Butterfly Network Inc (BFLY) 2023 Q2 法說會逐字稿

Ladies and gentlemen, hello, and welcome to the Butterfly Network Q2 2023 earnings call. My name is [Maxine], and I'll be coordinating the call today. (Operator Instructions) I'll now hand you over to your host, Heather Getz, to begin. Heather, please go ahead when you are ready.

女士們、先生們，大家好，歡迎參加 Butterfly Network 2023 年第二季度財報電話會議。我的名字是 [Maxine]，今天我將協調通話。 （操作員指示）現在我將把您交給主持人 Heather Getz，讓您開始。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 second quarter ended June 30, 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 6 月 30 日的第二季度財務業績，並提供了業務更新。該新聞稿和收益報告，其中包括管理層使用非公認會計原則財務指標與最適用的公認會計原則指標的對比，目前可在公司網站 ir.butterflynetwork.com 的投資者部分查看。

I, Heather Getz, Chief Financial and Operations Officer of Butterfly, alongside Joseph DeVivo, Butterfly's Chairman and Chief Executive Officer, will host this morning's call.

我，Butterfly 首席財務和運營官希瑟·蓋茨 (Heather Getz)，與 Butterfly 董事長兼首席執行官約瑟夫·德維沃 (Joseph DeVivo) 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 these macroeconomic factors on our business.

在今天的電話會議中，我們將做出某些前瞻性聲明。除其他外，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、我們的產品和服務當前或未來市場的規模和潛在增長以及影響的預期。這些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.

這些前瞻性陳述基於當前的信息假設和預期，這些假設和預期可能會發生變化，並涉及許多已知和未知的風險、不確定性和其他因素，這些因素可能導致實際結果與前瞻性陳述中包含的結果存在重大差異。這些風險和其他風險在我們向美國證券交易委員會提交的文件中進行了描述。

You're 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 live and recorded. 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 Joe. Joe?

請注意不要過分依賴這些前瞻性陳述。並且該公司不承擔更新此類聲明的義務。提醒一下，本次通話正在進行網絡直播並進行錄音。要觀看網絡廣播，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。我現在想把電話轉給喬。喬？

Thank you, Heather. So I'm pleased to review our results for the second quarter of 2023 and share perspectives for my first 100 days on the job. I've done a complete review of the business over the quarter and now have a pretty good feel of where we are.

謝謝你，希瑟。因此，我很高興回顧我們 2023 年第二季度的業績，並分享我對工作前 100 天的看法。我已經對本季度的業務進行了全面的審查，現在對我們的處境有了很好的認識。

Butterfly Network is a great technology platform. Our leading point-of-care ultrasound is simply the best solution in the market. Our ultrasound and chip technology allows us to tune a single probe from multiple parts of the body, deliver in the cloud, streamline enterprise imaging, while documenting in EMRs, billing, managing proficiency for physicians all at our competitive price point. It has put us in a league of our own

蝴蝶網絡是一個很棒的技術平台。我們領先的護理點超聲是市場上最好的解決方案。我們的超聲波和芯片技術使我們能夠從身體的多個部位調整單個探頭，在雲中提供，簡化企業成像，同時以我們具有競爭力的價格點記錄 EMR、計費、管理醫生的熟練程度。它使我們躋身於自己的聯盟​​之列

Now we'll continue evolving how point-of-care ultrasound is used. We will now be pushing the boundaries of our technology to reach new care settings, making it easier to use and empowering more caregivers to understand ultrasound.

現在，我們將繼續改進護理點超聲的使用方式。現在，我們將突破技術的界限，以達到新的護理環境，使其更易於使用，並使更多護理人員能夠了解超聲波。

I look forward to revealing our complete roadmap when the time is right. The Butterfly team also, quite honestly, has been through a lot. They've had three CEOs over the past five years, hired and let go hundreds of people, shifting strategies multiple times, and tried to do too many things at once in my opinion.

我期待在適當的時候公佈我們完整的路線圖。老實說，蝴蝶團隊也經歷了很多。在我看來，他們在過去五年裡換了三位首席執行官，僱傭和解雇了數百人，多次改變戰略，並試圖同時做太多事情。

After my first 100 days, I've grown very fond of the people in this company. And I'm really excited about what the technology can deliver. I believe, getting back to basics with smaller teams, focusing on our strengths and leveraging only what we can do to add value in healthcare will bring the bounce back in our step and return the company to organic growth. Stakeholders need a healthy and successful Butterfly. Investors deserve better performance, employees deserve stability and a place to grow and achieve. And that's exactly what we'll do.

入職 100 天后，我越來越喜歡這家公司的員工。我對這項技術能夠帶來的成果感到非常興奮。我相信，以較小的團隊回歸基礎，專注於我們的優勢，並僅利用我們能做的事情來增加醫療保健的價值，將使我們的步伐反彈，並使公司恢復有機增長。利益相關者需要一個健康、成功的蝴蝶。投資者應該獲得更好的業績，員工應該獲得穩定以及成長和成就的地方。這正是我們要做的。

As I mentioned, we conducted a full strategy re-evaluation this quarter, and we made some tough decisions to create a focus, in my opinion, more impactful plans. We ensured our new strategy is managed with the right cost structure to deliver on it. And we completed a reorganization to give us time to fund the plan.

正如我所提到的，我們本季度進行了全面的戰略重新評估，並做出了一些艱難的決定，以製定一個在我看來更有影響力的計劃。我們確保我們的新戰略以正確的成本結構來管理以實現它。我們完成了重組，以便有時間為該計劃提供資金。

We implemented growth initiatives for all phases of our business and have a revenue growth plan that will be powered by better execution and near-term product pipeline that will roll out over the next couple of quarters. With the reorganization, we extended our runway and reduce our operating expenses by an average of $2 million a month. On top of that, two other cost cutting efforts over the past 12 months occurred, but getting here was not all cutting.

我們為業務的所有階段實施了增長計劃，並製定了收入增長計劃，該計劃將由更好的執行力和將在未來幾個季度推出的近期產品管道提供動力。通過重組，我們擴大了運營範圍，每月平均減少 200 萬美元的運營費用。除此之外，過去 12 個月裡還採取了另外兩項成本削減措施，但實現這一目標並不全是削減。

In fact, we've improved investment in our commercial organization, allowing a 50% increase in direct territories. We hired a world-class international sales leader based in Europe, and we funded core technology innovation. We now have a much more commercially-driven team with great conviction towards our ability to deliver significant organic top-line growth in the future.

事實上，我們已經改善了對商業組織的投資，使直接領土增加了 50%。我們聘請了一位駐歐洲的世界級國際銷售領導者，並資助核心技術創新。我們現在擁有一支更加商業驅動的團隊，對我們未來實現顯著有機營收增長的能力充滿信心。

So from today forward, I'm going to be talking about our revenue in terms of markets and the products sold to them, not the channel in which it sold. You will hear me refer to US international and vet. Within each of these categories, we now may sell directly or through distributors and e- commerce.

因此，從今天開始，我將談論我們的市場收入和銷售給他們的產品，而不是銷售渠道。你會聽到我提到美國國際和獸醫。在每個類別中，我們現在可以直接銷售或通過分銷商和電子商務進行銷售。

Into these markets, we sell product, software, mobile app subscriptions, other services, such as implementation and education. And at the end of the day, the mechanism for sale is less important than what and to whom it is we're selling. Our revenue in Q3 was down 3%, while taking out costs. In keeping with the new revenue format, our US team delivered 21% top-line growth in the quarter. We closed two large 500-plus probe deals into medical schools and launched our distribution relationship with McKesson.

我們向這些市場銷售產品、軟件、移動應用程序訂閱以及其他服務，例如實施和教育。歸根結底，銷售機制並不重要，重要的是我們銷售什麼、賣給誰。扣除成本後，我們第三季度的收入下降了 3%。為了與新的收入格式保持一致，我們的美國團隊在本季度實現了 21% 的營收增長。我們完成了兩筆針對醫學院的 500 多家大型調查交易，並與 McKesson 建立了分銷關係。

As you know, in addition to selling probes, enterprise software sales have been a big focus for this team. In 2022, we added Compass software to our enterprise offering for sales into hospitals. Sales in this area has since been growing nicely, as demonstrated by annual recurring revenue or ARR. And that growth was 58% for enterprise software sales in the second quarter of 2023 compared to the second quarter of '22. That's the result of a lot of enterprise software deals closing each quarter over the past year.

如您所知，除了銷售探針外，企業軟件銷售也是該團隊的一大關注點。 2022 年，我們將 Compass 軟件添加到我們的企業產品中，以向醫院銷售。從年度經常性收入 (ARR) 可以看出，該領域的銷售額一直在良好增長。與 2020 年第二季度相比，2023 年第二季度企業軟件銷售額增長了 58%。這是去年每個季度完成大量企業軟件交易的結果。

We've sold it into health systems who both use and don't use Butterfly probes. Each relationship is an upsell opportunity. And as I mentioned last quarter, we're a technology-enabled software company. As is what software, software sales add positively to the company's gross margins and our increasing in product mix each quarter.

我們已將其出售給使用和不使用蝴蝶探頭的衛生系統。每段關係都是一次追加銷售的機會。正如我上個季度提到的，我們是一家技術支持的軟件公司。與軟件一樣，軟件銷售對公司的毛利率和每個季度產品組合的增加都有積極的貢獻。

Our international business, which going forward will include global health did not fare as well this quarter. Sales were down 44% year on year. We signed a number of new distributors in new countries in 2022 and placed stocking orders that have yet to be replenished. That said, underlying sell-through is growing, but has not yet outpaced the inventory placed last year.

我們的國際業務（未來將包括全球健康）本季度表現不佳。銷售額同比下降44%。 2022年，我們在新的國家簽約了一些新的經銷商，並下了尚未補充的庫存訂單。也就是說，潛在銷量正在增長，但尚未超過去年的庫存。

As mentioned, we've hired a new sales leader based in Europe, and I'm committed to getting our business organized correctly. We are direct into the UK and Germany, and those teams have developed a really nice pipeline, and I'm pleased with their progress.

如前所述，我們在歐洲聘請了一位新的銷售主管，我致力於正確組織我們的業務。我們直接進入英國和德國，這些團隊已經開發出了非常好的管道，我對他們的進展感到滿意。

Fixing international distribution is something I've done before. It takes continued focus, execution, and a commitment from our internal team to serve the needs of the international business, one market at a time. This should just be a temporary setback.

