Butterfly Network Inc (BFLY) 2024 Q1 法說會逐字稿

Good afternoon.

午安.

Thank you for attending the butterfly network First Quarter 2024 earnings call.

感謝您參加蝴蝶網路 2024 年第一季財報電話會議。

My name is Victoria, and I'll be your moderator today.

我叫維多利亞，今天我將擔任你們的主持人。

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。

If you would like to ask a question, please press star followed by one on your telephone keypad.

如果您想提問，請按下電話鍵盤上的星號，然後再按一個。

I would now like to pass the conference over to your host, Heather Getz.

現在我想將會議交給主持人希瑟蓋茲 (Heather Getz)。

You may proceed.

您可以繼續。

Heather.

希瑟。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

Earlier today, butterfly released financial results for the first quarter ended March 31st, 2024 and provided a business update the release and earnings presentation, which includes 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 dot butterfly networks.com.

今天早些時候，butterfly 發布了截至2024 年3 月31 日的第一季財務業績，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GAAP 財務指標與當前最適用的GAAP 指標之間的對照表在公司網站 ir dot Butterfly Networks.com 的投資者部分。

Hi, Heather Getz, Chief Financial and Operations Officer at butterfly.

大家好，Heather Getz，butterfly 的財務和營運長。

Alongside Joseph, the depot butterflies Chairman and Chief Executive Officer, will host this afternoon's call.

depot蝴蝶公司董事長兼執行長約瑟夫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 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 in conjunction with our remarks, there may be a short delay between the live audio and the presentation being shown on the same page, you will also be able to access the Webcast live and replay once the call has completed.

提醒一下，本次電話會議正在進行網路直播和錄音，我們將參考幻燈片簡報和我們的評論，現場音訊和同一頁面上顯示的簡報之間可能會有短暫的延遲，您還將能夠在通話結束後訪問網路直播並重播。

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

我現在想把電話轉給喬。喬.

So good afternoon, everyone, and thank you for joining us for our first quarter 2024 conference calls.

大家下午好，感謝您參加我們的 2024 年第一季電話會議。

We've had a really good quarter and a perfect start to what will be a great year for Vodafone.

我們度過了一個非常好的季度，為沃達豐偉大的一年開了一個完美的頭。

We delivered 14% revenue growth, which was above expectations and are now raising revenue and earnings guidance for the full year.

我們實現了 14% 的營收成長，高於預期，目前正在提高全年收入和獲利指引。

Our IQ three launch proved everything we were hoping for and marks a major shift in competitiveness for the health system market with our building momentum from recent product launches, along with a robust lineup of new products and services coming, we feel confident will be able to sustain this growth for the foreseeable future.

我們的 IQ 3 發布證明了我們所希望的一切，並標誌著衛生系統市場競爭力的重大轉變，隨著我們最近產品發布的勢頭，以及即將推出的強大的新產品和服務陣容，我們有信心能夠在可預見的未來維持這種成長。

Our ongoing efforts to streamline and become more cash-efficient will continue through 2024, extending our cash runway well into 2026.

我們將持續努力精簡流程並提高現金效率，直到 2024 年，從而將我們的現金跑道延長至 2026 年。

So elaborating further on the quarter, revenue came in at $17.7 million or 14% over the last year's first quarter with a 22% increase in pro volume in all channels contributed.

進一步闡述本季度，營收為 1,770 萬美元，比去年第一季成長 14%，其中所有通路的專業銷量成長了 22%。

These results come on the heels of us overachieving our Q4 23 expectations even more.

這些結果是在我們進一步超出 23 年第四季的預期之後發布的。

Our first quarter 24 was the best first quarter in butterflies history, even beating 2020 two's of $15.6 million.

我們的第一季 24 美元是蝴蝶歷史上最好的第一季度，甚至超過了 2020 年兩季度的 1560 萬美元。

We were able to achieve these results through improved execution and do it more efficiently.

我們能夠透過改進執行並提高效率來實現這些成果。

We actually used half the cash we did last year, so 14% revenue growth, highest first quarter ever using significantly less cash year over year.

實際上，我們使用的現金只有去年的一半，因此收入增加了 14%，是有史以來第一季最高的，使用的現金比去年同期大幅減少。

Now that's progress.

現在這就是進步。

We had a number of significant achievements in the quarter, the most notable of which was IQ three winning FDA clearance early in January, and we were ready.

我們在本季度取得了許多重大成就，其中最引人注目的是 IQ 3 在 1 月初獲得 FDA 批准，我們已經做好了準備。

We launched IQ three ahead of schedule, delivering even more momentum.

我們提前推出了 IQ 3，帶來了更大的動力。

Our operations team did a marvelous job producing high-quality inventory.

我們的營運團隊在生產高品質庫存方面做得非常出色。

Our marketing team executed a flawless launch with so many online activations occurring through the quarter.

我們的行銷團隊完美地完成了發布，整個季度發生瞭如此多的線上活化。

I'm very proud of the team for delivering such high-quality launch ahead of schedule.

我為團隊提前交付如此高品質的產品感到非常自豪。

So as a reminder, as I laid out on our previous earnings call, our 2024 priorities for butterfly are one IQ, three driven growth, including going deeper into health systems, two global expansion and three, driving medical school adoption.

因此，提醒一下，正如我在之前的財報電話會議上所闡述的那樣，我們2024 年蝴蝶的優先事項是：一是智商，三是驅動增長，包括深入衛生系統，二是全球擴張，三是推動醫學院的採用。

In addition, we see further opportunities such as that.

此外，我們也看到了更多類似的機會。

So beginning in further to the launch on February 13th, 2020, for IQ three became available to all of our domestic channels.

因此，從 2020 年 2 月 13 日發布開始，《IQ 3》就向我們所有的國內通路開放。

Each of our regions then proceeded to deliver and above plan performance.

然後，我們的每個地區都繼續交付並高於計劃的績效。

U.s. revenue growth in the quarter was 19%, led by an increase in proved unit volume by 18% year over year.

我們。本季營收成長 19%，其中探明銷量較去年同期成長 18%。

There were no large deals, just a groundswell of individual orders increasing on a daily basis throughout the quarter, which in my point of view, is very healthy.

沒有大宗交易，只是整個季度個別訂單每天都在增加，在我看來，這是非常健康的。

International grew 14%, and this was without IQ. three and prior to even receiving EU MDR certification for IQ plus.

國際成長了 14%，而且這還不包括智商。三，甚至在獲得 IQ plus 的歐盟 MDR 認證之前。

So in other words, the growth was purely based on improved execution from our distributors and strong performance from our international direct team despite no new product in years.

換句話說，儘管多年來沒有新產品，但成長純粹是基於我們經銷商執行力的提升和我們國際直接團隊的強勁表現。

Well, that's about the change for them now that we have EU MDR certification and we'll be rolling out a cadre of advanced features on our European IQ plus product later this month, international results should accelerate further.

好吧，這就是他們的變化，因為我們已經獲得了歐盟 MDR 認證，並且我們將在本月晚些時候在我們的歐洲 IQ plus 產品上推出一系列先進功能，國際結果應該會進一步加速。

So what's more of the new butterfly IQ. three international rollout is kicking off very soon.

那麼更重要的是新的蝴蝶智商。三個國際推廣即將開始。

We plan to launch IQ. three in Canada this month, and then Europe will come next later in 2024.

我們計劃推出 IQ。本月在加拿大舉辦了三場，接下來將於 2024 年稍後在歐洲舉辦。

So why Q3 was available for a half a quarter.

那為什麼第三季的可用時間是半季呢？

In the U.S. market.

在美國市場。

Sales and selling activity has been electric of over 1,200 IQ. three units sold about half were brand new users to butterfly and half were trade-in upgrades by existing users who wanted the new technology in every setting.

銷售和銷售活動的智商超過 1,200。在售出的三台設備中，大約一半是蝴蝶的全新用戶，一半是希望在各種環境中使用新技術的現有用戶進行的以舊換新升級。

Iq three shines.

智商三閃。

We have held many private IQ three demos for KOLs in every clinical specialty relevant to ultrasound.

我們為與超音波相關的每個臨床專業的 KOL 舉辦了許多私人 IQ 3 演示。

We used to hear quote, butterfly is great, but unquote from several specialties, especially cardiology, but there's no more, but that is now a thing of the past at the most recent American College of Cardiology Conference, our little booth was swamped with cardiology.

我們曾經聽過一句話，“蝴蝶很棒”，但沒有引用幾個專業，尤其是心臟病學，但沒有更多了，但在最近的美國心臟病學會會議上，這已經成為過去式了，我們的小展位擠滿了心臟病學。

It was so gratifying because we heard them say, quote, I just had the combined CFIQ. three was as good as everyone says it is unquote.

這是非常令人高興的，因為我們聽到他們說，引用，我剛剛獲得了合併的 CFIQ。三就像每個人都說的那麼好，沒有引用。

So that's really nice to hear.

很高興聽到這個消息。

Our message is getting out.

我們的消息正在傳出去。

There is the viral buzz around our new product and customers are reaching for it time.

我們的新產品引起了熱議，客戶們都迫不及待地想要購買它。

And again, we've put IQ three up against the competitive devices and our image quality is just much better.

