Butterfly Network Inc (BFLY) 2023 Q1 法說會逐字稿

Ladies and gentlemen, hello, and welcome to the Butterfly Network, Inc. Q1 2023 earnings call. My name is Maxine, and I'll be coordinating the call today. (Operator Instructions) I will now hand you over to Heather Getz, Executive Vice President, Chief Financial Officer, to begin. Heather, please go ahead when you're ready.

女士們，先生們，大家好，歡迎來到 Butterfly Network, Inc. 2023 年第一季度財報電話會議。我叫 Maxine，今天我將負責協調電話會議。 （操作員說明）我現在將您交給執行副總裁兼首席財務官 Heather Getz 開始。希瑟，準備好後請繼續。

Good morning and thank you for joining us today. Earlier this morning, Butterfly released financial results for the first quarter ended March 31, 2023, 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.butterflynetwork.com.

早上好，感謝您今天加入我們。今天上午早些時候，Butterfly 發布了截至 2023 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.butterflynetwork.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。

I, Heather Getz, Executive Vice President and Chief Financial Officer, of Butterfly alongside Joe DeVivo, Butterfly's Chairman and CEO, and Darius Shahida, Butterfly's Chief Strategy Officer, will host this morning's call. 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 market for our products and services, any impact of macroeconomic factors on our business.

我，Butterfly 的執行副總裁兼首席財務官 Heather Getz 將與 Butterfly 的董事長兼首席執行官 Joe DeVivo 和 Butterfly 的首席戰略官 Darius Shahida 一起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。這些陳述可能包括但不限於對財務業績、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的預期、任何影響宏觀經濟因素對我們業務的影響。

These forward-looking statements are based on current information, assumptions and expectations that are subject to change and involve a number of known and unknown risks, uncertainties and other factors 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. As a reminder, this call is being webcast 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 of the investors section of our website and a replay of the event will be available following the call.

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.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。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。實時電話音頻和顯示的演示文稿之間可能會有短暫的延遲。要訪問網絡廣播，請訪問我們網站投資者部分的活動部分，電話會議後將提供該活動的重播。

I would now like to turn the call over to Joe DeVivo, Joe?

我現在想把電話轉給 Joe DeVivo，Joe？

Thank you, Heather. Good morning. I feel quite fortunate to join the family at Butterfly Network during such a critical time in its history. But first, I want to thank Dr. Jonathan Rothberg and the Board for the opportunity, and also the warm welcome I've received from the whole Butterfly team. I've only been here a few weeks and I've enjoyed meeting the incredible people who've brought so much success to the company. And I'm really excited about Butterfly's potential. During my career, I've seen the early days of minimally invasive surgery, surgical robotics, interventional oncology and most recently digital health, each with the undisputed disruptors in their respective fields.

謝謝你，希瑟。早上好。在 Butterfly Network 歷史上如此關鍵的時刻加入 Butterfly Network 大家庭，我感到非常幸運。但首先，我要感謝 Jonathan Rothberg 博士和董事會給我機會，還要感謝整個 Butterfly 團隊對我的熱烈歡迎。我來這裡才幾週，我很高興見到為公司帶來如此巨大成功的不可思議的人。我對 Butterfly 的潛力感到非常興奮。在我的職業生涯中，我見證了早期的微創手術、手術機器人、介入腫瘤學和最近的數字健康，每個領域都有無可爭議的顛覆者。

It's an exciting ride, and I'm thrilled to be a part of the disruption that will be caused by the democratization of medical imaging through Butterfly's one-of-a-kind hardware enabled by AI tools. This technology will empower providers to help treat and diagnose patients where they are. In a moment Darius will provide a business update on the quarter, and Heather will communicate the financial results. But first, I'd like to share my initial perspective on the opportunities that I see. Over the past couple of years, I served in the AI ultrasound field, actually partnering with Butterfly. And I've seen firsthand how impactful enabling clinicians to capture images at the point of care can be.

這是一次激動人心的旅程，我很高興能成為由 AI 工具支持的 Butterfly 獨一無二的硬件帶來的醫學成像民主化帶來的破壞的一部分。這項技術將使提供者能夠幫助治療和診斷他們所在的患者。稍後 Darius 將提供本季度的業務更新，Heather 將傳達財務結果。但首先，我想分享一下我對所看到的機會的初步看法。在過去的幾年裡，我在 AI 超聲領域服務，實際上與 Butterfly 合作。我親眼目睹了臨床醫生在護理點捕捉圖像的影響力。

Since the inception of Butterfly, we've spoken about the importance of ease of use and empowering practitioners worldwide with ultrasound, because nearly 2/3 of the world's population lacks access to medical imaging and the vast majority of health care practitioners are not ultrasound trained. Ease of use and training are the most critical limiting factors to broaden adoption and true democratization of medical imaging. With our ultrasound unshipped technology, Butterfly has made imaging more accessible to medical professionals worldwide and frankly, easier to use. This is why we've invested so heavily in the development of novel AI applications to empower practitioners wherever they may be.

自 Butterfly 成立以來，我們一直在談論易用性和增強全球從業者超聲能力的重要性，因為世界上近 2/3 的人口無法獲得醫學成像，而且絕大多數醫療保健從業者都沒有接受過超聲培訓.易於使用和培訓是擴大醫學成像的採用和真正民主化的最關鍵的限制因素。憑藉我們的超聲未發貨技術，Butterfly 使全世界的醫療專業人員更容易獲得成像，並且坦率地說，更易於使用。這就是為什麼我們投入巨資開發新穎的 AI 應用程序，以增強從業者的能力，無論他們身在何處。

From our auto Bladder Volume tool to our cardiac guidance and interpretation partnership to our Auto Gestational Age application with the Gates Foundation and now most recently our Auto B-line tool. This newly approved tool makes it easier for medical professionals to capture key pulmonary scans to detect fluid in the lungs at the point of care, giving them a timely diagnosis when they need it. This B-line application is essential for diagnosis confirmation in pneumonia and many other cardiovascular diseases. In fact, there are more than 1 million diagnoses per year for pneumonia alone in this country. And our B-line application will make it easier.

從我們的自動膀胱容積工具到我們的心臟指導和解釋合作夥伴關係，再到我們與蓋茨基金會的自動妊娠年齡應用程序，以及現在我們最近推出的自動 B 線工具。這種新批准的工具使醫療專業人員更容易捕獲關鍵的肺部掃描，以在護理點檢測肺部液體，從而在他們需要時及時做出診斷。這種 B 線應用對於肺炎和許多其他心血管疾病的診斷確認至關重要。事實上，僅在這個國家，每年就有超過 100 萬的肺炎診斷。而我們的 B 線應用程序將使它變得更容易。

Butterfly is clearly at the forefront of AI development as we seek to make our solution as easy as possible. And wireless approach and the importance of AI has garnered a lot of attention, investment and M&A, recently. It's been at the core of our DNA and the company's strategy since the very beginning of Butterfly. Our secure cloud empowers our AI developers to build applications for our customers by tapping into our database, which represents the largest ultrasound image repository in the world. Importantly, this focus on novel AI tools development in our image repository is not only bearing fruit in the form of FDA approvals, but in driving the commercial adoption of our technology in ways that traditional POCUS is unable to do. Going forward, it's our intention to start monetizing our AI algorithms across our large installed base.

