來越多的獸醫在全球範圍內接受 Butterfly iQ+ Vet 的價值，我們的獸醫團隊還在澳大利亞和加拿大建立了新的教育和商業合作夥伴關係。我們在這一領域的工作甚至出現在華爾街日報的一篇文章中，詳細介紹了寵物主人在尋求更好地照顧他們的動物時所要求的新技術和顛覆性技術。

Ultimately, in less than two years since launching our veterinary business, Butterfly is already becoming part of the standard physical exam in veterinary medicine. And the utilization we are observing is a testament to that. So now that we've reviewed the key progress we made across each of our pillars in 2022, I want to turn it over to Heather to review and summarize our financial results.

最終，在開展獸醫業務不到兩年的時間裡，Butterfly 已經成為獸醫標準體檢的一部分。我們觀察到的利用率證明了這一點。因此，既然我們已經回顧了 2022 年我們在每個支柱上取得的關鍵進展，我想把它交給 Heather 來回顧和總結我們的財務結果。

Thank you, Darius. Revenue for the fourth quarter of 2022 was $19 million, flat to prior year period and within our guidance communicated on the third quarter earnings call. Product revenue was $12.7 million, a decrease of 12% versus Q4 2021. This decrease was driven by lower volume in health systems and e-commerce.

謝謝你，大流士。 2022 年第四季度的收入為 1900 萬美元，與去年同期持平，並且符合我們在第三季度財報電話會議上傳達的指導意見。產品收入為 1270 萬美元，與 2021 年第四季度相比下降了 12%。下降的原因是衛生系統和電子商務的銷量下降。

The lower volume in health systems was a result of the macro trends we discussed on the third quarter call as well as some disruption due to the previously announced change in commercial leadership while the lower e-commerce volume is consistent with our strategy of driving adoption and health systems and deemphasizing our individual probe sales through e-commerce. Partially offsetting these reductions was higher global health volume and higher average selling prices in both our US and international markets.

衛生系統的銷量下降是我們在第三季度電話會議上討論的宏觀趨勢以及由於先前宣布的商業領導層變動而造成的一些中斷的結果，而電子商務銷量的下降與我們推動採用和衛生系統，並不再強調我們通過電子商務進行的個人探針銷售。部分抵消了這些減少的是更高的全球健康量和我們美國和國際市場更高的平均售價。

Software and services revenue was $6.3 million in the fourth quarter, growing by almost 30% over the prior year period. Software and services mix was 33% of revenue and increased by approximately 9 percentage points versus Q4 2021.

第四季度軟件和服務收入為 630 萬美元，比去年同期增長近 30%。軟件和服務組合佔收入的 33%，與 2021 年第四季度相比增長了約 9 個百分點。

This increase was due to a higher installed base of products with the accompanying subscription software renewals on the existing base of software users and software implementations completed during the quarter. 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完成的現有軟件用戶和軟件實施基礎上的產品安裝基數增加以及伴隨的訂閱軟件更新。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。

Turning now to adjusted gross profit. Adjusted gross profit was $10.3 million in Q4 2022 compared to $7.5 million in the prior year period. Adjusted gross profit was 54% for the fourth quarter, which compares to 40% in Q4 2021. This increase was primarily due to product mix, reflecting a higher proportion of subscription revenues in addition to a higher average selling price.

現在轉向調整後的毛利。 2022 年第四季度調整後的毛利潤為 1030 萬美元，而去年同期為 750 萬美元。第四季度調整後的毛利潤為 54%，而 2021 年第四季度為 40%。這一增長主要是由於產品組合，除了更高的平均售價外，還反映了更高比例的訂閱收入。

Also, contributing to the increased margin was higher manufacturing productivity, partially offset by the increased cost of manufacturing materials and higher amortization. For the fourth quarter of 2022, adjusted EBITDA was a loss of $29.3 million compared with a loss of $35.6 million for the same period in 2021. The improvement in adjusted EBITDA loss was driven by the increased adjusted gross margin dollars as well as the cost reduction initiative implemented in the third quarter.

此外，提高利潤率的原因是更高的製造生產率，部分被製造材料成本增加和攤銷費用增加所抵消。 2022 年第四季度，調整後 EBITDA 虧損 2930 萬美元，而 2021 年同期為虧損 3560 萬美元。調整後 EBITDA 虧損的改善是由調整後毛利率增加以及成本降低推動的計劃在第三季度實施。

Moving to our capital resources. As of December 31, 2022, cash and cash equivalents, including restricted cash, were $242 million. Our monthly use of cash was $10 million in the fourth quarter, down from over $18 million in the first half. In addition to our year-to-date operating expenses, our December 31 cash position was impacted by fiscal '21 annual bonus pay out, capital expenditures for the build out of our headquarters, the annual renewal of insurance premiums and inventory purchase obligations.

