Butterfly Network Inc (BFLY) 2023 Q4 法說會逐字稿

Good afternoon, and thank you for attending today's butterfly networks Q4 and fiscal year 2023 earnings call.

下午好，感謝您參加今天的蝴蝶網路第四季和 2023 財年財報電話會議。

All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end.

在通話的演示部分，所有線路將被靜音，最後有機會提問和回答。

(Operator Instructions) I would now like to hand the call over to Heather Getz with butterfly network.

（操作員說明）我現在想將通話轉交給蝴蝶網路的 Heather Getz。

You may proceed.

您可以繼續。

Good afternoon, everyone, and thank you for joining us today for earlier today, butterfly released financial results for the fourth quarter ended December 31st, 2023, and provided a business update the release and earnings presentation, which included reconciliations 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 dot butterfly network.com. I'm Heather Getz, Chief Financial and Operations Officer of butterfly.

大家下午好，感謝您今天早些時候加入我們，butterfly 發布了截至 2023 年 12 月 31 日的第四季度財務業績，並提供了發布和收益演示的業務更新，其中包括管理層使用非與最適用的GAAP 衡量標準相比的GAAP 財務衡量標準目前可在公司網站ir dot Butterfly Network.com 的投資者部分查看。我是 Heather Getz，butterfly 的財務和營運長。

Alongside Joseph.

和約瑟夫一起。

The Vito butterflies Chairman and Chief Executive Officer, will host this afternoon's call.

維托蝴蝶董事長兼執行長將主持今天下午的電話會議。

During today's call, we will be making certain forward looking statements.

在今天的電話會議中，我們將做出某些前瞻性聲明。

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 and the size and potential growth of our current or future markets for our products and services.

除此之外，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、潛在的監管批准以及我們的產品和服務當前或未來市場的規模和潛在增長的預期。

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

這些前瞻性陳述是基於目前的資訊假設和預期，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。

These and other risks are described in our filings made with the Securities and Exchange Commission.

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 are cautioned not to place undue reliance on these forward-looking statements, and the Company disclaims any obligation to update such statements.

請您注意不要過度依賴這些前瞻性陳述，且本公司不承擔更新此類陳述的任何義務。

As a reminder, this call is being webcast live and recorded, and we will be referencing a slide presentation.

提醒一下，本次電話會議正在進行網路直播和錄音，我們將參考投影片簡報。

In conjunction with our remarks.

結合我們的言論。

There may be a short delay between the live audio and the presentation being shown and the slides visible within the webcast platform will also not play animations to access the animated versions of our slides.

現場音訊和正在顯示的簡報之間可能會有短暫的延遲，並且網路廣播平台中可見的幻燈片也不會播放動畫來存取幻燈片的動畫版本。

Please visit the Events section of our Investor website and then under upcoming events, you will see today's earnings call with an option to click called presentation with animated videos on the same page you will also be able to access the webcast live and a replay once the call has been completed.

請訪問我們投資者網站的“活動”部分，然後在即將舉行的活動下，您將看到今天的收益電話會議，並可以選擇單擊同一頁面上帶有動畫視頻的演示文稿，您還可以在活動結束後觀看網路直播和重播。通話已完成。

I would now like to turn the call over to Joe. Joe?

我現在想把電話轉給喬。喬？

Thank you, Heather.

謝謝你，希瑟。

Good afternoon and thanks for joining the call, everyone.

下午好，感謝大家加入通話。

I'm pleased to report that our 2023 revenue finished at $65.9 million worldwide above our expectations of at least $64 million.

我很高興地報告，我們 2023 年全球收入達到 6,590 萬美元，高於我們至少 6,400 萬美元的預期。

I was pleased to see each one of our channels performing well as we headed into 2024.

我很高興看到我們的每個頻道在進入 2024 年時都表現良好。

In fact, our Q4 and full year direct sale revenues grew 10% and 11% year over year.

事實上，我們第四季和全年直銷收入年增 10% 和 11%。

Moving forward, we have every opportunity to realize growth across all of our channels and grow the company double digits in 2024, while investing efficiently over the last 18 months.

展望未來，我們有一切機會實現所有通路的成長，並在 2024 年實現公司兩位數的成長，同時在過去 18 個月內進行高效投資。

We removed over $170 million cash cost from the business yet continue to invest in our technology roadmap and our commercial team, 2023 was a necessary transition year for the Company.

我們從業務中削減了超過 1.7 億美元的現金成本，但繼續投資於我們的技術路線圖和商業團隊，2023 年是公司必要的過渡年。

We chose to resize the business and focus our strategy.

我們選擇調整業務規模並集中我們的策略。

We've matured as a company and can now rely less and less on online sales and more on higher end hospital sales.

作為一家公司，我們已經成熟，現在可以越來越少地依賴線上銷售，而更依賴高端醫院銷售。

The operational disruptions over for our sights are set today on growth of our existing business.

今天，我們的目標是實現現有業務的成長。

New products recently launched and building new market opportunities, only ultrasound on chip technology can deliver.

最近推出的新產品並創造了新的市場機會，只有超音波晶片技術才能實現。

During our first full call last year, I laid out what we would deliver in 2023 to set the foundation for growth in 2024.

在去年的第一次全面電話會議中，我列出了我們將在 2023 年實現的目標，為 2024 年的成長奠定基礎。

It was one introducing new ultrasound education offerings to make focus accessible to health care providers and grow our users to accelerate the easy use by increasing the availability of AI solutions, three, identifying new development partnerships to bring our core technologies into markets that are not competitive to butterfly, but will create value for shareholders by leveraging our core semiconductor investments and for introduced more products from our roadmap to drive top line growth.

一是引進新的超音波教育產品，使醫療保健提供者能夠關注並擴大我們的用戶，透過增加人工智慧解決方案的可用性來加速易用性，三是確定新的開發合作夥伴關係，將我們的核心技術帶入沒有競爭力的市場蝴蝶，但將透過利用我們的核心半導體投資為股東創造價值，並從我們的路線圖中推出更多產品來推動收入成長。

I'm very pleased to say that we've completed each of these commitments, one for new education offerings, we delivered butterflies certified an expert lead education services, helping customers master point-of-care ultrasound with butterfly by training and certifying proficiency in certain scan time.

我很高興地說，我們已經完成了每一項承諾，其中一項是新的教育產品，我們提供了經過專家主導教育服務的蝴蝶認證，透過培訓和認證熟練程度，幫助客戶掌握蝴蝶的護理點超音波一定的掃描時間。

This offering was operationalized very quickly.

該產品很快就投入使用。

We've already seen Butterfleye certified revenue, and we've embedded education as a service into all of our quotations to health system, installing follow-up too on the AI. offerings.

我們已經看到了 Butterfeye 認證的收入，並且我們已將教育即服務嵌入到我們對醫療系統的所有報價中，並且也在人工智慧上安裝了後續服務。供品。

We received FDA clearance and launched our AI-powered auto Beeline counter in the second quarter of 2023.

我們獲得了 FDA 批准，並於 2023 年第二季推出了人工智慧驅動的自動 Beeline 櫃檯。

It was a key FDA milestone for us we also launched butterfly garden, our AI marketplace.

這對我們來說是 FDA 的一個重要里程碑，我們也推出了我們的人工智慧市場蝴蝶花園。

Since 2018, we've grown a leading customer base of over 143,000 probes.

自 2018 年以來，我們已經擁有超過 143,000 個探頭的領先客戶群。

And now third party ultrasound, AI companies can build and sell new AI applications to them.

現在，第三方超音波、人工智慧公司可以建置並向他們銷售新的人工智慧應用程式。

These new AI tools, which will be compatible with Spotify devices, will be incredibly valuable to all Butterfleye users.

這些新的人工智慧工具將與 Spotify 裝置相容，對所有 Butterfeye 用戶來說都非常有價值。

We signed 13 partner to date.

迄今為止，我們已簽約 13 名合作夥伴。

And our newest partner, DEEP Echo just press released the entrance into the program this week three.

我們的最新合作夥伴 DEEP Echo 在第三週剛剛發布了該計劃的入口。

We've announced previously that we delivered on the core technology partnerships by successfully launching our powered by butterfly program in 2023 and introducing for US Neuro tech and Deborah as initial partners.

我們之前曾宣布，我們透過在 2023 年成功啟動蝴蝶驅動計劃，並引入 US Neuro tech 和 Deborah 作為初始合作夥伴，實現了核心技術合作夥伴關係。

For Lastly, we delivered ahead of schedule on two key product launches, in-lab and IQ three, which I will review in more detail in just a bit.

最後，我們提前推出了兩個關鍵產品，即實驗室產品和 IQ 3，我將在稍後對其進行更詳細的回顧。

We butterfly employees are very proud of our accomplishments in 2023.

我們蝴蝶員工對 2023 年的成就感到非常自豪。

We weathered the storm state together delivered on our restructuring goals while implementing our core priorities and investing in our commercial organization.