再說一次，我們將 IQ 提高到了競爭對手設備的三倍，而且我們的影像品質要好得多。

We have advanced automated tools and our cost is still a fraction of the price of all competitive price.

我們擁有先進的自動化工具，我們的成本仍然是所有競爭價格的一小部分。

Remember, you need to buy for their approach between five and $7,000 each to get to a full body image together, that's a 20 to $28,000 purchase about the same cost as an entry-level car.

請記住，您需要為每輛汽車購買 5 至 7,000 美元才能獲得全身圖像，即購買 20 至 28,000 美元，與購買入門級汽車的成本大致相同。

We also published a white paper accessible at butterfly network.com/resources on the clinical utility of IQ slice and IQ seven detailing how these advanced tools can enable more efficient care by reducing the number of scans needed in an exam.

我們還發布了一份關於IQ slice 和IQ 7 臨床實用性的白皮書，詳細介紹了這些先進工具如何通過減少檢查所需的掃描次數來實現更高效的護理，可在蝴蝶網絡.com/resources 上訪問。

Many ultrasound protocols are time-consuming and demanding on proved manipulations to get a series of views with IQ slice and van, we proposed new protocols that streamline the scanning process and enhance diagnostic efficiency.

許多超音波協議非常耗時，並且要求經過驗證的操作才能透過 IQ 切片和貨車獲得一系列視圖，我們提出了新的協議來簡化掃描過程並提高診斷效率。

This was also the first quarter that we began selling two probes side-by-side by Q plus remains the best selling handheld in history and the product has a lot of life providers who are generalists or very price sensitive, may opt to purchase IQ plus at 26.9, while more specialized doctors, for example, puzzle cardiac MSK and vascular needs will likely opt for the IQ three at 38 99, no matter what butterfly wins because we have the lowest cost all in one probe and simultaneously the best handheld and image quality capabilities and cost.

這也是我們開始並排銷售兩個探頭的第一季度，Q plus 仍然是歷史上最暢銷的手持設備，而且該產品有很多多面手或對價格非常敏感的生活提供者，可能會選擇購買 IQ plus 26.9，而更專業的醫生，例如，困惑心臟MSK 和血管需求的醫生可能會選擇IQ 3（38 99），無論哪種蝴蝶獲勝，因為我們擁有成本最低的一體化探頭，同時具有最佳的手持式和影像品質能力和成本。

Plus our probes are paired with enterprise software and educational tools to make deployments feasible at scale and now butterfly Garden will be constantly bringing them the best apps in the world.

此外，我們的探針與企業軟體和教育工具相結合，使大規模部署變得可行，現在蝴蝶花園將繼續為他們帶來世界上最好的應用程式。

It's just simply an unbeatable offering.

這只是一個無與倫比的產品。

Health systems are now taking notice in our pipeline is growing.

衛生系統現在註意到我們的管道正在不斷增長。

We have the Pro the mobile app, enterprise software and education portfolio.

我們擁有 Pro 行動應用程式、企業軟體和教育產品組合。

If a point-of-care ultrasound director is serious about building an enterprise program, they will now truly have only one choice.

如果現場超音波主管認真考慮建立企業計劃，那麼他們現在確實只有一個選擇。

Butterfly is the most complete solution.

Butterfly 是最完整的解決方案。

In fact, we're thrilled by new data coming out of one of our largest one to one proven software installations at the University of Rochester Medical Center, which furthers the value story by demonstrating the economic benefits of butterfly.

事實上，我們對來自羅徹斯特大學醫學中心最大的一對一經過驗證的軟體安裝之一的新數據感到興奮，它透過展示蝴蝶的經濟效益進一步推動了價值故事。

There's much more to come on this, but they allowed us to preview a highlight since putting butterfly in place system-wide URMC. observed significant revenue growth, a 115% increase in hospital revenue from point of care ultrasound in just a year and a half, and they also reduced capital expenditures when deploying our devices system-wide.

這方面還有很多事情要做，但它們讓我們預覽了自從在系統範圍的 URMC 中部署蝴蝶以來的一個亮點。我們觀察到收入顯著增長，在短短一年半的時間裡，醫院從護理點超音波獲得的收入增加了 115%，並且在全系統部署我們的設備時，他們還減少了資本支出。

Looking at our software and services revenue in total, it was down slightly.

從我們的軟體和服務總收入來看，略有下降。

This is temporary underneath that we had great enterprise software quarter with upsells in existing accounts, growing 25% from Q4 23 and overall ARR growth at 34% year over year.

這是暫時的，因為我們的企業軟體季度表現出色，現有客戶的銷售量較 23 年第四季成長 25%，整體 ARR 年比成長 34%。

On the individual side, we anniversaried the subscription promotion put in three years ago that was very successful.

就個人而言，我們慶祝了三年前推出的非常成功的訂閱促銷活動。

Much of that revenue rolled off this quarter.

大部分收入在本季減少。

I'm not worried about this at all as we've reloaded the chamber with a bunch of new software from this quarter's all improved sales, which will roll forward nicely and set the stage for a lot of new software to amortize over the next three years.

我根本不擔心這一點，因為我們已經從本季度的所有銷售改善中重新加載了一堆新軟體，這將很好地向前推進，並為許多新軟體在未來三年內攤銷奠定基礎年。

I also explained last quarter that medical school programs would be an important growth driver for us.

上個季度我還解釋說，醫學院課程將成為我們的重要成長動力。

And we're seeing the momentum here, including upsell into over five schools in Q1, two of which were one to one model is deploying probes to all incoming 1st year students.

我們在這裡看到了這種勢頭，包括第一季向超過五所學校進行追加銷售，其中兩所學校採用一對一的模式，正在向所有一年級新生部署調查。

Our pipeline in this area is also growing strong and schools are realizing the value of one to one models for each student wants their own probe.

我們在這一領域的管道也在不斷壯大，學校正在意識到一對一模型對於每個想要自己探索的學生的價值。

Just last month, we were at a com the largest gathering of osteoporotic medical school leadership in the country, more than 30 deals.

就在上個月，我們參加了全國最大規模的骨質疏鬆醫學院領導聚會，達成了 30 多項交易。

School decision makers showed up for a private session to learn more about butterflies one to one Miles & More came for conversations at our booth.

學校決策者參加了一場私人會議，以了解有關蝴蝶的更多信息，Miles & More 飛常里程匯來到我們的展位進行一對一對話。

Scandlines launch in Q1 is a huge part of our success here is contribution to the quarter was also nothing short of amazing.

第一季推出的 Scandlines 是我們成功的重要組成部分，對本季的貢獻也令人驚嘆。

Having an ultrasonic structure side by side with a student to practice is a resource, not all medical schools have prospects has cited.

並非所有醫學院都有前景指出，擁有超音波結構與學生並排練習是一種資源。

Scan lab has the reason they feel a one-to-one model is now feasible.

掃描實驗室有理由認為一對一模型現在是可行的。

Scan.

掃描。

Lab amplifies assumes coursework and hands-on training with a I guided practice tools strengthen our lead in medical education as a whole generation of students, learn ultrasound and do it with their butterfly, much like Apple built their Eimac market decades.

實驗室透過I 指導的實踐工具放大了假設課程作業和實踐培訓，加強了我們在醫學教育方面的領先地位，作為整整一代學生，學習超音波並用他們的蝴蝶來做，就像蘋果幾十年來建立Eimac市場一樣。

Earlier when students learn on your platform loyalty for years and years, the impact of scale-up goes well beyond NetSchools.

早些時候，當學生在您的平台上學習了多年的忠誠度時，擴大規模的影響遠遠超出了 NetSchools。

We have partners, distributors and customers hosting training programs using it since its launch in mid January.

自一月中旬推出以來，我們的合作夥伴、經銷商和客戶都在使用它來舉辦培訓計畫。

Thousands of downloads at multiple institutions are using it and clinical research schools are incorporating it into their curriculum.

多個機構的數千次下載正在使用它，臨床研究學校正在將其納入他們的課程。

Customers realize there's now an AI tool, allowing students and clinicians practice their scanning skills on their own.

客戶意識到現在有一種人工智慧工具，可以讓學生和臨床醫生自行練習掃描技能。

And it's a proven game changer for us.

事實證明，它對我們來說是一個遊戲規則改變者。

We also saw growth in butterfly garden, EA Partners.

我們也看到蝴蝶花園、EA Partners 的成長。

We launched these streams about eight months ago in August of 2023 and saw an immediate strong impact.

大約八個月前，也就是 2023 年 8 月，我們推出了這些直播，並立即看到了強烈的影響。

Pipeline continues to grow.

管道持續成長。

In Q1 2024, we added four partners and just last month on April 23rd, I think Sonal became our first partner to commercialize an education app for deep vein thrombosis assessment.

在 2024 年第一季度，我們增加了四個合作夥伴，就在上個月 4 月 23 日，我認為 Sonal 成為我們第一個將深部靜脈栓塞評估教育應用程式商業化的合作夥伴。

It's exciting to see the rate of progress in this area so before turning it to Heather, I'd like to give a brief update on the European Commission's effort to be in hazardous substances from electronic devices called Roadhouse or restrictions of hazardous substances directive.