轉向我們的資本資源。截至 2022 年 12 月 31 日，包括受限制現金在內的現金和現金等價物為 2.42 億美元。第四季度我們每月的現金使用量為 1000 萬美元，低於上半年的 1800 萬美元。除了我們年初至今的運營費用外，我們 12 月 31 日的現金狀況還受到 21 財年年度獎金支付、總部擴建的資本支出、保險費的年度更新和庫存購買義務的影響。

Looking at our 2023 guidance, as you heard from Jonathan and Darius interest in Butterfly is strong. And the long-term opportunity and available market for our products is clear. There are a few internal and external factors that we expect to impact our 2023 results, including the previous changes to our commercial leadership and team as well as external resource constraints.

查看我們的 2023 年指南，正如您從 Jonathan 和 Darius 那裡聽說的那樣，對 Butterfly 的興趣很濃厚。我們產品的長期機會和可用市場是明確的。我們預計有一些內部和外部因素會影響我們 2023 年的業績，包括之前對我們商業領導層和團隊的變動以及外部資源限制。

In Q4, we underwent a previously announced change in commercial leadership and restructured the commercial team in January. While our strategy remains the same, the restructure now aligns the internal team with our strategy to focus on hospitals where the enterprise deployments with Butterfly can improve health outcomes.

在第四季度，我們經歷了先前宣布的商業領導層變動，並在 1 月份重組了商業團隊。雖然我們的戰略保持不變，但重組現在使內部團隊與我們的戰略保持一致，專注於企業部署 Butterfly 可以改善健康結果的醫院。

In conjunction, we expect to leverage third-party distribution and other partnerships into areas where we currently don't have the reach. Early data has us incrementally confident in our ability to deliver value and forge our way through an elongated sales cycle in a resource constrained environment.

同時，我們希望利用第三方分銷和其他合作夥伴關係進入我們目前無法觸及的領域。早期數據讓我們越來越相信我們有能力在資源受限的環境中通過延長的銷售週期創造價值和開闢道路。

While labor and capital constraints in hospital systems continue to impact our sales cycle, we expect these constraints will alleviate through the year. And our refocused commercial team as well as the ramp up of distribution partners will allow us to capitalize on the opportunities from any improvement in macro conditions.

雖然醫院系統中的勞動力和資本限制繼續影響我們的銷售週期，但我們預計這些限制將在今年得到緩解。我們重新調整的商業團隊以及分銷合作夥伴的增加將使我們能夠利用宏觀條件改善帶來的機會。

As such, we are expecting full-year revenue growth in the high teens, low 20s growth range with the expectation that the second half of the year will be stronger than the first half. More specifically, for the first quarter, we are expecting flat to slightly higher revenue versus 2022. In January '23 we implemented a second cost reduction initiative with the goal of extending our cash runway into 2025.

因此，我們預計全年收入增長在十幾歲、二十多歲的低增長范圍內，預計下半年將強於上半年。更具體地說，對於第一季度，我們預計收入與 2022 年持平或略高。23 年 1 月，我們實施了第二項成本削減計劃，目標是將現金跑道延長至 2025 年。

In combination with our reduction made in Q3 '22, we reduced our cash outlay by approximately $60 million in 2023. As a result, we expect full year adjusted EBITDA loss in the range of $85 million to $95 million. As is typical cash outlay will be highest in Q1 with severance payments, higher payroll taxes, and bonus payments. In addition, there are certain savings that will increase as the year progresses.

結合我們在 22 年第三季度所做的削減，我們在 2023 年將現金支出減少了約 6000 萬美元。因此，我們預計全年調整後的 EBITDA 虧損將在 8500 萬至 9500 萬美元之間。通常，第一季度的現金支出最高，包括遣散費、更高的工資稅和獎金支付。此外，隨著時間的推移，某些儲蓄會增加。

To close in addition to seeing full year 2022 top-line growth of 17%, we tightly managed expenses and reduced cash consumption. Butterfly has a commanding technology lead, one that anyone in the industry would love to have with an integrated software suite, AI wrapped around it and the only single probe ultrasound on a chip.

除了看到 2022 年全年收入增長 17% 之外，我們還嚴格管理費用並減少現金消耗。 Butterfly 擁有領先的技術，業內任何人都希望擁有集成的軟件套件、圍繞它的 AI 以及芯片上唯一的單探頭超聲波。

Our plan will allow us to navigate the headwinds from the macro environment, while still realizing the vision and mission of Butterfly and to capitalize on this attractive market opportunity. We have a solid cash position. And we will continue to invest in our current and future growth while closely scrutinizing our investments to ensure that we pick the maximum ROI projects and carefully evaluate trade-offs.

我們的計劃將使我們能夠應對宏觀環境的逆風，同時仍然實現 Butterfly 的願景和使命，並利用這個有吸引力的市場機會。我們擁有穩固的現金狀況。我們將繼續投資於我們當前和未來的增長，同時密切審查我們的投資，以確保我們選擇最大投資回報率的項目並仔細評估權衡取捨。

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

有了這個，我將把電話轉回 Darius 以作結束語。大流士？

Thank you, Heather. 2022 was yet another year on our journey, one with significant progress and challenges. But one in which we could not be prouder of the progress our team has made. As Heather and I have shared, our team has significantly reduced our operating expenses, prioritized our core competencies of innovation and customer satisfaction and is doubling down on the ease of use of our overall solution across an expanded product portfolio.