我們共同度過了這場風暴，實現了重組目標，同時實施了我們的核心優先事項並投資了我們的商業組織。

Thus, we've set ourselves up in 2024 to be laser focused on revenue execution.

因此，我們計劃在 2024 年重點關注收入執行。

At this point, I'll turn the call over to Heather to walk through 2023 results in more detail before returning to our 2024 execution strategy pillar.

此時，我將把電話轉給 Heather，讓她更詳細地介紹 2023 年的結果，然後再回到 2024 年的執行策略支柱。

Thank you, Joe. As you noted, we accomplished a lot in 2023 to rightsize and reset the company and are now on what we believe to be a solid path for growth in 2024 and beyond.

謝謝你，喬。正如您所指出的，我們在 2023 年在公司規模調整和重組方面取得了許多成就，現在我們相信這是 2024 年及以後成長的堅實道路。

But first, let me cover the 2023 results.

但首先，讓我先介紹一下 2023 年的結果。

Revenue for the fourth quarter was $16.5 million, down compared to 2022 revenue of $19 million, driven by lower volume, partially offset by higher price.

第四季的營收為 1,650 萬美元，較 2022 年的 1,900 萬美元有所下降，原因是銷量下降，但價格上漲部分抵消了這一影響。

Lower volume was mostly due to lower e-commerce as well as large orders, including the deployment of gates and Africa and others from international distributors and to a lesser extent, the vet market.

銷售下降主要是由於電子商務減少以及大訂單，包括蓋茲和非洲以及國際分銷商的其他訂單的部署，以及較小程度的獸醫市場。

These large orders occurred in 2022 and did not repeat in 2023.

這些大訂單發生在2022年，2023年沒有重複。

In the U.S., we realized $11 million in total sales, slightly higher than prior year.

在美國，我們實現了 1,100 萬美元的總銷售額，略高於去年。

This was driven by increased ASPs and higher revenue from software and subscriptions partially offset by lower perm sales predominantly in e-commerce.

這是由平均售價增加以及軟體和訂閱收入增加所推動的，但部分被電子商務領域的永久銷售下降所抵消。

Total international declined 24% over the prior year to $4.6 million.

國際總額比上年下降 24% 至 460 萬美元。

This was due to the previously mentioned large orders in 22 that did not reoccur in 2023.

這是由於之前提到的22年的大訂單在2023年沒有再次出現。

Partially offsetting the decline in global health and international distribution was a 27% increase in the international direct market.

國際直接市場成長 27%，部分抵消了全球健康和國際分銷的下降。

Breaking our revenue down between product and software.

將我們的收入分為產品和軟體。

Product revenue was $10.2 million, a decrease of 20% versus Q4 2022.

產品收入為 1,020 萬美元，比 2022 年第四季下降 20%。

This decrease was driven by lower volume spread largely across e-commerce, international distribution and vet due to the large deals in 22 that I mentioned.

這種下降是由於我提到的 22 年的大額交易導致電子商務、國際分銷和獸醫領域的交易量下降所致。

Software and services revenue was $6.4 million in the fourth quarter, flat to the prior year period.

第四季軟體和服務收入為 640 萬美元，與去年同期持平。

Software and services mix was 39% of revenue and increased by approximately five percentage points versus Q4 2022.

軟體和服務組合佔收入的 39%，與 2022 年第四季相比增加了約 5 個百分點。

This increase was due to a higher installed base of subscription software as compared to prior year renewals on the existing base of software users and software implementations completed during the quarter.

這一增長是由於與去年相比，訂閱軟體的安裝基數更高，現有軟體用戶基數的續訂和本季完成的軟體實施。

Our total annual recurring revenue, which is reported as part of software and other services, grew by 4%.

我們的年度經常性總收入（作為軟體和其他服務的一部分）增加了 4%。

This was led by an increase of 35% in our enterprise software which is now 41% of our total ARR versus 32% in Q4 2022, when looking at the full year 2023 versus '22, while total revenue declined 10% to $65.9 million due to lower sales in the e-commerce and distribution channels from the nonrecurrence of the previously mentioned large orders in 2022.

這是由於我們的企業軟體成長了35%，目前占我們總ARR 的41%，而2022 年第四季為32%（與22 年相比，2023 年全年），而總收入下降10% 至6,590 萬美元，原因是由於 2022 年不再出現上述大訂單，導致電子商務和分銷管道的銷售額下降。

Partially offsetting these declines were double digit increases in our direct businesses, both domestically and internationally.

我們的國內和國際直接業務的兩位數成長部分抵消了這些下降。

As Joe noted in his remarks, excluding these large deals from 22 revenue. 2023 revenue was essentially flat year over year, and our direct market increased 11% at the end of 2023.

正如 Joe 在演講中指出的那樣，將這些大型交易從 22 的收入中排除。 2023 年營收年比基本持平，我們的直接市場在 2023 年底成長了 11%。

We made additional investments in our direct sales teams, and we have begun signing new distributors in existing and new markets internationally.

我們對直銷團隊進行了額外投資，並開始在國際現有和新市場上簽署新經銷商。

We expect these investments to gain further traction in 2024.

我們預計這些投資將在 2024 年獲得進一步的吸引力。

Turning now to gross profit gross profit, excluding a noncash write-down of excess inventory totaling $21.9 million was $9.4 million in Q4 2023 compared to $10.3 million in the prior year period.

現在轉向毛利，不包括總計 2,190 萬美元的過剩庫存非現金減記，2023 年第四季的毛利為 940 萬美元，而去年同期為 1,030 萬美元。

On the same basis, gross profit margin was 57% for the fourth quarter of 23, which was higher by 210 basis points compared to Q4 2022.

以相同基準計算，23年第四季毛利率為57%，較2022年第四季高出210個基點。

This was driven by higher average selling prices, a shift in product mix, reflecting a higher proportion of higher margin software and other services revenue and operating efficiencies.

這是由平均銷售價格上漲、產品結構變化所推動的，反映出高利潤軟體和其他服務收入和營運效率所佔比例較高。

Higher amortization reduced margin by 150 basis points to expand on the inventory write off during Q4 of 2023, we took a $21.9 million non-cash charge to our cost of sales for the write-off of excess quantities of our previous generation chips that are used in the manufacturing of our IQ plus curve, the number of chips on hand was higher than our updated forecast for future demand of the IQ plus our forecast was adjusted down as a result of the newly launched by two three.

較高的攤銷使利潤率降低了150 個基點，以擴大2023 年第四季的庫存沖銷，我們在銷售成本中扣除了2,190 萬美元的非現金費用，用於沖銷我們使用的上一代晶片的過量數量在我們的 IQ plus 曲線的製造中，現有晶片數量高於我們對 IQ plus 未來需求的最新預測，由於新推出的產品，我們的預測下調了兩三。

While we continue to sell IQ plus worldwide, our previous forecast assumed usage of the chips based on 100% of our sales demand being attributed.

雖然我們繼續在全球銷售 IQ plus，但我們先前的預測假設晶片的使用情況是基於我們 100% 的銷售需求。

So IQ plus.

所以智商加。

Moving to EBITDA and capital resources.

轉向 EBITDA 和資本資源。

For the fourth quarter of 2023, adjusted EBITDA loss was $15.7 million compared with a loss of $27.7 million for the same period in 2022.

2023 年第四季，調整後 EBITDA 虧損為 1,570 萬美元，而 2022 年同期虧損為 2,770 萬美元。

The improvement in adjusted EBITDA loss was driven by the previously announced cost reductions, which led to lower payroll consulting and other outside services.

調整後 EBITDA 損失的改善是由先前宣布的成本削減推動的，這導致薪資諮詢和其他外部服務減少。

Capital resources as of December 31st, 2023 were cash and cash equivalents, including restricted cash of $139 million, excluding $4.4 million of severance and other nonrecurring expenses.

截至 2023 年 12 月 31 日的資本資源為現金和現金等價物，包括 1.39 億美元的限制性現金，不包括 440 萬美元的遣散費和其他非經常性費用。

Our total use of cash for the fourth quarter was $11 million.

第四季我們的現金使用總額為 1,100 萬美元。

As we have mentioned over the past 18 months, we have taken over $170 million of cost out of the business and have reduced our annual cash burn to approximately $60 million.

正如我們在過去 18 個月中提到的，我們已從業務中削減了超過 1.7 億美元的成本，並將年度現金消耗減少至約 6000 萬美元。

Based on this, we estimate that our cash balance conservatively provides us with a runway into 2026.

基於此，我們保守地估計我們的現金餘額為我們提供了進入 2026 年的跑道。

Moving the guidance, as Joe discussed, we have been executing against the roadmap we laid out in August.

正如 Joe 所討論的那樣，我們一直在按照 8 月制定的路線圖執行指導方針。

We launched butterfly garden with 13 deal sign completed and launched our education at scan labs.