修復國際發行是我以前做過的事情。我們的內部團隊需要持續的專注、執行力和承諾，才能一次一個市場地滿足國際業務的需求。這應該只是暫時的挫折。

In our global health work, we're proving that we can indeed make an impact by putting ultrasound in the hands of more mid-level providers, changing the way health systems deliver medicine and to ultimately improve outcomes for patients.

在我們的全球衛生工作中，我們正在證明，通過將超聲技術交給更多的中級醫療服務提供者，我們確實可以產生影響，改變衛生系統提供藥物的方式，並最終改善患者的治療結果。

This becomes clear when you look at usage data from our large deployments and training programs in Kenya. It's incredible to see how many mothers are receiving better gestational care because Butterfly is in their community.

當您查看我們在肯尼亞的大型部署和培訓計劃的使用數據時，這一點就會變得清晰起來。令人難以置信的是，有多少母親因為蝴蝶就在她們的社區而獲得了更好的妊娠護理。

Data shows that about 10,000 butterfly scans are now happening per month across 224 Kenyan public facilities. In a one month post-deployment study that was sent to program participants, 88% of the 377 respondents reported finding a high risk condition, such as breech presentation, low fluid, or fetal distress. 95% are using Butterfly to decide on a treatment plant for their patients, and 81% use Butterfly to determine if high-level care is needed.

數據顯示，目前肯尼亞 224 個公共設施每月進行約 10,000 次蝴蝶掃描。在一項發送給項目參與者的部署後一個月的研究中，377 名受訪者中有 88% 的人報告發現了高風險狀況，例如臀位、低液體或胎兒窘迫。 95% 的人使用 Butterfly 來決定為患者選擇治療工廠，81% 的人使用 Butterfly 來確定是否需要高級護理。

Our Global Health program can drive real change across the globe, and I'm thrilled to share that soon. We plan to announce yet another big win for our Global Health team. We're looking forward to sharing the details when they roll out. So that was slightly down in the quarter. Unfortunately, we were down in resources in the first half that have now been restored. We expect that revenue to return to growth in the second half of the year.

我們的全球健康計劃可以在全球範圍內推動真正的變革，我很高興很快就能與大家分享這一點。我們計劃宣布我們的全球健康團隊再次取得重大勝利。我們期待在它們推出時分享詳細信息。因此，本季度略有下降。不幸的是，我們上半年的資源減少了，但現在已經恢復了。我們預計下半年收入將恢復增長。

To that end, I'd like to discuss some recent activity. So we launched our Auto B-line Counter last quarter for human care. Our vet business saw an opportunity to use it in production cattle. There are 1 million cattle producers in the US alone, and that's pretty much just about as many US physicians there are.

為此，我想討論一下最近的一些活動。因此，我們上季度推出了自動 B 線計數器，以實現人文關懷。我們的獸醫業務看到了將其用於生產牛的機會。僅在美國就有 100 萬養牛戶，這幾乎相當於美國醫生的數量。

They often leave prophylactically give their cattle expensive antibiotic products that control disease spread and protect their herds, whatever respiratory disease could be detected earlier to reduce antibiotic use, saving time, money, and cattle. Our Auto B-line tool can now help with that, and the Butterfly team made it happen. We've tuned our beam to see 30 centimeters into the chest wall of cattle to reach and scan their lungs. It's so cool. That's how versatile Butterfly is.

他們經常預防性地給牛提供昂貴的抗生素產品，以控制疾病傳播並保護牛群，無論什麼呼吸道疾病都可以及早發現，以減少抗生素的使用，從而節省時間、金錢和牛群。我們的 Auto B-line 工具現在可以幫助實現這一點，而 Butterfly 團隊實現了這一目標。我們已經將光束調整到牛胸壁 30 厘米處，以到達並掃描它們的肺部。這太酷了。這就是蝴蝶的多才多藝。

We can just adjust for human and animal anatomy of all sizes. We're not an analog set of crystals, like a fixed length on a camera. We have tremendous power and capability that use software to drive the right frequency through our MEMS technology to get the desired results without having to change the hardware.

我們可以根據各種尺寸的人類和動物的解剖結構進行調整。我們不是一組模擬晶體，就像相機上的固定長度一樣。我們擁有巨大的實力和能力，可以使用軟件通過 MEMS 技術驅動正確的頻率，從而無需更改硬件即可獲得所需的結果。

As an outcome, a prominent US university is now researching the effectiveness of the Auto B-line Counter for the early disease detection and production cattle. So that's where we are from a business perspective, and I'd like to turn the call over to Heather in a moment. But now I want to walk you through three near-term opportunities for growth.

因此，美國一所著名大學目前正在研究自動 B 線計數器對於早期疾病檢測和生產牛的有效性。從商業角度來看，這就是我們現在的處境，我想稍後將電話轉給希瑟。但現在我想向您介紹三個近期增長機會。

Our next generation probe, iQ3, Butterfly Garden, and Butterfly Academy. In the first half of next year, pending regulatory approval, we will launch the third-generation probe called iQ3. iQ3 is state-of-the-art technology that improves performance at every phase of ultrasound deployment.

我們的下一代探針 iQ3、蝴蝶園和蝴蝶學院。明年上半年，在等待監管部門批准的情況下，我們將推出名為 iQ3 的第三代探頭。 iQ3 是最先進的技術，可提高超聲部署每個階段的性能。

Powered by our new p4.3 chip, we have more than doubled our processor speed, increased frequency, which allows for even more applications, increased scan time, battery life, and many meaningful performance enhancing capabilities.

在我們新的p4.3 芯片的支持下，我們的處理器速度提高了一倍多，頻率也提高了，這允許更多的應用程序、增加的掃描時間、電池壽命和許多有意義的性能增強功能。

iQ3 closes the perceived imaging gap between us and our competitors, building on top of our market -leading value and superior technology. There will be no need to have multiple handheld probes in the hospital. Only one POCUS handheld device will be needed. This creates standardization, ease of education, fleet management, and service for our customers.

iQ3 建立在我們市場領先的價值和卓越技術的基礎上，縮小了我們與競爭對手之間的感知成像差距。醫院裡不再需要有多個手持式探頭。只需要一台 POCUS 手持設備。這為我們的客戶創造了標準化、易於教育、車隊管理和服務。

iQ3 will start opening doors to phasing out the need for heavy poor battery, poor connectivity, PCR-based handhelds. Our iQ3 software platform has also some very nice upgrades coming. As we get closer to launch and receive our regulatory approval, I look forward to showing you what it can do and why it will be a game changer for the market.

iQ3 將開始逐步淘汰對笨重電池、連接性差、基於 PCR 的手持設備的需求。我們的 iQ3 軟件平台也即將推出一些非常好的升級。隨著我們即將推出並獲得監管部門的批准，我期待著向您展示它的功能以及為什麼它將改變市場的遊戲規則。

iQ3 is next generation technology that will allow for images to be captured in an automatic way. I won't go into how it works now, but it will be the easiest image capture device for ultrasound in the world. Instead of searching for anatomy like a flashlight, in the case, you'll press a button and it will scan automatically. This is a new feature that will be added to the current standard ultrasound imaging that butterfly performs.

iQ3 是下一代技術，將允許以自動方式捕獲圖像。我現在不會討論它是如何工作的，但它將是世界上最簡單的超聲波圖像捕獲設備。在這種情況下，您不必像用手電筒那樣搜索解剖結構，只需按一個按鈕，它就會自動掃描。這是一項新功能，將添加到蝴蝶執行的當前標準超聲成像中。

We know as word gets out as it already has customers may want to wait for the new technology. We're planning for this in our forecasting and also in making it easier for our customers to upgrade to iQ3. They should continue to purchase iQ+ now, so they can get in and get going with ultrasound. And we'll make it easy and cost effective for them to get into iQ3, so there's no incentive to wait.

我們知道，隨著消息傳出，已有客戶可能希望等待新技術。我們在預測中對此進行了規劃，並讓我們的客戶更容易升級到 iQ3。他們現在應該繼續購買 iQ+，這樣他們就可以開始使用超聲波。我們將使他們能夠輕鬆且經濟高效地進入 iQ3，因此沒有理由等待。

We will continue to sell our iQ+ alongside iQ3 for those customers who want a lower cost alternative or who don't need the benefits of the next-generation device. I came to Butterfly, not to turnaround another company, but to have the pleasure to bring this kind of technology into healthcare. This is what it's about. This is the next step in making ultrasound easier for inexperienced healthcare providers to be comfortable with ultrasound, all made possible by our Ultrasound-on-Chip technology.

我們將繼續向那些想要更低成本替代方案或不需要下一代設備優勢的客戶銷售 iQ+ 和 iQ3。我來到 Butterfly，不是為了扭轉另一家公司的局面，而是很高興將這種技術帶入醫療保健領域。這就是它的意義所在。這是讓沒有經驗的醫療保健提供者更輕鬆地使用超聲波的下一步，這一切都是通過我們的片上超聲波技術實現的。

Second, Butterfly Garden, our technology has caught the attention of third-party AI developers, who want to build novel applications that work with our imaging platform. We've already enabled a few those partnerships.

其次，Butterfly Garden，我們的技術引起了第三方人工智能開發人員的注意，他們想要構建與我們的成像平台配合使用的新穎應用程序。我們已經啟用了一些這樣的合作夥伴關係。

And as a result of this interest, I'm pleased to announce the launch of Butterfly Garden. Our Garden will be the place where ultrasound, AI, and software developers can access our proprietary software development kits or SDKs and APIs that will allow them to build their applications and use our imaging platform to work in conjunction with theirs.

由於這種興趣，我很高興地宣布推出蝴蝶園。我們的花園將成為超聲波、人工智能和軟件開發人員可以訪問我們專有的軟件開發套件或SDK 和API 的地方，這將使他們能夠構建自己的應用程序並使用我們的成像平台與他們的應用程序協同工作。

Our first SDK, which is available today will enable developers to place their app in Apple's App Store and link that app to work with the Butterfly iQ+ probe. When they open their app and plug in Butterfly, the image captured through the Butterfly probe appears in their application and their software can do the rest. We believe developers will like the easy-to-use kit and appreciate access into the largest installed base of point-of-care ultrasound devices in the world.