謝謝你，希瑟。 2022 年是我們征途上的又一年，既有重大進展，也有挑戰。但我們對我們團隊取得的進步感到無比自豪。正如 Heather 和我所分享的那樣，我們的團隊顯著降低了運營費用，優先考慮創新和客戶滿意度的核心競爭力，並在擴展的產品組合中加倍提高整體解決方案的易用性。

Ultimately, we are operating a better, more disciplined and more disruptive company than ever before. As we look forward to 2023 and beyond, it is no longer a question as to whether or not chip-based ultrasound will [fork - 22:07] our industry.

最終，我們正在經營一家比以往任何時候都更好、更有紀律、更具顛覆性的公司。展望 2023 年及以後，基於芯片的超聲波是否會 [fork - 22:07] 我們的行業不再是問題。

We believe Butterfly is the undisputed leader in ultrasound on a chip. The real question is how quickly we can partner with scale providers and individual practitioners to elevate patient outcomes, reduce costs, and enhance provider productivity. Our entire organization is passionate, focused, and charging ahead with that in mind.

我們相信 Butterfly 是超聲芯片領域無可爭議的領導者。真正的問題是我們可以多快地與體重秤提供者和個體從業者合作，以提高患者的治療效果、降低成本並提高提供者的生產力。考慮到這一點，我們整個組織都充滿熱情、專注並勇往直前。

Thank you. And we will now turn it over to the operator for questions.

謝謝。我們現在將把它交給接線員提問。

(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 and appreciate all the update and the guidance ranges.

早上好。感謝您提出問題並感謝所有更新和指導範圍。

Good morning, Josh.

早上好，喬希。

Good morning. I wanted to ask first about just Blueprint customer accounts. And you had numerous wins throughout 2022 and wanted to just better understand the pathway for Butterfly iQ device deployments in those accounts for hospital systems that have bought Blueprint as a standalone seems like there's a major foot in the door at major hospitals and hospital systems' IDNs. And how do you capitalize once a customer is established? And just maybe any precedent cases where you've seen kind of deployments of Butterfly iQ go department after department as you penetrate that customer account?

早上好。我想先問一下 Blueprint 客戶帳戶。您在整個 2022 年取得了無數勝利，並且只想更好地了解 Butterfly iQ 設備在那些已購買獨立 Blueprint 的醫院系統帳戶中的途徑，這似乎是大型醫院和醫院系統 IDN 的重要一步.建立客戶後如何利用？在您深入了解該客戶帳戶時，也許您已經看到過 Butterfly iQ 的部署在一個又一個部門的任何先例案例中？

Hi, Josh, this is Darius. Thanks for your question. I'm happy to answer it to. So first of all, for those who are not aware, obviously Blueprint is an incredible and comprehensive enterprise software, which we like to think of as the operating system for all ultrasound imaging. And as I mentioned earlier on the call, we added almost a dozen new Blueprint accounts added in Q4 of 2022, a number of those were deploying the software only with no probes.

嗨，喬希，我是大流士。謝謝你的問題。我很樂意回答。所以首先，對於那些不知道的人來說，顯然 Blueprint 是一個令人難以置信的綜合企業軟件，我們喜歡將其視為所有超聲成像的操作系統。正如我之前在電話會議上提到的那樣，我們在 2022 年第四季度添加了近十幾個新的 Blueprint 賬戶，其中許多賬戶只部署了軟件而沒有進行探測。

And to your earlier question, the ability to deploy Blueprint really is a Trojan horse for us, which allows us to enter these large health systems, ingest all of the ultrasound images from across a pretty comprehensive suite of devices and then ultimately and to deploy our own probes.

對於您之前的問題，部署 Blueprint 的能力對我們來說確實是一個特洛伊木馬，它使我們能夠進入這些大型醫療系統，從相當全面的設備套件中獲取所有超聲圖像，然後最終部署我們的自己的探頭。

And so what we've seen is that Blueprint really is a Trojan horse for us. Once we deploy that enterprise software, it becomes very easy for accounts to then purchase Butterfly devices, deploy those devices, and actually have a really premium experience with those Butterfly devices versus the other historic devices they might already have on their enterprise software.

因此，我們所看到的是，Blueprint 對我們來說確實是一個特洛伊木馬。一旦我們部署了該企業軟件，帳戶就可以很容易地購買 Butterfly 設備，部署這些設備，並且與他們可能已經在其企業軟件上擁有的其他歷史設備相比，這些 Butterfly 設備實際上擁有真正優質的體驗。

Thanks for that. And just to follow up on your current customer base, like Rochester or Medical College of South Carolina, just thinking about the cadence of revenue as that partnership evolves in our understanding, I just wanted to confirm is that there are revenue opportunities in each customer account each year to build one to increase in deployment to providers in different departments, et cetera. But just wanted to clarify that.

感謝那。只是為了跟進您當前的客戶群，例如羅切斯特或南卡羅來納醫學院，隨著我們理解的合作夥伴關係的發展，考慮收入的節奏，我只是想確認每個客戶賬戶中都有收入機會每年建立一個以增加對不同部門等供應商的部署。但只是想澄清一下。

Yes. I mean, that's absolutely the case, Josh. With Rochester and other large enterprise health systems, the goal is obviously to transform the way they deliver care across the entire system. What we tend to do is we enter with a specific department. And then as we prove how Butterfly can transform and improve care in that department, we spread within the health system. And we've had great success at Rochester and other systems in already proving that.

