Butterfly Network Inc (BFLY) 2024 Q2 法說會逐字稿

Good evening.

晚安.

Thank you for attending the Butterfly Network Second Quarter 2024 Earnings Call.

感謝您參加 Butterfly Network 2024 年第二季財報電話會議。

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

我叫梅根，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-answer at the end.

在通話的演示部分，所有線路將被靜音，最後有機會進行問答。

(Operator Instructions)

（操作員說明）

I would now like to pass the conference over to Heather Getz with Butterfly Network.

我現在想將會議交給 Butterfly Network 的 Heather Getz。

Please go ahead.

請繼續。

Good afternoon and thank you for joining us.

下午好，感謝您加入我們。

Earlier today, Butterfly released financial results for the second quarter ended June 30, 2024 and provided a business update.

今天早些時候，Butterfly 發布了截至 2024 年 6 月 30 日的第二季財務業績，並提供了業務更新。

The release and earnings presentation, which include a reconciliation of management's use of non-GAAP financial measures compared to the most applicable GAAP measures are currently available on the investor section of the company's website at ir.butterflynetwork.com.

這份新聞稿和收益報告，其中包括管理層使用非公認會計原則財務指標與最適用的公認會計原則指標的對比，目前可在該公司網站 ir.butterflynetwork.com 的投資者部分取得。

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

我，Butterfly 財務和營運長 Heather Getz 以及 Butterfly 董事長兼執行長 Joseph DeVivo 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.

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當前資訊、假設和預期，這些資訊、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有重大差異。

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.

提醒一下，本次電話會議正在進行網路直播和錄音，我們將在發言時參考投影片簡報。

There may be a short delay between the live audio and the presentation being shown.

現場音訊和正在顯示的演示之間可能存在短暫的延遲。

On the same page you will also be able to access the webcast live and as a replay once the call has been completed.

在同一頁面上，您還可以存取網路直播並在通話結束後進行重播。

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

我現在想把電話轉給喬。喬？

Thank you, Heather, and good afternoon, everyone. 2024 has been a great year for Butterfly so far.

謝謝希瑟，大家下午好。到目前為止，2024 年對 Butterfly 來說是偉大的一年。

During the quarter we continued to accelerate our revenue momentum, continued to become more efficient, and continued our investment in our future.

在本季度，我們繼續加快收入成長勢頭，繼續提高效率，並繼續對未來進行投資。

Earlier this year, we held an Investor Day, where we gave a look under the hood at our most robust roadmap and introduced pillars for our strong path forward.

今年早些時候，我們舉辦了投資者日活動，在會上我們深入了解了我們最穩健的路線圖，並介紹了我們強勁前進道路的支柱。

These pillars include, one, accelerating growth in our core focus business.

這些支柱包括：第一，加速我們核心業務的成長。

Two, expanding our market and becoming more accessible to new user bases and new care settings such as the home.

第二，擴大我們的市場，讓新的使用者群和新的照護環境（例如家庭）更容易接觸。

Three, investing in R&D to maintain our differentiated tech and especially in our semiconductor innovation.

第三，投資研發以維持我們的差異化技術，特別是我們的半導體創新。

And four, executing these pillars to drive our pathway to profitability and we have a plan to get there.

第四，執行這些支柱來推動我們實現獲利，我們有一個實現這一目標的計劃。

Throughout today's call, it should be clear that we are executing against these goals.

在今天的電話會議中，我們應該清楚地看到我們正在努力實現這些目標。

The last quarter we raised our guidance to $75 million to $80 million or 15% to 20% growth year-over-year.

上個季度，我們將指導意見上調至 7,500 萬至 8,000 萬美元，即年增 15% 至 20%。

As part of this we mentioned that the second quarter would be our toughest comp for the year due to two non-recurring large medical school deals that happened the year prior.

作為其中的一部分，我們提到，由於前一年發生的兩筆非經常性大型醫學院交易，第二季將是我們今年最艱難的表現。

Regardless of this one-time event we blew past our numbers.

儘管這是一次性事件，但我們的數字還是超出了預期。

In Q2 we posted $21.5 million in revenue, represented 16% year-over-year growth.

第二季度，我們營收 2,150 萬美元，年增 16%。

The highest quarterly revenue in Butterfly's history.

Butterfly 史上最高的季度收入。

So this outcome demonstrates that we're delivering and our plan is working.

所以這個結果表明我們正在交付並且我們的計劃正在發揮作用。

So before I get into commercial progress I'd like to discuss the cost side of the business.

因此，在進入商業進展之前，我想先討論一下業務的成本方面。

In July we completed an initiative that achieved an additional annualized cost reduction of $10 million.

7 月，我們完成了一項計劃，年度成本額外減少了 1000 萬美元。

Heather will go into more detail shortly.

希瑟很快就會詳細介紹。

Over the past two years we reduced our cash use to now under $50 million a year, while re-energizing our top line and extending our cash runway into 2027.

在過去的兩年裡，我們將現金使用量減少到每年 5,000 萬美元以下，同時重新啟動我們的營收並將現金跑道延長至 2027 年。

All the while, we're continually identifying ways to become more efficient, while investing in our commercial organization and maintaining the commitment to our technological advancements in chips, digital, and new form factors.

一直以來，我們不斷尋找提高效率的方法，同時投資我們的商業組織，並保持對晶片、數位和新外形技術進步的承諾。

This is not an easy task to balance the growth investment and cost reduction.

平衡成長投入和降低成本並不是一件容易的事。

I am so proud of the team.

我為這個團隊感到非常自豪。

They're maturing into an execution machine delivering increasing value to our shareholders every day.

他們正在成長為一台執行機器，每天為我們的股東提供越來越多的價值。

Now turning to sales.

現在轉向銷售。

As I mentioned, we grew revenue 16%.

正如我所提到的，我們的收入成長了 16%。

This was driven by iQ3 sales and an ASP uplift in the US as well as stellar performance from our international team, who launched iQ3 in Canada at the start of the quarter, added newly EU MDR cleared advanced features on our international iQ+ product, and opened new markets in Southeast Asia.

這是由iQ3 銷售和美國ASP 提升以及我們國際團隊的出色表現推動的，他們於本季度初在加拿大推出了iQ3，在我們的國際iQ+ 產品上添加了新的歐盟MDR 批准的高級功能，並開放了東南亞新市場。

On top of that, it was a quarter of strong enterprise software sales.

最重要的是，四分之一的企業軟體銷售強勁。

I am very pleased with the quality of this quarter's revenue because we delivered sustainable and repeatable business across our channels.

我對本季收入的品質非常滿意，因為我們透過管道交付了可持續且可重複的業務。

In Q2 iQ3 continued to be a complete success commercially and clinically.

第二季 iQ3 在商業和臨床上繼續圓滿成功。

We are actively involved in several health system deals that we previously would not have been competitive in.

我們積極參與了幾項我們以前沒有競爭力的醫療系統交易。

Our online customers purchased iQ3 74% of the time.

我們的線上客戶 74% 的時間購買了 iQ3。

In Canada iQ3 represented 89% of sales across all channels.

在加拿大，iQ3 佔所有通路銷售額的 89%。

We've upgraded over a thousand probes this quarter to iQ3 and just launched a competitive device upgrade allowing customers to turn their old non-butterfly product into butterfly for a new iQ3.

本季度我們已將 1000 多個探頭升級到 iQ3，並且剛剛推出了具有競爭力的設備升級，允許客戶將舊的非蝶式產品轉變為新 iQ3 的蝶式產品。

When we look at utilization data launching iQ3, we're pleased to see, accelerate the use of our cardiac and OB presets.

當我們查看啟動 iQ3 的使用率數據時，我們很高興地看到，加速了我們的心臟和 OB 預設​​的使用。

We'll continue to analyze these trends but we believe this to be a testament to our improved image quality that's critical for these advanced specialists.