Butterfly 顯然處於 AI 開發的最前沿，因為我們力求使我們的解決方案盡可能簡單。最近，無線方法和人工智能的重要性引起了廣泛關注、投資和併購。自 Butterfly 成立以來，它一直是我們 DNA 和公司戰略的核心。我們的安全雲使我們的 AI 開發人員能夠通過利用我們的數據庫為我們的客戶構建應用程序，該數據庫代表了世界上最大的超聲圖像存儲庫。重要的是，我們的圖像存儲庫中對新型 AI 工具開發的關注不僅以 FDA 批准的形式取得成果，而且以傳統 POCUS 無法做到的方式推動我們技術的商業採用。展望未來，我們打算開始在我們龐大的安裝基礎上通過我們的 AI 算法獲利。

Over the past three years, Butterfly has deployed more devices in the market than any other company with nearly 100,000 ultrasound probe ships to date. Butterfly has an amazing ability to reach, deploy and empower users virtually. I view Butterfly as a technology empowered software company. Our chip-based hardware provides us an accessible and growing user base that our software can be sold to, providing incremental software opportunities. Our recent FDA clearance has pave the way for other developed tools that are in queue for regulatory submission, reaching more people, empowering them with intelligent diagnostic tools and helping them with the business of medicine through enterprise software is the winning formula for our future.

在過去的三年裡，Butterfly 在市場上部署的設備比任何其他公司都多，迄今為止擁有近 100,000 艘超聲波探測船。 Butterfly 具有以虛擬方式接觸、部署和授權用戶的驚人能力。我將 Butterfly 視為一家技術賦能的軟件公司。我們基於芯片的硬件為我們提供了一個可訪問且不斷增長的用戶群，我們的軟件可以銷售給這些用戶群，從而提供增量軟件機會。我們最近的 FDA 批准為其他正在排隊等待監管提交的開發工具鋪平了道路，接觸更多人，為他們提供智能診斷工具並通過企業軟件幫助他們開展醫學業務是我們未來的製勝法寶。

Now being a disruptor is never easy. I've been there many times before. It's always hard to predict the timing of customer and market adoption in the face of the massive opportunity it presents. I fully intend to lead Butterfly through this journey and capture the market for our employees and our investors.

現在成為顛覆者絕非易事。我以前去過那裡很多次。面對它所帶來的巨大機遇，總是很難預測客戶和市場採用的時間。我完全打算帶領 Butterfly 走過這段旅程，並為我們的員工和投資者佔領市場。

So with that, I'll turn it over to Darius to comment on our commercial and business progress in the quarter. Darius?

因此，我將把它交給 Darius 來評論我們在本季度的商業和業務進展。大流士？

Thank you for that introduction, Joe. We are excited to have you onboard. In the last quarterly update, we shared a recap of all the progress that was made in 2022 across each of our four pillars: health systems, international expansion, path to home, and adjacent value streams on our path to democratize medical imaging. 2023 has kicked off in earnest with progress across each of these four pillars and with our team driving outcomes against our principles of easy everywhere and economical.

謝謝你的介紹，喬。我們很高興您能加入。在上一季度的更新中，我們回顧了 2022 年在我們的四大支柱中的每一個方面取得的所有進展：衛生系統、國際擴張、回家之路，以及我們在醫學成像民主化道路上的相鄰價值流。 2023 年正式拉開帷幕，這四大支柱均取得了進展，我們的團隊也在違背我們隨處輕鬆和經濟的原則推動取得成果。

So with that said, let's dive into the progress we made this past quarter in more detail. Starting with our progress in health systems, this quarter kicked off with more large institutions embracing Butterfly and deploying our Blueprint solution at scale. In fact, we are excited to share that this morning we have signed another significant deal. This time with the largest medical school in the country to deploy our Butterfly solution to help facilitate point-of-care ultrasound across the continuum of education. The institution expects to use our QA in credentialing, utilization tracking and Butterfly Academy didactic courses as a complement to its existing point-of-care ultrasound curriculum. This opportunity represents an important partnership to empower and deploy an exemplary medical education program across multiple specialties and to train hundreds of students, residents and physicians. While we are introducing this meaningful partnership today, that deployment was signed in April. We look forward to sharing more details in the coming months.

因此，話雖如此，讓我們更詳細地了解我們在上個季度取得的進展。從我們在衛生系統方面的進展開始，本季度開始有更多的大型機構採用 Butterfly 並大規模部署我們的 Blueprint 解決方案。事實上，今天早上我們很高興地宣布我們簽署了另一項重要協議。這一次與該國最大的醫學院一起部署我們的 Butterfly 解決方案，以幫助促進整個教育過程中的床旁超聲。該機構希望將我們的 QA 用於認證、使用跟踪和 Butterfly Academy 教學課程，作為其現有床旁超聲課程的補充。這個機會代表了一種重要的合作夥伴關係，可以授權和部署跨多個專業的模範醫學教育計劃，並培訓數百名學生、居民和醫生。在我們今天介紹這種有意義的合作夥伴關係時，該部署是在 4 月份簽署的。我們期待在未來幾個月內分享更多細節。

Another notable partnership was our multiyear rollout with high quality medical education and internationally, recognized emergency airway management and point-of-care ultrasound organization based in Minnesota. This deployment will put Butterfly iQ probes and Compass software in over 100 rural and critical access hospitals throughout the state of Minnesota. The deployment will be paired with extensive POCUS training as part of the grants awarded to HQ Med Ed by the Helmsley Foundation, aiming to boost sonography and POCUS training and ultimately improve access to exceptional medical treatment for all Minnesotans. Internationally, as you'll recall, last quarter, we announced deployment with the University Hospital of Bonn in Germany in which they are deploying Butterfly in a one-to-one model across their entire medical school and Butterfly Blueprint across their health system. Great progress has been made in this area with the implementation now underway. The connectivity is in place and first students arrived later this month.

另一個值得注意的合作夥伴關係是我們多年推出的高質量醫學教育和國際公認的緊急氣道管理和位於明尼蘇達州的床旁超聲組織。這一部署將把 Butterfly iQ 探頭和 Compass 軟件置於明尼蘇達州 100 多家農村和關鍵醫院。該部署將與廣泛的 POCUS 培訓相結合，作為赫爾姆斯利基金會授予 HQ Med Ed 的贈款的一部分，旨在促進超聲檢查和 POCUS 培訓，並最終改善所有明尼蘇達人獲得特殊醫療的機會。在國際上，您會記得，上個季度，我們宣布與德國波恩大學醫院進行部署，他們在整個醫學院以一對一模型部署 Butterfly，並在其衛生系統中部署 Butterfly Blueprint。這方面已經取得了很大進展，目前正在實施中。連通性已經到位，第一批學生本月晚些時候抵達。

Moving to our clinical progress and our path to home, beyond the aforementioned FDA approval we received in Q1, our clinical team continues to make progress with a number of key studies that demonstrate the value of Butterfly in a multitude of use cases and clinical settings. Our team is actively working with several institutions that have deployed Butterfly at scale and are compiling and quantifying the meaningful return on investment that Butterfly is driving to encounter based workflow. Expect more updates on this front in the coming months.

轉向我們的臨床進展和回家之路，除了我們在第一季度獲得的上述 FDA 批准之外，我們的臨床團隊繼續在許多關鍵研究中取得進展，這些研究證明了 Butterfly 在大量用例和臨床環境中的價值。我們的團隊正在積極與幾家大規模部署 Butterfly 的機構合作，並正在編制和量化 Butterfly 推動基於遭遇的工作流程的有意義的投資回報。預計未來幾個月將在這方面有更多更新。

Another exciting clinical advancement in the first quarter is the release of the ACC cardiovascular point-of-care ultrasound workflow, inspired by an innovation partnership with Butterfly. The ACC put together a team of experts and developed this guidance tool for cardiologists to enhance the adoption and utilization of POCUS by cardiologists. Three key areas are addressed, including cardiac, lung and vascular bedside ultrasound, as well as the value POCUS can provide in enhancing routine bedside physical exam. Now the ACC joins a growing list of professional societies acknowledging and supporting the evolution of bedside assessment to include POCUS, and we are thrilled to have been the inspiration for this publication.