是的。我的意思是，絕對是這樣，喬什。羅切斯特和其他大型企業醫療系統的目標顯然是改變他們在整個系統中提供醫療服務的方式。我們傾向於做的是我們進入一個特定的部門。然後當我們證明 Butterfly 如何改變和改善該部門的護理時，我們在衛生系統內傳播。我們在羅切斯特和其他系統已經證明了這一點，取得了巨大的成功。

And as I mentioned, even with the prior question you asked around the enterprise software, we now have multiple ways to enter a health system whether it's software first or hardware and software first, that ultimately lead to much greater scale deployments and stickier revenue.

正如我所提到的，即使你之前提出了關於企業軟件的問題，我們現在也有多種方式進入健康系統，無論是軟件優先還是硬件和軟件優先，最終導致更大規模的部署和更粘性的收入。

Thanks for that. I wanted to follow up with just the current status of the US sales force and particularly just in the enterprise channel leadership and just the structure there where you stand today in the beginning of 2023, especially considering some of the cost reduction initiatives that your team has deployed?

感謝那。我想跟進美國銷售團隊的現狀，尤其是企業渠道領導層的現狀，以及您在 2023 年初所處的結構，尤其是考慮到您的團隊採取的一些成本削減舉措部署？

Sure. I can take that again. And then, Heather, if I miss anything please feel free to jump in. So as Heather mentioned, we did bring on new commercial leadership, specifically Mike DelVecchio and Niki Montgomery. Both of them bring a tremendous amount of commercial expertise in scaling medical devices.

當然。我可以再接受一次。然後，Heather，如果我遺漏了什麼，請隨時加入。正如 Heather 提到的，我們確實帶來了新的商業領導，特別是 Mike DelVecchio 和 Niki Montgomery。他們兩人都在擴展醫療設備方面帶來了大量的商業專業知識。

And under their leadership, we brought in a new and invigorated team to really hone in on our strategy of prioritizing these US health systems while simultaneously finding scaled distribution partners to help us in out of hospital settings. So we're very excited and optimistic about the new commercial leadership. And I think the progress will speak to that.

在他們的領導下，我們引進了一個充滿活力的新團隊，真正磨練我們優先考慮這些美國衛生系統的戰略，同時尋找規模化的分銷合作夥伴來幫助我們走出醫院環境。因此，我們對新的商業領導層感到非常興奮和樂觀。我認為進展會說明這一點。

Excellent. And just the last question, sorry for so many, but wanted to ask just about the pipeline. And I think you made some comments earlier in the year. And wanted to just see if you could build on those. And the three items I was looking for is just maybe any timelines or updates you can share in terms of the next iteration of Butterfly iQ+, how you see image quality improving as you move from next generation, the next generation hardware and software updates.

出色的。最後一個問題，很抱歉，我想問的只是關於管道的問題。我想你在今年早些時候發表了一些評論。並且只想看看您是否可以在這些基礎上進行構建。我正在尋找的三個項目可能只是關於 Butterfly iQ+ 的下一次迭代的任何時間表或更新，你如何看待從下一代、下一代硬件和軟件更新中移動時圖像質量的提高。

And then lastly, on the home imaging front, just how do you see that evolving? I mean, should investors still be thinking that the footprint could evolve to include something along the lines of a patch ultrasound device for chronic disease management for a number of indications? Thanks for taking all the questions. Appreciate it.

最後，在家庭成像方面，您如何看待它的發展？我的意思是，投資者是否仍應考慮足跡可能會演變為包括一些類似於貼片超聲設備的東西，用於針對多種適應症的慢性疾病管理？感謝您回答所有問題。欣賞它。

This is Jonathan speaking. Because we're on a chip, we have more bandwidth and higher image quality than any other platform over time. Remember, ultrasound using traditional probes has been developed over the last 50 and 60 years. We're just getting started. So each iteration of our chip significantly improves image quality.

我是喬納森。因為我們在芯片上，所以隨著時間的推移，我們擁有比任何其他平台更多的帶寬和更高的圖像質量。請記住，在過去的 50 和 60 年裡，使用傳統探頭的超聲技術已經發展起來。我們才剛剛開始。因此，我們芯片的每次迭代都會顯著提高圖像質量。

But we don't have to wait for new iterations of the chip for new form factors because it's a fully programmable chip. As we have advances in artificial intelligence, leveraging [deep learning] and other algorithm, our image quality gets better on a monthly basis. So you should expect our image quality to get better.

但是我們不必等待芯片的新迭代來獲得新的外形尺寸，因為它是一個完全可編程的芯片。隨著我們在人工智能方面的進步，利用 [深度學習] 和其他算法，我們的圖像質量每月都在提高。所以你應該期待我們的圖像質量會變得更好。

Think about the first digital camera you had. Everybody looked at it and said, oh, it will never replace film. Kodak went bankrupt. Ultrasound on a chip will get better and better. And then the next two iterations will not only equal a $250,000 cart based system, but will exceed it. In terms of going to the home, that is still our Northstar.