我們將繼續分析這些趨勢，但我們相信這證明了我們改進的影像質量，這對於這些高級專家來說至關重要。

I mentioned that Q2 was our toughest comp due to last year's large medical school deals.

我提到過，由於去年的大型醫學院交易，第二季是我們最艱難的競爭。

We've had tremendous success over the years in placing our technology in medical school programs.

多年來，我們在將我們的技術應用於醫學院課程方面取得了巨大成功。

So historically Butterfly built the medical school segment primarily relying on a combination of smaller deals putting probes in the lab for students to share or large-scale one-to-one deployments that were typically made possible by medical school donor funding.

因此，從歷史上看，Butterfly 建立的醫學院部分主要依靠較小的交易組合，將探針放入實驗室供學生共享，或大規模的一對一部署，這通常是透過醫學院捐贈資金來實現的。

We of course enjoy those large orders.

我們當然喜歡這些大訂單。

It's just as a public company big one-time events are hard to anniversary.

這就像一家上市公司一次性的大型活動很難慶祝一樣。

So this quarter we saw a large number of medical schools purchasing probes directly, showing us the market is ever maturing.

因此，本季我們看到大量醫學院直接購買探針，這表明市場正在不斷成熟。

ScanLab has been huge for us.

ScanLab 對我們來說意義重大。

ScanLab has strengthened our position by proving to be a very valuable asset in helping medical schools be more-and-more confident in going to a one-to-one model since they often lack ultrasound educators.

ScanLab 被證明是一項非常寶貴的資產，可以幫助醫學院越來越有信心採用一對一模式，因為它們經常缺乏超音波教育者，從而鞏固了我們的地位。

A student truly learns ultrasound when they have their own device because they can practice on their own.

當學生擁有自己的設備時，他們才能真正學習超音波，因為他們可以自己練習。

ScanLab gives them their own AI instructor on their iPad to be there with them helping them hone their skills making a one-to-one model even easier to implement.

ScanLab 在他們的 iPad 上為他們提供了自己的人工智慧教練，幫助他們磨練技能，使一對一模型更容易實施。

So to expand on this like Apple did in the 80s and 90s, Butterfly is partnering with schools to create a seamless pathway for their students to purchase a Butterfly through a campus store discount.

因此，為了像蘋果在 80 年代和 90 年代那樣擴展這項業務，Butterfly 正在與學校合作，為學生創建一個無縫途徑，讓他們透過校園商店折扣購買 Butterfly。

They get their textbooks, their pencils and laptops and their Butterfly.

他們拿到了課本、鉛筆、筆記型電腦和蝴蝶。

All essentials for the next chapter of their careers.

他們職業生涯下一章的所有必需品。

This quarter's campus store pilot program at a leading medical school offered 300 eligible students the opportunity to purchase their own Butterfly.

本季度，一所領先醫學院的校園商店試點計劃為 300 名符合條件的學生提供了購買自己的 Butterfly 的機會。

Their choice of an iQ+ or an iQ3. 232 of them bought a probe before the semester started and a third of those students even opted to buy the premium iQ3.

他們選擇 iQ+ 或 iQ3。其中 232 名學生在學期開始前購買了探頭，其中三分之一的學生甚至選擇購買高級 iQ3。

Like Apple when you engage them young you develop a lifetime of familiarity and relationship.

就像蘋果公司一樣，當你年輕時就與他們接觸，你就會與他們建立終生的熟悉和關係。

You develop a common language and then you do everything to maintain that belonging into the future.

你們發展了一種共同語言，然後盡一切努力維持未來的歸屬感。

With several years building medical school programs behind us it's exciting to see many graduating classes this year heading into residency with ultrasound skills.

經過幾年的醫學院計畫建設，我們很高興看到今年許多畢業班的學生進入了超音波技能住院醫師訓練階段。

The Butterfly army is growing.

蝴蝶大軍正在壯大。

Students trained on Butterfly are transforming healthcare by being the most sought-after candidates for residency programs and shepherding in the new era of point-of-care ultrasound when they get into clinical practice.

接受 Butterfly 培訓的學生正在改變醫療保健，成為住院醫師計畫中最受歡迎的候選人，並在進入臨床實踐時引領護理點超音波的新時代。

Gosh residents with ultrasound skills are just invaluable.

天哪，擁有超音波技能的居民是無價的。

It's where the industry is headed.

這是該行業的發展方向。

Ultrasound capability is being demanded at hospitals.

醫院需要超音波能力。

Doctors without ultrasound skills need to learn them or will simply be marginalized by their juniors.

沒有超音波技能的醫生需要學習這些技能，否則就會被後輩邊緣化。

There is a seismic shift happening in diagnostic imaging and Butterfly is a catalyst.

診斷影像領域正在發生翻天覆地的變化，而 Butterfly 是催化劑。

Our medical school strategy is shaping the future.

我們的醫學院戰略正在塑造未來。

So in sum, we have a really bright outlook with medical schools.

總而言之，我們醫學院的前景非常光明。

Butterfly no longer needs to depend on large donation-based opportunities given that we've built a model that will support sustainable revenue growth.

鑑於我們已經建立了一個支持永續收入成長的模型，Butterfly 不再需要依賴大量基於捐贈的機會。

There are about 100,000 medical students at any given time and 25,000 new first-year students annually in the US alone.

僅在美國，任何時​​候都有大約 100,000 名醫學生，每年有 25,000 名一年級新生。

Ten other programs have agreed to go live on our campus essentials program and we're working on many more.

其他十個項目已同意在我們的校園必需品項目中上線，我們正在進行更多項目。

This will not only deliver a more stable recurring revenue model for the company but it will also allow evergreen purchasing that is not based on hospital budget cycles as they are now.

這不僅將為公司提供更穩定的經常性收入模式，而且還允許不像現在那樣基於醫院預算週期的常青採購。

So let's now discuss our developments in AI.

現在讓我們來討論一下人工智慧的發展。

Butterfly posted more wins this quarter for Butterfly Garden powered by Butterfly and our internal AI developments.

Butterfly 在本季度為由 Butterfly 和我們內部 AI 開發提供支援的 Butterfly Garden 取得了更多勝利。

In-house we have many AI tools that we're developing and we'll have a series of releases scheduled for next year.

我們內部有許多正在開發的人工智慧工具，我們計劃明年發布一系列版本。

As a reminder, we have the largest private ultrasound image repository in the world. 21 million images growing at about 30,000 a day and that enables us to quickly develop new tools.

提醒一下，我們擁有世界上最大的私人超音波影像儲存庫。 2100 萬張圖像以每天約 30,000 張的速度增長，這使我們能夠快速開發新工具。

It also allows us to use our capabilities to amplify other ultrasound AI companies and expose them then to the largest handheld ultrasound marketplace in the world.

它還使我們能夠利用我們的能力來擴大其他超音波人工智慧公司的規模，然後將它們暴露給世界上最大的手持式超音波市場。

In Q2 we increased our Butterfly Garden partners to a total of 15 and have also signed the term sheet for our third powered by Butterfly chip licensing deal.

第二季度，我們將 Butterfly Garden 合作夥伴數量增加到 15 個，並且還簽署了第三個由 Butterfly 晶片授權協議支援的條款清單。

We announced that HeartFocus by DESKi, UltraSight and SouthWood signed to the Butterfly Garden.

我們宣布 HeartFocus by DESKi、UltraSight 和 SouthWood 簽約蝴蝶園。

We're very excited to have them join our effort and are pleased with the amount of new cardiac AI platforms that are choosing Butterfly Garden as the marketplace to bring their advanced technologies.

我們非常高興他們加入我們的努力，並對大量新的心臟 AI 平台選擇 Butterfly Garden 作為市場來帶來其先進技術感到高興。

While Big Ultrasound is buying a few AI companies for themselves, Butterfly is building a premier AI ecosystem for everyone.

雖然 Big Ultrasound 正在為自己收購一些人工智慧公司，但 Butterfly 正在為每個人建立一個一流的人工智慧生態系統。

This makes Butterfly the only independent AI ultrasound marketplace and it also will allow Butterfly customers access to the best new AI tools available without needing multiple platforms.