我們今天推出的第一個 SDK 將使開發人員能夠將他們的應用程序放入 Apple 的 App Store 中，並將該應用程序鏈接到與 Butterfly iQ+ 探針配合使用。當他們打開應用程序並插入 Butterfly 時，通過 Butterfly 探針捕獲的圖像就會出現在他們的應用程序中，而他們的軟件可以完成剩下的工作。我們相信開發人員會喜歡這款易於使用的套件，並希望能夠接觸到世界上最大的床旁超聲設備安裝基地。

For butterfly, it allows us to continue to broaden our base as each of these companies who develop on our platform, we will have more of their customers buying Butterfly, while existing Butterfly customers will have access to even more capabilities. It's a win, win, win. As mentioned, we currently have several partners that we're working with to this end, charitable foundations, pharmaceutical companies, surgical robotics companies, cardiac AI company, and we are in discussions with several more.

對於蝴蝶來說，它使我們能夠繼續擴大我們的基礎，因為在我們的平台上開發的每家公司都會有更多的客戶購買蝴蝶，而現有的蝴蝶客戶將能夠獲得更多的功能。這是一場胜利，勝利，勝利。如前所述，我們目前正在與多個合作夥伴合作，其中包括慈善基金會、製藥公司、手術機器人公司、心臟人工智能公司，並且我們正在與更多合作夥伴進行討論。

Responding to the unsolicited demand we've received to date, Butterfly Garden standardizes effectivity and welcomes more partners. Our next SDK plans to give developers access into our cloud and make it possible for third-party apps to use the EHR integration and workflow, further monetizing our investment in enterprise software.

為了回應我們迄今為止收到的主動需求，蝴蝶園規範了效率並歡迎更多合作夥伴。我們的下一個 SDK 計劃讓開發人員能夠訪問我們的雲，並使第三方應用程序能夠使用 EHR 集成和工作流程，從而進一步將我們對企業軟件的投資貨幣化。

We are also in discussions to monetize our Ultrasound-on-Chip platform. Butterfly investors have funded an incredible semiconductor chip technology, which warrants use even outside of POCUS, for example, implantables, medical devices, and other diagnostic tools. And we intend to monetize it for them. Like Intel Inside, these applications that use our Ultrasound-on-Chip technology will be quote-unquote powered by Butterfly and will be vigorously protected by our 1,000 patents worldwide.

我們還在討論將我們的片上超聲平台貨幣化。蝴蝶投資者資助了一項令人難以置信的半導體芯片技術，該技術甚至可以在 POCUS 之外使用，例如植入式設備、醫療設備和其他診斷工具。我們打算為他們貨幣化。與 Intel Inside 一樣，這些使用我們的片上超聲波技術的應用程序將由 Butterfly 提供支持，並將受到我們在全球的 1,000 項專利的大力保護。

Third, I'm pleased to announce that we're adding a full range of courses as well as Butterfly certification to Butterfly Academy. As you may recall, Butterfly Academy has a compendium of virtual training courses. Training is so important in point-of-care ultrasound because ultrasound is hard to learn, making it more accessible to healthcare professionals increases the importance of training.

第三，我很高興地宣布，我們正在為蝴蝶學院添加全方位的課程以及蝴蝶認證。您可能還記得，蝴蝶學院有一份虛擬培訓課程綱要。培訓在床旁超聲檢查中非常重要，因為超聲檢查很難學習，因此醫療保健專業人員更容易接觸到超聲檢查就增加了培訓的重要性。

Currently, nearly 15,000 users have accessed our Butterfly Academy courses. We're now adding in-person modules, which can augment self-training with virtual scan review and didactic training. We'll also start offering in-person certification courses designed to increase proficiency and quality.

目前，已有近 15,000 名用戶訪問了我們的蝴蝶學院課程。我們現在添加了面對面模塊，可以通過虛擬掃描審查和教學培訓來增強自我培訓。我們還將開始提供旨在提高熟練程度和質量的面對面認證課程。

We're even planning to launch an instructor for train the trainer, of course, which helps institutions' in-source training by developing proficiency of a few staff to educate the others on their team. All Butterfly subscribers will get access to our catalog and processing. So with that, I'll turn it over to Heather. Heather?

當然，我們甚至計劃設立一名講師來培訓培訓師，這可以通過培養一些員工的熟練程度來教育團隊中的其他人來幫助機構進行內部培訓。所有 Butterfly 訂閱者都可以訪問我們的目錄和處理。所以，我會把它交給希瑟。希瑟？

Thank you, Joe. Revenues for the second quarter of 2023 was $18.5 million, down slightly compared to the prior year revenue of $19.2 million. As Joe mentioned, we will start talking about sales in terms of the US, international, and vet. Underlying all of these are both product and software, which are sold directly as well as through distributors and e-commerce.

謝謝你，喬。 2023 年第二季度的收入為 1,850 萬美元，較上年同期的 1,920 萬美元略有下降。正如喬提到的，我們將開始討論美國、國際和獸醫方面的銷售。所有這些的基礎都是產品和軟件，它們可以直接銷售，也可以通過分銷商和電子商務銷售。

Starting with the US, we realized $14.4 million in total sales, up 21% from prior year, driven by higher subscription revenue, higher average selling prices, and partially offset by lower probe sales. Total international declined 44% to $3.3 million.

從美國開始，我們實現了1,440 萬美元的總銷售額，比上年增長21%，這得益於較高的訂閱收入、較高的平均售價，但部分被較低的探針銷售額所抵消。國際總額下降 44% 至 330 萬美元。

In international, we're still working down initial stocking orders with distributors that occurred in prior year as we entered new markets. We also had the initial deployment of the Gates Grant in Africa in the prior year quarter, but in other revenue declined by $500,000 due to two large sales in vet that occurred in prior year.

在國際方面，我們仍在處理去年進入新市場時與分銷商簽訂的初始庫存訂單。去年同期，我們還在非洲初步部署了蓋茨補助金，但由於去年發生了兩次獸醫大額銷售，其他收入下降了 50 萬美元。

Breaking our revenue down between product and software, products revenue was $12.3 million, a decrease of 9% versus Q2 2022. This decrease was driven by lower volumes, spread across all segments, except for the US, where we had two large medical school deployments.

將我們的收入細分為產品和軟件，產品收入為1,230 萬美元，與2022 年第二季度相比下降了9%。這一下降是由於銷量下降所致，遍及所有細分市場（美國除外，我們在美國部署了兩所大型醫學院） 。

Software and services revenue was $6.2 million in the second quarter, growing by 7% over the prior year period. Software and services mix was 34% of revenue and increased by approximately 3.5 percentage points versus Q2 '22. 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.

第二季度軟件和服務收入為 620 萬美元，比去年同期增長 7%。軟件和服務組合佔收入的 34%，與 2022 年第二季度相比增加了約 3.5 個百分點。這一增長是由於產品安裝基數增加以及現有軟件用戶基礎上的訂閱軟件更新以及本季度完成的軟件實施所致。

As Joe mentioned, we will start talking about our annual recurring revenue, which is important as part of software and other services. Total ARR grew by 23%. This was led by an impressive increase of 58% in our enterprise software, which increased from 29% to 35% of our total ARR. Individual mobile software also grew by a respectable 7%.

正如喬提到的，我們將開始討論我們的年度經常性收入，這作為軟件和其他服務的一部分很重要。總 ARR 增長了 23%。這是由於我們的企業軟件顯著增長了 58%，占我們總 ARR 的比例從 29% 增加到了 35%。個人移動軟件也實現了 7% 的可觀增長。

Turning now to gross profit. Gross profit was $10.9 million in Q2 2023 compared to $10.6 million in the prior year period. Gross profit margin was 59% for the second quarter, which compares to 55% in Q2 '22. This increase was primarily due to a higher average selling price in addition to the product mix, reflecting a higher proportion of software and other services revenue.

現在轉向毛利潤。 2023 年第二季度的毛利潤為 1,090 萬美元，而去年同期為 1,060 萬美元。第二季度的毛利率為 59%，而 2022 年第二季度的毛利率為 55%。這一增長主要是由於產品組合之外的平均售價較高，反映出軟件和其他服務收入比例較高。

Also, contributing to the increased margin was higher manufacturing productivity and other efficiencies, offsetting these benefits with higher amortization, which reduced margin by 400 basis points. For the second quarter of 2023, adjusted EBITDA loss was $17 million compared with a loss of $37.1 million for the same period in '22. 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.

此外，製造生產率和其他效率的提高也促進了利潤率的提高，但攤銷額的增加抵消了這些收益，從而使利潤率降低了 400 個基點。 2023 年第二季度，調整後 EBITDA 虧損為 1700 萬美元，而 2022 年同期虧損為 3710 萬美元。調整後 EBITDA 損失的改善是由於毛利率的增加以及實施的成本削減，導致工資、諮詢和其他外部服務的減少。

Moving to our capital resources. As of June 30, cash and cash equivalents, including restricted cash, were $171 million. Our total use of cash in the second quarter was $27 million. If I exclude $3 million of expenses not expected to reoccur, our monthly use of cash was down to $8 million in the second quarter.

轉向我們的資本資源。截至 6 月 30 日，現金和現金等價物（包括限制性現金）為 1.71 億美元。第二季度我們的現金使用總額為 2700 萬美元。如果排除預計不會再次發生的 300 萬美元費用，第二季度我們每月的現金使用量將降至 800 萬美元。

Before turning to 2023 guidance, I wanted to provide a heads up that shortly after filing our 10-Q, we will be filing an S-3 with a $300 million shelf. We are now eligible to register a shelf and believe that it is simply good housekeeping to give us optionality and the ability to raise capital quickly should the need arise.

在轉向 2023 年指導之前，我想提醒大家，在提交 10-Q 後不久，我們將提交價值 3 億美元的 S-3。我們現在有資格註冊一個貨架，並相信這只是良好的內務管理，為我們提供了選擇權，並且在需要時能夠快速籌集資金。

Moving now to guidance. On the last call, we committed to providing an update, and I would like to touch on that now. As Joe discussed, he spent his first 100 days learning the business and evaluating our strategy. The result of this process is not a drastic change in what we needed to do, but more on how we get there. This process culminated in a more specific tactical road map and plan for reorganization that will allow us to further extend our cash and re-invest in our direct sales team.