想一想您擁有的第一台數碼相機。每個人都看著它說，哦，它永遠不會取代電影。柯達破產了。芯片上的超聲波會越來越好。然後接下來的兩次迭代不僅將相當於一個價值 250,000 美元的基於購物車的系統，而且會超過它。在回家方面，那仍然是我們的北極星。

The stethoscope was invented over 200 years ago. As our ultrasound gets easier to use with our deep learning artificial intelligence, as our software gets refined, we will start supplanting the stethoscope. In terms of getting into the home, we're working now to have use cases to make regulators around the world comfortable that an individual can probe themselves and supply information to their physician that can give them better care.

聽診器是在 200 多年前發明的。隨著我們的超聲波越來越容易與我們的深度學習人工智能一起使用，隨著我們的軟件越來越完善，我們將開始取代聽診器。在進入家庭方面，我們現在正在努力提供用例，讓世界各地的監管機構放心，個人可以自我檢查並向他們的醫生提供信息，從而為他們提供更好的護理。

And with those studies and working with regulators, we are still on path for the home. I want to make clear before we have new chips, before we have new form factors, the Butterfly iQ+ is making significant progress in image quality and significant progress towards the home. As Darius mentioned, the beauty of the chip-based solution is the ultrasound is not only on the chip, but the chip is the ultrasound.

通過這些研究並與監管機構合作，我們仍在通往家庭的道路上。我想在我們有新芯片之前，在我們有新的外形之前明確，Butterfly iQ+在圖像質量和家庭方面取得了重大進展。正如 Darius 提到的，基於芯片的解決方案的美妙之處在於超聲波不僅在芯片上，而且芯片就是超聲波。

In the same way that you have a microprocessor in your computer, in your iPad, and in your phone, we will put our chip-based solution and other form factors, including the patch. But what's critical to understand is our path to that image quality equalling and surpassing cart based systems. Our path to the home is not dependent on those other form factors. But those other form factors just add opportunities.

就像您在計算機、iPad 和手機中安裝微處理器一樣，我們將放置基於芯片的解決方案和其他形式因素，包括補丁。但了解的關鍵是我們實現圖像質量等於和超越基於手推車的系統的途徑。我們通往家的道路不依賴於其他外形因素。但那些其他形式因素只會增加機會。

Thanks for that [download]. That's helpful. Appreciate it.

感謝[下載]。這很有幫助。欣賞它。

Neil Chatterji, B. Riley Securities.

Neil Chatterji，B. Riley 證券公司。

Thanks for taking the questions. Maybe a question for Heather and Darius. I understand the changes on the commercial side. But on your 2023 top-line guidance, given the momentum you're seeing on the Blueprint front with those dozen account adds, can you just talk about how we should think about the cadence for those Blueprint wins in '23. And if that type of fourth quarter Blueprint momentum could potentially push you towards the top end of your range.

感謝您提出問題。也許是 Heather 和 Darius 的問題。我了解商業方面的變化。但在你的 2023 年頂線指導中，鑑於你在藍圖方面看到的勢頭，增加了十幾個賬戶，你能否談談我們應該如何考慮 23 年藍圖勝利的節奏。而且，如果這種類型的第四季度藍圖勢頭可能會將您推向范圍的頂端。

Hey, Neal, this is Heather. So I think I'd look at it as I mean, obviously, we gave a range for a reason. And I think that if we can see the momentum it's not just within the hospital, but outside the hospital, as we indicated. We are partnering with some folks, some distribution partners to help accelerate growth. And we've already signed at least one and we train them and we're ramping up. So we expect that momentum to pick up through the year.

嘿，尼爾，這是希瑟。所以我想我會按照我的意思來看待它，顯然，我們給出了一個範圍是有原因的。而且我認為，如果我們能夠看到這種勢頭，那麼它不僅在醫院內部，而且在醫院外部，正如我們所指出的那樣。我們正在與一些人、一些分銷合作夥伴合作，以幫助加速增長。我們已經至少簽下了一個，我們對他們進行了培訓，我們正在加速發展。因此，我們預計這一勢頭將在今年回升。

And then as we have our in-hospital Blueprint and enterprise sales, our inside team is focused on the hospital systems and the Blueprint sales. And we believe that renewed focus will allow us to accelerate throughout the year as well. So I think it's too early to say which end of the range we would end up in. But we feel good about the momentum as we move through the year.

然後，當我們有我們的醫院內藍圖和企業銷售時，我們的內部團隊專注於醫院系統和藍圖銷售。我們相信，重新關注將使我們在全年也能加速發展。所以我認為現在說我們最終會處於範圍的哪一端還為時過早。但我們對這一年的發展勢頭感到滿意。

Got it. And then maybe just on with the University Hospital Bonn and the University of Maryland agreements. How should we think about those over time? Are those more akin to the University of Rochester type of rollout as users expand over time?

知道了。然後也許只是與波恩大學醫院和馬里蘭大學達成協議。隨著時間的推移，我們應該如何考慮這些？隨著用戶隨著時間的推移而擴展，這些是否更類似於羅徹斯特大學的推出類型？

I'm happy to take that.