這使得 Butterfly 成為唯一獨立的 AI 超音波市場，並且還將允許 Butterfly 客戶無需多個平台即可存取可用的最佳新 AI 工具。

Butterfly customers will purchase new ultrasound AI products to advance their clinical care and all independent developers will build with us to access the marketplace.

Butterfly 客戶將購買新的超音波人工智慧產品來推進他們的臨床護理，所有獨立開發人員將與我們一起建造以進入市場。

This is a win-win-win and it's happening now.

這是一個三贏的局面，而且現在正在發生。

Our partners ThinkSono was the first garden partner to commercially launch their deep vein thrombosis training tool.

我們的合作夥伴 ThinkSono 是第一個將深部靜脈栓塞訓練工具商業化的花園合作夥伴。

We launched it to all of our customers and are making progress getting the message out.

我們向所有客戶推出了它，並且在傳達訊息方面正在取得進展。

Next year they expect to launch their clinical DVT guidance tool upon winning regulatory clearance.

明年，他們預計在獲得監管許可後推出臨床 DVT 指導工具。

In 2025 we also see a cohort of Butterfly Garden and Powered by Butterfly partners commercialize their offerings providing a new and growing reoccurring revenue stream for Butterfly.

到 2025 年，我們還將看到一批 Butterfly Garden 和 Powered by Butterfly 合作夥伴將其產品商業化，為 Butterfly 提供新的且不斷增長的經常性收入來源。

So this quarter we also signed a term sheet for our third Powered by Butterfly partner.

因此，本季我們也為我們的第三個 Powered by Butterfly 合作夥伴簽署了一份條款清單。

This company is already commercial and the next version of their product will leverage our proprietary ultrasound on chip.

該公司已經商業化，其產品的下一個版本將利用我們專有的超音波晶片。

We are not announcing their name yet so we don't disrupt their current commercial activities.

我們尚未公佈他們的名字，因此我們不會擾亂他們當前的商業活動。

Of the three partners we anticipate they will be the first to market next year.

在這三個合作夥伴中，我們預計他們將成為明年第一個上市的合作夥伴。

So they will not only deliver some technical revenue this year for Butterfly we expect them to deliver revenue from commercial activities as soon as next year.

因此，他們今年不僅會為 Butterfly 帶來一些技術收入，我們預計他們最快明年就會從商業活動中獲得收入。

We look forward to announcing this partnership when they're ready to launch commercially and are excited today to share the continued success of our Powered by Butterfly program.

我們期待在他們準備好商業化時宣布這一合作夥伴關係，並很高興今天分享我們 Powered by Butterfly 計劃的持續成功。

I want to remind you that each of these Powered by Butterfly deals are complex requiring research and development and a regulatory strategy yet have a very high opportunity ceiling for Butterfly.

我想提醒您的是，每筆 Powered by Butterfly 交易都很複雜，需要研發和監管策略，但對 Butterfly 來說機會上限非常高。

We have at least 15 other partners in our pipeline and are actively negotiating with five of them concurrently.

我們還有至少 15 個其他合作夥伴正在籌備中，並且正在同時與其中 5 個進行積極談判。

The interest in Butterfly and accessing our proprietary and protected technology has been extraordinary.

人們對 Butterfly 以及獲取我們的專有和受保護技術的興趣非常濃厚。

We are doing everything to keep up with demand.

我們正在盡一切努力滿足需求。

As I've stated in the past this effort has the opportunity to deliver non-dilutive capital to the company and at the right time I'll update you more on that.

正如我過去所說，這項工作有機會為公司提供非稀釋資本，在適當的時候我會向您通報更多相關情況。

So before I turn it over to Heather, I'd like to touch on a few parallel momentum drivers in the clinical and regulatory space.

因此，在將其交給希瑟之前，我想談談臨床和監管領域的一些平行動力驅動因素。

So first on the clinical front, we told you at our investor day that heart failure management is an area of great opportunity for Butterfly with a rising patient population and hospitals working hard to tackle readmission challenges.

因此，首先在臨床方面，我們在投資者日告訴您，心臟衰竭管理對於 Butterfly 來說是一個充滿機會的領域，因為患者人數不斷增加，而醫院正在努力應對再入院的挑戰。

Recent research has been published in the academic emergency medicine journal further validating the clinical significance of Butterfly in the space.

最近的研究發表在學術急診醫學雜誌上，進一步驗證了蝴蝶在太空中的臨床意義。

The studies demonstrated that not only was it easy for paramedics to master lung ultrasound with Butterfly devices but the pre-hospital scanning reduced time to acute heart failure treatment by over two hours compared to routine care.

研究表明，與常規護理相比，護理人員不僅可以輕鬆掌握使用 Butterfly 設備進行肺部超音波檢查，而且院前掃描將急性心臟衰竭治療時間縮短了兩個多小時。

This early initiation of heart failure therapy is crucial and it's associated with lower mortality and hospital readmission rates.

儘早開始心臟衰竭治療至關重要，它可以降低死亡率和再入院率。

We also introduced bladder scanning as our second primary use case for home care.

我們還引入了膀胱掃描作為家庭護理的第二個主要用例。

Progress is happening here too.

這裡也正在取得進展。

The Christopher Reeve Foundation just launched a study of their own to validate that bladder self-scanning can revolutionize care management for patients with spinal cord injuries.

克里斯托弗·里夫基金會剛剛啟動了一項自己的研究，以驗證膀胱自我掃描可以徹底改變脊髓損傷患者的護理管理。

So next we're proud to share that after rigorous vetting Butterfly iQ+ was recognized by the World Health Organization in its 2024 compendium of innovative health technologies for low resource settings.

接下來，我們很自豪地與大家分享，經過嚴格審查，Butterfly iQ+ 獲得了世界衛生組織在其 2024 年低資源環境創新衛生技術綱要中的認可。

Inclusion in this manual further legitimizes our device and we continue engaging with foreign governments and funders for our global health initiatives.

納入本手冊進一步使我們的設備合法化，我們將繼續與外國政府和資助者合作，以支持我們的全球健康計劃。

Lastly, I'd like to update you on our efforts to overturn the exemption big ultrasound gets from the RoHS standards in Europe.

最後，我想向您介紹我們為推翻大型超音波在歐洲 RoHS 標準中獲得的豁免所做的努力。

We've been working closely this quarter with the European Commission on how Butterfly's petition can be heard.

本季我們一直在與歐盟委員會密切合作，研究如何聽取 Butterfly 的請願書。

You see for the last 20 years or so, the ultrasound industry has gained compliance to the EU's restrictions on hazardous substances directive or RoHS only via an exemption.

您會看到，在過去 20 年左右的時間裡，超音波行業僅通過豁免獲得了歐盟有害物質限制指令或 RoHS 的合規性。

These incumbent ultrasound devices contain hazardous levels of lead in their piezoelectric crystals above the standards set for toxic materials and electronic devices and are exempted now only because there's been no clean alternative presented to the commission.

這些現有超音波設備的壓電晶體中的鉛含量超出了有毒材料和電子設備規定的危險水平，現在被豁免只是因為沒有向委員會提供清潔的替代品。

These exemptions are time limited and intended to bridge compliance until big ultrasound can produce cleaner products.

這些豁免是有時間限制的，旨在彌合合規性，直到大型超音波能夠生產出更清潔的產品。

But since they get this exemption, why should they invest in an alternative?

但既然他們獲得了這種豁免，為什麼還要投資替代方案？

Periodically, big ultrasound files for exemption renewals stating that there's no alternative and their toxic devices remain worthy of the exemption.

大型超音波公司定期申請豁免更新，聲稱沒有其他選擇，而且他們的有毒設備仍然值得豁免。

In my view, that's all about the change.