現在轉向指導。在上次通話中，我們承諾提供更新，我現在想談談這一點。正如喬所討論的，他在頭 100 天裡學習了業務並評估了我們的戰略。這個過程的結果並不是我們需要做什麼的巨大改變，而是更多關於我們如何實現目標的改變。這一過程最終形成了更具體的戰術路線圖和重組計劃，這將使我們能夠進一步擴大現金並對我們的直銷團隊進行重新投資。

This exercise is expected to reduce our ongoing operating expense by an average of $2 million per month over about $60 million through the end of 2025. While a significant amount of work has been accomplished and we are excited about our ability to expand revenue with our new focused offerings, we are cognizant that our strategy and additional direct sales resources will take time to ramp.

預計到 2025 年底，這項工作將使我們的持續運營費用每月平均減少 200 萬美元，超過約 6000 萬美元。雖然已經完成了大量工作，但我們對能夠通過新的業務擴大收入感到興奮。專注於產品，我們認識到我們的戰略和額外的直銷資源需要時間來提升。

As such, I'm going to conservatively guide to revenue numbers that are based on our existing run rate, resources, and product offerings, assuming no large one-time deals occur for the remainder of the year. Based on these assumptions, we're expecting full-year 2023 revenue of at least $64 million, which is lower than the prior year revenue of $73 million by about 10%.

因此，假設今年剩餘時間內不會發生大型一次性交易，我將保守地指導基於我們現有運行率、資源和產品供應的收入數字。基於這些假設，我們預計 2023 年全年收入至少為 6400 萬美元，比上一年 7300 萬美元的收入低約 10%。

To put this in perspective, large initial orders primarily into international markets as well as some other one-offs that occurred in 2022 are expected to decline by about $10 million in '23 when compared to the prior year.

從這個角度來看，主要進入國際市場的大型初始訂單以及 2022 年發生的其他一些一次性訂單預計 23 年與上一年相比將減少約 1000 萬美元。

In addition, the market is expecting us to deliver a next-generation probe at some point in 2024. We believe this is contributing to a sort of Osborne effect where purchases may be delayed pending the launch of a new product. These factors, coupled with the disruption caused by the reorganizations and reduction in resources is really getting to this estimated decline.

此外，市場預計我們將在 2024 年的某個時候交付下一代探頭。我們認為這會導致某種奧斯本效應，即在新產品推出之前可能會推遲購買。這些因素，再加上重組和資源減少造成的破壞，確實導致了這一估計的下降。

That being said, over the past year, we have taken $170 million of annualized expenses out of the business. And as a result, we are able to provide an adjusted EBITDA guide for the full year of a loss of [$80 million] to $75 million, which is an improvement of approximately $10 million to $15 million versus our previous number.

話雖如此，在過去的一年裡，我們從業務中扣除了 1.7 億美元的年化費用。因此，我們能夠提供全年虧損 [8000 萬美元] 至 7500 萬美元的調整後 EBITDA 指南，這比我們之前的數字減少了約 1000 萬美元至 1500 萬美元。

To summarize, while our overall revenue was facing some headwinds, we're seeing strong underlying growth in the US and in enterprise software. There is upside to this plan. We're assuming no large deals in the second half, no impact from our investments in the direct sales force, Butterfly Garden, or Butterfly Academy.

總而言之，雖然我們的整體收入面臨一些阻力，但我們看到美國和企業軟件的潛在增長強勁。這個計劃有其好處。我們假設下半年不會發生大額交易，我們對直銷隊伍、蝴蝶園或蝴蝶學院的投資不會產生影響。

Even with these headwinds and conservative assumptions, we've maintained a solid cash position and have further extended our cash runway, allowing us to guide to an improved EBITDA loss. While going through this process has been very difficult, the outcome is that we have a company right-sized to accomplish these goals with a strong base of technological and organizational assets to build on and the people who are re-energized and excited about the future of Butterfly. With that, I will now turn the call back to Joe for closing remarks. Joe?

即使面臨這些不利因素和保守的假設，我們仍保持穩健的現金狀況，並進一步擴大了我們的現金跑道，使我們能夠改善 EBITDA 損失。雖然經歷這個過程非常困難，但結果是我們擁有一家規模合適的公司來實現這些目標，擁有強大的技術和組織資產基礎，以及重新充滿活力並對未來感到興奮的員工的蝴蝶。現在，我將把電話轉回給喬，讓他發表結束語。喬？

Thank you, Heather. We feel it's important to create a revenue baseline for the business without all the noise of large initial deals, then manage the expenses accordingly for sustainable top-line growth. As I mentioned earlier, we've leaned the business out while maintaining a robust R&D pipeline and increased sales and marketing focus and investment.

謝謝你，希瑟。我們認為，重要的是為業務創建一個收入基準，避免大型初始交易的所有噪音，然後相應地管理費用以實現可持續的營收增長。正如我之前提到的，我們在保持強勁的研發渠道並增加銷售和營銷重點和投資的同時，對業務進行了精簡。

We are mindful of our hardware sales in the face of a new platform launch and we're being cautious. Some cuts in the business through the year have hurt our top-line momentum. And I commit to you we will get it back. Butterfly has many levers for growth. Over the next several quarters, we will continue announcing initiatives that take advantage of Butterfly's unique capabilities and our desire to build new markets that only we can serve.

面對新平台的推出，我們非常關注硬件銷售情況，並且持謹慎態度。今年的一些業務削減損害了我們的營收勢頭。我向你保證我們會把它拿回來。蝴蝶有很多增長槓桿。在接下來的幾個季度中，我們將繼續宣布利用 Butterfly 獨特能力的舉措以及我們建立只有我們才能服務的新市場的願望。

You'll hear more about iQ3 AI applications and other capabilities that are novel. I'm intent on completely leveraging the technology investments that we've made and flexing the muscles of what Ultrasound-on-Chip can bring.

您將了解更多有關 iQ3 AI 應用程序和其他新穎功能的信息。我打算完全利用我們所做的技術投資，並展示片上超聲技術的潛力。

Frankly, piezo crystal base imaging will become increasingly irrelevant in handheld ultrasound in the future or at a minimum relegated to niche use cases. The physics of energy imaging and heat has been maximized in these analog handhelds.

坦率地說，基於壓電晶體的成像在未來的手持式超聲檢查中將變得越來越無關緊要，或者至少會被歸入利基用例。在這些模擬手持設備中，能量成像和熱量的物理特性得到了最大化。

Over the past several years, Butterfly has built the largest install base in the world for handheld point-of-care ultrasound, selling more than any of the biggest companies. But Ultrasound-on-Chip is still in its infancy. Moore's Law is on our side and that will be evident when you see what our next growth can do.

在過去的幾年裡，Butterfly 建立了世界上最大的手持式護理點超聲安裝基地，銷量超過任何一家最大的公司。但片上超聲仍處於起步階段。摩爾定律站在我們這邊，當您看到我們的下一次增長可以做什麼時，這一點就會顯而易見。

Butterfly started by disrupting handheld ultrasound. It introduced unprecedented capabilities to clinicians throughout the world. We made handheld ultrasound affordable, easy to use, and it helped patients everywhere receive care at the point of care. And I'll close by reminding you that POCUS is here to stay. Two-thirds of medical schools and growing have POCUS in their curriculum.

Butterfly 是從顛覆手持式超聲波開始的。它為世界各地的臨床醫生帶來了前所未有的能力。我們使手持式超聲檢查價格實惠、易於使用，並幫助世界各地的患者在護理點接受護理。最後我要提醒大家，POCUS 將會繼續存在。三分之二的醫學院（以及不斷增長的醫學院）的課程中都包含 POCUS。

42% of first year residency positions across all specialties in the United States have a requirement to learn POCUS. Meeting these program requirements is logistically impossible without handheld ultrasound and the software and services to get faculty up to speed.

在美國，42% 的所有專業第一年住院醫師職位都要求學習 POCUS。如果沒有手持式超聲波以及讓教師跟上進度的軟件和服務，從邏輯上講，滿足這些計劃要求是不可能的。

Our education offering is not only timely for the next generation adopters, but critical for the older generation that must keep up with new standards of care that result from this change in training. Butterfly is proving time and again, that we have the product, software and services to not only make the transformation feasible, but practical at an accelerated rate of adoption.

我們提供的教育服務不僅對下一代採用者來說是及時的，而且對老一代人來說也至關重要，他們必須跟上培訓變化帶來的新護理標準。 Butterfly 一次又一次地證明，我們擁有的產品、軟件和服務不僅可以使轉型變得可行，而且可以加快採用速度。

As I mentioned earlier, the next three quarters will be quite busy as we launch many new products and initiatives. We're reorganizing our sales and marketing strategy, shifting more of our spend towards commercial efforts, and we'll return to double digit organic growth into 2024. It's a very exciting time for the company. So thank you so much for the time today. And operator, please open it up for questions.

正如我之前提到的，未來三個季度將非常繁忙，因為我們將推出許多新產品和舉措。我們正在重組我們的銷售和營銷策略，將更多支出轉向商業努力，我們將在 2024 年恢復兩位數的有機增長。這對公司來說是一個非常激動人心的時刻。非常感謝您今天抽出時間。運營商，請打開它提問。

(Operator Instructions) Suraj Kalia, Oppenheimer & Co.

（操作員說明）Suraj Kalia，Oppenheimer & Co.

Good morning, Joe, Heather. Can you hear me all right?

早上好，喬，希瑟。你能聽到我說話嗎？

Yeah.

是的。

Yes, morning.

是的，早上。

Perfect. Hey, Joe, it's refreshing to hear a clear plan of attack here, especially given everything going on. Few comments caught my attention, Joe. I was wondering if you could give some additional color. So first and foremost, you mentioned in your prepared remarks perceived image gap that would be bridged by iQ3, can you help us understand how should we think about objectively measuring, this gap has been closed? And specifically on iQ3, how do you all think about the competitive landscape, whether it's market share, initial uptake, just some additional color there would be great.