我們推出了蝴蝶花園，已完成 13 個交易簽署，並在掃描實驗室啟動了我們的教育。

We invested in our sales teams and received an early approval and launched our IQ three, all while completing a reorganization that conservatively extends our cash into 2026.

我們對銷售團隊進行了投資，並獲得了早期批准，並推出了 IQ 3，同時完成了重組，保守地將我們的現金期限延長到 2026 年。

While we have many exciting and potentially meaningful tailwind in establishing our 2024 guidance, we have not included in our forecast any material acceleration from either the launch of IQ. three or any new revenue streams or markets.

雖然我們在製定 2024 年指導方針時有許多令人興奮且可能有意義的推動因素，但我們的預測中並未包括 IQ 的推出帶來的任何實質加速。三個或任何新的收入來源或市場。

We also need to respect the medium-term adoption cycle of large providers who could benefit greatly from wide-scale adoption of butterfly, but can't buy immediately as well as the fact that the company has, for the first time introduce a next-generation device, what's keeping the existing product in the market, thus creating segmentation for those customers who create ICU pluses, affordability and are not yet in a position or need to fully utilize the capabilities of ICU three.

我們還需要尊重大型提供者的中期採用週期，他們可以從蝴蝶的廣泛採用中受益匪淺，但不能立即購買，而且該公司已經首次推出了下一個-一代設備，是什麼讓現有產品留在市場上，從而為那些創造ICU 優勢、負擔能力且尚未處於或需要充分利用ICU 3 功能的客戶進行細分。

As such, we are taking a prudent and conservative approach to guiding for the full year 2024 with low double digit top line growth and an EBITDA loss about $60 million to $50 million.

因此，我們採取審慎和保守的方法來指導 2024 年全年，營收成長較低，兩位數，EBITDA 損失約 6,000 萬至 5,000 萬美元。

As mentioned, we believe there is upside to this plan as the year progresses, we will provide updates and further clarification specifically, looking at Q1, we expect to see growth in the mid single digits as we ended Q4 higher than expected, and Q1 tends to be a tougher quarter for closing hospital deals.

如前所述，我們相信隨著今年的進展，該計劃有上行空間，我們將具體提供更新和進一步說明，就第一季度而言，我們預計會出現中個位數的增長，因為我們第四季度的業績高於預期，而第一季往往會出現中個位數的成長。對於完成醫院交易來說，這是一個更艱難的季度。

We do expect this growth to accelerate into the second half of the year as we ramp our Q. three and our newly hired sales resources continue to come up to speed.

我們確實預計，隨著第三季的進展以及我們新聘用的銷售資源的不斷提速，這種成長將加速到今年下半年。

Our Q1 adjusted EBITDA with expenses related to the launch of IQ. three and payroll tax and the four one-time reset.

我們第一季根據與 IQ 推出相關的費用調整了 EBITDA。三是薪資稅，四是一次性重置。

We expect slightly higher expenses and lower EBITDA in the first quarter relative to the remainder of the year.

我們預計第一季的費用略高於今年剩餘時間，而 EBITDA 則較低。

To summarize, this was a transition year and we look forward to growth in 2020 for the reorganization.

總而言之，這是過渡的一年，我們期待 2020 年重組取得成長。

And the investments we laid out are all completed, including investing in the direct sales force as well as launching butterfly garden scan lead and IQ three, while we are forecasting low double digit revenue growth for 2024, as mentioned we believe there is upside to this plan and additional efficiencies to realize.

我們計劃的投資已全部完成，包括對直銷隊伍的投資以及推出蝴蝶花園掃描引線和 IQ 3，同時我們預計 2024 年收入將實現低兩位數增長，正如前面提到的，我們相信這有上行空間計劃和要實現的額外效率。

Furthermore, we have maintained a solid cash position and have extended our cash runway into 2026.

此外，我們保持了穩健的現金狀況，並將現金跑道延長至 2026 年。

While continuing to invest in the business.

同時繼續投資業務。

We will continue to execute against our plan, drive adoption of IT. three and expand uses of our products across all our channels, butterfly setup to accomplish its goals with a strong base of technological and organizational assets that we will continue to invest in in 18 should energized to capitalize on this attractive market opportunity with that, I will turn the call back to Joe to detail 2020 for sales.

我們將繼續執行我們的計劃，推動 IT 的採用。三、在所有管道中擴大我們產品的使用，蝴蝶設置以強大的技術和組織資產為基礎來實現其目標，我們將在18 年繼續投資這些資產，應該充滿活力地利用這個有吸引力的市場機會，我將將電話轉回給 Joe，詳細說明 2020 年的銷售情況。

Thank you, Heather.

謝謝你，希瑟。

We discussed 2024 guidance of low double digit top line growth with an opportunity for upside.

我們討論了 2024 年低兩位數營收成長的指引以及上漲的機會。

This will be driven by further penetration of health systems with the launch of IQ three and our investment in our commercial team, two global expansion three further medical school adoption and for alternative uses for our technology, including in the vet space.

隨著 IQ 3 的推出以及我們對商業團隊的投資、兩項全球擴張、三項進一步的醫學院採用以及我們技術的替代用途（包括在獸醫領域），這將透過衛生系統的進一步滲透來推動。

Some element of butterfly had tremendous success building relationships with doctors directly around the world.

蝴蝶的某些元素在與世界各地的醫生直接建立關係方面取得了巨大成功。

Today, we have a comprehensive and global online go-to-market strategy.

如今，我們擁有全面的全球線上市場進入策略。

Each quarter, we sell more than 1,000 probes online directly to doctors in 18 countries around the world.

每個季度，我們都會直接在線上向全球 18 個國家的醫生銷售 1,000 多個探針。

This allowed us to build the butterfly brand quickly and reliably as we launched our inexpensive all-in-one ultrasound device for just a couple of thousand dollars, making ultrasound a daily fixture in physicians' hands for the first time.

這使我們能夠快速可靠地打造蝴蝶品牌，因為我們推出了價格僅為數千美元的廉價一體式超音波設備，使超音波第一次成為醫生手中的日常設備。

So but if I did not invent PowerCash, but we certainly accelerated its adoption.

所以，如果我沒有發明 PowerCash，但我們肯定會加速它的採用。

And in many countries, put it on the map by selling more handheld focused devices than any other ultrasound company in the world over 143,000 since 2018.

自 2018 年以來，在許多國家/地區，該公司銷售的手持式聚焦設備數量超過 143,000 台，超過世界上任何其他超音波公司。

While individual doctors were way ahead in embracing focus, hospitals were slower to adopt emergency rooms led the way showing hospitals that bedside ultrasound for immediate diagnosis can be a potentially life-saving tool for patients.

雖然個別醫生在關注重點方面遙遙領先，但醫院在採用急診室方面進展較慢，這向醫院表明用於立即診斷的床邊超音波可能是挽救患者生命的潛在工具。

Early adopters of focus originated their hospital became deluged with either having to buy expensive cards to wheel around for focus for multiple PC-based handhelds, which together cost as much as a car.

焦點的早期採用者起源於他們的醫院陷入困境，要么必須購買昂貴的卡來為多個基於 PC 的手持設備提供焦點，而這些手持設備的成本加起來相當於一輛汽車。

Then butterfly introduced the first all-in-one handheld device.

隨後，butterfly 推出了第一款一體式手持裝置。

And we did a very good job penetrating the ER that there was a criticism of butterfly.

我們在滲透急診室方面做得非常好，因為那裡有對蝴蝶的批評。

It was that the image quality needed to be even better to get into more places in the hospital with the launch of butterfly Q. three, we doubled the processing power from 4.8 gigabytes per second to 9.6 gigabytes per second.

隨著蝴蝶 Q 的推出，影像品質需要更好，才能進入醫院的更多地方。三，我們將處理能力從每秒 4.8 GB 提高到每秒 9.6 GB。

Moore's Law proved true again, our exponential growth in processing power and image capability since the launch in 2018 is not just an exciting fact today is the principle for which we can set our sights on capturing the whole ultrasound industry in the future.

摩爾定律再次被證明是正確的，自 2018 年推出以來，我們的處理能力和圖像能力呈指數級增長，這不僅是今天令人興奮的事實，也是我們未來著眼於佔領整個超音波行業的原則。

As mentioned earlier, in January, we received FDA clearance of IQ three earlier than expected.

如前所述，一月份，我們比預期更早獲得了 FDA 對 IQ 3 的批准。

On February 13th.

2月13日。

We launched IQ three ahead of schedule.

我們提前推出了 IQ 3。

And now we have the tool that has at minimum equivalent imaging power to any other handheld on the market, all in one low cost device in our industry, image quality is often in the eye of the beholder, further validate our belief that IQ three image quality is best in class.