在我看來，這就是改變的全部。

Butterfly is demonstrating to the European Commission that there is now a clean alternative that doesn't rely on lead crystals or the exemption and that the alternative is the CMUT technology utilized in our devices including Butterfly iQ3.

Butterfly 向歐盟委員會證明，現在有一種清潔的替代方案，不依賴鉛晶體或豁免，替代方案是我們的設備（包括 Butterfly iQ3）中使用的 CMUT 技術。

And this showcases the rapid technological evolution of our CMUT chips.

這展示了我們 CMUT 晶片的快速技術發展。

Just weeks ago we filed for what is called revocation.

就在幾週前，我們申請了所謂的撤銷。

Revocation is a formal process to petition for cancellation of a prior exemption given.

撤銷是請求取消先前給予的豁免的正式程序。

After going through this process, it seems Butterfly may be one of if not the first company filing for such a request in the 20-year history of the RoHS directive.

經過這個過程後，Butterfly 似乎可能是 RoHS 指令 20 年歷史上第一家提出此類請求的公司之一。

While the EC is currently reviewing previously filed applications by big ultrasound to renew their exemption in parallel, they will now be considering whether it's warranted in the first place and whether they should be revoked for all piezo-based handheld devices altogether.

雖然歐盟委員會目前正在審查大型超音波公司先前提交的申請，以並行更新其豁免，但他們現在將首先考慮是否有必要，以及是否應該完全撤銷所有基於壓電的手持設備的豁免。

So stay tuned because we believe an exemption renewal decision will be made one way or the other in the first half of '25.

因此，請繼續關注，因為我們相信豁免續約決定將在 25 年上半年以某種方式做出。

And now I'll turn it back over to Heather.

現在我會把它轉回希瑟。

Thank you.

謝謝。

As Joe noted, we saw continued strength in the second quarter of 2024 with revenue of $21.5 million.

正如 Joe 指出的那樣，我們看到 2024 年第二季的營收持續強勁，營收達到 2,150 萬美元。

The highest quarterly revenue in the company's history.

公司歷史上最高的季度營收。

This represents a 16% increase versus the prior year period.

這比去年同期增長了 16%。

The increase was driven by price and volume positively impacted by the launch of iQ3 and higher software sales.

這一增長是由 iQ3 的推出和軟體銷量增加對價格和銷售的正面影響所推動的。

Of note, in the second quarter of 2023, we had two large grant-based deals at medical schools that did not repeat in 2024.

值得注意的是，2023 年第二季度，我們在醫學院進行了兩筆大型補助交易，但 2024 年沒有重複。

Excluding these deals our volume grew 37% demonstrating strong core demand for our products.

排除這些交易，我們的銷量成長了 37%，這表明對我們產品的強勁核心需求。

Looking at the US and international channels.

看看美國和國際管道。

During the quarter, US revenue was $14.8 million, which was 3% higher than the prior year.

該季度美國營收為 1,480 萬美元，比上年同期成長 3%。

Excluding the aforementioned medical school deals in 2023, US revenue grew 25% versus Q2 '23 and 21% sequentially from Q1 2024.

排除上述 2023 年醫學院交易，美國營收較 2023 年第二季成長 25%，較 2024 年第一季較上季成長 21%。

These results were driven by higher average selling price and strong demand.

這些結果是由較高的平均售價和強勁的需求所推動的。

Total international revenue increased 57% over the prior year period to $5.2 million driven by higher probe volume partially offset by lower average selling price due to a higher mix of sales to distributors, which carry a lower selling price as compared to our direct business as well as due to lower mix of software revenue and sales through the e-commerce channel.

國際總收入較上年同期增長57%，達到520 萬美元，原因是探測量增加，但由於向分銷商的銷售組合增加，平均售價較低，部分抵消了這一影響，而與我們的直接業務相比，經銷商的售價也較低由於電子商務通路的軟體收入和銷售組合較低。

Breaking down our revenue between product and software and other services.

細分產品、軟體和其他服務之間的收入。

Product revenue was $14.6 million, an increase of 19% versus Q2 '23.

產品營收為 1,460 萬美元，比 2023 年第二季成長 19%。

This increase was driven by higher average selling price and volume mainly in international distribution and e-commerce and approximately 50% of our total volume was iQ3 and 75% domestically.

這一增長是由於主要在國際分銷和電子商務領域的平均銷售價格和銷量增加而推動的，iQ3 約占我們總銷量的 50%，國內銷量佔 75%。

Software and other services revenue was $6.9 million in the second quarter, up 10% versus the prior year period.

第二季軟體和其他服務收入為 690 萬美元，比去年同期成長 10%。

Software and other services mix was 32% of revenue, decreasing by approximately 2-percentage- points versus Q2 '23.

軟體和其他服務組合佔收入的 32%，與 2023 年第二季相比下降了約 2 個百分點。

This decrease can be attributed to product revenue growth outpacing software revenue with the launch of our iQ3 earlier this year.

這一下降可歸因於今年稍早推出的 iQ3，產品收入成長超過了軟體收入。

Our total annual recurring revenue, which is reported as part of software and other services was flat 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）與去年同期持平。

This was due to an increase in our enterprise software subscription ARR that grew 24% an increase to 43% of our total ARR.

這是由於我們的企業軟體訂閱 ARR 成長了 24%，佔總 ARR 的 43%。

This increase in enterprise software revenue was offset by declines in our individual subscriptions.

企業軟體收入的成長被我們個人訂閱量的下降所抵消。

Turning now to gross profit.

現在轉向毛利。

Gross profit was $12.6 million in Q2 2024, a 15% increase as compared to $10.9 million in the prior year period.

2024 年第二季的毛利為 1,260 萬美元，比去年同期的 1,090 萬美元成長 15%。

Gross margin percentage remains relatively flat at 59%.

毛利率仍相對持平，為 59%。

While gross margin percentage was positively impacted by the higher average selling prices these benefits were offset by higher software amortization a lower proportion of higher margin software and other services revenue and inefficiencies associated with the launch of iQ3 including warranty costs.

雖然毛利率百分比受到較高平均銷售價格的正面影響，但這些收益被較高的軟體攤提、較高利潤的軟體和其他服務收入比例較低以及與iQ3 推出相關的低效率（包括保固成本）所抵消。

Moving to EBITDA and capital resources for the second quarter of 2024 adjusted EBITDA loss was $8.1 million, compared with a loss of $17 million for the same period in 2023.

轉向 EBITDA 和資本資源，2024 年第二季調整後的 EBITDA 虧損為 810 萬美元，而 2023 年同期虧損為 1,700 萬美元。

The $8.8 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.

調整後 EBITDA 損失減少了 880 萬美元，這是由於收入成本降低和效率提高，導致薪資諮詢和其他外部服務減少。

Cash and cash equivalents including restricted cash as of June 30, 2024 was $106 million.

截至 2024 年 6 月 30 日，現金及現金等價物（包括限制性現金）為 1.06 億美元。

Our total use of cash in the second quarter was $11 million.

第二季我們的現金使用總額為 1,100 萬美元。

As we have previously discussed, we have taken significant costs out of the business and reduced our annual cash burn but we are not done yet.

正如我們之前所討論的，我們已經降低了業務的大量成本並減少了年度現金消耗，但我們還沒有完成。

We will continue to find ways of being more-and-more cost efficient.

我們將繼續尋找越來越具有成本效益的方法。

In keeping with this principle, on July 1, we entered into an agreement with a third-party partner to optimize and lower the cost of certain non-specialized technical functions.

本著這項原則，我們於7月1日與第三方合作夥伴簽訂了協議，以優化和降低某些非專業技術功能的成本。

With this agreement, we will have a tightly knit team located across the globe with increased access to talent 24/7.

透過這項協議，我們將在全球範圍內擁有一支緊密團結的團隊，並且可以全天候 (24/7) 增加接觸人才的機會。

As part of the transition into this new partnership a portion of the company's workforce will be in lower cost geographies resulting in an estimated annual cost savings of $10 million.