完美的。嘿，喬，在這裡聽到清晰的攻擊計劃真是令人耳目一新，尤其是考慮到正在發生的一切。喬，很少有評論引起我的注意。我想知道你是否可以提供一些額外的顏色。首先，您在準備好的發言中提到了 iQ3 將彌補的感知圖像差距，您能否幫助我們理解我們應該如何考慮客觀地衡量這一差距已經縮小？特別是在 iQ3 上，你們如何看待競爭格局，無論是市場份額、最初的採用率，只要有一些額外的顏色就會很棒。

It's a great question and I appreciate it. It's funny because what you see is something that is of an individual preference. And so certain levels of imaging and clarity and presentation can be very subjective, and I actually was asking my myself that same question.

這是一個很好的問題，我很感激。這很有趣，因為你看到的東西是個人喜好的東西。因此，某些水平的成像、清晰度和演示可能是非常主觀的，我實際上也在問自己同樣的問題。

When you think about a digital camera, you think about if I told you something was 1 megapixel or I told you something was 3 megapixel or 7 megapixel or 10 megapixel, you would know that you don't have to see the image initially to know that it's going to be of greater clarity to simply you have greater pixel concentration, and that is the trend that you saw in digital cameras.

當您想到數碼相機時，您會想，如果我告訴您某個東西是1 兆像素，或者我告訴您某個東西是3 兆像素、7 兆像素或10 兆像素，您就會知道，您不必一開始就看到圖像就知道了只要你有更高的像素濃度，它就會變得更清晰，這就是你在數碼相機中看到的趨勢。

You initially have the 1 megapixel image and always people thought that the film image was so much clearer. But then as again Moore's Law perpetuated you saw that, that ability to bring on greater level of pixels, the ability to pack in the image and create that type of clarity, things would become more empirically evident to translate into what would be a perceived benefit.

最初擁有 1 兆像素的圖像，人們總是認為膠片圖像要清晰得多。但是，摩爾定律再次延續，你會看到，帶來更高水平的像素的能力，打包圖像並創建那種清晰度的能力，事情將變得更加經驗明顯，可以轉化為可感知的好處。

Same thing is happening in ultrasound, and we will be talking specifically in the next launch around those things that drive image quality. And one of the things that drives image quality is processor speed. And the faster you can process the image, the faster that you can get in and bounce that sound off the architecture, the better that image will be.

同樣的事情也發生在超聲波領域，我們將在下一次發布中專門討論那些提高圖像質量的因素。推動圖像質量的因素之一是處理器速度。處理圖像的速度越快，進入架構並從架構中反射聲音的速度就越快，圖像就會越好。

And then also the frequency and the ability to tune the frequency as well. So there are going to be numeric ways that over time people are going to see that these computational capabilities translate into imaging performance. But that said, we've looked at our iQ3 image. We have every other competitive device. We have experts.

然後還有頻率和調諧頻率的能力。因此，隨著時間的推移，人們將會看到這些計算能力轉化為成像性能的數字方式。但話雖如此，我們已經查看了 iQ3 圖像。我們擁有所有其他有競爭力的設備。我們有專家。

We have clinicians in our staff. And we have experts on consultation. And our team is excited with what they see. We've -- so from a subjective evaluation of side-by-side imaging, the iQ+ is a -- the iQ3 is a step function in greater clarity to iQ+, which is obviously with the 100,000 units out in the marketplace and growing is an incredibly acceptable technology.

我們的員工中有臨床醫生。並且我們有專家進行諮詢。我們的團隊對他們所看到的感到興奮。因此，從對並排成像的主觀評估來看，iQ3 是 iQ+ 清晰度更高的階躍函數，這顯然是隨著市場上的 100,000 台設備的推出而增長的一項令人難以置信的可接受的技術。

But as you evolve and you want to get into more use cases and more specificity, that processing power can help deliver it. And so it's a very linear or exponential thing in Moore's Law, where as your compute power increases and improves, it has the ability to transfer the sound and to compile the image in a manner that's clear and more pleasing to the eye. Does that help?

但隨著您的發展並且您想要進入更多的用例和更多的特殊性，處理能力可以幫助實現它。因此，在摩爾定律中，這是一個非常線性或指數的事情，隨著計算能力的增加和提高，它有能力以清晰且更賞心悅目的方式傳輸聲音並編譯圖像。這有幫助嗎？

I have other two questions, and I'll hop back in queue. So Joe, for you, your comments about embedding UOC in implantables caught my attention. I can think of a couple of examples. Just where does my -- but I'd love to understand you didn't throw that comment out there by chance, you all have thought through that and it would be a first-of-its-kind love for you to give, just an additional peek inside the tent of how you all are thinking about it, any initial applications?

我還有另外兩個問題，我會重新排隊。所以喬，對於你來說，你關於將 UOC 嵌入植入物的評論引起了我的注意。我可以想到幾個例子。我的——但我很想知道你提出這個評論並不是偶然的，你們都已經考慮過這一點，這將是你們給予的前所未有的愛，只是再看看帳篷裡的情況，看看你們是如何考慮的，有什麼初步的應用嗎？

And Heather, if I could, the 50% investment increase in the commercial activity, maybe just set the baseline for us. At least to the US, how many reps reproductivity, territory coverage, just if you could give us some guideposts would be great. Folks, thank you for taking my questions.

希瑟，如果可以的話，商業活動投資增加 50%，也許只是為我們設定了基準。至少對美國來說，有多少代表的繁殖力、領土覆蓋範圍，如果你能為我們提供一些指導就太好了。伙計們，謝謝你們回答我的問題。

Sure. So first of all, as far as when I look at our chip technology, again, we are the first company in the world to create a semiconductor wafer with a MEMS technology to deliver set. There's the Butterfly investors have invested a significant amount of capital in creating this technology. And this technology has the most sophisticated supply chain and the best chip manufacturer in the world behind it.

當然。首先，就我們的芯片技術而言，我們是世界上第一家利用 MEMS 技術製造半導體晶圓並交付產品的公司。 Butterfly 的投資者已經投入了大量資金來創造這項技術。而這項技術背後有全球最成熟的供應鍊和最好的芯片製造商。

And when I look at the cost to develop this technology and I look at the use of the technology, so we are using the technology specifically to translate sound for imaging inside the body, for the use to democratize care, and allow all caregivers to build it to everyday practice. The desire and need to be able to take this imaging capability exists across healthcare.

當我考慮開發這項技術的成本以及該技術的使用時，我們專門使用該技術來翻譯聲音以在體內成像，用於實現護理民主化，並允許所有護理人員建立並將其運用到日常練習中。整個醫療保健行業都渴望並需要能夠利用這種成像功能。

And it exists in endoscopic surgery. It exists in implantables. And instead of encapsulating this technology for ourselves alone, in areas where we don't have distribution channels, we're willing to partner with people who can leverage the technology for their benefit and then in turn, benefiting the Butterfly investors.

它存在於內窺鏡手術中。它存在於植入物中。在我們沒有分銷渠道的領域，我們不是單獨為自己封裝這項技術，而是願意與那些可以利用該技術為自己謀取利益的人合作，進而使蝴蝶投資者受益。

So we've ring-fenced the markets that we believe that we will be in individually, and we've allowed ourselves to talk with partners who we believe in a marketing perspective are non-competitive, but will benefit because the chip is very small and the chip can be embedded, it's the size of a fingernail. It can be embedded in technologies that if they wish to image and see and do things for different applications, I'm coming into this company looking at the investment that investors have made, and I want to leverage that investment.

因此，我們已經隔離了我們認為自己將單獨進入的市場，並且我們允許自己與我們認為從營銷角度來看不具有競爭性但會受益的合作夥伴進行交談，因為芯片非常小而且芯片可以嵌入，只有指甲蓋大小。它可以嵌入到技術中，如果他們希望為不同的應用程序成像、查看和執行操作，我將進入這家公司，查看投資者所做的投資，並且我想利用該投資。

And I want to find ways to create and increase the breadth of it because it's an incredible discovery by our founder, Dr. Rothberg. And it probably deserves to be in society beyond the marketing channels that we have. Now I'll turn it over to Heather, but we don't specifically talk about number of territories. But Heather can maybe answer the second part of the question.

我想找到方法來創造和擴大它的廣度，因為這是我們的創始人羅斯伯格博士的一個令人難以置信的發現。它可能應該出現在我們現有的營銷渠道之外的社會中。現在我將把它交給希瑟，但我們不會具體談論領土的數量。但希瑟也許可以回答問題的第二部分。

Yeah. Hi, Suraj. The way I would think about it is that in the latest reorganization, we've reduced expenses within R&D. But within sales and marketing, we've reallocated them, so we had some indirect spend within sales and marketing that we're now reallocating to direct sales people. And what you'll see is that at least initially, the sales and marketing number may go down a little bit, but it'll be restored as we add additional sales reps to that. And obviously, we believe that that will help accelerate our top-line revenue number.

是的。嗨，蘇拉吉。我的想法是，在最近的重組中，我們減少了研發費用。但在銷售和營銷方面，我們已經重新分配了它們，因此我們在銷售和營銷方面有一些間接支出，現在我們將其重新分配給直銷人員。您將看到的是，至少在最初，銷售和營銷數字可能會略有下降，但隨著我們添加額外的銷售代表，該數字將會恢復。顯然，我們相信這將有助於加速我們的營收增長。

Yes, Suraj, if you look at from August of last year to this year, Butterfly management has taken out $170 million cost of run rate costs. And when you do that, it's sometimes not perfect. And yeah, I believe in the beginning of '23, there were some sales and marketing costs that were taken out that impacted our momentum. It's indisputable. And so we've needed to recover that, that spend and then also come up with a very focused strategy.

是的，Suraj，如果你看看從去年 8 月到今年，Butterfly 管理層已經扣除了 1.7 億美元的運行成本。當你這樣做時，有時並不完美。是的，我相信在 23 年初，一些銷售和營銷成本被取消，影響了我們的勢頭。這是無可爭議的。因此，我們需要收回這筆支出，然後製定一個非常有針對性的戰略。

Ultrasound is complex in that, it can be used there everywhere. I can go through every clinical specialty MSK, women's health, cardiac, pulmonary, you know, any type of liver, gallbladder, and you can't fund the study and every organ you can't say you do everything because when you do everything, you do nothing even though you can.