我很樂意接受。

Darius, do you want to take that?

大流士，你想接受嗎？

Yes, no problem. And thank you for the question, Neil, nice to hear from you. So with University of Bonn and with Maryland, one thing I want to point out, in particular with Maryland is the fact that we were able to implement and deploy our software in 14 days, Neil, is a really impressive feat. That same path just a year and a half ago would likely have taken us months. But given the investments we've made in our enterprise software solution and in the infrastructure around that to deploy that solution, we're now able to do this in record time.

是沒有問題。尼爾，謝謝你提出這個問題，很高興收到你的來信。因此，對於波恩大學和馬里蘭大學，我想指出的一件事，特別是對於馬里蘭大學，我們能夠在 14 天內實施和部署我們的軟件，Neil，這是一項非常令人印象深刻的壯舉。就在一年半之前，走同樣的路可能要花費我們幾個月的時間。但考慮到我們在企業軟件解決方案以及圍繞該解決方案部署該解決方案的基礎設施方面所做的投資，我們現在能夠在創紀錄的時間內完成這項工作。

And I think what that speaks to is the fact that we are taking this Trojan horse strategy with our enterprise software. We are demonstrating its value as a first kind of step in the direction of transforming care in these larger systems. And ultimately, the goal is to have many more Rochester like system wide deployments with really innovative partners that see the value of Butterfly and its unique ability to transform and improve care. So that is the end goal, Neil. I think it's still obviously early days. But the progress that we're seeing is very positive and it's giving us confidence that we're heading in that direction with many accounts.

而且我認為這說明的事實是我們正在通過我們的企業軟件採用這種特洛伊木馬策略。我們正在展示它作為在這些更大的系統中轉變護理方向的第一步的價值。最終，我們的目標是讓更多像羅切斯特這樣的系統範圍內的部署與真正創新的合作夥伴一起看到 Butterfly 的價值及其改變和改善護理的獨特能力。這就是最終目標，尼爾。我認為現在顯然還為時過早。但我們看到的進展是非常積極的，它讓我們相信我們正朝著這個方向前進，有很多客戶。

Yes. And I think, Darius too, I think you could also say that the big University of Bonn is very similar to Rochester, but in the medical school world, right? So it's the combined deployment of devices as well as the software in a one-to-one model. And the fact that they're training their students can use the device while they're learning, facilitates the use of the device in care later on.

是的。我想，大流士也是，我想你也可以說波恩大學與羅徹斯特大學非常相似，但在醫學院的世界裡，對吧？因此，它是設備和軟件在一對一模型中的組合部署。事實上，他們正在訓練學生在學習時使用該設備，這有助於以後在護理中使用該設備。

Great thanks for that color. Maybe just one final question, just with the CEO search, just curious, the ideal profile you're looking for in that CEO to help direct the ship and enhance the commercial strategy.

非常感謝你的顏色。也許只是最後一個問題，只是關於 CEO 搜索，只是好奇，您正在尋找該 CEO 的理想形象，以幫助指導這艘船並加強商業戰略。

This is Jonathan, Neil. I'll take this one. The most important thing about a CEO is someone that will inspire the team and inspire customers. We're looking for a CEO that has not only scaled a company, but brought a disruptive technology to market as well as a technology that needs to change behavior in order to make the Butterfly iQ+ as ubiquitous as the stethoscope. We do have to change behavior.

這是喬納森，尼爾。我要這個。首席執行官最重要的是能夠激勵團隊並激勵客戶。我們正在尋找一位不僅擴大了公司規模，而且將顛覆性技術推向市場以及需要改變行為以使 Butterfly iQ+ 像聽診器一樣無處不在的技術的 CEO。我們確實必須改變行為。

And while we're well on the way to changing that behavior, we're looking for a CEO that understands that. He can motivate our team. He can motivate customers. He or she can motivate investors and has a track record of introducing and scaling disruptive technologies that require a change in behavior.

雖然我們正在努力改變這種行為，但我們正在尋找一位理解這一點的 CEO。他可以激勵我們的團隊。他可以激勵客戶。他或她可以激勵投資者，並且在引入和擴展需要改變行為的顛覆性技術方面有著良好的記錄。

Great. Thanks for those responses. I'll jump back in the queue.

偉大的。感謝您的回复。我會跳回到隊列中。

Thanks, Neil.

謝謝，尼爾。

(Operator Instructions) Suraj Kalia, Oppenheimer.

（操作員說明）Suraj Kalia，奧本海默。

Morning, everyone.

大家早上好。

Hey, Suraj.

嘿，蘇拉吉。

Hey, Heather. So I guess one question for maybe Darius and Heather also, one your way a lot of questions have already been asked. So Darius maybe a multipart question, forgive me for this, right. How should we think about new store, same store sales. Very broadly speaking, maybe if you can walk us through how many reps do you have? And also about our math is suggesting about a quarter of the customers are subscription customers also. If you could just tie all of this together and help us understand the SG&A and the road map ahead.