第一季度的另一個令人興奮的臨床進展是 ACC 心血管床旁超聲工作流程的發布，其靈感來自與 Butterfly 的創新合作夥伴關係。 ACC 組建了一個專家團隊，為心髒病專家開發了這個指導工具，以提高心髒病專家對 POCUS 的採用和利用。解決了三個關鍵領域，包括心臟、肺和血管床邊超聲，以及 POCUS 在加強常規床邊體檢方面可以提供的價值。現在，ACC 加入了越來越多的專業協會名單，這些協會承認並支持床邊評估的發展，包括 POCUS，我們很高興能成為本出版物的靈感來源。

Last but not least, we have signed contracts with large US academic medical centers in the Northeast to initiate clinical projects that are evaluating wide-scale deployment for clinical care and training initiatives that explore the use of Butterfly as a new standard of care in hospital patient management. We anticipate initiating this in Q3 and look forward to updating you on our progress on this front later this year as well.

最後但同樣重要的是，我們已經與美國東北部的大型學術醫療中心簽署了合同，以啟動臨床項目，這些項目正在評估臨床護理的大規模部署和探索使用 Butterfly 作為醫院患者護理新標準的培訓計劃管理。我們預計將在第三季度啟動這項工作，並期待在今年晚些時候向您通報我們在這方面的進展情況。

Moving to our adjacent markets, our veterinary team is excited to announce that a seminal paper was published in the Journal of veterinary medical education, which demonstrates the feasibility and benefits of implementing a self-driven point-of-care ultrasound program in large animal teaching hospitals using Butterfly iQ+ Vet. Its randomized controlled trial found that by equipping students with Butterfly iQ+ Vet and providing simple self-guided digital materials for device use in key clinical applications, it is feasible to implement self-motivated, POCUS training, even in large animal teaching hospitals amid heavy caseloads and time constraints.

轉向我們鄰近的市場，我們的獸醫團隊很高興地宣布，一篇開創性的論文發表在《獸醫醫學教育雜誌》上，該論文證明了在大型動物教學中實施自我驅動的床旁超聲計劃的可行性和好處使用 Butterfly iQ+ Vet 的醫院。其隨機對照試驗發現，通過為學生配備 Butterfly iQ+ Vet 並為關鍵臨床應用中的設備使用提供簡單的自導數字材料，即使在病例繁重的大型動物教學醫院，實施自我激勵的 POCUS 培訓也是可行的和時間限制。

Moreover, the self-driven program increased POCUS knowledge in students that have lower test scores. Plus 94% of students found the Butterfly useful in their education and 95% reported they would like a device during all their clinical rotations.

此外，自我驅動的計劃增加了考試成績較低的學生的 POCUS 知識。此外，94% 的學生髮現 Butterfly 在他們的教育中很有用，95% 的學生表示他們希望在所有臨床輪轉期間都使用該設備。

This Penn research corroborates our belief that by empowering students with Butterfly's, easy to use portable POCUS system, academic institutions will greatly enhance training efficiencies and knowledge outcomes in their programs. Importing ultrasound education and training is core to our veterinary team strategy as it is with our broader company strategy. The vet team continued to expand existing relationships with academic institutions and strategic partners this past quarter. As you'll recall, in Q3 2022, Butterfly announced and entered into a collaboration with a third-party training platform that connects veterinary hospitals with professional sonographers in real time using the Butterfly iQ+ Vet device. In Q1 of this year, we expanded this relationship, and they now offer a more comprehensive package that includes Butterfly program tablets with educational offerings for all of their customers.

賓夕法尼亞大學的這項研究證實了我們的信念，即通過為學生提供 Butterfly 易於使用的便攜式 POCUS 系統，學術機構將大大提高培訓效率和他們計劃中的知識成果。引進超聲教育和培訓是我們獸醫團隊戰略的核心，因為它是我們更廣泛的公司戰略。在上個季度，獸醫團隊繼續擴大與學術機構和戰略合作夥伴的現有關係。您會記得，在 2022 年第三季度，Butterfly 宣布並與第三方培訓平台達成合作，該平台使用 Butterfly iQ+ Vet 設備將獸醫醫院與專業超聲醫師實時聯繫起來。今年第一季度，我們擴大了這種關係，他們現在提供更全面的套餐，其中包括 Butterfly 程序平板電腦，為所有客戶提供教育產品。

With all this progress in mind, I will now turn the call over to Heather for the financial results. Heather?

考慮到所有這些進展，我現在將把電話轉給希瑟，了解財務結果。希瑟？

Thank you, Joe and Darius. Revenue for the first quarter of 2023 was $15.5 million, essentially flat compared to the prior year period and within our guidance communicated on the year-end earnings call.

謝謝你，喬和大流士。 2023 年第一季度的收入為 1550 萬美元，與去年同期相比基本持平，並且符合我們在年終財報電話會議上傳達的指導意見。

Looking at our sales channel, we saw a 15% increase in our US direct business, driven by higher subscription revenue and increases in our global health business, which includes our deployment in Africa with the Gates Foundation. This growth was offset by softness across our other channels, including e-commerce, international distribution and vet.

從我們的銷售渠道來看，我們的美國直接業務增長了 15%，這得益於更高的訂閱收入和我們全球健康業務的增長，其中包括我們與蓋茨基金會在非洲的部署。這一增長被我們其他渠道的疲軟所抵消，包括電子商務、國際分銷和獸醫。

Breaking our revenue down between product and software, product revenue was $8.8 million, a decrease of 20% versus Q1 2022. This decrease was driven by lower volume across all segments, with the exception of global health. Software and services revenue was $6.6 million in the first quarter, growing by 45% over the prior year period. Software and services mix was 43% of revenue and increased by approximately 15 percentage points versus Q1 2022. 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.

將我們的收入分解為產品和軟件，產品收入為 880 萬美元，與 2022 年第一季度相比下降了 20%。這一下降是由於除全球健康外所有細分市場的銷量下降所致。第一季度軟件和服務收入為 660 萬美元，比去年同期增長 45%。軟件和服務組合佔收入的 43%，與 2022 年第一季度相比增長了約 15 個百分點。這一增長是由於產品安裝基數增加，伴隨著對現有軟件用戶群的訂閱軟件更新和軟件實施在 2022 年完成四分之一。

Turning now to gross profit. Gross profit was $9.1 million in Q1 2023 compared to $8.3 million in the prior year period. First, profit margin was 59% for the first quarter, which compares to 54% in Q1 2022. This increase was primarily due to a higher average selling price. In addition, the product mix reflecting a higher proportion of subscription revenues. Also contributing to the increased margin was improved manufacturing productivity and other efficiencies. Offsetting these benefits, was higher amortization of internal-use software, which reduced margin by 560 basis points. For the first quarter of 2023, adjusted EBITDA loss was $22.3 million compared to a loss of $39.7 million for the same period in 2022. The improvement in adjusted EBITDA loss was driven by the increased gross margin dollars, as well as the implemented cost reductions, which led to lower payroll consulting and other outside services.

現在轉向毛利。 2023 年第一季度的毛利潤為 910 萬美元，而去年同期為 830 萬美元。首先，第一季度的利潤率為 59%，而 2022 年第一季度為 54%。這一增長主要是由於平均售價較高。此外，產品組合反映了更高比例的訂閱收入。提高生產率和其他效率也有助於提高利潤率。抵消這些好處的是內部使用軟件的更高攤銷，這使利潤率降低了 560 個基點。 2023 年第一季度，調整後 EBITDA 虧損為 2230 萬美元，而 2022 年同期為虧損 3970 萬美元。調整後 EBITDA 虧損的改善是由毛利率增加以及實施的成本削減推動的，這導致薪資諮詢和其他外部服務的減少。

Moving to our capital resources, as of March 31, 2023, cash and cash equivalents, including restricted cash, were $198 million. Our monthly use of cash, excluding bonus and severance, was $11 million in the first quarter of 2023 compared to $18 million per month in the first half of 2022.