看到這一領域的進展速度令人興奮，因此在向 Heather 提問之前，我想簡要介紹一下歐盟委員會在電子設備中的有害物質（稱為 Roadhouse 或有害物質限制指令）方面所做的努力。

I've mentioned that we've been in contact with the European Commission about our chip ultrasound as a cleaner alternative to incumbent lead based PCs, handhelds for fleets to have learned that they have not yet begun reviewing the lead pizza industry for Quest for the next exemption or contact that the commission shares.

我已經提到過，我們已經與歐盟委員會就我們的晶片超音波作為現有鉛基 PC 和車隊手持設備的更清潔替代品進行了聯繫，並了解到他們尚未開始審查領先的披薩行業以尋求 Quest委員會共享的下一個豁免或聯繫。

So most likely begin at the end of this calendar year and then decide some time in 2025.

因此最有可能從今年年底開始，然後在 2025 年的某個時間點決定。

So that's terrific news for butterfly.

這對蝴蝶來說是個好消息。

First, we are not late in the game.

首先，我們並沒有遲到。

Butterfly in our seamless technology will be fully evaluated and considered in this next round.

我們的無縫技術中的蝴蝶將在下一輪中得到充分的評估和考慮。

Second, we believe it's possible that IQ three will be approved in Europe before this evaluation process concludes.

其次，我們相信在此評估過程結束之前，IQ 3 可能會在歐洲獲得批准。

While we're very confident that even with IQ plus we would prevail with IQ. three.

儘管我們非常有信心，即使智商加了，我們也能憑藉智商獲勝。三。

We feel certain that any independent valuation against all other handheld will conclude the IQ three is that minimum equivalent period we have also further learn that the EU seriousness and upholding this directive is strong.

我們確信，對所有其他手持設備的任何獨立評估都會得出 IQ 3 是最低等效時間的結論，我們也進一步了解到歐盟的嚴肅性和對這項指令的維護是強大的。

The more energy we are putting into this process, the more we believe the other prevailing are in our favor and new sales of LED piece of handhelds may be banned from the EU as early as 2025.

我們在這過程中投入的精力越多，就越相信其他主流產品對我們有利，最早 2025 年歐盟可能會禁止新銷售 LED 手持設備。

The facts are simply in our favor.

事實對我們有利。

There is still a lot of work to do, but our confidence has grown.

雖然還有很多工作要做，但我們的信心已經增強。

So with that, I'll turn it over to Heather to report more on the quarter.

因此，我將把它交給希瑟，報告本季的更多資訊。

Heather?

希瑟？

Thank you and good afternoon.

謝謝你，下午好。

Everyone.

每個人。

As Jim noted, we started 2024 strong with revenue of $17.7 million in the first quarter, a historic high mark for butterfly, representing a 14% increase versus the prior year.

正如 Jim 指出的那樣，我們在 2024 年開局強勁，第一季營收達到 1,770 萬美元，創下了蝴蝶公司的歷史新高，與前一年相比增長了 14%。

This increase was driven by a 22% increase in pro volumes with the launch of IQ three and higher average selling prices, demonstrating strong demand for our products, both the US and international markets growth in the U.S., we realized $12.2 million in total sales, 19% higher than the prior year period, driven by increased volume, average selling prices and slightly higher revenue from software and subscriptions.

這一增長是由於IQ 3 的推出以及更高的平均售價導致專業銷量增長22%，這表明對我們產品的強勁需求，以及美國和國際市場的增長。總銷售額，受銷量增加、平均售價增加以及軟體和訂閱收入略有增加的推動，較上年同期增長 19%。

Total international increased 14% over the prior year period to 4.2 million.

國際旅客總數較上年同期成長 14%，達 420 萬人次。

This was due to higher pro volume, partially offset by lower average selling prices as a result of a higher mix of sales to distributors, which carry a lower average selling price as well as lower individual software sales through e-com.

這是由於專業銷售增加，但部分被分銷商銷售組合增加導致平均售價降低所抵消，分銷商的平均售價較低，並且透過電子商務的單一軟體銷售額較低。

Breaking our revenue down between product and software product revenue was $11.3 million, an increase of 28% versus Q1 2023.

按產品和軟體產品收入劃分，我們的收入為 1,130 萬美元，與 2023 年第一季相比成長了 28%。

This increase was driven by higher volumes spread across all our channels and higher average selling prices.

這一成長是由我們所有通路的銷售增加和平均售價上漲所推動的。

Software and services revenue was $6.4 million in the first quarter down slightly versus the prior year period.

第一季軟體和服務收入為 640 萬美元，比去年同期略有下降。

Software and services mix was 36% of revenue, decreasing by approximately seven percentage points versus Q1 2023.

軟體和服務組合佔營收的 36%，與 2023 年第一季相比下降了約 7 個百分點。

This decrease was due to lower individual subscription renewals that were largely offset by a higher installed base of subscription enterprise software as compared to prior year, as well as renewals on existing base of software users.

這一下降是由於個人訂閱續約量減少，這在很大程度上被訂閱企業軟體安裝基數較上一年增加以及現有軟體用戶基礎的續訂量所抵消。

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

我們的年度經常性總收入（作為軟體和其他服務的一部分）與去年同期相比成長了 4%。

This was led by an increase in our enterprise software, which increased to 42% of our total ARR.

這是由我們的企業軟體的成長帶動的，該軟體占我們總 ARR 的比例增加到了 42%。

Turning now to gross profit, gross profit was $10.2 million in Q1 2020 for a 12% increase as compared to $9.1 million in the prior year period, while gross margin percentage remained relatively flat at 58% versus 59%, slight downtick was driven by a negative impact of higher software amortization and lower proportion of higher-margin software and other services revenue, partially offset by higher average selling prices.

現在轉向毛利，2020 年第一季的毛利為1,020 萬美元，比去年同期的910 萬美元增長12%，而毛利率則相對持平，為58%，而去年同期為59%，略有下降是由於軟體攤銷較高以及高利潤軟體和其他服務收入比例較低的負面影響，部分被較高的平均售價所抵銷。

Moving to EBITDA and capital resources.

轉向 EBITDA 和資本資源。

For the first quarter of 2024, adjusted EBITDA loss was 13.2 million compared with a loss of 22.3 million for the same period in 2023.

2024年第一季，調整後EBITDA虧損為1,320萬美元，而2023年同期為虧損2,230萬美元。

The 9.1 million improvement in adjusted EBITDA loss was driven by higher revenue, cost reductions and efficiencies, which led to lower payroll consulting and other outside services capital resources as of March 31st, 24 were cash and cash equivalents, including restricted cash of 117 million, excluding $6.5 million of bonus and other nonrecurring expenses.

調整後EBITDA 虧損改善910 萬美元的原因是收入增加、成本降低和效率提高，導致薪資諮詢和其他外部服務資本資源減少，截至24 年3 月31 日，資本資源為現金和現金等價物，其中包括1.17億受限制現金，不包括 650 萬美元的獎金和其他非經常性費用。

Our total use of cash in the first quarter was about 15 million.

一季我們的現金使用總量約為1500萬。

As we have previously discussed, over the last 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.

正如我們之前所討論的，在過去 18 個月中，我們已從業務中減少了超過 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, and we have a plan to extend it further.

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，並且我們有計劃進一步延長它。

Before moving to guidance, I want to touch on the notification we received from the NYSE.

在轉向指導之前，我想談談我們從紐約證券交易所收到的通知。

As you may have read in our release, we received the notification that we are out of compliance with the NYSE standard that requires a 30 day stock price moving average of at least $1.

正如您可能在我們的新聞稿中讀到的那樣，我們收到通知稱我們不符合 NYSE 標準，該標準要求 30 天股價移動平均線至少為 1 美元。

We are viewing this strictly as an administrative issue and are confident we will maintain our listing.

我們將此嚴格視為行政問題，並有信心維持我們的清單。

We have six months to regain compliance since we believe the market has undervalued the stock and is not factoring in our first quarter results or future growth.

我們有六個月的時間來恢復合規性，因為我們認為市場低估了該股票，並且沒有考慮我們第一季的業績或未來的成長。

We believe we can regain compliance with the recovery in our stock price through continued business execution in the event that the market price does not recover in that time period, we will perform a reverse stock split during this time.

我們相信，透過持續的業務執行，我們可以重新適應股價的恢復，如果市場價格在該時間內沒有恢復，我們將在此期間進行反向股票分割。

Our stock will continue to trade on the New York Stock Exchange.

我們的股票將繼續在紐約證券交易所交易。

Now moving to guidance.

現在轉向指導。

As Jim discussed, we have been executing against the roadmap we laid out in August.

正如 Jim 所討論的，我們一直在按照 8 月制定的路線圖執行。

We launched IQ three scan lab and butterfly garden with 13 deals.

我們推出了 IQ 三掃描實驗室和蝴蝶園，共 13 筆交易。

We added four new Garden partners in the first quarter.

我們在第一季增加了四個新的花園合作夥伴。

And in April, things Sterno became the first starting partner to commercialize an example of what we expect to be a meaningful contributor down the line.