超聲波很複雜，但它可以在任何地方使用。我可以檢查MSK 斯隆的每一個臨床專科，女性健康，心臟，肺，你知道，任何類型的肝臟，膽囊，你不能資助這項研究和每一個器官，你不能說你做了所有的事情，因為當你做了所有的事情時，即使你可以做，你也什麼也不做。

And so we've focused our investments where we know we can win or we know we're better than the competition in use cases. And we're going to drive a truck through it. And then, of course, all the other applications are going to get pulled along with it. But being in robotic surgery, early late 90s, there was one focus on robotic surgery, and that was on urology. Could the robot be used everywhere?

因此，我們將投資集中在我們知道我們可以獲勝或者我們知道我們在用例方面比競爭對手更好的地方。我們將駕駛一輛卡車穿過它。當然，所有其他應用程序也會隨之被拉動。但在 20 世紀 90 年代初末期，機器人手術領域的一個焦點是機器人手術，那就是泌尿外科。機器人可以隨處使用嗎？

Yes, but it was until there was a five-year prospective randomized trial in prostate that showed that robotic surgery was actually better than laparoscopic surgery and standard surgery that all of a sudden tip the scales and then everything went.

是的，但直到一項為期五年的前列腺前瞻性隨機試驗表明機器人手術實際上比腹腔鏡手術和標準手術更好，突然之間天平發生了傾斜，然後一切都順利了。

If that weren't done at that time, they didn't focus on that one use case then that adoption wouldn't have occurred. And so there's, I mentioned on my last call how excited I was to join the team because when I see everything that R&D's worked on and I see all the things that they've created, there's so much now to bring to market. It's just the focus was necessary.

如果當時沒有這樣做，他們就沒有專注於那個用例，那麼就不會發生這種採用。所以，我在上次電話中提到，加入這個團隊讓我感到多麼興奮，因為當我看到研發部門所做的一切以及他們創造的所有東西時，現在有很多東西可以推向市場。只是重點是必要的。

Thank you.

謝謝。

Neil Chatterji, B. Riley.

尼爾·查特吉，B·萊利。

Hi, good morning. Thank you for taking our questions. Maybe just on the new guidance, two questions here. One, could you just maybe elaborate on the large initial international deals and other one-time orders from '22, and how pursuing those types of deals might differ in the back half and beyond?

早上好。感謝您接受我們的提問。也許只是關於新的指導，這裡有兩個問題。第一，您能否詳細說明一下 22 年以來的大型初始國際交易和其他一次性訂單，以及在下半年及以後追求這些類型的交易可能有何不同？

And then secondly, could you just maybe talk about the dynamic of customers waiting for the next-gen iQ3 launch next year versus ways to maybe incentivize them to continue to purchase iQ+ and make it easy to upgrade?

其次，您能否談談客戶等待明年推出下一代 iQ3 的動態以及激勵他們繼續購買 iQ+ 並使其易於升級的方法？

Heather, you take the first, I'll take the second.

希瑟，你拿第一個，我拿第二個。

Okay, sounds good. So when you look at, last year we had a pretty big push into international markets through distributors and they occurred throughout 2022. And they had their initial stocking orders and what we're seeing is that they're continuing to sell through those initial stocking orders. And we haven't had those same large initial orders repeated in 2023.

好的聽起來不錯。所以當你看時，去年我們通過分銷商大力推進國際市場，這些活動發生在 2022 年。他們收到了最初的庫存訂單，我們看到的是他們繼續通過這些最初的庫存進行銷售命令。 2023 年我們還沒有再收到同樣大的初始訂單。

So we would expect to the extent that we stay in those markets that we would see that pick up at the point in time in which they sell through. And the part about '23, I'm not quite sure I understood your question about the end of '23.

因此，我們預計，只要我們留在這些市場，我們就會看到這些市場在它們賣出的時間點回升。關於“23”的部分，我不太確定我是否理解你關於“23”結束的問題。

Well, I think I could take that second part. So what we wanted to do is to provide guidance of where we saw the business run rate was today. Now don't get us wrong. We love large deals and we want to close large deals. But also we didn't want to guide to something that we didn't have control over the timing. There are some things that we're working on. And we actually even just mentioned a large Global Health win, which will be another large deal, which we love. It's just the predictability of them.

嗯，我想我可以參加第二部分。因此，我們想要做的是提供有關我們今天看到的業務運行率的指導。現在請不要誤會我們的意思。我們喜歡大額交易，並且希望完成大額交易。但我們也不想引導一些我們無法控制時間的事情。我們正在研究一些事情。實際上，我們甚至剛剛提到了全球健康領域的重大勝利，這將是另一項重大交易，我們對此很喜歡。這只是他們的可預見性。

And then when you have them in your run rate, they are hard to anniversary because it's not a consistent deployment of large deals. So what we wanted to do is just present to you, hey, here's where we're going to come in if things just go as it is and we don't close the next large deal. And then truthfully, as I have greater comfort with the business as I have more of a track record and I can see more of the pulse.

然後，當您將它們納入運行率時，它們很難週年紀念，因為這不是大型交易的一致部署。所以我們想做的就是向您展示，嘿，如果事情按現狀進行並且我們沒有完成下一筆大交易，我們就會介入。說實話，我對業務更加放心，因為我有更多的記錄，我可以看到更多的脈搏。

I've only been here 100 days and so I haven't had enough time to see the length of our sales cycle and to understand how to trust the metrics to predict to the future. And so I wanted to create just a baseline, just to be conservative. But yes, we're going to be hunting a lot of things.

我只在這里呆了 100 天，所以我沒有足夠的時間來了解我們的銷售週期的長度以及了解如何信任預測未來的指標。所以我只想創建一個基線，只是為了保守一點。但是，是的，我們會尋找很多東西。

And I actually think there's an opportunity to build a large fund with enterprise strategy, but it's not mature enough or it's not enough time for me to be able with credibility to tell you what will happen when. So I hope that's helpful. And I'm happy to try to continue to elaborate if I didn't really answer your question.

我實際上認為有機會建立一個具有企業戰略的大型基金，但它還不夠成熟，或者我沒有足夠的時間能夠可信地告訴你什麼時候會發生什麼。所以我希望這有幫助。如果我沒有真正回答你的問題，我很樂意繼續詳細說明。

Sure. I mean, maybe just on that second part of that question, just in terms of the iQ3 actually launch next year and if customers are waiting, I think you also in the prepared remarks talked about ways to make that -- the upgrade easier and still be able to purchase iQ+ now. So maybe just elaborate on that.

當然。我的意思是，也許就這個問題的第二部分而言，就明年iQ3 實際推出而言，如果客戶正在等待，我想您也在準備好的評論中談到了實現這一點的方法- 升級更容易，而且仍然現在就可以購買 iQ+。所以也許只是詳細說明一下。

Yeah, sure. So usually our fourth quarter sales are pretty robust. And so -- but as we got closer to iQ3, there is risk that people may hold off. And so we're planning for that. But we're also communicating to our team that there will be a clear upgrade path. So if someone has purchased something for a particular value that value can be placed towards the cost of iQ3, and then we'll work to make it really simple for users to upgrade.

好，當然。所以通常我們第四季度的銷售相當強勁。所以，當我們越來越接近 iQ3 時，人們可能會推遲。所以我們正在為此做計劃。但我們也與我們的團隊溝通，將會有一條明確的升級路徑。因此，如果有人以特定價值購買了某些東西，則該價值可以計入 iQ3 的成本，然後我們將努力使用戶升級變得非常簡單。

So -- and there won't be out of pocket any additional dollars. It's just a normal thing that capital equipment companies go through when they're getting close to those launches. So we just want to address it head-on and not react, but actually plan. And I think that's what we're doing.

所以——而且不會有任何額外的美元自掏腰包。這只是資本設備公司在臨近發佈時經歷的正常現象。所以我們只想正面解決這個問題，而不是做出反應，而是實際計劃。我認為這就是我們正在做的事情。

Great. Maybe just one quick follow-up here in terms of getting back to basics here and in terms of commercial strategy and execution, kind of curious what that means for a few things. So one on the e-commerce strategy, the enterprise software strategy, and then lastly, I don't think we touched on as much today, but just kind of the Butterfly iQ in the home or self-scanning or how does iQ3 maybe change that or is there other things in the pipeline? Thanks.

偉大的。也許只是在回到基礎知識以及商業戰略和執行方面進行快速跟進，有點好奇這對一些事情意味著什麼。因此，關於電子商務戰略、企業軟件戰略，最後，我認為我們今天沒有觸及太多內容，而只是家庭中的 Butterfly iQ 或自我掃描，或者 iQ3 可能會如何變化還是還有其他事情正在醞釀中？謝謝。

There's a lot of things in the pipeline. I'm a big fan of our e-commerce strategy. It's been able to help us build a brand very quickly. You know who we're competing against. And so there's no misunderstanding in the marketplace who these companies are. And so e-com has allowed Butterfly to go big and go fast and has allowed us to communicate and continue to communicate relationships with our customers. And we're going to continue that.

有很多事情正在醞釀之中。我非常喜歡我們的電子商務戰略。它能夠幫助我們非常快速地建立一個品牌。你知道我們在和誰競爭。因此，市場上不會對這些公司產生誤解。因此，電子商務讓 Butterfly 變得更大、更快，也讓我們能夠與客戶溝通並繼續溝通關係。我們將繼續這樣做。

I think our messaging by having more to offer and more products to offer is going to make the overall effect of e-commerce more pulp. You can only sell the same things for so long over and message it over and over. So as you come up with new value propositions, that channel and that ability to connect directly to the customer is very powerful.

我認為我們通過提供更多產品和提供更多產品來傳遞信息將使電子商務的整體效果更加紙漿。你只能在很長一段時間內銷售相同的東西，並一遍又一遍地發送消息。因此，當您提出新的價值主張時，該渠道以及直接與客戶聯繫的能力非常強大。

Regarding enterprise software, enterprise software is a winner. The team did a great job in the pivot and the product is excellent. And we're selling each account, $100,000, $200,000 an account. So to get to 7.7 million, there's a lot. And actually each one of those accounts as they add, the department grows in their overall revenue. So we're increasing our accounts. And then as they're having success with the software, they're adding more and more departments and then that price is going up higher.