嘿，希瑟。所以我想 Darius 和 Heather 也可能有一個問題，您已經問了很多問題。所以 Darius 可能是一個多部分問題，請原諒我，對吧。我們應該如何考慮新店，同店銷售。非常廣泛地說，也許如果你能告訴我們你有多少代表？而且我們的數學也表明大約四分之一的客戶也是訂閱客戶。如果您能將所有這些聯繫在一起並幫助我們了解 SG&A 和未來的路線圖。

Sure. So as we mentioned, and thank you for the question, Suraj, as we mentioned, we've restructured our commercial team, brought on new leadership, and we're really focusing on the large health systems and hospitals with our core team.

當然。因此，正如我們提到的，謝謝你提出的問題，Suraj，正如我們提到的，我們已經重組了我們的商業團隊，帶來了新的領導層，我們真正專注於核心團隊的大型衛生系統和醫院。

We believe we're going to get the most bang for our buck and the most scale and impact by actually focusing our internal team on those large health systems, while leveraging distribution that's already established scale in the more fragmented out-of-hospital markets. That allows us to be more efficient from an SG&A perspective and how we actually deploy our team so that we can actually focus on the accounts and the systems that are going to drive scale and impact.

我們相信，通過將我們的內部團隊真正集中在那些大型衛生系統上，同時利用已經在更加分散的院外市場建立規模的分銷，我們將獲得最大的收益和最大的規模和影響。這使我們能夠從 SG&A 的角度以及我們實際部署團隊的方式更加高效，以便我們能夠真正專注於將推動規模和影響的客戶和系統。

I think we are already seeing proof that that is the right strategy. And that is the right focus. If you look at the logos we've added, if you look at the size and the scale of these health systems that our team is targeting, what tends to happen, Suraj, is that we'll enter through one department. We will spread our enterprise software. We'll really be that Trojan horse, but also the probes will spread as more and more clinicians within those health systems walking to work with the Butterfly in their hands or in their pockets.

我認為我們已經看到證據表明這是正確的策略。這是正確的重點。如果你看一下我們添加的徽標，如果你看一下我們團隊所針對的這些衛生系統的規模和規模，Suraj，往往會發生的是我們將通過一個部門進入。我們將傳播我們的企業軟件。我們真的會成為特洛伊木馬，但隨著這些衛生系統中越來越多的臨床醫生在他們手中或口袋裡使用 Butterfly 來工作，探針也會傳播開來。

It forces the conversation people start to see and embrace what a positive impact Butterfly is having in their daily clinical workflow and routine. And the enterprise software really allows that to be deployed and utilized in a seamless and effective way. And so the strategy and the focus this year with our team with the actual sales folks we have is to focus and prioritize on those large health systems where we can land and then subsequently expand.

它迫使人們開始看到並接受 Butterfly 在他們日常臨床工作流程和常規中產生的積極影響。企業軟件確實允許以無縫有效的方式進行部署和利用。因此，今年我們的團隊與我們擁有的實際銷售人員的戰略和重點是關注並優先考慮那些我們可以登陸然後隨後擴展的大型衛生系統。

There's so much opportunity in the United States and in the other markets in which we're established and have a sales team that -- there is not a question that we have to go spread the team very thin. The real impact comes from actually focusing on the accounts we have developing that ROI within each and every one of those accounts and expanding as we prove the value of Butterfly.

在美國和我們建立並擁有銷售團隊的其他市場有很多機會 - 毫無疑問，我們必須非常分散團隊。真正的影響來自實際關注我們在每個賬戶中開發投資回報率的賬戶，並隨著我們證明 Butterfly 的價值而擴大。

Heather, if I may, so Heather, one of your comments caught my attention is we understand the internal constraints and the changes and all that. I think so in your prepared remarks, you also mentioned something about external resource constraints. I'd love to get some additional color on that, Heather and also maybe if you could, to the extent that you can the cash burn reduction from 18 to 10 per month, I mean that's a drastic reduction, right? Can you give us a flavor of where exactly the cash was being spent or where it was -- it is being cut. Thank you for taking my questions.

希瑟，如果可以的話，希瑟，你的評論之一引起了我的注意，我們了解內部限制和變化等等。我想在你準備好的發言中，你也提到了一些關於外部資源限制的事情。 Heather，我很想在上面添加一些顏色，如果可以的話，如果可以的話，你可以將每月的現金消耗從 18 減少到 10，我的意思是這是一個大幅減少，對吧？你能告訴我們現金到底花在哪裡還是在哪裡 - 它正在被削減。謝謝你回答我的問題。

Sure. So starting with your first question. So well, actually, I'll start with your second question first. So on the cash side, first of all, you have to remember cash use does decrease as the year goes on the first quarter, as I mentioned, is typically higher. That being said, if you think about where we were early in the year, we were ramping up and we were hiring a fair number of folks.

當然。所以從你的第一個問題開始。好吧，實際上，我會先從你的第二個問題開始。因此，在現金方面，首先，您必須記住，隨著第一季度現金使用量的增加，現金使用量確實會減少，正如我提到的那樣，通常會更高。話雖這麼說，如果你想想我們今年年初的處境，我們正在加速發展，我們正在招聘相當多的人。

We did one cost reduction initiative in Q3. And we did a follow-on in Q1. The reductions really came across the board and we focused our attention on specific projects. We trimmed down more of our R&D and some of our sales side, but also G&A. So it was really an across-the-board reduction.