今年 4 月，Things Sterno 成為第一個將範例商業化的起始合作夥伴，我們希望這個範例能成為有意義的貢獻者。

We've invested in our sales team, all while reducing our cash consumption and conservatively extending our cash on runway into 2026.

我們對銷售團隊進行了投資，同時減少了現金消耗，並保守地將現金儲備延長至 2026 年。

As we look into 2024, our commercial organization is humming, and we are continuing to find further efficiencies to extend our cash runway even further.

展望 2024 年，我們的商業組織正在蓬勃發展，我們正在繼續尋求更高的效率，以進一步擴展我們的現金跑道。

In addition, we are exploring a number of opportunities for non-dilutive financing, for example, grants and licensing deals to provide us with maximum flexibility and a pathway to profitability.

此外，我們正在探索許多非稀釋性融資機會，例如贈款和授權交易，以為我們提供最大的靈活性和獲利途徑。

We will keep you updated on this front for 2024 guidance.

我們將隨時向您通報 2024 年這方面的最新指引。

After launching IQ three and seeing its market acceptance, we can provide more concrete and higher revenue guidance in the range of 75 to 80 million or about 15% to 20% growth in adjusted EBITDA guide for the full year of a loss of 55 to 50 million.

在推出IQ 3 並看到其市場接受度後，我們可以提供更具體和更高的收入指導，在75 至8000 萬美元範圍內，或者在虧損55 至50 美元的全年調整後EBITDA 指南中增長約15% 至20%百萬。

As the year progresses, we will provide updates and further clarification specifically looking at Q2, which is our toughest comp for the year due to a few large medical school deals that occurred in the prior year.

隨著時間的推移，我們將特別針對第二季度提供更新和進一步說明，由於前一年發生了一些大型醫學院交易，這是我們今年最艱難的競爭。

We expect to see revenue growth around 10%, bringing us to approximately $20 million in revenue.

我們預計收入將成長 10% 左右，使我們的收入達到約 2000 萬美元。

For Q2 adjusted EBITDA, we expect a loss of approximately 12 to 13 million to summarize, we have started the year strong and we look forward to continued growth in 2024 as well as to realize additional efficiencies that will further extend our cash runway additionally, we did maintain a solid cash position while investing in the business.

對於第二季調整後的 EBITDA，我們預計損失約為 1,200 至 1,300 萬歐元，總而言之，我們今年開局強勁，我們期待 2024 年持續成長，並實現額外的效率，進一步擴大我們的現金跑道，我們在投資該業務的同時確實保持了穩固的現金狀況。

We will continue to execute against our plan, drive adoption of IQ. three and expand uses of our product across all of our channels, butterfly setup to accomplish its goals with a strong base of technological and organizational assets, and a team is energized to capitalize on this attractive opportunity and with that, I will turn the call back to Jeff.

我們將繼續執行我們的計劃，推動 IQ 的採用。第三，在我們所有的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，並且團隊充滿活力地利用這個有吸引力的機會，因此，我將回電給傑夫。

Just going further.

只是走得更遠。

So I've been here about a unit that looking back, I'm proud of what we've accomplished.

因此，我來這裡是為了一個單位，回顧過去，我為我們所取得的成就感到自豪。

It was easy to recognize the enormous potential and opportunities for butterfly.

人們很容易認識到蝴蝶的巨大潛力和機會。

What was hard was not trying to do everything all at once and instead focusing on opportunities with the greatest impact.

困難之處在於不要試圖同時完成所有事情，而是專注於具有最大影響力的機會。

But that's what we've done for those of you following closely.

但這就是我們為密切關注的人所做的。

You know, now that the butterfly team is delivering at all levels.

你知道，現在蝴蝶團隊正在各個層面上交付。

Our R&D team and product teams just flushed it by hitting the mark on our new product launches this quarter, our regulatory team delivers constantly with clearance after clearance worldwide.

我們的研發團隊和產品團隊剛剛在本季推出的新產品中取得了成功，我們的監管團隊不斷在全球提供一個又一個的授權。

Our operations team consistently delivers quality products ahead of time with the reinvestment in our commercial engine and some new talent combined into the organization.

我們的營運團隊透過對我們的商業引擎的再投資以及一些新人才融入組織，始終如一地提前提供優質產品。

Our sales and marketing teams are delivering globally and exceeded plan by a wide margin in corporate development.

我們的銷售和行銷團隊正在全球範圍內交付成果，並且在企業發展方面大大超出了計劃。

We created the successful butterfly garden and powered by butterfly programs.

我們創建了一個成功的蝴蝶花園，並由蝴蝶計劃提供支持。

We did all this with a streamlined organization that used half the cash had been the prior year, and we're just getting started.

我們透過精簡的組織完成了這一切，只使用了前一年一半的現金，而我們才剛開始。

As we look ahead, we will next launch IQ three in Canada.

展望未來，我們接下來將在加拿大推出 IQ 3。

Now is we've received our certificate just a few days ago.

現在我們幾天前才收到證書。

And then with EU MDR certification this quarter, as well, we will add pulse rate Doppler and other advanced features to IQ plus in all CE Mark countries, followed by IT. three in those countries before the end of 2024.

然後，隨著本季度的歐盟 MDR 認證，我們將在所有 CE 標誌國家的 IQ plus 中添加脈搏多普勒和其他高級功能，其次是 IT。 2024 年底前在這些國家設立 3 個。

On a global front, we also remain dedicated to our mission to democratize health care and continue to be the device of choice in all global health context.

在全球方面，我們仍然致力於實現醫療保健民主化的使命，並繼續成為全球健康環境中的首選設備。

Just last month, we initiated Phase two of our 1,000 proved deployment to Sub-Saharan Africa under the Gates grant we received in March 2022, and this phase 500 probes are being distributed to improve maternal care in South Africa.

就在上個月，我們根據2022 年3 月收到的蓋茲補助啟動了向撒哈拉以南非洲部署1,000 個經過驗證的探測器的第二階段，這一階段將分發500 個探測器，以改善南非的孕產婦護理。

Our vet business also continues to strengthen with new partnerships.

我們的獸醫業務也透過新的合作關係不斷加強。

In Q1 two, we became the latest corporate partner who leverage Butterfleye in their first ever veterinary hospitals.

在第二季度，我們成為最新一家在其首家獸醫院中利用 Butterfeye 的企業合作夥伴。

We've now partnered with the biggest names in pet retail, namely Petco, PetSmart and Chewy, who all view butterfly as a key part of their toolkit as they move into the veterinary services space.

我們現在已經與寵物零售領域的知名公司（即 Petco、PetSmart 和 Chewy）合作，他們都將蝴蝶視為進入獸醫服務領域時工具包的關鍵組成部分。

We also continue to see positive findings from Kansas State beef cattle Institute, researching the use of IQ plus that pursuit side, respiratory disease management data will be presented at the American College of Veterinary Internal Medicine Conference in June.

我們也繼續看到堪薩斯州立肉牛研究所的積極發現，該研究所研究智商的使用加上追求方面，呼吸道疾病管理數據將於六月在美國獸醫內科醫學會會議上公佈。

Now as a part of our continued efforts to best serve the specific needs of our customers.

現在，作為我們不斷努力的一部分，以最好地滿足客戶的特定需求。

We will also soon introduce our first specialty product IQ plus bladder.

我們也將很快推出我們的第一個特色產品 IQ plus 膀胱。

It will launch this quarter in the USIQ. plus bladder is a small card based Flutter scanner with purpose-built software to make it quick and easy for nurses to get bladder volume in a hospital using our proprietary tool with our new IQ plus platter in the US coming soon and all the momentum already discussed today, we are increasing guidance for the year.

該產品將於本季在 USIQ 推出。 plus膀胱是一款基於卡片的小型Flutter掃描儀，配有專用軟體，使護理師可以使用我們的專有工具快速、輕鬆地獲得醫院中的膀胱容量，我們的新IQ plus盤片即將在美國推出，所有勢頭都已經討論過今天，我們正在增加今年的指導。

As Heather mentioned, instead of our previous guidance of low double digit revenue growth, we are guiding to about 15% to 20% revenue growth, which we believe is sustainable in the future.

正如 Heather 所提到的，我們不再指導先前兩位數的低收入成長，而是指導約 15% 至 20% 的收入成長，我們相信這在未來是可持續的。

With that increased growth, we will continue to reduce our cash needs.

隨著成長的增加，我們將繼續減少現金需求。

I would also like to touch on our stock price.

我還想談談我們的股價。

So as you're all aware, it's been a challenging market and in particular for small medtech, as Heather mentioned earlier, we do not believe our current price accurately reflects our businesses value what we have accomplished for the opportunities ahead with the work we put into rightsizing the business last year and this quarter's strong results, we hope that the market acknowledges our return to growth and the great future of this business as we have reignited growth and became more efficient, Heather and are committed to continue to optimize the organization.

因此，正如你們所知，這是一個充滿挑戰的市場，特別是對於小型醫療科技公司來說，正如希瑟之前提到的，我們認為我們目前的價格並不能準確反映我們的業務價值，我們在未來的工作機會中所取得的成就考慮到去年的業務規模調整和本季度的強勁業績，我們希望市場認可我們的成長回歸以及該業務的美好未來，因為我們已經重新點燃了增長並變得更加高效，希瑟並致力於繼續優化組織。

As mentioned, we have several initiatives underway for further cost efficiencies and are looking at creative opportunities for non-dilutive financing, both of which will extend our runway even further and deliver upside to our current plan.