作為過渡到這項新合作關係的一部分，公司的部分員工將分佈在成本較低的地區，預計每年可節省 1,000 萬美元的成本。

The cost of this program will be recognized as an expense in the second half of 2024 but the cash payment will be deferred and paid ratably starting in July of '25 through the end of 2028.

該計劃的成本將在 2024 年下半年確認為費用，但現金付款將推遲，並從 2025 年 7 月開始按比例支付，直至 2028 年底。

With this program we have further extended our cash runway into 2027 from our previous estimate of early ‘25.

透過該計劃，我們將現金跑道從先前預計的 25 年初進一步延長至 2027 年。

Moving now to guidance.

現在轉向指導。

In the first half of the year we have made significant progress in delivering against our priorities.

今年上半年，我們在實現優先事項方面取得了重大進展。

We launched iQ3 in the US, launched ScanLab and iQ+ Ladder, reached 15 Butterfly Garden Partners and signed the term sheet for a third powered by Butterfly Partner.

我們在美國推出了 iQ3，推出了 ScanLab 和 iQ+ Ladder，與 15 個 Butterfly Garden Partners 建立了聯繫，並簽署了由 Butterfly Partner 提供支援的第三個合作夥伴的條款清單。

Internationally, we received EU MDR for advanced features of iQ+ and are applying for iQ3 while adding additional geographical footprints.

在國際上，我們因 iQ+ 的高級功能獲得了歐盟 MDR，並正在申請 iQ3，同時增加額外的地理覆蓋範圍。

We invested in our commercial teams and will continue to expand our sales footprint both domestically and internationally all the while reducing our cash consumption and conservatively extending our cash runway into 2027.

我們對商業團隊進行了投資，並將繼續擴大我們在國內和國際上的銷售足跡，同時減少現金消耗並保守地將我們的現金跑道延長至 2027 年。

In addition, I am pleased to report that yesterday, we regained compliance with the New York Stock Exchange minimum bid price rule and received official notification from the exchange.

此外，我很高興地向大家報告，昨天，我們重新遵守了紐約證券交易所最低買入價規則，並收到了交易所的正式通知。

As we look at the second half of 2024, our commercial organization is humming.

展望 2024 年下半年，我們的商業組織正蓬勃發展。

As mentioned, we are adding additional commercial resources in the US and internationally and we expect to open more countries and launch iQ3 in Europe.

如前所述，我們正在美國和國際上增加額外的商業資源，我們預計將開放更多國家並在歐洲推出 iQ3。

Our work is not done.

我們的工作還沒完成。

We will continue to find efficiencies and are exploring opportunities for non-diluted financing for example grants and licensing deals.

我們將繼續提高效率，並探索非稀釋融資的機會，例如贈款和許可交易。

This will provide us with maximum flexibility as we continue on the pathway to profitability.

這將為我們繼續邁向獲利之路提供最大的靈活性。

As always we will keep you updated on this front.

一如既往，我們將及時向您通報這方面的最新情況。

For 2024 guidance, we are reiterating our revenue guide in the range of $75 million to $80 million or about 15% to 20% growth and improving our adjusted EBITDA guide by $5 million for the full year to a loss of $45 million to $50 million.

對於2024 年的指導，我們重申我們的收入指導在7500 萬美元至8000 萬美元之間，即增長約15% 至20%，並將全年調整後EBITDA 指導提高500 萬美元，至虧損4500 萬美元至5000 萬美元。

Specifically looking at Q3, which tends to be the toughest quarter for demand in healthcare, we expect to see revenue growth of around 20% to 25% bringing us to approximately $19 million of revenue.

特別是第三季度，這往往是醫療保健需求最困難的季度，我們預計收入將成長約 20% 至 25%，使我們的收入達到約 1,900 萬美元。

For Q3 adjusted EBITDA, we expect a loss of approximately $9 million to $10 million.

對於第三季調整後的 EBITDA，我們預計損失約為 900 萬至 1000 萬美元。

To summarize, we had a strong second quarter in first half of 2024.

總而言之，2024 年上半年第二季表現強勁。

We look forward to continued double-digit growth in 2024 and beyond with the realization of additional efficiencies that will further extend our cash runway into 2027.

我們期待 2024 年及以後繼續實現兩位數成長，並實現更高的效率，這將進一步將我們的現金跑道延長至 2027 年。

We have been delivering against our plan and will continue to do so with a strong base of technological and organizational assets and a team who is energized to capitalize on this attractive market opportunity over the long term.

我們一直在按照我們的計劃實現目標，並將繼續這樣做，憑藉強大的技術和組織資產基礎以及一支充滿活力的團隊，從長遠來看，我們將充分利用這一有吸引力的市場機會。

And with that, I will turn the call back to Joe.

然後，我會將電話轉回給喬。

Thanks Heather.

謝謝希瑟。

Butterfly today is undoubtedly leading the digital revolution in ultrasound.

今天的 Butterfly 無疑正在引領超音波領域的數位革命。

We're making it less expensive and easier to gain access to necessary medical imaging.

我們正在使獲得必要的醫學影像變得更便宜、更容易。

We're helping low and middle income countries, areas of conflict, medical students, nurses, veterinarians, and point-of-care doctors all gain access to tools and skills necessary to provide life-saving diagnostic technology where they need it most at the patient's side.

我們正在幫助中低收入國家、衝突地區、醫科學生、護士、獸醫和現場醫生獲得必要的工具和技能，以便在他們最需要的地方提供挽救生命的診斷技術。

I am very pleased with our success this quarter and I'm just as eager to forge ahead on the exciting plan and roadmap that we've unveiled at our March Investor Day.

我對本季度的成功感到非常高興，我同樣渴望繼續推進我們在三月投資者日公佈的令人興奮的計劃和路線圖。

There we spoke of our future, our technology roadmap, our semiconductor investment, and our pathway to profitability.

在那裡，我們談到了我們的未來、我們的技術路線圖、我們的半導體投資以及我們的獲利之路。

We showed how our wearable technology will transform care for patients in the home and how they can do their own scans.

我們展示了我們的可穿戴技術將如何改變患者的家庭護理以及他們如何進行自己的掃描。

It's all happening.

這一切都在發生。

So if you're interested in Butterfly, urge you to revisit those Investor Day materials.

因此，如果您對 Butterfly 感興趣，強烈建議您重新訪問那些投資者日材料。

While we can't give you a thorough update on everything going on, just know that while we work to deliver you great numbers each quarter, we are simultaneously dedicated to executing on our commitment over the long term with that North Star strategy.

雖然我們無法向您提供有關正在發生的一切的全面更新信息，但請注意，雖然我們努力每個季度為您提供大量數據，但我們同時致力於履行我們對北極星戰略的長期承諾。

So I want to leave you today with this.

所以今天我想就此離開你們。

There is no longer any doubt where point-of-care ultrasound is going.

床邊超音波的發展方向已不再有任何疑問。

Butterfly is delivering at every level and in my view is in control now of our destiny.

蝴蝶在各個層面上都在發揮作用，在我看來，它現在掌控著我們的命運。

Change is hard for healthcare.

對於醫療保健來說，改變是困難的。

History has proven that.

歷史已經證明了這一點。

But we are drivers of change and our results demonstrate that we are succeeding.

但我們是改變的推動者，我們的結果顯示我們正在取得成功。

Butterfly is a great company with massive growth potential and we will continue to deliver strong performance quarter-after-quarter-after-quarter.

Butterfly 是一家很棒的公司，具有巨大的成長潛力，我們將繼續一個又一個季度地提供強勁的業績。

Just sit back and watch.

只需坐下來觀看即可。

We hope you join the ride with us.

我們希望您與我們一起騎行。

With that, Operator, let's open it up for questions.

那麼，操作員，讓我們開始提問吧。

Absolutely.

絕對地。

(Operator Instructions)

（操作員說明）

Josh Jennings, TD Cowen.

喬許·詹寧斯，TD·考恩。

Great.