就企業軟件而言，企業軟件是贏家。該團隊在關鍵方面做得很好，產品也很出色。我們正在出售每個帳戶，每個帳戶 100,000 美元，200,000 美元。因此，要達到 770 萬，還有很多工作要做。事實上，隨著每一個賬戶的增加，該部門的整體收入都會增長。所以我們正在增加我們的賬戶。然後，隨著他們在軟件方面取得成功，他們增加了越來越多的部門，然後價格就會上漲。

So -- and if you look at the ARR chart, it's not lumpy and it's a very good upward sloping straight chart because we're booking revenue in period not at one time. So our enterprise sales as our software gets more and more adopted, we're going to now focus on linking our software with our hardware and other services and continue to sell bigger and bigger deals.

所以，如果你看一下 ARR 圖表，它並不崎嶇不平，而且是一個非常好的向上傾斜的直線圖表，因為我們是在一段時間內而非一次記錄收入。因此，隨著我們的軟件被越來越多的採用，我們的企業銷售現在將專注於將我們的軟件與我們的硬件和其他服務聯繫起來，並繼續銷售越來越大的交易。

I think we've gotten past the credibility mark of hey, is the software really creating value? Now we're going to be wrapping it with hopefully larger deals in health systems. And that's where we're certainly encouraging our team.

我認為我們已經超越了“嘿，軟件真的創造價值嗎？”的可信度標記。現在我們將通過衛生系統方面希望達成的更大交易來解決這個問題。這就是我們鼓勵我們團隊的地方。

So regarding iQ3, iQ3 is next-generation. I think it's going to be water rises and so do all the chips and all the products will benefit from a product that can do it all. And I think not only it could do it all, but it can do some things that nothing else has been done before in ultrasound, you know, a kind of a [doctor's spot], press the button and scanning in the body is pretty amazing.

所以對於iQ3來說，iQ3是下一代。我認為水位將會上漲，所有芯片和所有產品都將受益於一個可以做到這一切的產品。我認為它不僅可以做到這一切，而且可以做一些以前在超聲波中沒有做過的事情，你知道，一種[醫生的位置]，按下按鈕，在體內進行掃描是相當驚人的。

And I look forward to starting to show the images to thought leaders and the market as we get closer to launch. Because ultrasound is so hard, you have to be able to have that flashlight in the cave to find exactly what you want to get. And then you have to know what it is that you found.

我期待著在我們臨近發佈時開始向思想領袖和市場展示這些圖像。因為超聲波太難了，所以你必須能夠在洞穴中使用手電筒才能準確地找到你想要得到的東西。然後你必須知道你發現了什麼。

And so the challenge here is we're bringing it to people who haven't been classically trained in ultrasound. And healthcare professionals who were at the point of care in the field, in the ambulance, and so we need to make it easier for them to at a minimum, be able to acquire that image because with our teleguidance capability, we can move that image to a remote caregiver who immediately can diagnose.

因此，這裡的挑戰是我們要把它帶給那些沒有接受過超聲波傳統培訓的人。在現場、救護車上進行護理的醫療保健專業人員，因此我們至少需要讓他們更容易地獲取該圖像，因為藉助我們的遠程指導功能，我們可以移動該圖像發送給可以立即診斷的遠程護理人員。

And so when we talk about getting into the home if we can have an auto capture capability where there's not this urge of having to search for the anatomy. But if it's easy for a patient in the home to just place a device on wherever it is, their abdomen or chest, et cetera, press a button, have a scan, and then that scan sent to a third party who can -- or a remote physician who can immediately whether it's immediate or whether it's an ongoing type of management, then that really changes the game and changes the model.

因此，當我們談論進入家中時，如果我們能夠擁有自動捕捉功能，那麼就不會出現必須搜索解剖結構的衝動。但是，如果家中的患者可以輕鬆地將設備放在腹部或胸部等任何地方，按下按鈕進行掃描，然後將掃描結果發送給第三方，第三方可以——或者遠程醫生可以立即了解是否是即時管理或持續類型的管理，然後這真正改變了遊戲規則並改變了模型。

And that's why we're a software enabled technology company because we have this great technology. But software is what extracts the additional value out of that, just like we talked about in vet. I mean, normally, it's up to 10 centimeters of depth that you're scanning in a human body, but to get to 30 centimeters, that's a whole different game.

這就是為什麼我們是一家軟件支持的技術公司，因為我們擁有這項偉大的技術。但軟件可以從中提取附加價值，就像我們在《獸醫》中談到的那樣。我的意思是，通常情況下，您在人體中掃描的深度可達 10 厘米，但要達到 30 厘米，那就是完全不同的遊戲了。

And so our software tunes it and sends different energy into the probe and creates that type of image. So we are going to get into the home. We are going to get into skilled nursing facilities, nursing homes. We are going to get into the battlefield. We are going to get into places where the injury or the patient is, and not just have to come into a hospital and then have a card and then go through a time laden process.

因此我們的軟件對其進行調整併將不同的能量發送到探頭中並創建該類型的圖像。所以我們要進屋了。我們將進入熟練的護理機構、療養院。我們即將進入戰場。我們將進入受傷或病人所在的地方，而不僅僅是進入醫院，然後拿到一張卡，然後經歷一個耗時的過程。

Every single health system is looking for ways to reduce re-admissions, so looking for ways to manage chronic care patients in the home. And remote patient monitoring is a massive business that's fully reimbursed and has been growing and will continue to grow because it works and it allows patients to be managed in lower cost care settings.

每個衛生系統都在尋找減少再次入院的方法，因此也在尋找在家中管理慢性病患者的方法。遠程患者監護是一項可全額報銷的龐大業務，並且一直在增長並將繼續增長，因為它有效並且允許在成本較低的護理環境中對患者進行管理。

And so as we go with our iQ3 and with this new type of easily to scan technology, that's also going to transfer and translate into our wearables. And as our wearables come in then people can place devices and do the same. So this is a part of a multi-pronged strategy. Butterfly has been investing in technology for years.

因此，當我們使用 iQ3 和這種新型易於掃描的技術時，這也將轉移並轉化為我們的可穿戴設備。隨著我們的可穿戴設備的出現，人們可以放置設備並做同樣的事情。因此，這是多管齊下戰略的一部分。 Butterfly 多年來一直致力於技術投資。

And as I mentioned on my first call, just so giddy, when I sat with the team and saw what they created and I'm very excited about the focus strategy now. We played in their game. We've come into this market, which is a mature ultrasound market, competing against big companies who have wraparound GPO contracts, who have ways to bundle in, leverage in price and do all these different things. And so to get into the hospital setting alone as a little company, we have to do things differently and better.

正如我在第一次電話中提到的，當我和團隊坐在一起看到他們創造的東西時，我感到非常興奮，我對現在的焦點策略感到非常興奮。我們參加了他們的比賽。我們已經進入這個市場，這是一個成熟的超聲市場，與擁有全面 GPO 合同的大公司競爭，這些公司有辦法捆綁、利用價格並做所有這些不同的事情。因此，要作為一家小公司單獨進入醫院環境，我們必須以不同的方式、更好地做事。

And we've proved that we can get into a mature market and we can win. Now we're going to continue to win in that mature market, but we're going to build a market, especially as we just mentioned in the home with remote patient monitoring and wearables and self-scanning that they can't do it because crystals can't do this.

我們已經證明我們可以進入成熟的市場並且我們可以獲勝。現在我們將繼續在這個成熟的市場中獲勝，但我們將建立一個市場，特別是正如我們剛剛在家庭中提到的遠程病人監護、可穿戴設備和自我掃描，他們無法做到這一點，因為水晶做不到這一點。

Only the type of technology we have does. So we're re-orienting ourselves for focusing on our technology. We're going to win in this mature market, and then we're going to build a point of care. And then as we do that, we're going to build new markets that only we can serve.

只有我們擁有的技術類型可以做到這一點。因此，我們正在重新定位自己，專注於我們的技術。我們將在這個成熟的市場中獲勝，然後我們將建立一個護理點。然後，當我們這樣做時，我們將建立只有我們才能服務的新市場。

Great. I appreciate that color. That's it for me. Thanks.

偉大的。我很欣賞那種顏色。對我來說就是這樣。謝謝。

Thank you. Joe and Heather, are you happy to take more questions?

謝謝。喬和希瑟，你們願意回答更多問題嗎？

Sure.

當然。

Yes, please.

是的，請。

Can do this all day.

可以一整天都這樣做。

Josh Jennings, TD Cowen.

喬什·詹寧斯，TD·考恩。

Hi, good morning. Joe and Heather, wanted to just start off on the Butterfly iQ3, just to make sure we're clear on where that development program stands. No, I didn't -- it seemed to catch for my understanding from this call is that you already crossed the threshold where this imaging quality improvement is in hand or is other still -- what are the development steps left and are there any regulatory hurdles that need to be cleared?

早上好。 Joe 和 Heather 想從 Butterfly iQ3 開始，只是為了確保我們清楚該開發計劃的進展情況。不，我沒有——我從這次電話會議中了解到，你們已經跨過了成像質量改進的門檻，或者仍然是其他的——剩下的開發步驟是什麼，是否有任何監管需要清除的障礙？

And I guess the reason I'm asking is just with this Osborne effect that you guys are calling out for the second half of '23 and then the launch of iQ3 in 24, do you think could that Osborne effect last into '24 as we think about updating our models and our year estimates or is this an early 2024 launch?

我想我問的原因就是你們在 23 年下半年呼籲的奧斯本效應，然後在 24 年推出 iQ3，你們認為奧斯本效應會持續到 24 年嗎？考慮更新我們的模型和年份預測，還是2024 年初發布？

So the launch date will be determined by regulatory clearance. Everything is done.

因此，推出日期將由監管機構批准確定。一切都完成了。

Excellent. So is that submission on the time?

出色的。那麼提交是否及時？

It's -- the submission will be placed shortly. Within the quarter, the submission will be placed.

提交內容很快就會提交。該季度內將提交提交內容。

That's outstanding. And then how early can you start showcasing the iQ3 and the improvements to key opinion leaders and/or your customer base? Are you able to market this in front of approval?

這是非常出色的。那麼您多久可以開始向關鍵意見領袖和/或您的客戶群展示 iQ3 和改進？您能在獲得批准之前將其推向市場嗎？

No, we don't market in front of regulatory approval. What we do is we have thought leaders that we have NDAs with. We do have, let's call them demo iQ3 probes that we can do, IRB protocols with under appropriate FDA guidance. So we are compliant with FDA rules. So we're -- yes, we are actively in front of thought leaders.