如前所述，我們正在採取多項措施來進一步提高成本效率，並正在尋找非稀釋性融資的創造性機會，這兩者都將進一步擴展我們的跑道，並為我們目前的計劃帶來好處。

So now I'd like to end with a brief review of our Investor Day, which was held March 18th.

最後，我想簡單回顧一下 3 月 18 日舉行的投資者日活動。

I'm very proud of the team and the delivery of our plans for the next several years.

我為我們的團隊以及我們未來幾年計劃的實現感到非常自豪。

At Investor Day, we showcased new technology, provided real-time demonstrations, communicated new business opportunities and heard from KOLs on their deployment of Butterfleye for the growing point-of-care ultrasound market.

在投資者日，我們展示了新技術，提供了即時演示，傳達了新的商機，並聽取了 KOL 的意見，介紹了他們為不斷增長的床邊超音波市場部署 Butterfeye 的情況。

I encourage you to visit the replay on the Events page of our investor website.

我鼓勵您造訪我們投資者網站「活動」頁面上的重播。

Url rail can be seen on the current slide there were three takeaways I'd like to reinforce from the day First, we are winning the race to digital and ultrasound.

從目前投影片可以看到，我想強調當天的三個要點：首先，我們正在贏得數位和超音波的競賽。

We have the largest handheld user base and device deployment in the world.

我們擁有世界上最大的手持設備用戶群和設備部署。

We now have double the processing power in a very successful IQ. three launch, and we're continuing to invest in higher power semiconductors.

我們現在在非常成功的智商方面擁有雙倍的處理能力。三款產品的推出，我們將持續投資更高功率的半導體。

We showed the new capabilities of our next P. five chip significantly increasing the mechanical impedance while showing the Apollo chip, which will produce 10 times the processing power of high cube three.

我們展示了下一代 P.5 晶片的新功能，顯著提高了機械阻抗，同時展示了 Apollo 晶片，該晶片的處理能力將是高立方體 3 的 10 倍。

Each chip has an exponential leap in capabilities and each dramatically expands our market by offering more currently capabilities in the palm of a doctor's hand, remember, supercomputers used to be huge.

每個晶片的功能都呈指數級飛躍，並且每個晶片都通過在醫生手中提供更多當前功能來極大地擴展我們的市場，請記住，超級電腦曾經非常龐大。

Now each one of you curious one around in your pocket.

現在你們每個人的口袋裡都充滿了好奇。

Every doctor every nurse in the world will carry a super imaging device from butterfly with capabilities of the most sophisticated cards in the world today, second butterfly garden and powered by butterfly our two programs with over 15 countries and partners, which will generate meaningful revenue for the Company over the next five years.

世界上的每一位醫生、每一位護士都將攜帶蝴蝶的超級成像設備，具有當今世界上最複雜的卡的功能，第二個蝴蝶花園，並由蝴蝶提供支持，我們與超過15 個國家和合作夥伴的兩個項目，這將為公司未來五年。

Butterfly as the largest data repository with over 20 million images drilling at over 30,000 new image uploads a day ultrasound AI developers will want to partner with butterfly for development as well as commercialization.

Butterfly 作為最大的資料儲存庫，擁有超過 2,000 萬張影像，每天上傳超過 30,000 張新影像，超音波人工智慧開發人員希望與 Butterfly 合作進行開發和商業化。

Our Garden will become the epicenter of independent global ultrasound.

我們的花園將成為全球獨立超音波的中心。

Ai development are powered by butterfly program, which licenses our chip technology also has a major pipeline of partners interested if we're successful in closing these deals, whether FLY's balance sheet will improve by adding nondilutive capital through licensing through our powered by butterfly program can bring us capital while generating revenue from markets never contemplated as core to Vodafone in the past.

人工智慧開發由蝴蝶計畫提供支持，該計畫授權我們的晶片技術，如果我們成功完成這些交易，也有大量合作夥伴感興趣，FLY 的資產負債表是否會透過我們的蝴蝶計畫授權增加非稀釋性資本來改善為我們帶來資本，同時從市場創造收入，這在過去從未被視為沃達豐的核心。

So third, Spotify will soon be helping patients in the home by introducing butterfly home care certified home care will focus on helping at-risk providers manage congestive heart failure patients by empowering in home nurses to test for pulmonary congestion.

第三，Spotify 很快將透過推出蝴蝶家庭護理來幫助家庭患者，經過認證的家庭護理將專注於透過授權家庭護理師測試肺部充血來幫助高風險提供者管理充血性心臟衰竭患者。

We also intend to help people with bladder insufficiency, manage their catheterization at the right time through calculating their bladder volume in the home.

我們還打算幫助膀胱功能不全的人透過在家中計算膀胱容量來在正確的時間管理他們的導尿。

Also, these present large new revenue opportunities for butterfly starting in 2025.

此外，從 2025 年開始，這些也為蝴蝶帶來了巨大的新收入機會。

In conclusion, over the past year, we extended the cash runway of the business and have plans to do so even further, we've reignited top-line revenue growth and will continue to drive commercial success as we begin to harvest new market opportunities to grow even faster new product and market launches will continue to power growth.

總而言之，在過去的一年裡，我們延長了業務的現金跑道，並計劃進一步這樣做，我們重新點燃了營收成長，並將繼續推動商業成功，因為我們開始收穫新的市場機會成長更快新產品和市場的推出將繼續推動成長。

So this is the investment thesis I believe investors want, and we're excited to deliver on it.

所以這就是我相信投資者想要的投資主題，我們很高興能夠實現它。

So with that, operator, let's open it up for questions.

那麼，操作員，讓我們開始提問吧。

Of course, we will now begin the question and answer session.

當然，我們現在開始問答環節。

If you'd like to ask a question, please press star followed by one on your telephone keypad.

如果您想提問，請按下電話鍵盤上的星號，然後再按一個。

For any reason you would like to remove your question, please press star followed by two again to ask a question, press star one as a reminder, if you're using a speakerphone, please remember to pick up your handset before asking a question.

無論您出於何種原因想刪除問題，請按星號，然後再次按星號 2 來提問，按星號 1 作為提醒，如果您使用免持電話，請記得在提問前拿起聽筒。

Our first question comes from the line of Suraj Kalia with Oppenheimer & Co.

我們的第一個問題來自蘇拉吉·卡利亞 (Suraj Kalia) 與奧本海默公司 (Oppenheimer & Co.) 的對話。

Your line is now open.

您的線路現已開通。

Art, Joe?

藝術，喬？

Heather, can you hear me?

希瑟，妳聽得到我說話嗎？

Alright?

好吧？

Yes, political noise, hopefully you can hear me.

是的，政治噪音，希望你能聽到我的聲音。

Okay.

好的。

Now you're dead or whether background noise?

現在你死了還是背景噪音？

Okay.

好的。

So up first and foremost.

首先，也是最重要的。

So congrats on a on a really nice start to the year.

恭喜您今年有一個非常好的開始。

I've been a long time coming, and I wish you guys continued success.

我已經等了很久了，祝你們繼續成功。

Joe, a lot of metrics were thrown out.

喬，很多指標都被拋棄了。

And yes, let me let me kind of hone in on a few.

是的，讓我稍微磨練一下。

The 1,200 or so IQ. threes sold in the quarter.

智商1200左右。本季售出了三張。

I hope I got the number right, Joe, the data you see here, if I if I draw a graph of the adoption curve of I. two IQ. plus IQ three, do we have an idea how for the same time period, how is the adoption curve looking that's on a relative basis?

我希望我得到的數字是正確的，喬，你在這裡看到的數據，如果我繪製一個 I.2 IQ 的採用曲線圖。加上智商三，我們是否知道在同一時期內，相對基礎上的採用曲線看起來如何？

Yes, that's a hard one to calculate because they're different times and it's also different from the first launch that we have, where we're actually launching it on top of an existing product that's on the market.

是的，這是一個很難計算的問題，因為它們的時間不同，而且也與我們的第一次發布不同，我們實際上是在市場上現有產品的基礎上發布它。

So I don't know that there's I mean I can ask, Heather, if you see any correlation from from what was experienced in the past.

所以我不知道，我可以問希瑟，你是否從過去的經驗中發現了任何相關性。

But what we are doing is a we're selling a new product at 30% 40% know, higher price.

但我們正在做的是，我們以 30% 40% 的更高價格銷售新產品。

We are we are still offering another product at a lower price on and it's been very, very, very well received.

我們仍然以較低的價格提供另一種產品，並且它非常非常受歡迎。

So Heather, is there any anything that you can glean from the past?

那麼希瑟，你能從過去學到什麼嗎？

Yes, I think it's to your point having the two products out there and we really only have a half a quarter under our belt a little bit difficult to say other than you know, the reception has been tremendous, as Joe talked about.