偉大的。

Thanks for taking the questions.

感謝您提出問題。

I wanted to start on the iQ3 launch.

我想從 iQ3 的發布開始。

It sounds like you're having significant early success.

聽起來你已經取得了巨大的早期成功。

I apologize if I'm making you repeat some things from your prepared remarks.

如果我讓你重複你準備好的發言中的一些內容，我深表歉意。

I jumped in late.

我跳進去晚了。

But I just wanted to hear about the launch in the US, where you're having the most success, either on the hospital enterprise channel or e-commerce channel or other.

但我只是想了解在美國的推出情況，在美國，無論是在醫院企業管道還是電子商務管道或其他管道上，您都取得了最大的成功。

And then also, sorry for the multi-tiered one here, but just the international launch coming up and any expectations there in terms of just high-level color and contributions in the second half?

然後，對這裡的多層感到抱歉，但國際發布即將到來，對下半年的高水平色彩和貢獻有什麼期望嗎？

Awesome.

驚人的。

Thanks, Josh.

謝謝，喬許。

Appreciate the question.

感謝這個問題。

What's really exciting about the revenue and the progress right now is it's very broad-based.

目前的收入和進展真正令人興奮的是它的基礎非常廣泛。

It's not lumpy.

它不是塊狀的。

It's not one or the other.

這不是一個或另一個。

We're not sweating this or sweating that.

我們不會為這個或為那個而流汗。

We're seeing a lot of traffic to the website.

我們看到該網站的流量很大。

We're seeing our e-com up.

我們的電子報正在興起。

We're seeing our inside sales team really crushing it, doing a great job.

我們看到我們的內部銷售團隊真的很出色，做得很好。

We're seeing our direct team build out the pipeline.

我們看到我們的直接團隊正在建造管道。

We have our software selling.

我們有我們的軟體銷售。

We're seeing a lot of health system deals.

我們看到很多醫療系統交易。

So I think what's really good is that our commercial team at all phases are delivering.

所以我認為真正好的一點是我們的商業團隊在各個階段都在交付。

We're seeing a very strong clinical acceptance for multiple specialties.

我們看到多個專業的臨床接受度非常高。

We're seeing the emergency room, please, we're seeing new cardiology grow a new interest.

我們正在看急診室，拜託，我們正在看到新的心臟病學產生了新的興趣。

We're seeing our EMS business grow with our inside sales team.

我們看到我們的 EMS 業務隨著我們的內部銷售團隊的成長而成長。

So I can't point to one particular thing saying, hey, this is happening that's outside.

所以我不能指出一件具體的事情說，嘿，這件事發生在外面。

I'm really just seeing a nice groundswell.

我真的只是看到了美好的風潮。

I'm seeing average daily sales go up, seeing great activity across our presets and our platform.

我看到平均每日銷售額正在上升，我們的預設和平台上的活動也很活躍。

So what makes us confident about our future is, it's not like we're with our tongues out through the quarter and, oh boy, we hope we get that one big order coming in.

因此，讓我們對未來充滿信心的是，我們並不是整個季度都保持沉默，天哪，我們希望能收到一份大訂單。

It's just not like that.

事實並非如此。

Of course, we're trying to close orders at the end of the quarter, but it's more, we're seeing the business pay strong.

當然，我們正努力在季度末完成訂單，但更重要的是，我們看到業務支付強勁。

We're seeing ourselves delight new users.

我們看到自己讓新用戶感到高興。

We're seeing ourselves reinvigorate existing users.

我們看到自己正在重振現有用戶。

And it's a pretty broad-based type of success.

這是一種基礎相當廣泛的成功。

I think in the US about 75% of our sales were iQ3 on a unit basis this quarter.

我認為本季在美國，以單位計算，我們約 75% 的銷售額是 iQ3。

And it's just showing the acceptance of the product, but also it's been a lot of fun having two products to sell.

這不僅顯示了人們對產品的接受程度，而且銷售兩種產品也很有趣。

So we have price when we need it and we have premium when we need it.

因此，我們在需要時提供價格，並在需要時提供溢價。

And the strategy is working.

該策略正在發揮作用。

Excellent.

出色的。

And I guess my follow-ups, sorry, I've got two.

我想我的後續行動，抱歉，我有兩個。

First is just anything, just want to pipe the sales funnel and the sales pipeline.

首先就是任何事情，只是想連接銷售漏斗和銷售管道。

I mean, I think your answers and your prepared remarks suggest that that is building nicely, but any way to kind of quantify the pipeline relative to where things stood last year?

我的意思是，我認為你的回答和你準備好的評論表明，這一切進展順利，但有什麼方法可以相對於去年的情況來量化管道？

Well, first of all, I realized I didn't answer the second part of your first question, which was international.

好吧，首先，我意識到我沒有回答你第一個問題的第二部分，這是國際問題。

So let me do that because I wrote that down.

所以讓我這樣做吧，因為我把它寫下來了。

Okay.

好的。

Thank you.

謝謝。

Appreciate it.

欣賞它。

So I apologize for that.

所以我對此表示歉意。

So international, our first international market to see iQ3 was Canada.

如此國際化，我們看到 iQ3 的第一個國際市場是加拿大。

And it was nice because Canada is not a massive market for us and we didn't really know how in tune they would be for this.

這很好，因為加拿大對我們來說並不是一個巨大的市場，我們真的不知道他們對此有何反應。

And it was great.

這太棒了。

I mean, our distributor had great success, our online sales had great success.

我的意思是，我們的經銷商取得了巨大的成功，我們的線上銷售取得了巨大的成功。

And one of the things that we're finding is, while we are, it's approved in the US today, ultrasound, radiology, imaging is a small community actually, and it's a global community.

我們發現的一件事是，儘管我們已經批准了，但超音波、放射學、成像實際上是一個小社區，而且是一個全球社區。

And so we've had trade shows in different markets where we're not really, we're not cleared yet.

因此，我們在不同的市場舉辦了貿易展覽，但我們還沒有真正獲得許可。

We're selling our current product, but we have people coming up to the booth saying, hey, can I see iQ3?

我們正在銷售當前的產品，但有人來到展位說，嘿，我可以看看 iQ3 嗎？

When are you going to bring iQ3 out?

iQ3什麼時候推出？

So we're excited about what happened in Canada.

所以我們對加拿大發生的事情感到興奮。

We were actually pretty surprised.

我們實際上很驚訝。

And we have a launch event in London on September 8, where we have thought leaders from throughout markets who are going to be there in the room and we'll be launching in Europe in the end of this third quarter.

我們將於 9 月 8 日在倫敦舉辦發表會，來自各個市場的思想領袖將出席會議，我們將在第三季末在歐洲推出產品。

So I'm very excited about the global reach, about the acceptance and how this is going to roll market-by-market, because people are talking, people see what's happening online.

因此，我對全球影響力、接受度以及這將如何逐個市場地滾動感到非常興奮，因為人們在談論，人們看到網路上發生的事情。

Some people follow us even as a public company and hear these calls.

即使我們是一家上市公司，也有人關注我們並聽到這些呼籲。

And I get, I hear things recuperated back that we've told investors.

我知道，我聽說我們已經告訴投資者，情況正在恢復。

So everyone's listening and watching and waiting for them to be able to actually start buying a product.

所以每個人都在傾聽、觀看並等待他們能夠真正開始購買產品。

As far as the pipeline is concerned, I really can't give numbers on a pipeline, but the best way is, everyone wants your pipeline to cover your forecast, right?

就管道而言，我確實無法給出管道的數字，但最好的方法是，每個人都希望你的管道覆蓋你的預測，對吧？

So you have a certain amount of coverage.

所以你有一定的承保範圍。

Hopefully, your pipeline is in excess of what your numbers are.

希望您的管道數量超過您的數量。

And I think the best way for me to communicate right now is that our coverage hasn't been higher.