現在，我們擁有的工具至少具有與市場上任何其他手持設備相當的成像能力，全部集成在我們行業中的一款低成本設備中，圖像質量往往是情人眼裡出西施，進一步驗證了我們對IQ三個圖像的信念品質是同類中最好的。

We commissioned a survey through a reputable third party vendor and asked 475 medical professionals across eight clinical specialties to do a blinded image review evergreen images from butterfly SIQ. plus butterflies new IQ three NGE.'s the scan air seal.

我們委託一家信譽良好的第三方供應商進行了一項調查，並要求 8 個臨床專業的 475 名醫療專業人員對來自蝴蝶 SIQ 的常青圖像進行盲法圖像審查。加上蝴蝶新智商三NGE。掃描空氣密封。

On average, the majority of FLY's of participants responded that butterflies IQ three had a better image quality than G easily scan, CFO, other qualitative feedback from KOLs said that they believed IQ three had closed the image quality gap even compared to some hospital multipurpose carts for butterfly.

平均而言，大多數FLY 參與者表示，蝴蝶IQ 3 的影像品質比G 輕鬆掃描更好，CFO，其他KOL 的定性回饋表示，他們相信IQ 3 甚至與一些醫院多功能推車相比，也縮小了圖像品質差距對於蝴蝶。

The hospital market is now open to our approach like never before hospitals now may think twice about reordering the next multi-purpose card and instead consider giving an IQ three for each of their doctors.

醫院市場現在對我們的方法以前所未有的方式開放，醫院現在可能會在重新訂購下一張多功能卡時三思而行，而是考慮為每位醫生提供智商三分。

So they no longer have to share the car, there will be minimal cost difference in a one-part versus a fleet of power plants.

因此，他們不再需要共享汽車，單體發電廠與一組發電廠的成本差異很小。

And on top of that, the benefit of our handheld portability could improve diagnostic time and patient care.

最重要的是，我們的手持式便攜性的好處可以縮短診斷時間並改善病患照護。

The handheld benefits are validated by 1,600 clinical focus papers published in 2023 alone were butterfly was cited in nearly half.

光是 2023 年發表的 1,600 篇臨床焦點論文就驗證了手持裝置的優勢，其中近一半引用了蝴蝶。

Not only do we have a world-class ultrasound device.

我們不僅擁有世界一流的超音波設備。

We will continue to deliver the best ultrasound middleware in the market.

我們將繼續提供市場上最好的超音波中間件。

Our Compass software, bolstering our health system strategy, user proficiency, quality assurance, automatic data transfer into the EMR impacts from billing and storage, reimbursement automation and more benefits.

我們的 Compass 軟體支援我們的醫療系統策略、使用者熟練程度、品質保證、將資料自動傳輸到 EMR 的計費和儲存影響、報銷自動化以及更多好處。

Compass is the best ultrasound management software in the market.

Compass 是市面上最好的超音波管理軟體。

While we have been very successful with campus deployments with 123 new accounts in 2023 alone.

我們的校園部署非常成功，光是 2023 年就新增了 123 個帳戶。

Not many of those deals were bundled software and hardware with IQ. three and campus.

這些交易中沒有多少是與 IQ 捆綁軟體和硬體的。三、校園。

We now have a killer one-two punch for health systems and today the best point of care health system offerings in the world IQ three checks the box on image and sets the stage for advanced digital tools to make image acquisition even easier.

現在，我們為衛生系統提供了殺手級的一擊二打，並且當今世界上最好的護理點衛生系統產品IQ 3 檢查了影像的方框，並為先進的數位工具奠定了基礎，使影像擷取變得更加容易。

I'd like to share one with you today.

今天我想跟大家分享一個。

As you know, ultrasound is a hard image to get the operator investment.

如您所知，超音波是很難獲得營運商投資的圖像。

Italy approach to get that one perfect in it.

義大利的方法讓這一點變得完美。

What if we can make it easier well, had any of you had an MRI before the technician puts you on the table and ask you to watch your head that you're automatically slid into this big circular, Magna protect and leaves the room and starts and automated protocol over 20 to 30 minutes.

如果我們能讓事情變得更容易，在技術人員將你放在桌子上並要求你觀察你的頭部之前，讓你們中的任何人進行核磁共振檢查，你會自動滑入這個大圓形，麥格納保護並離開房間並開始以及 20 至 30 分鐘的自動化協議。

The machine slices, the body into many cross-sectional images.

機器將身體切片成許多橫截面圖像。

It automatically captures images on a lesser scale.

它會自動捕捉較小比例的影像。

Of course, a new feature in our IQ three called IQ slice performs a similar task.

當然，我們的 IQ 3 中的一個新功能（稱為 IQ 切片）執行類似的任務。

If you're viewing our animated slides, you'll see this feature on the screen with a probe in a stationary place over a piece of anatomy.

如果您正在觀看我們的動畫幻燈片，您會在螢幕上看到此功能，其中探頭位於解剖結構上方的固定位置。

And in this example, here, it's a kidney.

在這個例子中，它是一個腎臟。

You press a button and like the burst mode on an iPhone 46 images are taken as the ultrasound building moves across the organ once captured the doctor simply flows through the images and chooses the one they wish to use centered in a different way.

您按下一個按鈕，就像iPhone 46 上的連拍模式一樣，當超音波建築在器官上移動時，圖像就會被拍攝，一旦捕獲，醫生只需瀏覽圖像並以不同的方式選擇他們希望使用的圖像。

Iq slice enables capturing a series of images from the single position and gives the user the option of rapid assessment of the target organ or the ability to select the best image for annotation or storage IQ three, once positioned automatically takes the images for the user for this marks the beginning of a new era.

Iq 切片能夠從單一位置擷取一系列影像，並為使用者提供快速評估目標器官的選項，或者能夠選擇最佳影像進行註釋或儲存 IQ 3，一旦定位，就會自動為使用者擷取影像這標誌著一個新時代的開始。

I once told you that when reviewing digital and film photography, that when digital equals analog digital wins, why for digital always has more unique features and capabilities in photography with digital.

我曾經告訴過你，在回顧數位和底片攝影時，當數字等於類比數位獲勝時，為什麼數位在攝影中總是具有更多獨特的特性和能力。

You don't have to develop pictures that you don't want.

您不必沖洗您不想要的照片。

You can store it in a cloud and share them as you see fit for an ultrasound for digital benefits are all in one device for imaging, automated image capture from byline imaging, 3D in a handheld and more and more capabilities to come.

您可以將其儲存在雲端中，並在您認為適合超音波檢查時共享它們，因為數位化優勢全部集中在一台設備中，用於成像、透過連線成像自動捕獲圖像、手持設備中的3D 以及越來越多的功能。

We also have a cool proprietary feature called IQ van, which you can see on this next slide, it fans along automatically without ever moving the world.

我們還有一個很酷的專有功能，稱為 IQ van，您可以在下一張幻燈片中看到它，它會自動扇動，而無需移動世界。

The big movement is a profound new capability, which will remain a core differentiation to analog and will be core to our wearable strategy in the future.

大動作是一種意義深遠的新功能，它將仍然是模擬技術的核心差異化，並將成為我們未來穿戴式策略的核心。

The hospital market is a big growth opportunity for us in 2024 but it's important to remain conservative in this early going as hospitals also have the longest selling cycle of our channels.

到 2024 年，醫院市場對我們來說是一個巨大的成長機會，但在早期保持保守很重要，因為醫院也擁有我們通路中最長的銷售週期。

The hospital market for ultrasound is over $8 billion, a year in the U.S. and butterfly now has greater access to it than ever.

在美國，醫院超音波市場每年價值超過 80 億美元，butterfly 現在比以往任何時候都更容易進入該市場。

And as Heather mentioned, we hired more sales people and managers in our direct U.S. market who are now focused and outselling in 2020 for butterflies new IQ three is in addition to our current product offering, not a replacement to our second-generation IQ plus IQ plus is still the best-selling handheld ultrasound device in the world and priced at 26 99 for the Pro.

正如希瑟所提到的，我們在美國直接市場僱用了更多的銷售人員和經理，他們現在專注於蝴蝶的銷售，並在2020 年超越新的IQ 3 是我們當前產品的補充，而不是我們第二代IQ 加IQ 的替代品plus 仍然是全球最暢銷的手持式超音波設備，Pro 售價為 26 99 美元。

We will continue to sell this work course worldwide for the foreseeable future.

在可預見的未來，我們將繼續在全球範圍內銷售該工作課程。

Iq three is a premium product and it's priced at 38 99 per Pro Plus subscription for the hospital market where we compete, Kelly, with handheld devices priced between five and $7,000.

Iq 3 是一款優質產品，每個 Pro Plus 訂閱的價格為 38 99 美元，適用於我們競爭的醫院市場，Kelly，手持設備的價格在 5 到 7,000 美元之間。

Remember each meeting for devices to do what butterfly can do in one.

記住每次會議，設備都能完成蝴蝶能在一次會議上完成的工作。

We remain the lowest cost ultrasound alternative.