是的，我認為這兩種產品已經上市，這符合您的觀點，而我們實際上只有半個季度的產品，除了您知道之外，很難說，正如喬所說，反響非常好。

So we'll probably have a little bit more information as we start to see some other trends in launch internationally and in Canada.

因此，當我們開始看到國際和加拿大推出的一些其他趨勢時，我們可能會獲得更多資訊。

But for right now.

但現在。

And I don't think I can draw any conclusions yet.

我認為我還不能得出任何結論。

Yes.

是的。

The other thing I'll say about the Raj is the other thing I'd say is on most of the revenue was a very big chunk of it was through online sales were through new orders from customers, new customers or trade-ins for existing customers.

關於 Raj，我要說的另一件事是，我要說的另一件事是，大部分收入很大一部分是透過線上銷售、來自客戶的新訂單、新客戶或以舊換新來實現的。

Our pipeline for our hospital business, he's really Tom has really filled and filled big time.

我們醫院業務的管道，他真的是湯姆，真的很充實，很充實。

But as you know, there's a longer shelf life.

但如您所知，保質期更長。

So you know, we're very excited about how this changes, the competitive dynamic for us in the health system side and that that portfolio is picking bringing nicely.

所以你知道，我們對這種變化、我們在衛生系統方面的競爭動態以及該投資組合正在帶來的良好變化感到非常興奮。

So for just the six weeks at the end of the quarter to see the sales come in the way they have in a very healthy drumbeat.

因此，在本季末的六週內，銷售就以非常健康的方式出現。

It has been encouraging, right?

這一直令人鼓舞，對吧？

I mean, by our math, Joe, it's almost looks like a little over 25% or IQ. three pluses and you know, had a very rapid clip to win in your view at what point in time and what all needs to be done to basically make IQ three or IT. four or the next generation, I'm going to basically make an objective evaluation head-to-head against cart based system.

我的意思是，喬，根據我們的數學計算，它幾乎看起來比智商略高於 25%。三個優點，你知道，在你看來，在什麼時間點以及需要做什麼才能基本上使智商達到三或 IT 時，有一個非常快速的剪輯可以獲勝。四或下一代，我基本上將針對基於購物車的系統進行面對面的客觀評估。

I guess what I'm trying to understand is how you know how how would wish you all are planning for the next generation interims, card-based systems.

我想我想了解的是，你們如何知道如何希望你們都為下一代臨時卡式系統進行規劃。

So I think we're going to learn a lot over the next six months because now we have a handheld that can be used in all specialties across the hospital.

因此，我認為我們將在接下來的六個月內學到很多東西，因為現在我們擁有一款可以在醫院所有專業中使用的手持設備。

And I think the question really is when we talk to some really hard-core ultrasound people.

我認為真正的問題是當我們與一些真正核心的超音波專家交談時。

The question is if you had a device that was as powerful as a cart and it was in your pocket, would you need a card, would you use the card?

問題是，如果你有一個像購物車一樣強大的設備，並且它在你的口袋裡，你會需要一張卡嗎？

I think a lot of people say they still would because the workflow of the hospital is a patient go for an inpatient going into a room to a specialized ultrasound order for I think this is not putting also for us out of business.

我想很多人說他們仍然會這樣做，因為醫院的工作流程是病人去住院病人進入房間接受專門的超音波檢查，因為我認為這也不會讓我們破產。

This is deliberating also Schneider first to be mobile and to go don't have to be contained to room, but will hospitals just immediately change their workflow.

施耐德也正在考慮首先實現移動化，並且不必局限於房間，但醫院會立即改變他們的工作流程。

I think that'll that'll take some time.

我認為這需要一些時間。

But having the ability of doctors wherever they are to get any image.

但醫生無論身在何處都有能力取得任何影像。

They want have any part of the body and then be able to refer and quickly make clinical decisions.

他們想要了解身體的任何部位，然後能夠參考並快速做出臨床決策。

We're seeing that time and time again at our customers that doctors are making decisions and right at the point of care, that's changing the pathway and that's better for health care on Now the big question is also some aggregators who rely on specialized imaging and carts if they had a card in their pocket, would they remain there room?

我們一次又一次地看到我們的客戶，醫生在護理點做出決定，這正在改變途徑，這對醫療保健來說更好。裡面有一張卡，他們會留在那裡嗎？

I don't think I know the answer to that question and I think we ask ourselves often what would happen from.

我想我不知道這個問題的答案，我想我們常常問自己會發生什麼事。

And so we're just delighted to be a part of this have this big revolutionary change.

因此，我們很高興能夠參與這項重大革命性變革。

That's fair enough.

這很公平。

Joe.

喬.

I'll throw three quick your way, and I'll hop back in queue.

我會快速扔給你三個，然後我會跳回隊列。

One is for IQ three would have been the initial key areas of uptake, i. e cardiology, OB/GYN.

一是智商，三是最初的關鍵領域，即。 e 心臟科、婦產科。

Just kind of give us a lay of the land there.

只是讓我們了解一下那裡的情況。

Second question you talked about and you have been emphasizing for some time from your Investor Day about home care on Europe.

您談到的第二個問題，在投資者日一段時間以來，您一直在強調有關歐洲家庭護理的問題。

Obviously you guys are seeing something that maybe The Street hasn't caught on, too, if you can, if you can walk us through what makes you believe strongly about TAM expansion until the final thing is Roadhouse.

顯然，你們正在看到一些《華爾街日報》可能還沒有流行起來的東西，如果你們可以的話，如果你們能向我們介紹一下是什麼讓你們對TAM 的擴張抱有堅定的信念，直到最後的事情是Roadhouse。

I didn't catch that commentary completely.

我沒有完全聽懂那個評論。

Sorry, I threw in a lot of things.

抱歉，我丟了很多東西。

Hopefully, you're cautious.

希望你保持謹慎。

Thank you for taking my questions.

感謝您回答我的問題。

I did my friend.

我做了我的朋友。

So curious of uptake.

如此好奇的吸收。

So right now, we're seeing a lot of cardiology, and that's where a lot of our new orders are coming from is that we're seeing cardiologists and All right.

所以現在，我們看到了很多心臟病專家，這就是我們很多新訂單的來源，我們看到了心臟病專家，好吧。

I've I've wanted to have a high quality image Pro, but I don't want to be eliminated and now they don't have to be.

我一直想要擁有高品質的專業圖像，但我不想被淘汰，現在他們不必被淘汰。

So that's an area that we've seen a lot of uptake of we are seeing more uptake in the emergency room where we've always been strong and then we're seeing uptake in critical care.

因此，這是一個我們已經看到很多應用的領域，我們在急診室中看到了更多的應用，我們一直很強大，然後我們在重症監護領域也看到了更多的應用。

And so in those areas, we're doing really well, and we're doing really well in the specialized areas that we hadn't served us well in the past on an amazingly in our IQ plus sales are still quite vibrant.

因此，在這些領域，我們做得非常好，而且我們在過去沒有為我們提供良好服務的專業領域做得非常好，令人驚訝的是我們的智商加上銷售仍然相當活躍。

So we're we're meeting more needs of more customers, which is very high around home care.

因此，我們正在滿足更多客戶的更多需求，這在家庭護理方面非常高。

We've gotten really good at teaching people how to do ultrasound.

我們非常擅長教導人們如何進行超音波檢查。

We have the tools and Academy we have the tools with our certified program and we have the tools with Scanlan.

我們有工具和學院，我們有我們的認證計劃的工具，我們有 Scanlan 的工具。

And about 80% of hospitals were some were penalized last year due to congestive heart failure readmission.

去年約有80%的醫院因充血性心臟衰竭再次入院而受到處罰。

And we believe that there's a lower cost way to manage a discharges and to keep patients in their home by checking their their pulmonary congestion.

我們相信，透過檢查患者的肺部充血情況，有一種成本較低的方法來管理出院並讓患者留在家中。

We've done a study at a major health center that is being concluded this year, and it will show that using our pulmonary application, which is in a high-powered B-line counter that makes it very easy for a health care professional, use our PRO to manage those patients in the home that will have the opportunity to help providers at risk providers to keep congestive heart failure patients in the home and is there and manage the progression or this or subsiding of their congestive heart failure symptoms based upon diabetics in the home.

我們在一家大型健康中心進行了一項研究，該研究將於今年結束，它將表明，使用我們的肺部應用程序，該應用程式位於高性能B 線計數器中，這使得醫療保健專業人員可以非常輕鬆地進行操作，使用我們的PRO 來管理家中的患者，他們將有機會幫助面臨風險的提供者提供者將充血性心臟衰竭患者留在家中，並根據糖尿病患者管理充血性心臟衰竭症狀的進展或消退在家裡。

So there's there is a pathway where a nurse in the home can do it.

因此，有一種途徑可以讓家庭護理師做到這一點。

There's a pathway where through telemedicine, the patient can do it themselves.

有一種途徑可以透過遠距醫療讓患者自己完成。

And then there's a pathway, of course, to wearables.

當然，還有一條通往穿戴式裝置的道路。

As we've discussed which is I know in our future and a good part of it.

正如我們所討論的，我所知道的是我們的未來，也是未來的很大一部分。

So sometimes in order to move the market, you got to you got to know you got to wipe yourself off stand up and go do it yourself.