我認為現在對我來說最好的溝通方式是我們的覆蓋範圍還沒有更高。

So our pipeline coverage is at a place where there's a certain multiple of our forecast, which gives us great confidence because everything doesn't have to come in for us to be successful.

因此，我們的管道覆蓋範圍是我們預測的一定倍數，這給了我們很大的信心，因為我們不需要一切都來獲得成功。

It's great to hear.

很高興聽到。

Last question is just wanted to, you know, we've spoken about this before and you addressed it at the investor, but just to think it as you're calling out through Butterfly Garden and Powered by Butterfly opportunities, how, and we're updating our models for 2025, just maybe talk about revenue contributions from those two channels.

最後一個問題只是想，你知道，我們之前已經談過這個問題，你也向投資者提出過這個問題，但只要想想你透過蝴蝶園和由蝴蝶提供動力的機會、方式和我們。 2025 年的模型，也許只是談談這兩個管道的收入貢獻。

I know you're not going to quantify them, but should they start, some start flowing in here before the end of the year or into 2025, within the same vein, but totally off base potentially, just thinking about the intracardiac ultrasound market, left atrial appendage occlusion, pulse field ablation is coming in, cardiac ablation, all these structural heart procedures, intracardiac ultrasound is much more important, but also it's taking off.

我知道你不會量化它們，但如果它們開始的話，有些會在今年年底前或到 2025 年開始流入這裡，同樣的情況，但可能完全偏離基礎，只要考慮一下心內超音波市場，左心耳封堵、脈搏場消融即將到來、心臟消融、所有這些結構性心臟手術，心內超音波更為重要，而且也正在起飛。

Is there, are there any partnerships in the works and is that a channel that excites you guys?

是否有合作關係？

Thanks.

謝謝。

So Josh, cardiac certainly excites us.

所以喬什，心臟確實讓我們興奮。

I'm not aware of particular partnerships yet in that space.

我還不知道該領域有哪些具體的合作關係。

And so if anyone's listening, give us a call.

如果有人在聽，請打電話給我們。

But no, I can't say that there's something specific.

但不，我不能說有什麼具體的東西。

I will say that ultrasound AI companies are, in our view, kind of flocking to Garden, and it's like, we'll have 13 or 15 different partners live on Garden.

我想說，在我們看來，超音波人工智慧公司正在湧向 Garden，就像我們將有 13 或 15 個不同的合作夥伴住在 Garden 上。

And so for us, that's providing 15 different AI tools ultimately to our customers.

因此，對我們來說，這將最終為我們的客戶提供 15 種不同的人工智慧工具。

And what that means is, if we're a big ultrasound, we have to purchase 15 companies to kind of offer them to customers.

這意味著，如果我們是一家大型超音波公司，我們必須收購 15 家公司才能為客戶提供服務。

And we don't have to do that.

我們不必這樣做。

We just create these partnerships and we, and we share success with each other.

我們只是建立這些合作關係，並且我們彼此分享成功。

So I think that's going to accelerate now, where the rubber hits the road is when they turn into commercial.

所以我認為現在會加速，當它們商業化時，橡膠就會上路。

And this year we've had one partner, as I mentioned in my prepared remarks, ThinkSono, have an education app.

今年我們有一個合作夥伴，正如我在準備好的演講中提到的那樣，ThinkSono 擁有一個教育應用程式。

And I think, it's going to take, it's going to take a bit before these companies kind of stack up on each other.

我認為，這些公司需要一段時間才能相互競爭。

And we start seeing that revenue build from software sales that pull through.

我們開始看到軟體銷售帶來的收入得以實現。

So, and it's hard to really predict, but I think we're going to start to feel it in '25.

所以，很難真正預測，但我認為我們將在 25 年開始感受到這一點。

Now, the powered by customers, there's R&D expense, there's, access to some of the tech, and there is some revenue there.

現在，在客戶的支援下，有研發費用，有獲得一些技術的機會，並且有一些收入。

And it's, I don't know how to quantify it.

而且，我不知道如何量化它。

You can decide, Heather, if you want to quantify it or not.

希瑟，你可以決定是否要量化它。

But I do think that as the powered by partners become commercial, and we have one next year, we're going to start feeling that revenue.

但我確實認為，隨著合作夥伴的支持變得商業化，並且我們明年就有了一個，我們將開始感受到這種收入。

So, I don't know, Heather, how you want to quantify it this year or next year, but I do think by the end of '25, the contribution from both of those are going to be felt.

所以，我不知道，希瑟，你想如何量化今年或明年的情況，但我確實認為到 25 年底，人們將感受到這兩者的貢獻。

Heather, you want to jump in?

希瑟，你想跳進去嗎？

Sure, yes.

當然，是的。

No, in 2024, we've had, can you hear me?

不，在 2024 年，我們已經擁有了，你聽得到我嗎？

Yes.

是的。

Yes, in 2024, we are recognizing some licensing revenue, but that's done over the course of the arrangement.

是的，到 2024 年，我們將確認一些授權收入，但這是在安排過程中完成的。

And we expect that to build into '25.

我們預計這將持續到 25 年。

And as Joe mentioned, with the commercialization of some of our partners, we will see that accelerate in addition to as we sign additional partners, we'll pull in some additional licensing.

正如喬所提到的，隨著我們一些合作夥伴的商業化，我們將看到除了簽署更多合作夥伴之外，我們還將獲得一些額外的許可。

So right now, not material enough to speak of in '24, but we will see that build in ‘25.

所以現在，24 年的材料還不夠多，但我們會在 25 年看到這一點。

Thanks for taking all those questions.

感謝您提出所有這些問題。

Appreciate it.

欣賞它。

Thanks, Josh.

謝謝，喬許。

Thanks, Josh.

謝謝，喬許。

Suraj Kalia, Oppenheimer.

蘇拉吉·卡利亞，奧本海默。

Good afternoon, Joe, Heather.

下午好，喬，希瑟。

Congrats on a nice quarter.

恭喜您度過了一個美好的季度。

Thanks, Suraj.

謝謝，蘇拉吉。

A couple of questions for you and a couple for Heather.

有幾個問題想問你，也有幾個問題想問希瑟。

Joe, let me start out with AI and ultrasound, more macro level, Joe. Are there any specific structural shifts happening in ultrasound?

喬，讓我從更宏觀的人工智慧和超音波開始，喬。超音波中是否發生了任何特定的結構變化？

All the key players are now talking about pushing AI and ultrasound, obviously, GE with Caption Health.

所有主要參與者現在都在談論推動人工智慧和超音波技術，顯然，GE 和 Caption Health 就是其中之一。

And I guess I'm more curious as to the more recent drivers for which everyone has started talking about AI integration, whether it's a Fax to EMR, and more so just kind of putting it into the assistance.

我想我對最近的驅動程式更好奇，每個人都開始談論人工智慧集成，無論是傳真到 EMR，還是更多地將其放入幫助中。

Any color there would be great.

任何顏色都會很棒。

Thank you for the question.

謝謝你的提問。

I think there is a broad-based realization that AI is a major accelerant to ultrasound and ultrasound usage and ultrasound in the home, ultrasound in the hands of less trained users.

我認為人們普遍認識到，人工智慧是超音波、超音波使用以及家庭超音波的主要促進劑，而超音波則掌握在訓練較少的使用者手中。

We've now, in the quarter, trained more midwives in South Africa.

我們現在在本季在南非培訓了更多助產士。

We had our Kenya deployment.

我們在肯亞進行了部署。

We then had our South Africa deployment.

然後我們在南非進行了部署。

And these are midwives who are now doing ultrasound for childbirth to understand fetal position.

這些助產士現在正在為分娩進行超音波檢查，以了解胎兒的位置。

And whether it's that experience or whether it's the caption experience that GE is having or other companies are having, they're realizing that handheld ultrasound is a really low-cost, easy way to deploy advanced imaging into the hands of clinicians and to be able to help patients.