我們在第三季度實施了一項成本削減計劃。我們在第一季度做了後續工作。削減確實是全面的，我們將注意力集中在特定項目上。我們削減了更多的研發和一些銷售方面，還有 G&A。所以這真的是一個全面的減少。

Obviously, from a percentage perspective, we were spending more on the R&D side really than anywhere else in the company. So from a pure dollar standpoint, that's where most of the dollars came from. And that was a similar result in the Q1 reduction as well. We also were very focused on external spend. And we were reducing consultants and other things that really weren't contributing to our near-term ROI. And I think, Jonathan, you wanted to add to that.

顯然，從百分比的角度來看，我們在研發方面的支出確實比公司其他任何地方都多。所以從純美元的角度來看，那是大部分美元的來源。這也是第一季度減少的類似結果。我們也非常關注外部支出。我們正在減少顧問和其他對我們近期投資回報率沒有貢獻的事情。我想，喬納森，你想補充一下。

Yes. What I want to make crystal clear is this reduction is making us more focused and more efficient, whether it's in R&D or in sales. We are stronger with a more focused team. And a team that understands every day what they have to accomplish to make our Butterfly iQ as ubiquitous as the stethoscope.

是的。我想明確指出的是，這種減少讓我們更加專注、更有效率，無論是在研發還是在銷售方面。我們擁有一支更專注的團隊，變得更強大。還有一個團隊每天都了解他們必須完成什麼才能使我們的 Butterfly iQ 像聽診器一樣無處不在。

Our R&D is more efficient than ever. Our ability to develop deep learning algorithms and AI more efficient than ever; our enterprise team and enterprise software more efficient than ever. I'd like everybody to reflect on Netflix maybe a decade ago when they had a reduction in staff. They ended up with higher talent density. And that's precisely what we've done.

我們的研發比以往任何時候都更有效率。我們比以往任何時候都更有效率地開發深度學習算法和人工智能的能力；我們的企業團隊和企業軟件比以往任何時候都更有效率。我希望每個人都反思一下十年前 Netflix 裁員的情況。他們最終擁有更高的人才密度。而這正是我們所做的。

While it's difficult to let people go, we are now a stronger team with higher talent density, more efficient team, more focused team, and more productive team. And so while there is a reduction in costs, there's an increase in productivity.

雖然很難讓人們離開，但我們現在是一個更強大的團隊，擁有更高的人才密度、更高效的團隊、更專注的團隊和更高產的團隊。因此，雖然成本降低了，但生產率卻提高了。

Okay. That was that well said, Jonathan. Thank you for that. And I think does that answer your question, Suraj?

好的。說得好，喬納森。謝謝你。我認為這是否回答了你的問題，Suraj？

Yeah, perfect. Thank you.

是的，完美。謝謝。

Okay. And then as far as the external factors are concerned, what we were talking about was what we were seeing in hospitals in the fourth quarter. We started to see it at the end of the third quarter. And we did talk a little bit about this on our third quarter call was that we have had a tremendous -- a tremendously positive response to our products.

好的。然後就外部因素而言，我們所說的是我們在第四季度在醫院看到的情況。我們在第三季度末開始看到它。我們在第三季度的電話會議上確實談到了這一點，我們對我們的產品產生了巨大的積極響應。

But when you start to talk about enterprise-wide large scale deployments, hospitals coming out of COVID, I think you've probably heard other people talk about this. There's a fair amount of burn out with the staff. So even when somebody is saying, hey, economically, this makes sense and we'd like to get this in place, there's been a delay of implementation in some places because they just don't have the staff or the resources to focus on getting it deployed.

但是當你開始談論企業範圍內的大規模部署、醫院擺脫 COVID 時，我想你可能已經聽過其他人談論過這個。員工相當疲憊。因此，即使有人說，嘿，從經濟上講，這是有道理的，我們希望將其落實到位，但某些地方的實施卻有所延遲，因為他們只是沒有人員或資源來專注於獲得它部署了。

Not everybody is like the University of Maryland where we can get it done in 14 days and get it in. And so that's what we were running into in the third and fourth quarter and into the first quarter of this year. We do expect that dynamic to alleviate. And so we'll keep you posted.

不是每個人都像馬里蘭大學那樣，我們可以在 14 天內完成並進入。這就是我們在第三和第四季度以及今年第一季度遇到的情況。我們確實希望這種動態能夠緩解。因此，我們會及時通知您。

Thank you.

謝謝。

Thank you. As there are no additional questions waiting at this time, I'd like to hand the call back over to the management team for closing remarks.

謝謝。由於此時沒有其他問題等待，我想將電話轉回給管理團隊以作結束語。

Thank you for joining us on our Q4 call. We look forward to updating you on our first quarter 2023 call. Thank you very much.

感謝您加入我們的第四季度電話會議。我們期待在 2023 年第一季度的電話會議上為您提供最新信息。非常感謝。

Ladies and gentlemen, this concludes today's call. Thank you for joining. Have a great day ahead.

女士們，先生們，今天的電話會議到此結束。感謝您的加入。祝你有美好的一天。