轉向我們的資本資源，截至 2023 年 3 月 31 日，現金和現金等價物（包括受限現金）為 1.98 億美元。 2023 年第一季度，我們每月使用現金（不包括獎金和遣散費）為 1100 萬美元，而 2022 年上半年為每月 1800 萬美元。

Before I turn the call back to Joe, I would like to touch on 2023 guidance. It has been less than a month since Joe joined the Butterfly team, and we need to give him an opportunity to evaluate the company's strategy. As such we cannot affirm full year guidance at this time. We will revisit our guidance on our second quarter earnings call. That being said, we are committed to providing as much near-term direction as possible. Considering the greater than expected disruption we experienced in the first quarter, resulting from the change in leadership and reduction in force as well as the longer than expected launch time with our distribution partners, we are expecting Q2 revenue to increase sequentially, but still be flattish to last year.

在我把電話轉回給喬之前，我想談談 2023 年的指導。 Joe加入Butterfly團隊還不到一個月，我們需要給他一個評估公司戰略的機會。因此，我們目前無法確認全年指導。我們將重新審視我們對第二季度財報電話會議的指導。話雖如此，我們致力於提供盡可能多的近期方向。考慮到我們在第一季度經歷了比預期更大的中斷，這是由於領導層的變化和裁員以及與我們的分銷合作夥伴的發佈時間比預期的更長，我們預計第二季度的收入將連續增長，但仍然持平到去年。

Breaking it down, we believe our US direct channel will continue to show strength. And as we've recently signed a deal with one of the largest medical schools in the country and have visibility to another in the near future. We also expect our distribution partners to gain traction as we progress through the quarter. Our vet channel will see expansion, albeit at a slower pace than expected. We are, however, expecting continued softness in our international distribution as well as lower global health revenue as we anniversary the Gates Foundation deployment.

細分來看，我們相信我們的美國直銷渠道將繼續展現實力。由於我們最近與該國最大的醫學院之一簽署了協議，並且在不久的將來可以看到另一所醫學院。我們還希望我們的分銷合作夥伴在本季度取得進展時獲得牽引力。我們的獸醫渠道將會擴張，儘管速度比預期的要慢。然而，我們預計在蓋茨基金會部署週年紀念日之際，我們的國際分銷將持續疲軟，全球衛生收入將下降。

As for EBITDA, we are expecting some improvement versus the first quarter of this year with higher sequential revenue and the full realization of our reduction in force.

至於 EBITDA，我們預計與今年第一季度相比會有一些改善，連續收入更高，並且我們完全實現了裁員。

To close, while we saw strength in our US direct and global health channels, we experienced higher than expected disruption and softness in our other channels. We believe we can navigate this disruption we are seeing, while still realizing the vision and mission of Butterfly. Under all scenarios, we have a solid cash position, we continue to evaluate and find opportunities for efficiencies, 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 the trade-offs. Meanwhile, we will give Joe the opportunity to assess our strategy.

結束時，雖然我們在美國直接和全球健康渠道中看到了優勢，但我們在其他渠道中經歷了高於預期的中斷和疲軟。我們相信我們可以駕馭我們所看到的這種破壞，同時仍然實現 Butterfly 的願景和使命。在所有情況下，我們都有穩固的現金狀況，我們將繼續評估並尋找提高效率的機會，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。同時，我們將讓喬有機會評估我們的戰略。

And with that, I will turn the call back over to Joe for closing remarks.

有了這個，我將把電話轉回給喬作結束語。

Thank you, Heather. My last prepared remark will be on the incredible opportunity Ultrasound-on-chip technology provides. As I mentioned earlier, I believe we are a technology-enabled software company. We have many opportunities to monetize our broad and growing base of hardware with new software applications, but I don't believe it ends there. I believe the proprietary Butterfly chip can be leveraged in more form factors to empower even more patients to be treated in more automated and intelligent ways. I'm excited to share with you our vision before the end of this year.

謝謝你，希瑟。我最後準備好的發言將是關於超聲片上技術提供的難以置信的機會。正如我之前提到的，我相信我們是一家技術型軟件公司。我們有很多機會通過新的軟件應用程序將我們廣泛且不斷增長的硬件基礎貨幣化，但我認為它不會就此結束。我相信專有的 Butterfly 芯片可以用於更多的形式因素，使更多的患者能夠以更自動化和智能的方式接受治療。我很高興能在今年年底前與大家分享我們的願景。

Thank you, and I'll now turn it over to the operator for questions.

謝謝，我現在將其轉交給接線員提問。

(Operator Instructions) Joshua Jennings, Cowen.

（操作員說明）約書亞詹寧斯，考恩。

Hi, good morning. Thanks for taking the questions, and congratulations, Joe, on joining the Butterfly team.

早上好。感謝您提出問題，並祝賀 Joe 加入 Butterfly 團隊。

Thank you. Happy to be here.

謝謝。很高興來到這裡。

I was hoping to ask --.

我想問問——。

Great. Morning, Heather, Darius. I wanted to maybe just review, I guess, the details on the US commercial team and maybe just to remind us of the US sales infrastructure, sounds like, Joe, you maybe reevaluating the commercial strategy in the US and globally, but just have a better handle on kind of the combination of direct sales reps and distributors anything incremental or sort of detail that you can share would just be helpful to understand where that commercial team sits and how that could evolve over the course of 2023?

偉大的。早上好，希瑟，大流士。我想也許只是回顧一下美國商業團隊的細節，也許只是為了提醒我們美國的銷售基礎設施，聽起來，喬，你可能正在重新評估美國和全球的商業戰略，但只是有一個更好地處理直銷代表和分銷商的組合 您可以分享的任何增量或細節都將有助於了解該商業團隊的位置以及它在 2023 年的過程中將如何發展？

Yes. Hi, Josh. So if you look at our direct sales force, as we mentioned on the year-end call, when we restructured it, we did reduce some of our direct sales force and focused them specifically on the hospital systems, which has been successful in Q1. As I mentioned we were up 15% year over year, which is a great result with that reduction. On the distribution side, we had expected to onboard third party distributors at a faster rate and that did not occur, and we will start to see that benefit in Q2. And as we mentioned, Joe will be evaluating that go-to-market strategy and we will revisit it on the Q2 call.

是的。嗨，喬希。因此，如果你看看我們的直銷隊伍，正如我們在年終電話會議上提到的那樣，當我們對其進行重組時，我們確實減少了一些直銷隊伍，並將他們專注於醫院系統，這在第一季度取得了成功。正如我提到的，我們同比增長了 15%，這是一個很好的結果。在分銷方面，我們曾期望以更快的速度加入第三方分銷商，但沒有實現，我們將在第二季度開始看到這種好處。正如我們提到的，Joe 將評估該上市戰略，我們將在第二季度電話會議上重新審視它。

Understood. Thanks for that. And was hoping to also just get a better understanding of the hardware and software pipeline initiatives anything you can share to what investors should be expecting in 2023 in terms of new capabilities, features of this software or for the next-gen Butterfly iQ system?

明白了。感謝那。並且希望也能更好地了解硬件和軟件管道計劃，你可以分享任何你可以分享給投資者在 2023 年在新功能、軟件特性或下一代 Butterfly iQ 系統方面應該期待的東西嗎？

Well, so this is Joe, Josh. So first of all, historically, when we would sell software, we would sell it in a bundle in a subscription package. So what we are doing is we're in the process of coming up with different levels of bundles and being able as new capabilities come out to be able to monetize them with a different pricing strategy. So we are working on that today, and I'd expect in the year, or near the end of the year to start going with new capabilities to customers and be able to monetize that. So when we do that, we'll let you know.