我們仍然是成本最低的超音波替代方案。

By far the big companies charge 20,028 thousand for their for handheld devices priced at 5 to 7,000 each.

到目前為止，大公司的手持設備售價為每台 5 至 7,000 美元，售價為 20,028 千美元。

That's the same overall price as a multipurpose car.

這與多功能汽車的整體價格相同。

You see how that works for big ultrasound in comparison, 38 99 remains a fraction of the current hospital purchase cost today, and we hope will accelerate the adoption of a one probe per doctor model in the future.

相較之下，您可以看到大型超音波檢查的效果如何，38 99 仍然是目前醫院購買成本的一小部分，我們希望將來能夠加速採用每位醫生一個探頭的模式。

Our IQ plus will remain available for all health care practitioners around the world who want to have access to the best selling device in the world.

我們的 IQ plus 將繼續向世界各地所有希望獲得世界上最暢銷設備的醫療保健從業者開放。

Iq three is completely incremental the butterflies mission to democratize ultrasound for everyone.

Iq 3 完全是蝴蝶使命的增量，使每個人都能夠普及超音波。

Our next major growth driver in 2024 will be our global expansion.

2024 年我們的下一個主要成長動力將是我們的全球擴張。

Last year, we retooled educated and reinvested in our international distribution partners.

去年，我們對國際分銷合作夥伴進行了重組、教育和再投資。

We hired a new senior commercial leader with clean house and set ourselves up for growth in 2024.

我們聘請了一位新的高級商業領導者，內部乾淨整潔，並為 2024 年的成長做好了準備。

So first, we will expand our footprint in Asia for the first time we are in the process of opening new markets in Indonesia, Philippines, Malaysia, Bangladesh and Singapore.

首先，我們將首次擴大在亞洲的足跡，我們正在印尼、菲律賓、馬來西亞、孟加拉和新加坡開闢新市場。

While increasing our work and the impact that we have developed, the China strategy, which will take a couple of years to implement, but it's in flight, and we're working to expand into this important market.

在增加我們的工作和影響力的同時，中國戰略需要幾年的時間才能實施，但它正在實施，我們正在努力擴展到這個重要的市場。

Also pleased to announce as of this month, we've completed our EUMDR. review of our butterfly IQ plus ultrasound system with a positive recommendation for certification from our notified body.

我們也很高興地宣布，截至本月，我們已經完成了 EUMDR。對我們的蝴蝶智商加超音波系統進行審查，並積極建議我們的認證機構進行認證。

To put this in context, EU MDR certification has been and is one of the biggest regulatory milestones for numerous medical device manufacturers looking to enter the EU market and remains a struggle for many companies in search of the EU MDR certification for clarity, our IQ plus received CE mark with our first two set of features, then the regulations changed to EUMDR., and we've waited a few years for this approval and launching features our customers need.

綜上所述，歐盟MDR 認證一直是眾多尋求進入歐盟市場的醫療器材製造商最大的監管里程碑之一，並且對於許多尋求歐盟MDR 認證的公司來說仍然是一場鬥爭，以求明確，我們的IQ plus我們的前兩組功能獲得了 CE 標誌，然後法規更改為 EUMDR。我們已經等待了幾年才獲得批准並推出客戶需要的功能。

Our quality and regulatory teams are currently finalizing documentation and are expecting issuance of the finalized certificate very soon.

我們的品質和監管團隊目前正在最終確定文件，並預計很快就會頒發最終證書。

Having the certification will allow us to release additional features not yet available on the IQ. plus such as pulse laser Doppler in a number of presets, including abdomen as well as auto D lines in the one preset that our international customers have been patiently waiting for, and we'll be excited to access.

獲得認證將使我們能夠發布 IQ 上尚未提供的其他功能。此外，還有多種預設中的脈衝雷射多普勒，包括腹部以及我們的國際客戶一直在耐心等待的一種預設中的自動 D 線，我們將很高興能夠訪問。

This also sets the foundation for the launch of IQ. three in Europe later this year with its advanced tools like IQ slice and IQ seven.

這也為IQ的推出奠定了基礎。三個將於今年稍晚在歐洲推出 IQ slice 和 IQ 7 等先進工具。

The IQ three is also currently under review with Health Canada, and we anticipate approval there soon along with several other international markets later this year.

IQ 3 目前也正在接受加拿大衛生部的審查，我們預計今年稍後很快就會在加拿大以及其他幾個國際市場獲得批准。

Scan lab, which I'll talk about more in a moment, was also launched in many of our international markets last month, we have focused our quality and regulatory resources on growing our international markets.

Scan lab，我稍後會詳細討論，上個月也在我們的許多國際市場推出，我們將品質和監管資源集中在發展國際市場上。

So we are so pleased to offer these new features continuing in Europe.

因此，我們很高興在歐洲繼續提供這些新功能。

Many of you may not know within 26, the European Commission implemented what is called the restrictions of hazardous substances directive for roll-offs.

很多人可能不知道26日內，歐盟委員會實施了所謂的滾降有害物質限制指令。

Real house was a sweeping directive banning hazardous materials to be added to electronic medical devices were covered by this directive and piezo electric ultrasound devices ran I follow the standards because crystals and analog ultrasound devices contain a level of lead contaminant that exceeds the Roadhouse standards to at the issuance of the directive.

Real house 是一項全面指令，禁止在電子醫療設備中添加有害物質，該指令涵蓋了該指令，並且壓電超音波設備遵循標準，因為晶體和模擬超音波設備含有的鉛污染物含量超過了 Roadhouse 標準該指令的發布。

The analog ultrasound industry lobbied for an exemption solely on the basis that there was no alternative to their lead crystal devices for the past two decades.

模擬超音波產業遊說豁免的唯一理由是，在過去的二十年裡，他們的鉛晶體設備沒有替代品。

They've enjoyed the exemption and are only meeting Roadhouse standards, digitize the commission's good graces well, big ultrasound has wasted 20 years in my view because butterfly sema semiconductor technology, which is Roadhouse compliant today.

他們享受了豁免，並且只符合 Roadhouse 標準，很好地數字化了委員會的恩惠，在我看來，大超音波已經浪費了 20 年，因為蝴蝶 sema 半導體技術，今天已符合 Roadhouse 標準。

Shirley can do everything the piece or handhelds can do.

Shirley 可以完成設備或手持設備可以完成的所有操作。

There is no medical basis to claim piece of red crystals in handhelds do not have an alternative data.

沒有醫學依據聲稱手持設備中的一塊紅色晶體沒有替代數據。

So I truly don't know what's going to happen here.

所以我真的不知道這裡會發生什麼事。

I don't know how it's going to go.

我不知道事情會怎樣。

Big ultrasounds lobby is quite powerful, gosh, two of them are in Europe with the European Commission have the courage to actually ban diesel handhelds for who knows.

大超音波遊說團體相當強大，天哪，其中兩個在歐洲，歐盟委員會有勇氣真正禁止柴油手持設備，誰知道呢。

But it's good to know that butterflies on the right side of history, we filed two briefs with the EC, educating them on our position while asking them not to renew the exemption.

但很高興知道，蝴蝶站在歷史的正確一邊，我們向歐盟委員會提交了兩份簡報，向他們介紹我們的立場，同時要求他們不要延長豁免。

The score out will stay focused on and hopefully remove this old hazardous and health technology from their market.

得分將繼續關注並希望將這種舊的危險和健康技術從市場上消除。

Our third growth driver in 2024 will be to drive adoption into medical school programs.

2024 年我們的第三個成長動力將是推動醫學院課程的採用。

So as I mentioned previously, 50% of medical schools train on a butterfly, but not all use the one probe per student model.

正如我之前提到的，50% 的醫學院採用蝴蝶法進行訓練，但並非所有醫學院都使用每個學生一個探針的模型。

We will grow by converting more programs to butterfly while upgrading existing ones to a one to one model.

我們將透過將更多程序轉換為蝶形程序，同時將現有程序升級為一對一模型來實現成長。

Things don't truly learn unless they practice and having their own probe is essential to fully committing to ultrasound.

除非他們練習，否則事情不會真正學習，並且擁有自己的探頭對於完全致力於超音波至關重要。

One catalyst in our medical school strategy will be scan Live Scan lab is another way users can practice their scanning skills.

我們醫學院策略的一個催化劑是掃描 即時掃描實驗室是使用者練習掃描技能的另一種方式。

The AI. driven tool helps them with walk throughs on proposition and then actually labels anatomy using very advanced AI tools driven by the largest ultrasound image repository in the world.

人工智慧.驅動工具幫助他們演練命題，然後使用由世界上最大的超音波影像儲存庫驅動的非常先進的人工智慧工具來實際標記解剖結構。

Again, that has been made available free to all subscribers in January and thousands of downloads have already occurred and lab has been added to our company's IQ plus and IQ three product offerings.