所以有時候為了推動市場，你必須知道你必須擦乾淨自己，站起來，自己去做。

And we've been able to train people in the past and we're very confident that we can provide some services help take on some risks.

我們過去已經能夠培訓人員，並且非常有信心能夠提供一些服務來幫助承擔一些風險。

And Dr. <unk>, a key part of the health care economy and healthcare market on the third on Roadhouse is basically this Suraj.

博士是Roadhouse第三個醫療保健經濟和醫療保健市場的關鍵部分，基本上是Suraj。

We've had much more dialogue with the European Commission this quarter.

本季我們與歐盟委員會進行了更多對話。

We've gotten feedback from them and the feedback is this one.

我們已經收到了他們的回饋，回饋就是這個。

They haven't even taken up the on the exemption, the refreshing of the existing exemption for the LED piece losses on the industry.

他們甚至還沒有討論豁免問題，即刷新行業內 LED 片損失的現有豁免。

So what that means is that we are in the game, we didn't miss it.

所以這意味著我們參與了比賽，我們沒有錯過比賽。

They're not at the tail end of it.

他們還沒有到達最後的終點。

And then we're just putting in or they haven't started.

然後我們才開始投入，否則他們還沒開始。

So that's great news for us for us because it means that we are now in the game and we will be fully evaluated.

所以這對我們來說是個好消息，因為這意味著我們現在已經進入了遊戲，我們將得到全面的評估。

We were not fully evaluated during the last at time.

上次我們沒有得到充分的評估。

We were not as a company aware of it.

作為一家公司，我們並沒有意識到這一點。

Some of this exemption process now that we are we've already submitted data that we refute any claim that we are not equivalent.

現在我們已經提交了一些豁免流程的數據，我們駁斥了任何有關我們不等同的說法。

And so we feel very good because we're a part of the process that the probability of success is much higher.

所以我們感覺非常好，因為我們是這個過程的一部分，成功的可能性要高得多。

Second, because they're going to be evaluating at the end of 24.

其次，因為他們將在 24 月底進行評估。

And that means like if everything goes the way we expect it to go.

這意味著如果一切都按照我們期望的方式進行。

Regarding CE Marking clearance or EU MDR clearance of IQ three, then IQ three will actually be the technology that we'll be comparing against the older lead piezo handheld ultrasound devices.

關於 IQ 3 的 CE 標誌許可或歐盟 MDR 許可，那麼 IQ 3 實際上將是我們將與較舊的領先壓電手持式超音波設備進行比較的技術。

So given the fact that A., they have even started and B when they do, but it's a good possibility that IQ three will be a part of the evaluation we've gone from being kind of, hey, this is some possible upside, but we don't know where it is.

因此，考慮到 A.，他們甚至已經開始了，B 當他們這樣做時，但智商三很有可能成為我們評估的一部分，嘿，這是一些可能的好處，但我們不知道它在哪裡。

And we've also learned, but they're very committed to this directive.

我們也了解到，他們非常致力於這項指令。

And they've made tough decisions in the past, and they're not afraid to make making tough decisions in this area in the future.

他們過去曾做出過艱難的決定，而且他們並不害怕將來在這一領域做出艱難的決定。

It's given us the confidence to feel you know what we actually think based upon an appropriate independent review and their conviction on this law that is more probable that we'll see them suspending sales of handheld LED piezo devices, then not.

這讓我們有信心相信，根據適當的獨立審查以及他們對這項法律的信念，您知道我們的實際想法，我們更有可能看到他們暫停銷售手持式 LED 壓電設備，然後不會。

And they had said that they would start the evaluation process in the end of 24, and they would hopefully conclude some time in 25.

他們曾表示，他們將在 24 月底開始評估過程，並預計在 25 日某個時間結束。

So I mean, just looking at those, if you're willing to be positive in the future, I think the probability is a little bit more in our favor that they may take those off the market with our measure of equivalency.

所以我的意思是，只要看看這些，如果你願意在未來保持積極的態度，我認為他們可能會根據我們的等效衡量標準將這些產品從市場上剔除，這對我們更有利。

Great stuff.

好東西。

Congrats on the progress.

祝賀取得的進展。

Thank you.

謝謝。

Thank you.

謝謝。

Appreciate you.

感謝你。

Thank you for your questions.

謝謝您的提問。

Our next question comes from the line of Josh Jennings with Cowen.

我們的下一個問題來自喬許·詹寧斯和考恩的對話。

Your line is now open.

您的線路現已開通。

Good evening.

晚安.

Thanks for taking the questions and congratulations on the nice start to the year and the strong early demand for IQ three.

感謝您提出問題，並祝賀今年的良好開局以及對 IQ 3 的早期需求。

Wanted to just start with a follow-up question to Suraj is inquiry on the homecare initiative and only making permanent and thinking about 2025, where revenues may start to flow from that home home channel, what you're hoping, Joe, you could help us understand, I guess the business model a little bit better.

首先想向 Suraj 提出一個後續問題，即對家庭護理計劃進行調查，並考慮到 2025 年，收入可能會開始從家庭家庭渠道流出，你希望什麼，喬，你可以提供幫助我們明白了，我猜商業模式會好一點。

Just how what butterfly generate revenues?

蝴蝶到底是如何產生收入的？

Is it going to be neutrally sales of Kroger IQ plus or IQ. threes to home care service business?

是克羅格 IQ plus 還是 IQ 的中性銷售。三人進軍居家照護服務業務？

Or could there be a recurring revenue model or click model?

或者是否可以有經常性收入模型或點擊模型？

Just wanted to get a better sense of that initiatives kicking in next year already?

只是想更了解明年已經開始實施的措施嗎？

Terrific.

了不起。

Thank you, Josh, and thanks for.

謝謝你，喬什，謝謝你。

Thanks for the question.

謝謝你的提問。

And yes, we're focusing not on device sales on.

是的，我們關注的不是設備銷售。

We are focusing on service revenue and some potential taking of risk or success based upon the delivery of the clinical on the clinical objectives.

我們專注於服務收入以及基於臨床目標的臨床交付的一些潛在風險或成功。

So again, hospitals are penalized to these readmissions.

因此，醫院再次因這些重新入院而受到懲罰。

There's a very finite cost to those readmissions, and we envision everything from either there being a service revenue that we would charge for the delivery of that service or from a combination of service revenue and success based upon minimizing the risk in keeping those patients out of ours.

這些再入院的成本非常有限，我們設想一切，要么是我們為提供該服務收取的服務收入，要么是基於將這些患者排除在外的風險最小化的服務收入和成功的結合。

Craig, I wanted to follow up on the University of Rochester report about seeing the significant increase in the revenue capture for for Focus exams.

克雷格，我想跟進羅徹斯特大學的報告，以了解 Focus 考試的收入顯著增加。

It sounds like this may be a stake in the ground.

聽起來這可能是地上的木樁。

I know there's there's been a theoretical or potential revenue capture channel with butterfly Campos.

我知道蝴蝶坎波斯存在理論上或潛在的收入獲取管道。

When does it put the former stake in the ground and allow you to mark this more heavily or just a well understood from metric that it's already been in play.

它什麼時候把以前的木樁放在地上，並允許你更重地標記它，或者只是從度量中很好地理解它已經在發揮作用。

But I guess then the second layer to the question is just are there even more revenue capture potential if hospitals are using, like like Rochester using butterfly probes along with accomplished software?

但我想問題的第二層是，如果醫院使用像羅徹斯特一樣使用蝴蝶探針和成熟的軟體，是否會有更多的收入潛力？

Yes, that's a great question.

是的，這是一個很好的問題。

I think I think it has to do where this is a view and the things to come.

我認為這與這種觀點和即將發生的事情有關。

When we sell COMPASS, we learned that that hospitals are not capturing all of their and all of their ultrasound revenue.

當我們出售 COMPASS 時，我們了解到醫院並沒有獲得他們所有的超音波收入。

And what we see pretty consistently is of all the ultrasound scans they do, especially in point-of-care, are there only capturing about 35% a year from to a full reimbursement.

我們非常一致地看到，在他們所做的所有超音波掃描中，尤其是在現場護理中，每年只能獲得約 35% 的全額報銷。

And it's just based upon either not having a process or a software in place to capture that revenue training, et cetera, when when hospitals deploy campus, they capture a significant amount more of the revenue well above the 35%.

這只是因為沒有適當的流程或軟體來獲取培訓收入，等等，當醫院部署校園時，他們獲得的收入遠高於 35%。

And if we don't have any things that what I'm telling you is more anecdotal and experiential, but we're getting the 60, 70 or 80%.

如果我們沒有任何東西，我告訴你的是更多的軼事和經驗，但我們得到的是 60%、70% 或 80%。

And so we're seeing a very quick ROI of our software deployment, and that's been very positive.

因此，我們看到軟體部署的投資報酬率非常快，這是非常積極的。

What's unique about Rochester is they've actually deployed a one to one model where they've stayed probably deployed and our or I think it's between seven or 800 probes throughout their health system.

羅徹斯特的獨特之處在於，他們實際上部署了一對一的模型，他們可能一直在部署，我們或我認為在他們的衛生系統中部署了 7 到 800 個探測器。

And then they have the campus software out.