嗯，這是喬，喬希。因此，首先，從歷史上看，當我們銷售軟件時，我們會以訂閱包的形式捆綁銷售。因此，我們正在做的是，我們正在提出不同級別的捆綁包，並能夠隨著新功能的出現，通過不同的定價策略將其貨幣化。所以我們今天正在努力，我希望在今年或接近年底時開始為客戶提供新功能並能夠從中獲利。因此，當我們這樣做時，我們會通知您。

I think we are going to be releasing the B-line algorithm sometime in the second quarter, and that will be an ability to kind of reinvigorate our subscriber base and find ways ultimately to upsell. And I think 2024 is the year where you are going to see a lot of incremental software and also some hardware come out. And we'll certainly update that more specifically a little bit later. But I have to say, coming in as a new CEO and learning what's in the pipeline -- I feel like a kid in the candy stores. There's so much this team has done, and I'm actually stunned, it hasn't come to market yet. And so there are AI applications, there are software improvements, hardware, so it's going to be a lot of fun.

我認為我們將在第二季度的某個時候發布 B 線算法，這將能夠重振我們的訂戶基礎並找到最終追加銷售的方法。我認為 2024 年是你將看到大量增量軟件和一些硬件問世的一年。我們肯定會稍後更具體地更新它。但我不得不說，作為新任 CEO 上任並了解即將推出的產品——我感覺自己就像糖果店裡的孩子。這個團隊做了這麼多，我真的很震驚，它還沒有上市。所以有人工智能應用程序，有軟件改進，硬件，所以它會很有趣。

That's great to hear. I wanted to ask about the home opportunity. I know the team has been working on regulatory pathways with the FDA to open up at that home indication for your patients self-scanning or even provider scanning in the home. Any progress there? And anything you can share just on the timeline from when do you think that work with the FDA will be done and you'll have a defined path forward in terms of what's going to be required?

聽到這個消息我很高興。我想問一下回家的機會。我知道該團隊一直在與 FDA 合作制定監管途徑，以便在該家庭適應症中為您的患者在家中進行自我掃描甚至提供者掃描。有什麼進展嗎？您可以在時間表上分享任何您認為與 FDA 的合作何時完成並且您將在需要什麼方面有明確的前進道路？

Well, that part of things that we are revisiting, I think there may be opportunities to get there sooner, and it may not be as complicated as we thought about in the past. Just give me a little time, so I can piece it together for you. The home and off site is going to be a massive, massive opportunity for us. And I'm just thrilled to update you. I wish I could tell you what I know right now, what I want right now is dates and deliverables. So when I tell you, I can tell you with certainty on timing. But our -- I have a very strong desire. When I've looked at this business from the outside in, the hospital business is very important and very strong. It's also filled with some incredible incumbents who are going to fight us tooth and nail to cede market share, although they have been fortunately for Butterfly.

嗯，我們正在重溫的那部分事情，我覺得可能有機會早點到，可能沒有我們過去想的那麼複雜。給我一點時間，我可以為你拼湊。家庭和異地對我們來說將是一個巨大的機會。我很高興能為您更新。我希望我能告訴你我現在所知道的，我現在想要的是日期和可交付成果。所以當我告訴你時，我可以很確定地告訴你時間。但是我們的——我有一個非常強烈的願望。當我從外到內審視這項業務時，醫院業務非常重要而且非常強大。它也充滿了一些令人難以置信的現任者，他們將竭盡全力與我們戰鬥以放棄市場份額，儘管他們對 Butterfly 來說是幸運的。

There's an even larger opportunity outside the hospital. As hospitals -- my time in digital health and virtual, we've all seen payers, providers, employers are all trying to find ways to reduce the cost of care and help treat or manage and maintain patients in their home. And given the lens that I'm bringing from my time, InTouch and Teladoc, I think there's going to be an enormous opportunity and I don't see it as a science project. I see it as connecting some dots internally and packaging things in a way that can create value for this company. So it's a little too soon for me to connect those dots for you. And I can't wait until I can.

醫院外還有更大的機會。作為醫院——我在數字健康和虛擬領域的時間，我們都看到付款人、提供者、雇主都在努力尋找降低護理成本並幫助治療或管理和維護家中患者的方法。鑑於我從我的時代帶來的鏡頭，InTouch 和 Teladoc，我認為這將是一個巨大的機會，我不認為它是一個科學項目。我認為它是在內部連接一些點，並以一種可以為這家公司創造價值的方式包裝事物。所以我現在為你把這些點聯繫起來還為時過早。我等不及了。

No understandable. Thanks for that. And then last question, just on -- wanted to just ask about the Blueprint software package, enterprise software. The software revenue line is performing very nicely since I was introduced, I think, last year. Can you just help us understand -- I know part of this strategy is in the facilitating deployment but also Blueprint could act as a Trojan horse. And there's some hospital systems that have -- are adopting Blueprint in front of the Butterfly iQ handheld devices and other capabilities there. Maybe just help us better understand that opportunity in the United States just Blueprint as a standalone software solution for hospital systems, exclusive of the devices? And how it's been contributing to the software and other services revenue growth over the last couple of quarters? Thanks for taking my questions.

無解。感謝那。然後是最後一個問題，只是想問一下藍圖軟件包，企業軟件。我認為，自從我去年被介紹以來，軟件收入線表現非常好。您能否幫助我們理解——我知道該策略的一部分是促進部署，但 Blueprint 也可以充當特洛伊木馬。還有一些醫院系統 - 正在 Butterfly iQ 手持設備和其他功能前面採用藍圖。也許只是幫助我們更好地了解美國的機會，Blueprint 作為醫院系統的獨立軟件解決方案，不包括設備？在過去幾個季度中，它如何為軟件和其他服務收入增長做出貢獻？感謝您回答我的問題。

Sure, Josh. I'll do my best and if I have any holes, I'll let team help me. So our enterprise software is called Compass and Compass plus iQ+, meaning our enterprise software plus our hardware in a wrapped bundle is called Blueprint. And the Compass software has been a pleasant surprise to the team. I think there -- we do a lot in software. We are using software to tune our chip, to get the appropriate images. We're using software to create AI algorithms, to make image capture more successful. And then we're using software with Compass to make the business of medicine and the business of ultrasound, more efficient.

當然，喬希。我會盡力而為，如果我有任何漏洞，我會讓團隊幫助我。所以我們的企業軟件被稱為 Compass 和 Compass plus iQ+，這意味著我們的企業軟件加上我們的硬件打包在一起被稱為 Blueprint。 Compass 軟件給團隊帶來了驚喜。我認為 - 我們在軟件方面做了很多工作。我們正在使用軟件來調整我們的芯片，以獲得合適的圖像。我們正在使用軟件創建 AI 算法，使圖像捕捉更加成功。然後我們將軟件與 Compass 一起使用，使醫學業務和超聲業務更加高效。

And a lot of people take scans, but they're not documenting those scans and then they're not billing for those scans. And when they don't bill for those scans, that's revenue for health systems that are foregoing and there really isn't -- and I guess to the team surprise, there really isn't an enterprise management software that ties the scan, the idea and the record of the scan data to the EMR, and then to the billing process to ensure that these scans are paid for. And so as our team approaches hospitals, regardless of who the incumbent imaging company is, they pretty much all are excited about the fact that Butterfly is solving a pretty major problem for them.