同樣，該工具已在一月份免費向所有訂閱者提供，並且已經進行了數千次下載，實驗室已添加到我們公司的 IQ plus 和 IQ 3 產品中。

We aspire to pitch every medical score this comprehensive offering in 2024.

我們希望在 2024 年推出這項綜合產品的所有醫療評分。

On top of these primary growth drivers are additional opportunities.

除了這些主要成長動力之外，還有其他機會。

For example, our vet business continued pursuing use in the feedlot cattle market for detection of interstitial pneumonia, a primary cause of mortality in the feedlot cattle industry by using our custom AIROB. line tool for cattle.

例如，我們的獸醫業務繼續尋求在飼養場牛市中使用我們的客製化 AIROB 來檢測間質性肺炎，這是飼養場牛隻產業死亡的主要原因。牛的線工具。

Preliminary findings from our research partners at Kansas State University are affirming the opportunity in sheet side, cattle treatment and management, which could be of use to the $1 million cattle producers in the US.

我們在堪薩斯州立大學的研究合作夥伴的初步調查結果證實了片面、牛治療和管理方面的機會，這可能對美國價值 100 萬美元的牛隻生產商有用。

If this hits, it's yet another growth driver and 200, 24 to butterfly I'd like to conclude by restating my belief that conservatively butterfly will return to double-digit growth this year.

如果這一點成功，這將是另一個成長動力，200、24 到蝶式成長，最後我想重申我的信念，保守地說，蝶式成長今年將恢復兩位數成長。

I believe aside from tough comps in Q2, we will deliver accelerating revenue growth each quarter throughout the year, and it doesn't stop there.

我相信，除了第二季的艱難業績外，我們將在全年每季實現營收加速成長，而且還不止於此。

Butterflies well into development of our fourth generation chip with our long-standing chip partner, TSMC, the world's leading semiconductor foundry.

我們與我們的長期晶片合作夥伴、世界領先的半導體代工廠台積電 (TSMC) 一起順利地開發了第四代晶片。

And as I've discussed before, and Moore's Law is on our side.

正如我之前討論過的，摩爾定律站在我們這邊。

Our chip will continue to get faster, more advanced, more compact.

我們的晶片將繼續變得更快、更先進、更緊湊。

This, coupled with our beam steering capability, will be core to our wearable strategy and a future analog ultrasound beware.

這與我們的波束控制能力結合，將成為我們穿戴式策略和未來模擬超音波警戒的核心。

Before I turn the call back to the operator for questions, I wanted to make sure that you're aware that we will be holding an Investor Day Monday, March 18th at the New York Stock Exchange.

在我將電話轉回接線員詢問問題之前，我想確保您知道我們將於 3 月 18 日星期一在紐約證券交易所舉行投資者日活動。

I'm very excited for this event or will unpack more of our innovations.

我對這次活動感到非常興奮，或將展示更多我們的創新成果。

We'll have demonstrations and tables and discuss our pathway into wearables and home that we will begin introducing in the first half of 25, which will help drive growth past 24.

我們將進行演示和表格，並討論我們將在 25 年上半年開始推出的可穿戴設備和家居產品，這將有助於推動 24 年後的成長。

The future of butterflies ultrasound on-chip is one where doctors monitor patients in their homes, which represents a sizable TAM when considering the more than 150 million patients globally living with chronic diseases.

片上蝴蝶超音波的未來是醫生在家中監測患者，考慮到全球有超過 1.5 億患有慢性病的患者，這代表了相當大的 TAM。

So thank you again.

所以再次感謝你。

And operator, we can now open the call for questions.

接線員，我們現在可以開始提問。

(Operator Instructions ) Josh Jennings, TD Cowen.

（操作員說明）Josh Jennings，TD Cowen。

Hi, good afternoon, Joe, Heather, thanks for the thorough update and congratulations on the progress was hoping to start off with just a question on IT.

大家下午好，Joe、Heather，感謝您的全面更新，並祝賀取得的進展，希望從一個有關 IT 的問題開始。

How are you doing this question on IQ. three, we're assuming that there's buzz already generated within the clinical community but was hoping you could just comment on any buzz generated within the sales pipeline, maybe on your customer base.

這道智商題你做的怎麼樣？第三，我們假設臨床社群內已經產生了嗡嗡聲，但希望您可以對銷售管道中產生的任何嗡嗡聲發表評論，也許是在您的客戶群中。

And then just after that is there is an acute treatment and drive an acceleration in the potential replacement cycle or upgrade cycle within your customer base?

然後就在這之後，是否會採取緊急治療措施並加速您的客戶群中潛在的更換週期或升級週期？

And then what is the opportunity with?

那麼機會是什麼？

Thank you for you to go back to hospitals that have adopted the enterprise software solution, but not the hardware and some of those customers represent the low-hanging fruit as you're moving forward.

感謝您回到採用企業軟體解決方案而不是硬體的醫院，其中一些客戶代表了您前進過程中唾手可得的成果。

This IQ three launch, sorry for that multipart question I have one follow-up.

這次發布的智商三，對於這個多部分問題感到抱歉，我有一個後續問題。

Sure.

當然。

So I guess.

所以我猜。

And yes.

是的。

So so the Tom, we're very excited about the initial reception of IQ. three.

所以，湯姆，我們對 IQ 的最初接受感到非常興奮。三。

We've had we've been in many demos.

我們已經進行了很多演示。

And I have not heard of one situation where we have been really impressed with clinical partners and gotten very excited that our pipeline.

我還沒有聽說過任何一種情況讓我們對臨床合作夥伴印象深刻並對我們的管道感到非常興奮。

I mean, we don't normally comment specifically on pipeline.

我的意思是，我們通常不會具體評論管道。

But since our launch, we've added a lot of opportunity into the pipeline.

但自從我們推出以來，我們已經增加了許多機會。

It's just the first couple of weeks that it's been out there.So we're very, very very excited about about what this means.

這只是它發布的前幾週。所以我們對這意味著什麼感到非常非常興奮。

And now we know I can each know all of this pipeline work corporate and hospital settings, and we're talking to medical schools on larger deals.

現在我們知道我每個人都可以了解公司和醫院環境的所有管道工作，並且我們正在與醫學院就更大的交易進行談判。

We're talking to health systems about, yes, about upgrades and conversions of competitive product.

是的，我們正在與衛生系統討論競爭產品的升級和轉換。

So a lot of very good activity.

所以有很多非常好的活動。

So we're excited.

所以我們很興奮。

Regarding trade-ins.

關於以舊換新。

Yes, like them.

是的，像他們一樣。

So we we have a trade Enpath for our health system partners and actually just today launched a trade in for our e-com business.

因此，我們為我們的醫療系統合作夥伴建立了一個交易 Enpath，實際上今天剛剛啟動了我們的電子商務業務的交易。

So we do value on the I. Q's and IQ plus as we think there are other markets.

因此，我們確實重視智商和智商加，因為我們認為還有其他市場。

And so if our if our loyal customers wish to upgrade them, we're allowing that.

因此，如果我們的忠實客戶希望升級它們，我們會允許這樣做。

That's absolutely.

絕對是這樣。

Thanks for that.

感謝那。

And then just on just the build-out of the commercial team and the reorganization there.

然後就是商業團隊的組成和重組。

Hoping to just get some more details on how the sales direct sales to the United States focused on hospitals, how they how it's situated compared to last year and how it will evolve over the course of 2024.

希望獲得更多詳細信息，了解對美國的直接銷售如何集中在醫院、與去年相比情況如何以及 2024 年將如何發展。

We'll continue to add sales reps and now can managers.

我們將繼續增加銷售代表，現在可以增加經理。

Yes.

是的。

So so I won't go into the specific numbers of salespeople and managers, but we've increased the size of that 30% to 50% and Broom 23 and through 23, probably were training them.

所以我不會透露銷售人員和經理的具體數量，但我們已經將這 30% 增加到 50%，Broom 23 到 23 人可能正在培訓他們。

We were getting them up to speed.

我們正在讓他們加快步伐。

They were on guarantees, they were and on ride-ons with other reps, we were bringing people in and getting up to speed and now in January or they've all come off their guarantees, they all have to eat what they kill and then they're out there aggressively going in.

他們是有保證的，他們是和其他代表一起騎乘的，我們讓人們進來並加快速度，現在在一月份或者他們都已經取消了保證，他們都必須吃掉他們殺死的東西，然後他們正在積極地進入。

One of the things we've also done as we have an e-comm channel we have in our hospital channel and inside sales that deals with our hospital.

我們還做了一件事，因為我們在醫院通路和與我們醫院打交道的內部銷售中擁有電子商務管道。

And then we have a direct channel that focuses in hospitals.

然後我們有一個專注於醫院的直接管道。

But one of the things that we've done different this year is to make sure that all three of them work together towards the leads come in e-com, whether someone's everyone who buys a product online in the U.S. as a part or affiliated with some health system.