然後他們推出了校園軟體。

That's that is actively capturing a the proficiency of all the new users coming on and a process of education that they are very well putting in place.

這就是積極捕捉所有新用戶的熟練程度以及他們很好地實施的教育過程。

But P, you're seeing the classic standard point-of-care ultrasound departments having a similar uptick in revenue based upon the capture.

但是，您會看到經典的標準護理點超音波部門的收入也有類似的增長（基於捕獲）。

But now because of the all in one to one model, we're seeing nontraditional focus departments who are deploying ultrasound doing so and capturing additional ultrasound revenue.

但現在，由於採用了一對一的模式，我們看到非傳統的重點部門正在部署超音波，並獲得了額外的超音波收入。

So it's in the 1st year, it's a significant increase in revenue.

所以在第一年，收入就有了顯著的成長。

And interestingly, people in the past who have been critical of this saying of point-of-care ultrasound and ROI would say, hey, you're doing these scans that you're taking scans away from radiology.

有趣的是，過去對床邊超音波和投資回報率這種說法持批評態度的人會說，嘿，你正在進行這些掃描，你正在從放射學中奪走掃描。

I can't quote you numbers because they haven't given me the clearance to do that.

我不能引用你的數字，因為他們沒有給我這樣做的許可。

But radiology as an individual spot subspecialty revenue was up very healthily on its own point-of-care ultrasound didn't take anything from radiology for point-of-care ultrasound did for URMC. is help them make better clinical decision sooner.

但放射學作為一個單獨的現場亞專業收入在其自身的現場超音波檢查中增長得非常健康，並沒有從放射學中獲得任何用於現場超音波檢查的收入。幫助他們更快做出更好的臨床決策。

I've heard time and time again recently a young child who had some chest pain.

最近我一次又一次聽到一個小孩子胸口疼痛。

They did a scan immediately identified that there's an aortic stricture downstream and they go right into surgery because the doctor had a butterfly or someone who had a difficulty evacuating their bladder and they and the doctor right then and there use it to scan the bladder and they find a tumor and they go right in the surgery.

他們立即進行了掃描，發現下游存在主動脈狹窄，然後他們立即進行了手術，因為醫生有一隻蝴蝶或某人很難排空膀胱，他們和醫生當時就用它來掃描膀胱，他們發現腫瘤，他們就直接進行手術。

That is what point-of-care ultrasound does it makes it and the doctors at URMC. are absolutely thrilled.

這就是床邊超音波檢查和 URMC 醫生所做的事情。絕對激動不已。

It's been a tough learning curve to go through a whole new process to go through a whole new deployment.

經歷一個全新的流程來完成一個全新的部署是一個艱難的學習曲線。

But now all of a sudden, they can see things they never saw before they can help their patients sooner.

但現在突然之間，他們可以看到以前從未見過的東西，從而更快地幫助患者。

And there is just I've asked them for the anecdotal.

我只是向他們詢問了軼事。

And then, of course, the more specific, you know, larger trends, but time and time again, empowering a doctor to be able to do an earlier diagnosis is more fun and gratifying for the doctor and it's much better for the patients.

當然，更具體的、更大的趨勢，但一次又一次，讓醫生能夠進行早期診斷對醫生來說更有趣和更令人滿意，對患者來說也更好。

Excellent.

出色的。

And we will ask the questions.

我們會提出問題。

Just thinking about or just hearing about the non dilutive financing options at both you and Heather mentioned.

只是想到或只是聽說您和希瑟提到的非稀釋性融資選擇。

Maybe you could elaborate on both of those.

也許你可以詳細說明這兩點。

And then just to tie in, you talked at the investor meeting about company reaching profitability by 2027 but requiring financing they get there, it would just include in your answer just how maybe remind us of that path to profitability and just how the non-dilutive financing that could impact that pathway.

然後為了配合，你在投資者會議上談到公司到 2027 年實現盈利，但需要融資才能實現這一目標，你的回答中只會包括如何提醒我們盈利之路以及非稀釋性如何可能影響該途徑的融資。

Thanks for taking all the questions.

感謝您提出所有問題。

Austin, Josh, thank you.

奧斯汀，喬什，謝謝你。

So the premise of our powered by program is we've invested over upwards of $0.5 billion in our semiconductor program.

因此，我們的 Powered by 計劃的前提是我們在半導體計劃上投資了超過 5 億美元。

And we've focused that that primary market in point-of-care ultrasound, and we're making the products that you all know about and also the chip technology that is delivering exponential improvement over time.

我們專注於床邊超音波的主要市場，我們正在製造你們都知道的產品，以及隨著時間的推移帶來指數級改進的晶片技術。

What we've learned is our semiconductors with our memory technology has real applicability in other markets.

我們了解到，採用記憶體技術的半導體在其他市場具有真正的適用性。

You know, you've seen the market with brain computer interface with start with four US Neuro tech, and we're seeing that them and that deal contribute nicely.

你知道，你已經看到了腦機介面市場，從四項美國神經技術開始，我們看到它們和這筆交易做出了很好的貢獻。

What we're also seeing is that there are other markets and one of them that is very interesting is in drug activation using Vault.

我們也看到還有其他市場，其中非常有趣的市場之一是使用 Vault 進行藥物活化。

We're using ultrasound.

我們正在使用超音波。

And if we prove that we can do and what's also fascinating is a lot of the researchers we are breaking apart ultrasound carts and trying to go through all of this work to tune it to a different place and a different attenuation for these the different types of therapies they're studying because our Ultrasound is chip-based.

如果我們證明我們可以做到，那麼同樣令人著迷的是，許多研究人員正在拆解超音波車，並嘗試完成所有這些工作，將其調整到不同的位置，並針對這些不同類型的不同衰減他們正在研究的療法，因為我們的超音波是基於晶片的。

We have a tremendous flexibility in just making software changes.

我們在進行軟體更改方面擁有巨大的靈活性。

We've changed frequencies, power settings to be able to do many different clinical applications.

我們改變了頻率、功率設置，以便能夠進行許多不同的臨床應用。

So it's not entirely on Farfetch that we did get 3 million of license revenue in our four US Neuro tech deal.

因此，我們在四筆美國神經科技交易中獲得了 300 萬美元的授權收入，這並不完全歸功於 Farfetch。

If there's a large market and there's a big appetite to have the technology, we may be able to extract more license revenue and by monetizing our Power BI and the current investment and creating new markets for new for these new applications.

如果市場很大且對該技術的興趣很大，我們也許能夠透過將我們的 Power BI 和當前投資貨幣化並為這些新應用程式創造新市場來獲取更多許可證收入。

If we set out to if we accomplish what we set out to do some of that balance sheet needs to get us to profitability can be done in a non-dilutive way.

如果我們著手實現我們設定的目標，那麼資產負債表中的一些使我們實現盈利的需求就可以以非稀釋的方式完成。

So we are really focused on that.

所以我們非常關注這一點。

We have great people with great energy and talking to great partners.

我們擁有充滿活力的優秀人才，並與優秀的合作夥伴交談。

And um, and that's something that I think investors need or should appreciate this whole concept that there is finite cash and we're running out of cash.

嗯，我認為投資者需要或應該理解現金有限而我們的現金即將耗盡的整個概念。

And what's going to happen with the company is a bunch of Geberit.

該公司即將發生的事情是一群吉博力。

We are growing our revenue.

我們正在增加收入。

We are reducing our cash burn.

我們正在減少現金消耗。

We have a lot of opportunities to be able to monetize things.

我們有很多機會可以將事物貨幣化。

And we are really focused on preserving shareholder value.

我們確實專注於維護股東價值。

We don't just want to dilute everybody and and be at these prices.

我們不只是想稀釋每個人的股權並維持目前的價格。

We're focusing really hard on getting ourselves to extend our cash runway as best as possible and creating shareholder value during this difficult time.

我們非常努力地致力於讓自己盡可能地擴大我們的現金跑道，並在這個困難時期創造股東價值。

But our R&D team has delivered.

但我們的研發團隊已經交付了。

We've recapture momentum and we think our ability to control our destiny.

我們已經重新獲得動力，我們認為我們有能力控制自己的命運。

He's in our hands.

祂在我們手中。

Appreciate that.

感謝。

Thanks, Joe.

謝謝，喬。

Thanks, Jeff.

謝謝，傑夫。

Thank you for your question.

謝謝你的問題。

There are no additional questions waiting at this time.

目前沒有其他問題等待。

I would now like to pass the conference back to Joe to be the CFO for any closing remarks.

現在，我想將會議交還給財務長喬，讓他發表閉幕詞。

All right, everyone, thank you for being with us on this call.

好的，大家好，感謝您參加這次電話會議。

We continue to be very excited.

我們仍然非常興奮。

As I mentioned to you many times, this is going to be a great year for butterfly and we're off to a good start.

正如我多次向大家提到的，今年對蝴蝶來說將是偉大的一年，我們有了一個好的開始。

So thank you for your support.

所以感謝您的支持。

That concludes today's call.

今天的電話會議到此結束。

Thank you for your participation and enjoy the rest of your day.

感謝您的參與，祝您有個愉快的一天。