很多人進行掃描，但他們沒有記錄這些掃描，然後他們也沒有為這些掃描付費。當他們不為這些掃描計費時，那是前面提到的衛生系統的收入，但實際上沒有——我想令團隊驚訝的是，真的沒有一個企業管理軟件可以連接掃描，想法和掃描數據的記錄到 EMR，然後到計費過程以確保這些掃描是有償的。因此，當我們的團隊接近醫院時，無論現任影像公司是誰，他們幾乎都對 Butterfly 正在為他們解決一個相當大的問題這一事實感到興奮。

And so the early signs are we're seeing in a few of our early sites then capture simply more reimbursement. So the ROI is very immediate, literally being able to see what the baseline in reimbursement for imaging was the prior month. And then after Compass, seeing that go up and go up materially. So, it's a big positive for us and we're going to continue as we market Compass to make Blueprint in the bundling of the entire solution a priority. But I think our team has been -- I think the prior management team, prior leadership were very visionary and did a great job in this area. And I think, I feel blessed to have a product like that with everything else that's in the pipeline.

因此，我們在一些早期站點中看到了早期跡象，然後獲得了更多報銷。所以 ROI 是非常立竿見影的，從字面上能夠看到前一個月成像報銷的基線。然後在指南針之後，看到它在物質上上升和上升。因此，這對我們來說是一個很大的積極因素，我們將繼續在營銷 Compass 時將 Blueprint 放在整個解決方案的捆綁中作為優先事項。但我認為我們的團隊一直 - 我認為之前的管理團隊，之前的領導層非常有遠見，並且在這方面做得很好。而且我認為，我很幸運能擁有這樣的產品以及其他正在籌備中的產品。

Fantastic. Thanks a lot Joe.

極好的。非常感謝喬。

Thank you.

謝謝。

Suraj Kalia, Oppenheimer & Company.

Suraj Kalia，奧本海默公司。

Morning, everyone. Can you hear me all right?

大家早上好。你能聽到我說話嗎？

Yes.

是的。

Yes.

是的。

Good morning, Suraj.

早上好，蘇拉吉。

Perfect. Joe, Darius, Heather --. Joe, welcome aboard. Pleasure to connect with you over the phone today. So Joe, lot of commentary you have provided, and I appreciate the fact that you're just getting your feet wet and there are a lot of unknowns out there, I totally understand. Joe, one of the things you mentioned is repositioning the company. I think so I'm paraphrasing here. As a technology enabled software company or AI enables something you had said. Moving forward, Joe, would you advise us to start looking at the software component of the business that line item specifically in terms of the ROI on these strategic initiatives rather than the handheld is being placed per se? As an ultimate driver of software, how would you advise we start looking whether Q2, Q3 onwards in terms of these two-line items?

完美的。喬、大流士、希瑟——。喬，歡迎加入。很高興今天通過電話與您聯繫。所以喬，你提供了很多評論，我很欣賞你剛剛開始嘗試並且那裡有很多未知數，我完全理解。喬，你提到的其中一件事是重新定位公司。我想所以我在這裡解釋一下。作為一家支持技術的軟件公司或 AI 可以實現您所說的內容。展望未來，Joe，你是否建議我們開始關注業務的軟件組件，特別是根據這些戰略計劃的 ROI 而不是手持設備本身？作為軟件的最終驅動程序，您如何建議我們從 Q2、Q3 開始考慮這兩個項目？

Well, so thank you for the questions. It's incredibly lucid questions. And I look forward to when I feel comfortable providing guidance. And I feel we have initiatives in place that are driving revenue. To help at that time, Heather forecasted see it and peel it out in the right manner. The reason why I have not been inside the operation long, it's only been a couple of weeks of meeting people, but I have been studying the business from afar. And I have been thinking about the business and I had a thesis on the business before I took the job.

嗯，謝謝你的問題。這是非常清晰的問題。我期待著在我感到舒服的時候提供指導。而且我覺得我們已經制定了推動收入的舉措。為了當時的幫助，希瑟預測會看到它並以正確的方式將其剝離。我之所以進入手術時間不長，只是認識了幾個星期的人，但我一直在遠距離研究業務。而且我一直在考慮業務，並且在接受這份工作之前我有一篇關於業務的論文。

And in thinking about the business, what I'm seeing is that we are having an ever-increasing installed base. And our capabilities in our software are becoming more sophisticated. And so the way to look at it simply is every quarter we're going to increase our install base. We are not in any way, shape or form deemphasizing hardware, but I see an opportunity that as new capabilities come out and those capabilities are creating value for customers instead of just adding them into a package for free for those customers who will see value in that additional software they can pay for.

在考慮業務時，我看到的是我們的安裝基礎不斷增加。我們在軟件方面的能力正變得越來越複雜。因此，簡單地看待它的方法是每個季度我們都會增加我們的安裝基礎。我們不會以任何方式、塑造或形式削弱硬件的重要性，但我看到了一個機會，即隨著新功能的出現，這些功能正在為客戶創造價值，而不是僅僅將它們免費添加到一個包中，供那些將在其中看到價值的客戶使用。他們可以支付的額外軟件。

And so that means that we have to create an enterprise system that allows a customer to go to a site and actually increase their package and their capability and buy more software from us. And so a, we want to increase the breadth of our business by placing as much hardware as possible. But then second as our R&D continues to be productive in creating new solutions, that's not just increasing the ASP on the new sales, it's going back to the base business, reinvigorating them and selling them software. So it's not really a pivot, but it's a different way to monetize the business.

因此，這意味著我們必須創建一個企業系統，允許客戶訪問一個站點並實際增加他們的軟件包和能力，並從我們這裡購買更多軟件。因此，我們希望通過放置盡可能多的硬件來擴大我們的業務範圍。但其次，隨著我們的研發在創建新解決方案方面繼續富有成效，這不僅僅是增加新銷售的 ASP，它還回到基礎業務，重振它們並向它們銷售軟件。所以這並不是一個真正的支點，但它是一種不同的商業貨幣化方式。

And I think what that will do -- you've seen in the quarter I think we were 54% gross margin growing 59% or up, that's exactly right. But we've seen an increase in gross margin. And I'd like to see this business with much higher gross margins than we are at. And if we can do -- if we can keep our hardware at an appropriate price to create market access but we can monetize our software at very high gross margin, I think you'll see the profitability or at least the contribution profile of the company increasing over time as we execute on that strategy. So I'm very happy to unpack it for you when we get closer to guidance, but at least that's how I'm thinking.

而且我認為這會做什麼 - 你在本季度看到我認為我們的毛利率為 54%，增長了 59% 或更高，這是完全正確的。但我們看到毛利率有所上升。我希望看到這項業務的毛利率比我們現在高得多。如果我們能做到 - 如果我們能夠以適當的價格保持我們的硬件以創造市場准入，但我們能夠以非常高的毛利率將我們的軟件貨幣化，我認為你會看到公司的盈利能力或至少是貢獻概況隨著我們執行該策略，它會隨著時間的推移而增加。因此，當我們接近指導時，我很高興為您打開包裝，但至少我是這麼想的。

Fair enough. Joe, again, maybe a preemptive question, so please forgive me for that. Our math is, the rough software rents per handheld are like 400-ish. I don't have it in front of me, but somewhere in that ballpark. I guess let's say x revenues, software revenues per handheld, let's assume a metric like that. Joe, as you think about the remapping the company right, whether it's 12, 18, 24 months, hence, how much do you think is the additional leverage you have? Can x to 1.5x, 2x, or how do you think about this is the target where we have to get basically to monetize or upsell, like you had said, with all these new apps, B-line and presumably others coming online shortly?