但我們今年所做的不同的事情之一是確保他們三人共同努力，爭取電子商務領域的領先地位，無論是作為一部分還是附屬於美國在線購買產品的每個人。一些衛生系統。

And so now we link telecom sales to our direct rep for they know which doctor doctor at a major institution have purchased a product that all of a sudden now they're looking at that strategically saying, okay, we have another champion who's come into the fold and interestingly.

因此，現在我們將電信銷售與我們的直接代表聯繫起來，因為他們知道一家大型機構的哪個醫生購買了一種產品，現在他們突然從戰略上考慮說，好吧，我們有另一個冠軍進入了折疊並且有趣。

At times, when we look at our health system strategy and we and we amalgamate the amount of doctors who are affiliated with that health system who have butterflies sometimes it creates a tipping point.

有時，當我們審視我們的衛生系統策略時，我們將隸屬於該衛生系統的醫生數量合併起來，有時會產生一個臨界點。

And we've seen that in the past.

我們過去已經看到過這一點。

We've seen where all of a sudden we take inventory of how many individual doctors that a health system have purchased their own product and wanted to use it in the hospital that typically has led to and the software deployment because in the hospital say, hey, um, we have always guys bring in this.

我們已經看到，我們突然清點了衛生系統有多少個人醫生購買了自己的產品，並希望在醫院中使用它，這通常導致軟體部署，因為在醫院裡說，嘿，嗯，我們總是有人帶來這個。

This also found in that we didn't sanction or buy.

這也發現我們沒有批准或購買。

And we said well that that was your doctors were buying them individually and let us put software in place to help you manage it.

我們說得很好，那就是您的醫生單獨購買它們，讓我們安裝軟體來幫助您管理它。

We can integrate their images into the EMR.

我們可以將他們的圖像整合到電子病歷中。

We can let them document to the EMR.

我們可以讓他們向 EMR 記錄。

We have automated tools to help file for reimbursement.

我們有自動化工具來幫助申請報銷。

We have tools that can help automate and allow us to manage the proficiency so they can be educated properly.

我們擁有可以幫助實現自動化並允許我們管理熟練程度的工具，以便他們能夠獲得適當的教育。

So there really is a one-two punch there, and we're really excited about how while in all those 127 or 123 account, we creative software throughout 2023.

因此，確實存在一打二打的情況，我們對如何在所有這些 127 或 123 帳戶中在 2023 年創造軟體感到非常興奮。

They were really the type of we have deals I would have liked to have seen that were bundled with hardware and software.

它們確實是我希望看到的與硬體和軟體捆綁在一起的交易類型。

It was a lot of software kind of allowing health systems to manage all the butterflies that have been put in the market, but now it's different because now I have two, three minutes.

有許多軟體可以讓衛生系統管理所有已推出市場的蝴蝶，但現在不同了，因為現在我有兩三分鐘的時間。

So many of the needs of the subspecialists.

亞專科醫生的需求如此之多。

We've done very well in cardiology.

我們在心臟病學方面做得很好。

We've done very well in other specialties, critical care and of course, in the emergency room.

我們在其他專業、重症監護，當然還有急診室都做得很好。

So not a matter of making sure that we can capture those and capture that reimbursement.

因此，這並不是確保我們能夠捕獲這些並捕獲報銷的問題。

We can now walk in the hospital with a desire to standardize the wife of four different handheld programs such so counterintuitive.

我們現在可以走在醫院裡，希望能夠標準化四種不同手持程序的妻子，這樣的做法是違反直覺的。

A handheld probe should walk with the doctor, not all of a sudden have won nearly 25% of what they could do.

手持式探頭應該與醫生同行，而不是一下子就贏得了近 25% 的能力。

Now they've got to go run the another handheld and all those for handheld cost.

現在他們必須去運行另一台手持設備以及所有這些手持設備的成本。

The same amount as a multipurpose card, it just makes no sense.

與多用途卡相同的金額，毫無意義。

So we think butterfly brings true.

所以我們認為蝴蝶帶來了現實。

Our efficiency in point-of-care, we believe in our sales force is actively advocating for every doctor to get their probe.

我們在現場護理方面的效率，我們相信我們的銷售人員正在積極倡導每位醫生都得到他們的探頭。

And you only need one probe in order to perform that, that point of care.

您只需要一個探頭即可執行該操作，即護理點。

And then everything gets integrated into a middleware and the data gets captured and it's right now, we see private tour middleware going in hospitals on average are only getting around 30% to 40% of the scans that they take or actually make it all the way to being are claimed for reimbursement.

然後所有內容都整合到中間件中，數據被捕獲，現在，我們看到醫院中的私人旅遊中間件平均只獲得了他們進行或實際進行的掃描的 30% 到 40% 左右要求報銷。

And that's because so many of the individual also signed devices that have are not tied into their EMR and are and are properly documented we've seen that when people implement Compass and implement our middleware that our middleware is not just clarify.

這是因為許多人還簽署了未與他們的EMR 綁定的設備，並且這些設備已被正確記錄，我們已經看到，當人們實現Compass 並實現我們的中間件時，我們的中間件不僅僅是澄清。

It works for all the other, all the other devices as well.

它也適用於所有其他設備。

So it's not just a proprietary thing for butterfly.

所以這不僅僅是蝴蝶專有的東西。

When we put our middleware in the hospital, we see the amount of scans that they file for reimbursement go up.

當我們將中間件放入醫院時，我們發現他們申請報銷的掃描數量有所增加。

They go up because they feel more comfortable than Europe because it's easy.

他們之所以上升，是因為他們感覺比歐洲更舒服，因為這很容易。

It's integrated into the phone where they're looking at the image and the whole process allows hospitals to grow their revenue.

它被整合到手機中，他們可以在手機中查看圖像，整個過程使醫院能夠增加收入。

So as we go into 24, our sales force is out now talking to all these accounts saying we have this middleware.

因此，當我們進入 24 小時時，我們的銷售人員正在與所有這些客戶交談，說我們有這個中間件。

We have this killer of all in one product that now has this awesome image quality that that can live inside the hospital.

我們擁有這款殺手級的多合一產品，現在具有可在醫院內使用的出色影像品質。

Let's talk about larger deals.

我們來談談更大的交易。

Let's talk about standardization, but it's talking about converting out your existing products because this is the true weighted in point-of-care ultrasound.

讓我們談論標準化，但它談論的是轉換現有產品，因為這是床邊超音波的真正加權。

And Joe, can I just add to that, but to Josh's question and Josh around, we added we added people mostly in the second half of the year.

喬，我可以補充一下嗎，但對於喬希的問題和喬希周圍的情況，我們補充說，我們主要是在下半年增加人員。

So when one of the data points that we talked about was the increase in revenue related to our direct sales force.

因此，當我們談論的數據點之一是與我們的直銷隊伍相關的收入成長時。

And we saw a nice bump both on in the fourth quarter and the full year around 10% and 11%, respectively.

我們看到第四季和全年的增幅分別約為 10% 和 11%。

And for those areas, and that's the place that we've invested in are the ones who are calling directly on these hospitals and systems.

對於這些領域，我們投資的地方是直接調用這些醫院和系統的地方。

So as we go into 2024 and those folks become fully efficient and ramp, we expect to see a benefit from that.

因此，當我們進入 2024 年時，這些人將變得完全有效率並不斷進步，我們預計會從中受益。

And as the year progresses.

隨著時間的推移。

We plan to look at each of these areas and territories and add resources where appropriate.

我們計劃研究每個領域和地區，並在適當的情況下添加資源。

We just don't want to get ahead of ourselves and we wanted to be efficient with our use of capital is as we're investing.

我們只是不想超前，我們希望在投資時能夠有效率地利用資本。

Appreciate that.Heather Thanks, Joe.

很感激。希瑟，謝謝，喬。

Suraj Kalia, Oppenheimer.

蘇拉吉·卡利亞，奧本海默。

All right?

好的？

We'll have to rush you this fine.

我們得催你這麼快。

Suraj.

蘇拉傑。

Sorry, I was having technical difficulties.

抱歉，我遇到了技術困難。

So Joe, on rural costs, how would you gauge the probability of various outcomes and the goalposts being changed now to require some comparative assessments between analog and digital devices?

那麼，喬，關於農村成本，您將如何衡量各種結果的可能性以及現在改變的目標，要求模擬和數位設備之間進行一些比較評估？

Eventually we have the roadmap to phase out analog, I guess rather than having a purist stick view of LED versus non-LED.

我想最終我們會制定逐步淘汰模擬的路線圖，而不是對 LED 與非 LED 持純粹的觀點。

Can the goalposts now be changed?

現在可以改變球門柱嗎？

How are you all looking at the various outcomes and when do you think we would know more about what's next on the horizon?

你們如何看待各種結果？你們認為我們什麼時候才能更了解接下來會發生什麼？

Well, thank you for that question, Suraj, Amp'd and I just don't know on what I do know is they it received two sets of exemptions.