不，我們不會在監管部門批准之前進行營銷。我們所做的是與思想領袖簽訂保密協議。我們確實有，讓我們稱之為演示 iQ3 探針，我們可以在適當的 FDA 指導下使用 IRB 協議。所以我們遵守 FDA 的規定。所以我們——是的，我們積極地站在思想領袖的面前。

We're working through our internal -- we have a robust internal clinical team, and we will make sure that prior to launch, those thought leaders are helping us understand the message and the capabilities of the product, so yes.

我們正在通過我們的內部工作——我們擁有一支強大的內部臨床團隊，我們將確保在發布之前，那些思想領袖正在幫助我們理解產品的信息和功能，所以是的。

Excellent. It's great to hear. And one of the reason I asked, I think I believe from our consultants, feedback on the iQ+ and the potential for image quality improvement may not have just cleared that expectation hurdle, but it sounds like iQ3, you've already cleared that hurdle that closing of the perceived imaging gap has been accomplished and now it's just a matter of getting regulatory approval and launching, just to be 100% clear.

出色的。很高興聽到。我問這個問題的原因之一，我認為我相信我們的顧問對 iQ+ 的反饋以及圖像質量改進的潛力可能並沒有剛剛清除了這一期望障礙，但聽起來像 iQ3，您已經清除了這一障礙感知成像差距的縮小已經完成，現在只需獲得監管部門的批准並啟動即可，只是為了100% 明確。

That's what we believe and that's what our interpretation of the improvement of imaging. Again, our process processor speed has doubled. Our frequency has increased. All of the metrics that you have to pump through a semiconductor chip have improved and in a level that is consistent with image and that's not stopping.

這就是我們的信念，也是我們對成像改進的解釋。我們的處理器速度再次提高了一倍。我們的頻率增加了。您必須通過半導體芯片泵送的所有指標都已得到改善，並且達到與圖像一致的水平，而且這種情況不會停止。

We have the next generation technology beyond our p4.3 chip already out in development. And what's great in the way that iQ3 is designed is we can continue to enhance the software and release new software capabilities to the existing product dynamically. So that's one thing that we're going to even continue because we're not stopping here. We're going to grab our surfboard and ride the Moore's Law wave.

我們已經在開發 p4.3 芯片之外的下一代技術。 iQ3 設計方式的偉大之處在於我們可以繼續增強軟件並動態地向現有產品發布新的軟件功能。因此，這是我們將繼續進行的一件事，因為我們不會就此止步。我們將拿起衝浪板，乘上摩爾定律的浪潮。

We're continuing to test the boundaries of the technology that we have. But then also we're continuing with the next-generation chip technology. And we'll be able to insert that next generation chip technology right into this hardware platform. We won't have to at least until we come up with -- well, we do have a next generation, you know, the next generation really cool thing behind this that I'll talk about hopefully, in early of '24, mid-24 as it's a '25 release.

我們正在繼續測試我們所擁有的技術的邊界。但我們也在繼續開發下一代芯片技術。我們將能夠將下一代芯片技術直接插入到這個硬件平台中。至少在我們想出——好吧，我們確實有下一代，你知道，下一代是非常酷的事情，我希望能在 24 年初中旬談論這一點之前，我們不需要這樣做。 -24，因為它是'25 版本。

But we're going to be able to continue to improve our chip. We're going to be able to continue to improve our software. And we can insert it into a current hardware form factor and increase our power, increase our capability to image. And this is just the journey. It's you know, we're going to go from 1 meg to 3 meg to 5 meg to 7 meg to 20 meg imaging. And we're going to lap film and we're going to do in handheld the piezo crystals with what happens to the film industry. So that's what we believe.

但我們將能夠繼續改進我們的芯片。我們將能夠繼續改進我們的軟件。我們可以將其插入到當前的硬件外形中並增強我們的能力，增強我們的成像能力。這只是旅程。你知道，我們將從 1 兆兆到 3 兆兆到 5 兆兆到 7 兆兆到 20 兆兆成像。我們將拍攝膠片，並在手持式壓電晶體中進行電影工業中發生的事情。這就是我們所相信的。

That's outstanding. Thanks for those details. And then just how should we be thinking about the potential of iQ3 launch next year to enhance or pull forward the replacement cycle, just thinking about adopters in '19, '20, '21, even '22 and their drive to -- I think it's pretty clear that this should enhance the replacement cycle or pull it forward. But any just high-level thoughts for '24 and '25 about the replacement cycle contributions to revenue growth?

這是非常出色的。謝謝你提供這些細節。然後，我們應該如何考慮明年推出 iQ3 的潛力，以增強或推動更換週期，只需考慮 19 年、20 年、21 年、甚至 22 年的採用者以及他們的動力 - 我認為很明顯，這應該會增強更換週期或將其提前。但是，關於 24 世紀和 25 世紀更換週期對收入增長的貢獻，有什麼高層次的想法嗎？

Honestly, we haven't modeled that out. I can't honestly give you a specific answer. Obviously, when new technology comes out with greater capabilities, I think for us, the current iQ+ users are using iQ+ very happily. The people who are not using iQ+ because of whatever specific additional reason they have are going to be, in my view, more enticed or satiated now to be able to get into iQ3.

老實說，我們還沒有對此進行建模。老實說我無法給你一個具體的答案。顯然，當新技術出現並具有更強大的功能時，我認為對我們來說，當前的 iQ+ 用戶正在非常高興地使用 iQ+。在我看來，那些因為任何特定的額外原因而不使用 iQ+ 的人現在會更願意或更滿足於能夠進入 iQ3。

So I'm hoping I'm sure there'll be some upgrades as there's a cool factor, but it's not like those who are using it today aren't getting value. They're certainly getting value. But the increased capabilities and increased imaging capabilities are certainly going to meet the needs of certain markets that we haven't participated. So I think the base just widens.

所以我希望我確信會有一些升級，因為有一個很酷的因素，但這並不是說那些今天使用它的人沒有獲得價值。他們肯定正在獲得價值。但增強的功能和增強的成像能力肯定會滿足我們尚未參與的某些市場的需求。所以我認為基礎只會擴大。

And then as I mentioned in my prepared remarks, as hospitals start looking at standardization, if they can get out of the bundled agreements that the big companies put the golden handcuffs on them, we have the ability to standardize because we need all the use cases we believe now. And so that's our thought, and that's our point of view.

然後，正如我在準備好的發言中提到的，隨著醫院開始考慮標準化，如果他們能夠擺脫大公司給他們戴上金手銬的捆綁協議，我們就有能力標準化，因為我們需要所有用例我們現在相信。這就是我們的想法，這就是我們的觀點。

Great. Thanks so much for answering the questions.

偉大的。非常感謝您回答問題。

No problem.

沒問題。

Thanks, Josh.

謝謝，喬什。

Danielle Antalffy, UBS.

丹妮爾·安塔菲，瑞銀集團。

Hey, good morning, guys. Thanks so much for taking the question. Joe, you touched on this a little bit with Josh's question, but just any color you can give on the go-to-market strategy for the iQ3, is it something you'll go to your existing customer base with first? Is it something that you're going to try to win new accounts with? And also on the pricing side of things if you guys have ironed that out and that's all for me. Thanks.

嘿，早上好，伙計們。非常感謝您提出問題。喬，你在喬什的問題中稍微提到了這一點，但是你可以對 iQ3 的上市策略給出任何顏色，你會首先向現有的客戶群介紹它嗎？您會嘗試用它來贏得新客戶嗎？還有定價方面的問題，如果你們已經解決了這個問題，那就對我來說就是了。謝謝。

Thank you for the question. We're going to go out to everybody, and we're going to go into hospitals. We're going to go everywhere. There's -- we're not going to keep this in our back pocket and just show it to one or two people. It will be in our e-com channel through our US channel. And then following US plans, we'll be filing for our international clearances in sequence. So now that we're intent on this being, you know, not a specialized product, but a broad based product. And what was the last thing that you mentioned, what was the last question? You said --

感謝你的提問。我們將前往每個人身邊，我們將前往醫院。我們要去各處。我們不會把它放在後兜里，只給一兩個人看。它將通過我們的美國渠道出現在我們的電子商務渠道中。然後按照美國的計劃，我們將按順序申請國際許可。所以現在我們的目標不是一個專門的產品，而是一個基礎廣泛的產品。你提到的最後一件事是什麼，最後一個問題是什麼？你說 -

Just on pricing. I know you guys (multiple speakers) yeah, just on price if this is something -- yeah.

只是在定價上。我知道你們（多個發言者）是的，只是價格，如果這是的話 - 是的。

We haven't finalized. We have a little bit of time. We have a bunch of thoughts on pricing, but we do think the price has the possibility of being higher than the current, but I don't want to peg it at a particular price, but it'll certainly be higher. And that also plays into a segmentation strategy.

我們還沒有最終確定。我們還有一點時間。我們對定價有很多想法，但我們確實認為價格有可能高於當前價格，但我不想將其固定在特定價格上，但肯定會更高。這也影響到細分策略。

Okay.

好的。

Because we'll have now two probes on the market. And we'll have a lower price probe and a higher price probe.

因為我們現在市場上有兩種探頭。我們將有一個較低價格的探針和一個較高價格的探針。

Thank you so much.

太感謝了。

Thank you. This concludes our Q&A session. So I'll hand back over to Joe for any closing remarks.

謝謝。我們的問答環節到此結束。因此，我將把結束語交給喬。

So I just want to thank all the Butterfly employees for their loyalty over the last year. And we have a lot of people who are even no longer with us. And there are some people and we are going to return ourselves to really nice growth. We're going to please our investors. We're going to continue to be a great place to work, continue to be a way where we're solving problems for healthcare, helping patients. This is, you know, we are still in our infancy, and I'm just very excited about the next 12 months. So I really appreciate your time and look forward to giving you the next update.

所以我只想感謝所有蝴蝶員工在過去一年裡的忠誠。我們有很多人甚至不再和我們在一起了。有些人和我們將恢復真正良好的增長。我們將取悅我們的投資者。我們將繼續成為一個優秀的工作場所，繼續成為解決醫療保健問題、幫助患者的一種方式。你知道，我們仍處於起步階段，我對接下來的 12 個月感到非常興奮。因此，我非常感謝您的寶貴時間，並期待為您提供下一次更新。

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

謝謝。女士們、先生們，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。