很公平。喬，再一次，也許是一個先發製人的問題，所以請原諒我。我們的計算是，每台手持設備的粗略軟件租金約為 400 美元。我沒有把它放在我面前，而是在那個球場的某個地方。我想假設 x 收入，每台手持設備的軟件收入，讓我們假設一個這樣的指標。喬，當你考慮重新映射公司時，無論是 12 個月、18 個月還是 24 個月，你認為你有多少額外的槓桿作用？可以 x 到 1.5 倍、2 倍，或者您如何看待這是我們必須實現的目標，就像您所說的那樣，隨著所有這些新應用程序、B 線應用程序和可能的其他應用程序即將上線，我們基本上必須實現貨幣化或追加銷售？

Well, so thank you for the question, and I'll caution myself not to get ahead of myself. But I think your question is going in the right direction where first of all, Butterfly is leaving a lot of price on the table. If you look at our total cost of acquisition from a customer side, and what it costs in its entirety, we're a third of what the market is charging today, maybe half of what the market is charging today. So even just to get the parity with enhanced features, we have a lot of pricing upside. So the way I look at it, though, is I would like to keep our handhelds and our hardware price competitive, and I see upside in selling more software.

好吧，謝謝你提出這個問題，我會告誡自己不要超越自己。但我認為你的問題是朝著正確的方向發展，首先，蝴蝶在桌面上留下了很多價格。如果你從客戶的角度來看我們的總收購成本，以及它的全部成本，我們是今天市場收費的三分之一，也許是今天市場收費的一半。因此，即使只是為了獲得增強功能的平價，我們也有很多定價優勢。因此，我的看法是，我希望保持我們的手持設備和硬件價格具有競爭力，而且我看到銷售更多軟件的好處。

Now every time we sell more software, we're going to have to cost justify the value of that software. So it's not like we're just going to be increasing prices on existing customers. That's not what we would do. What we would do is we would launch a new AI algorithm that enables people to capture bills served in an entirely different way. And then just as any software does, it calculate what is the net value and ROI of that software and you make it available, they can buy it or they don't have to buy.

現在，每當我們銷售更多軟件時，我們都將不得不通過成本來證明該軟件的價值。因此，我們不會只是提高現有客戶的價格。那不是我們會做的。我們要做的是推出一種新的人工智能算法，使人們能夠以完全不同的方式獲取賬單。然後就像任何軟件一樣，它會計算該軟件的淨值和投資回報率，然後您提供它，他們可以購買或不必購買。

So I think what we'll find is, first of all, probably sub specialized. So we may be doing something in cardiac than then we may be doing something in OB and then another thing might come out for bowel and then those subspecialties, we'll see that opportunity and then we'll increase the capability. So it may not stack of, for one customer constantly with the software that comes up, but it will allow us to increase the amount of value we are getting per customer. So I think given our current price position, we have a lot of upside. And the only thing that we would be doing is selling something that the customer values. And I think there's headwind.

所以我認為我們首先會發現的可能是亞專業化。因此，我們可能會在心臟方面做一些事情，然後我們可能會在 OB 方面做一些事情，然後可能會在腸道方面做一些事情，然後是那些子專業，我們會看到這個機會，然後我們會提高能力。因此，對於一個客戶來說，不斷出現的軟件可能不會疊加，但它將使我們能夠增加我們從每個客戶獲得的價值。所以我認為，鑑於我們目前的價格狀況，我們有很大的上漲空間。我們唯一要做的就是銷售客戶看重的東西。我認為有逆風。

Got it. Thank you for taking my questions, Joe, and welcome aboard.

知道了。喬，謝謝你提出我的問題，歡迎加入。

Thanks, Suraj.

謝謝，蘇拉吉。

Neil Chatterji, B. Riley.

尼爾查特吉，B.萊利。

Hey, good morning. Thanks for taking our questions, and welcome, Joe, and congratulations on the new role. First off, just -- I'm curious with ChatGPT and just Generative AI, just curious if you could just talk about how the AI in your platform and with your various tools maybe reflects any of that and the potential to leverage that on the Butterfly enterprise software platform, whether it's diagnostically, or with off-site workloads, or billings.

嗨，早上好。感謝您提出我們的問題，歡迎您，Joe，並祝賀您擔任新職務。首先，只是 - 我對 ChatGPT 和生成 AI 很好奇，只是想知道你是否可以談談你平台中的 AI 和你的各種工具可能如何反映其中的任何一個以及在 Butterfly 上利用它的潛力企業軟件平台，無論是診斷性的，還是帶有異地工作負載或計費的。

Yes, that's a great question and thank you. So first of all most of the AI POCUS to date has been on how do we make it easier for a medical professional that is not trained in imaging, how do we make it easier for them, and that's what we've done historically. But the team has been cycling. We have a -- we're launching a project now on our entire business reinvention at all levels, whether it's currently -- whether it's in development or whether it's in customer service or whether it's in direction. We are looking at all ways to optimize our business with this new level of intelligence.

是的，這是一個很好的問題，謝謝。因此，迄今為止，大多數 AI POCUS 首先是關於我們如何讓沒有接受過成像培訓的醫療專業人員更容易，我們如何讓他們更容易，這就是我們歷史上所做的。但是團隊一直在騎自行車。我們有一個——我們現在正在啟動一個項目，在各個層面對我們的整個業務進行重塑，無論是目前——無論是在開發中，還是在客戶服務中，還是在方向上。我們正在尋找各種方法來利用這種新的智能水平來優化我們的業務。

What I've learned in my time in digital health, and I think it's a pretty basic fact in AI is -- and it's actually it leads to one of the greatest frustrations I have with health care is 80% to 90% of health care data is not accessible to AI. It sits in thousands and thousands of small databases across the country, even the largest EMR companies, the customers themselves encapsulate their data and it -- so there's no mass national database to learn from. So AI is -- it's not just about the algorithm, it's about the access to the data to be able to learn and then create the appropriate outputs. And that's where I think we have a distinct advantage.

我在數字健康領域學到的東西，我認為這是人工智能的一個非常基本的事實——它實際上導致了我在醫療保健方面最大的挫折之一是 80% 到 90% 的醫療保健AI 無法訪問數據。它位於全國成千上萬的小型數據庫中，即使是最大的 EMR 公司，客戶自己也封裝了他們的數據和它——所以沒有大規模的國家數據庫可供學習。所以人工智能是——它不僅僅是關於算法，它是關於訪問數據以便能夠學習然後創建適當的輸出。這就是我認為我們具有明顯優勢的地方。

This company was architected correctly from the beginning. Our founder's vision was dead on. In my last company, we had a close secure private cloud that all of our transactions went through, and we leveraged it extremely well to be able to deliver telehealth across enterprises. And Butterfly was architected in a very visionary way where we capture massive amounts of data. And so it allows us to learn on our customer behaviors. It allows us to learn not just the clinical imaging interpretation, but it allows us to learn what they're using and how we can serve them better.

這家公司從一開始就設計正確。我們創始人的願景已經實現。在我上一家公司，我們有一個緊密安全的私有云，我們所有的交易都經過它，我們非常好地利用它來跨企業提供遠程醫療。 Butterfly 以一種非常有遠見的方式構建，我們可以捕獲大量數據。因此，它使我們能夠了解客戶的行為。它讓我們不僅可以學習臨床影像學解釋，還可以讓我們了解他們正在使用什麼以及我們如何更好地為他們服務。

So our founder, personally challenged me to look at business [main inventions] to ensure that we're on the cutting edge using these tools. And I can assure you we will do it.

因此，我們的創始人親自向我提出挑戰，要求我審視業務 [主要發明]，以確保我們在使用這些工具方面處於領先地位。我可以向你保證我們會做到的。

Great thanks for that. And then just on the pilot programs with the large medical centers. Just kind of curious how that compares to past strategies and how that might be a new model to replicate. I think in the past, you've had kind of physician champions that helped (technical difficulty) run device pilots in certain departments. But how might this be different with Blueprint versus the device deployments?