好吧，謝謝你提出這個問題，Suraj、Amp'd 和我只是不知道我所知道的是他們獲得了兩組豁免。

What I do know is that there is they are up for an exemption now and we are trying to intervene on the if you look at the and we can debate numbers, but you can handle ultrasound in Europe, that's the big fraction of the overall based on ultrasound and overall revenue, the political blowback for the European Commission I believe would be very low.

我所知道的是，他們現在正在尋求豁免，我們正在嘗試幹預，如果你看一下，我們可以辯論數字，但你可以在歐洲處理超音波，這是整體基礎的很大一部分就超音波和整體收入而言，我相信歐盟委員會的政治反彈會非常低。

If they said, we are taking PISA handhelds off the market and we are going to only allow those who meet real high standards to be on the market or else, what's the purpose of having a standard if there's equivalents in a device and it meets the standards, then why have a standard in the first place.

如果他們說，我們將把 PISA 手持設備撤出市場，並且只允許那些符合真正高標準的設備進入市場，否則，如果設備中存在同等標準並且滿足標準，那麼制定標準的目的是什麼？標準，那麼為什麼首先要訂定標準呢？

But truthfully, we are actively and retaining lobbyists.

但說實話，我們正在積極保留說客。

We are there.

我們就在那裡。

We don't have the resources to fight big ultrasound, but I think there is not going to be a very good argument on why a piece of base handheld device that's compatible to our device.

我們沒有資源來對抗大型超音波，但我認為對於為什麼基礎手持設備與我們的設備相容，不會有很好的爭論。

There's not going to be a good scientific or clinical reason why they should.

沒有充分的科學或臨床理由說明為什麼他們應該這樣做。

So if it stays on, it will purely be political.

因此，如果它繼續存在，那將純粹是政治性的。

But if it stays on, it won't be based upon I mean, we'll go through whatever evaluation and assessment.

但如果它繼續下去，我的意思是，它不會基於我們將進行任何評估和評估。

But I would love to see that the standards upheld, of course, it's in our favor, and that's consistent with what we believe on.

但我很樂意看到這些標準得到維護，當然，這對我們有利，而且這與我們的信念是一致的。

But honestly, I don't have a read on the politics if you read the regulations, if you read the intention to preserve the environment, if you read the desire to hold of all types of electronics who use raw material, earth materials or you have either manufacturing toxicity or disposal toxicity on the legacy piece of crystals.

但老實說，如果你讀了法規，如果你讀到了保護環境的意圖，如果你讀到了持有使用原材料、地球材料或你的所有類型電子產品的願望，我對政治沒有任何了解。對遺留晶體具有製造毒性或處置毒性。

And they have not proven scientifically meet the threshold of that directive or we did.

他們還沒有科學地證明達到了該指令的門檻，而我們做到了。

So I guess the question really is how serious are they on the directive and we look forward to educating them and advocating our position.

所以我想問題實際上是他們對該指令有多認真，我們期待教育他們並倡導我們的立場。

And the other thing, TJ, Rogers, like, let's say, they do Dealer Association.

另一件事，TJ、羅傑斯，比如說，他們有經銷商協會。

I'm asked if you're buying if you're buying devices, are you going to want to buy a device that meets the standards now?

我問如果你要買設備的話，你現在想買符合標準的設備嗎？

And are you going to be willing to buy a device that doesn't meet the standards and potentially you have to remove that from the market, right?

您是否願意購買不符合標準的設備，並且可能必須將其從市場上移除，對嗎？

So so I think it is regardless of what they do a phase-in or if they do an absolute removal of the exemption of benefits Butterfly.

因此，我認為無論他們採取什麼逐步實施的措施，或是否絕對取消蝴蝶福利的豁免。

Fair point.

有道理。

Joe, on your in your prepared remarks, you mentioned you highlighted the results of the survey and IQ. three.

喬，在您準備好的發言中，您提到您強調了調查結果和智商。三。

So Joe, admittedly, it's just been two weeks since you all have commercially launched it.

所以喬，誠然，距離你們將其商業化推出才過去兩週。

So I don't want to go into how many sold and accounts and whatnot joined what point and how many quarters down the line would you say we would have enough visibility to quantify IQ three, whether it's in terms of velocity of sales systems per account.

因此，我不想討論有多少銷售和帳戶以及什麼沒有加入，您認為我們將有足夠的可見性來量化 IQ 3，無論是在每個帳戶的銷售系統速度方面。

How are you thinking about it at this point in time?

此時此刻您是如何考慮的？

IQ. three, this should give us a real good idea that what we are seeing qualitatively now we are seeing quantitatively also thank you for taking my question.

智商。第三，這應該給我們一個真正的好主意，我們現在看到的定性的東西，我們正在定量地看到的東西，也感謝您提出我的問題。

Yes, thank you.

是的，謝謝。

A very good question.

這是一個很好的問題。

And I have personally, I believe by the end of the second quarter when we have a full quarter, it will give us the opportunity to see how much our pipeline has grown, how many of those deals we were actually able to convert into revenue on and it will also be a full full cycle on the beginning.

我個人認為，到第二季末，當我們有一個完整的季度時，我們將有機會看到我們的管道增長了多少，我們實際上能夠將其中多少交易轉化為收入一開始也是一個完整的循環。

There's obviously a lot of noise and it takes time.

顯然有很多噪音，而且需要時間。

I think the difference with IQ. three is we're pricing it at 38, 99.

我認為差別在於智商。第三是我們的定價為 38、99。

And so it is more of a hospital product.

因此它更像是一種醫院產品。

And it's a product that, as I had mentioned, is still far less expensive than any of the handheld platforms that are there in the hospitals today have a piece of crystals, but it is a higher price point.

正如我所提到的，這種產品仍然比當今醫院中任何帶有一塊晶體的手持平台便宜得多，但價格更高。

So it is a sale of that we don't believe is as robust an online sale and one that will be a very robust hospital sale.

因此，我們認為這次銷售不像網路銷售那麼強勁，而醫院銷售也將非常強勁。

But there are we know how long those sales cycles are.

但我們知道這些銷售週期有多長。

I'm hopeful that we can see in through the second quarter how that ferrets out.

我希望我們能在第二季度看到結果如何。

We are we have already seen our pipeline grow lot.

我們已經看到我們的管道增長了很多。

We've seen the a lot of deals come into the pipeline, a lot of opportunities that we didn't have before.And so we're very excited about that.

我們看到很多交易正在醞釀中，很多我們以前沒有過的機會。所以我們對此感到非常興奮。

And so we'll see over time how quickly do they convert?

隨著時間的推移，我們會看到他們的轉換速度有多快？

What is the process.

流程是怎樣的。

And as you know, as you're getting into larger and larger numbers, there's more people who have to sign off and make that happen.

如你所知，隨著你的人數越來越多，有越來越多的人必須簽字並實現這一目標。

But I think by midyear, we're going to know what we have.

但我認為到年中，我們就會知道我們擁有什麼。

Thank you.

謝謝。

Thank you.

謝謝。

There are no further questions waiting in queue.

隊列中沒有其他問題等待。

(Operator Instructions) There are no further questions in queue.

（操作員說明）隊列中沒有其他問題。

I'd like to turn the call back over to Joe DeVivo for concluding remarks.

我想將電話轉回給喬·德維沃進行總結發言。

So thank you very much, everybody, for joining.

非常感謝大家的加入。

We're very excited about now having 20, we had a lot of accomplishments in 23 on 23 was a year where we went through a lot of changes and a lot of restructuring.

我們對現在的20歲感到非常興奮，我們在23歲時取得了許多成就，23歲是我們經歷了許多變化和重組的一年。

And we're just in such a good place right now.

我們現在的處境非常好。

We have a lean team.

我們有一支精幹的團隊。

We have a very clear strategy and our conversations on a daily basis, our execution revenue opportunity, not restructuring and other types of things that really really a significant amount of effort.

我們有一個非常明確的策略和我們每天的對話，我們的執行收入機會，而不是重組和其他類型的事情，這確實需要大量的努力。

We have a great team, a great strategy, a market that's growing and a wonderful product that allows us to be very excited about our future.

我們擁有一支出色的團隊、出色的策略、不斷成長的市場和出色的產品，讓我們對未來感到非常興奮。

And then on March 18th, we're going to get together.

然後在 3 月 18 日，我們將相聚。

We're going to unpack a little bit more of our roadmap.

我們將詳細介紹我們的路線圖。

We're going to talk more about the longer-term strategy, and it's just a very exciting time.

我們將更多地討論長期策略，這是一個非常令人興奮的時刻。

So thank you for your attention, and I hope you all come to our Investor Day.

感謝您的關注，希望大家能夠參加我們的投資者日。

So thank you so much, everybody.

非常感謝大家。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect your lines.

現在您可以斷開線路。