非常感謝。然後只是與大型醫療中心的試點項目。只是有點好奇這與過去的策略相比如何，以及它如何成為一個可以復制的新模型。我想在過去，你有一些醫生冠軍幫助（技術困難）在某些部門運行設備試點。但這與 Blueprint 與設備部署有何不同？

So this is Darius. And thank you for the question. If you're referring to the medical school POCUS that we mentioned on the call, that's actually very consistent with the strategy that we prosecuted in the past. And it's just another proof point of how Butterfly is really transforming the way that medicine is being talked from the very get-go. The medical schools remain a key focus for us because obviously, strategically we are empowering the next generation of students with Butterfly.

這就是大流士。謝謝你的問題。如果你指的是我們在電話中提到的醫學院 POCUS，那實際上與我們過去實施的策略非常一致。這只是 Butterfly 如何從一開始就真正改變人們談論醫學的方式的另一個證據。醫學院仍然是我們關注的重點，因為顯然，從戰略上講，我們正在通過 Butterfly 培養下一代學生。

So, is that what you're referring to?

那麼，你指的是這個嗎？

I was talking about the large medical center. I was talking about (multiple speakers) [initiatives and] clinical projects.

我說的是大型醫療中心。我在談論（多位發言人）[倡議和]臨床項目。

Yeah. If you're referring to our focus on large health systems, for example, with URMC, which we announced in the past, we've continued to make key progress there. In fact, we went live in 15 new departments this past quarter, including ED, anesthesia, the PICU and NICU, adult ICUs and many others. That remains obviously a focus as Heather and Joe mentioned, and we continue to focus on that area as we deploy Blueprint, which is our Compass software and hardware in more large health systems.

是的。如果你指的是我們對大型衛生系統的關注，例如我們過去宣布的 URMC，我們將繼續在那裡取得關鍵進展。事實上，上個季度我們在 15 個新部門上線，包括急診科、麻醉科、PICU 和 NICU、成人 ICU 等等。正如 Heather 和 Joe 提到的那樣，這顯然仍然是一個重點，我們在部署 Blueprint 時繼續關注該領域，Blueprint 是我們在更大型衛生系統中的 Compass 軟件和硬件。

Got it.

知道了。

So continue (multiple speakers).

所以繼續（多個揚聲器）。

Sure. And then just one other follow-up here. Just in terms of the -- I think last quarter you talked about adding 1,000 new Blueprint accounts, just kind of curious how that track in the first quarter and how that activity is kind of going forward, including with the recent Cloud 2.0 launch?

當然。然後這裡只是另一個後續行動。就-我認為上個季度你談到了添加 1,000 個新的藍圖帳戶，只是有點好奇第一季度的跟踪情況以及該活動的進展情況，包括最近的 Cloud 2.0 發布？

Yes, directionally, we continue to add new customers. Q1 does tends to be a little bit lighter than Q4 sequentially, it was lower, but we continue to add more customers.

是的，定向上，我們繼續增加新客戶。第一季度確實比第四季度稍微輕一點，它更低，但我們繼續增加更多的客戶。

Great. That's it from me.

偉大的。我就是這樣。

Thank you.

謝謝。

Thanks, Neil.

謝謝，尼爾。

(Operators Instructors) Danielle Antalffy, UBS.

（操作員指導員）Danielle Antalffy，瑞銀。

Hey. Good morning, everyone. Thanks so much for taking the question. Joe, congrats on the role in joining the team there.

嘿。大家，早安。非常感謝您提出這個問題。喬，祝賀你加入那裡的團隊。

Thank you.

謝謝。

I'm curious, Joe, given your background in this industry, as we think about the goal of Butterfly and eventually home care and things like that, how you think about the competitive barriers to entry here? GE Healthcare did recently buy Caption Health. So just curious about how you think about the competitive moats and where Butterfly can sustain a competitive advantage in that regard.

我很好奇，喬，考慮到你在這個行業的背景，當我們考慮 Butterfly 的目標以及最終的家庭護理和類似的事情時，你如何看待進入這裡的競爭壁壘？ GE Healthcare 最近確實收購了 Caption Health。所以很好奇你如何看待競爭護城河以及 Butterfly 可以在這方面保持競爭優勢的地方。

Oh boy. I wish I can answer that question today. I'll answer for you in the future. I think the tables up. First of all, I was with Caption, and I'm a big fan of Caption and o big fan of GE, [to be honest with you]. It's an incredible team of great people and I consider them friends. I personally believe Butterfly will be able to show some pretty tangible advantages and access to the whole market. Personally, I think the big four in imaging have advantages in the hospital market. I think there are contracting, leveraging -- they can give away [and a lot of sense] to protect the rest of the business. I don't think that leverage exists in the outside channels and in home. And I think some of our software and our and some of the new capabilities I'll be sharing with you. I think my belief is we have the advantage.

好傢伙。我希望我今天能回答這個問題。以後我會為你解答。我認為桌子起來了。首先，我在 Caption 工作，我是 Caption 的忠實粉絲，也是 GE 的忠實粉絲，[老實說]。這是一支令人難以置信的優秀團隊，我認為他們是朋友。我個人認為 Butterfly 將能夠展示一些非常明顯的優勢並進入整個市場。個人認為影像四大在醫院市場有優勢。我認為有合同、槓桿——他們可以放棄 [和很多意義] 來保護其他業務。我認為外部渠道和國內渠道不存在槓桿作用。我想我將與您分享我們的一些軟件和一些新功能。我認為我的信念是我們有優勢。

Okay. Yes. No, that's great. And then just Heather, maybe this is a question for you. Just as we think about the models appreciate, pausing giving guidance for now, but just from a capital need perspective, how we should be thinking about where Butterfly is as you're sort of reevaluating the strategy here?

好的。是的。不，那太好了。然後是 Heather，也許這是你的問題。正如我們考慮模型升值一樣，暫時暫停提供指導，但僅從資本需求的角度來看，當您在這裡重新評估戰略時，我們應該如何考慮 Butterfly 的位置？

So capital refers specifically to fund raising and capital referring to cast?

那麼capital特指集資，capital特指投？

Cash.

現金。

So we're in great shape from a cash perspective. And I think that's what you mentioned. I just wanted to make sure. We're in a great place from a cash perspective, plenty of runway into 2025. We're continuing to look for additional efficiencies. And so stay tuned on that.

所以從現金的角度來看，我們的狀況很好。我想這就是你提到的。我只是想確定一下。從現金的角度來看，我們處於一個很好的位置，到 2025 年還有很多跑道。我們將繼續尋求更高的效率。敬請期待。

Okay. Thank you, guys, so much.

好的。非常感謝你們，伙計們。

Thank you.

謝謝。

Thanks, Danielle.

謝謝，丹妮爾。

Thanks, Danielle.

謝謝，丹妮爾。

Thank you. (Operator Instructions). This does conclude our Q&A session. For today. So I'll hand back over to the management team for any additional or closing remarks.

謝謝。 （操作員說明）。這確實結束了我們的問答環節。今天。因此，我將交還給管理團隊以徵求任何補充意見或結束意見。

Great, I want to thank everyone for joining the call this morning. Please give me some grace on my excitement, but it's real. And we have to get through getting the organization back up after what they've been through the last six months, it has been very challenging. And so we're going to focus on getting the organization to where it needs to be. And then I'm telling you these things that we're working on, I'm very excited to share with you because I believe by the end of this year in '24, it's going to be a lot of fun around here. So thank you for your time.

太好了，我要感謝大家今天早上加入電話會議。請原諒我的興奮，但這是真的。在經歷了過去六個月的經歷之後，我們必須讓組織重新振作起來，這非常具有挑戰性。因此，我們將專注於讓組織到達需要的位置。然後我告訴你我們正在做的這些事情，我很高興能與你分享，因為我相信到今年年底的 24 世紀，這裡會很有趣。謝謝你的時間。

Thank you, ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

女士們先生們，謝謝你們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。