無論是這種體驗，還是 GE 或其他公司擁有的字幕體驗，他們都意識到手持式超音波是一種真正低成本、簡單的方法，可以將先進的成像技術部署到臨床醫生手中，並能夠幫助患者。

And so I think there's a broad-based understanding that this is not some niche or something that's nascent.

因此，我認為人們普遍認為這不是一個利基市場或新事物。

The Gates Foundation has now invested over $100 million in all the different ultrasound industries, all the different companies to develop applications specifically for third-world countries for ultrasound AI.

蓋茲基金會現已向所有不同的超音波產業、所有不同的公司投資超過 1 億美元，專門為第三世界國家開發超音波 AI 的應用程式。

And I think the large players in the space, cloud players, software players are realizing that there can be a lot done here.

我認為該領域的大型參與者、雲端參與者、軟體參與者正在意識到這裡可以做很多事情。

So I think the AI ultrasound field is going to completely explode.

所以我認為AI超音波領域將會徹底爆發。

And if you just think about in the US, we have a million doctors, 4 million, 5 million nurses.

如果你想想在美國，我們有 100 萬醫生、400 萬、500 萬護士。

We only have 80,000 ultrasonographers.

我們只有 80,000 名超音波醫師。

And so that's a major constraint in the ability to deliver ultrasound out into the general public.

因此，這是向公眾提供超音波的能力的主要限制。

When you empower people who don't have legacy ultrasound skills, you dramatically not only improve throughput, you deliver care to where it's needed most.

當您為沒有傳統超音波技能的人提供幫助時，您不僅可以顯著提高吞吐量，還可以向最需要的地方提供護理。

So I think the big players, and I just don't mean the big ultrasound players, but I think the big tech players realize this is an opportunity, and we're right in the thick of it.

所以我認為大型企業，我並不是指大型超音波企業，但我認為大型科技企業意識到這是一個機會，而我們正處於其中。

Fair enough.

很公平。

Joe, in terms of the RoHS revocation letter, obviously you guys are going against the three big dogs in the field, right?

喬，就 RoHS 撤銷信而言，顯然你們正在對抗該領域的三大巨頭，對吧？

What would you consider a mission accomplished?

您認為什麼是完成的任務？

Well, obviously I'd love to see there be a date associated with when there would be no more purchases of piezoelectric handheld devices.

嗯，顯然我很樂意看到一個與不再購買壓電手持設備相關的日期。

I'd love to see a date established.

我很想看到確定的日期。

You can't buy any of these devices beyond a particular date.

您無法在特定日期之後購買任何這些設備。

That's what I'd like to see because truthfully, our iQ3 can do pretty much everything that all the other ones can do today.

這就是我希望看到的，因為說實話，我們的 iQ3 幾乎可以做所有其他產品目前可以做的所有事情。

You can't point to something that we can't do.

你不能指出我們做不到的事。

Actually, I could point to things that we can do that they can't.

事實上，我可以指出一些我們能做而他們不能做的事情。

So what would the argument be, Suraj, to keep them on the market other than political discomfort and other stuff?

那麼，蘇拉傑，除了政治上的不安和其他因素之外，還有什麼理由讓它們留在市場上？

So I mean, technically, clinically, we could do it all.

所以我的意思是，從技術上、臨床上來說，我們都可以做到。

Why have a directive if we're not going to allow it to meet its original intent?

如果我們不允許指令實現其初衷，為什麼還要訂定指令呢？

So I understand politically, big companies, it's going to be discomfort.

所以我理解政治上，大公司，這會讓人感到不舒服。

But actually, if you look at handhelds, handheld is such a small, minuscule part of their business.

但實際上，如果你看看手持設備，你會發現手持設備在他們的業務中只佔很小的一部分。

It won't affect them really.

這不會真正影響他們。

So I mean, success for me is a date being established, whatever that is, for those products to no longer be sold.

所以我的意思是，對我來說成功就是確定不再銷售這些產品的日期，無論是什麼日期。

It doesn't have to be pulled off the market, but why should we be selling technology that doesn't meet the standard when there is a complete green, clean alternative that can do what it can clinically?

它不必從市場上撤下，但當有一個完全綠色、乾淨的替代品可以達到臨床效果時，我們為什麼要出售不符合標準的技術？

So that's how I feel.

這就是我的感受。

But we're walking in uncharted territory here.

但我們正走在未知的領域。

And who knows what will happen.

誰知道會發生什麼事。

But I think it's such a potential big event.

但我認為這是一個潛在的大事件。

I've decided that it's hard to not talk about and educate investors that there is a possibility.

我認為很難不談論並教育投資者這是存在可能性的。

But of course, just incumbent in your question, Suraj, you know, the probability is low because of market might and lobbying, etc. But I'm trying to build awareness.

當然，蘇拉傑，你知道，由於市場力量和遊說等原因，這種可能性很低。

And truthfully, I think that there's very good intent with this law.

說實話，我認為這項法律的初衷是非常好的。

And I hope that the regulators see that we meet the initial spirit of their intent.

我希望監管機構看到我們符合他們最初的意圖。

Got it.

知道了。

Heather, a couple of questions.

希瑟，有幾個問題。

I'll put both of them together.

我會把它們放在一起。

Maybe I read this wrong, Heather.

也許我讀錯了，希瑟。

So units were up 37% year-over-year, but sales, product sales were up 4%.

因此，單位數量較去年同期成長了 37%，但銷售額、產品銷售額成長了 4%。

Obviously, I'm screwing up somewhere.

顯然，我在某個地方搞砸了。

If you could help clarify that?

如果你能幫忙澄清一下嗎？

I guess what I'm trying to get at is price versus volume split.

我想我想要得到的是價格與銷量的差別。

And the second thing, Heather, is iQ3 contribution in the quarter.

Heather，第二件事是本季 iQ3 的貢獻。

Thanks again for taking my question, folks, and congrats.

再次感謝您提出我的問題，夥伴們，恭喜您。

Sure, of course.

當然，當然。

So as to your first question, the volume, and the price, we backed out two large deals that occurred in 2023.

至於你的第一個問題，即數量和價格，我們取消了 2023 年發生的兩筆大型交易。

They were grant-based medical school deals.

它們是基於贈款的醫學院交易。

That's where the volume, if you look at the domestic number, the revenue grew 25%.

這就是銷量，如果你看看國內的數字，收入成長了 25%。

And the 37% was the volume excluding those deals.

37% 是不包含這些交易的交易量。

So it's both including and excluding.

所以它既包含又包含排除。

So the lower number was including the deals.

所以較低的數字包括交易。

What I was trying to demonstrate there was the high core demand for the product left these large grant-based deals.

我試圖證明的是，對產品的高核心需求離開了這些基於贈款的大型交易。

And then your second question.

然後是你的第二個問題。

Yes, if I could just comment.

是的，如果我能發表評論就好了。

Yes.

是的。

If I could just jump in on that, Heather.

如果我能參與進來就好了，希瑟。

I mean, we had 1,300 probes.

我的意思是，我們有 1,300 個探測器。

We had 1,300 probes to kind of anniversary.

到了周年紀念日，我們進行了 1,300 次探測。

And we went into the quarter thinking we didn't have a shot to overcome that with basic consumption.

我們進入本季時認為，我們沒有機會透過基本消費來克服這個問題。

But we did.

但我們做到了。

And so we're thrilled with the high quality broad-based type of consumption that we had.

因此，我們對我們所擁有的高品質、廣泛的消費類型感到興奮。

And we overcame that big one-timer.

我們克服了這項巨大的一次性挑戰。

And on top of that, we benefit from the ASP uplift too.

最重要的是，我們也受惠於平均售價的提升。

But I'm sorry, Heather, to interrupt you.

但很抱歉，希瑟，打擾你了。

I just wanted to clarify.

我只是想澄清一下。

No, go ahead.

不，繼續吧。

And Siraj, what was your second question?

Siraj，你的第二個問題是什麼？

I apologize.

我道歉。

Well, just the iQ3 contribution in the quarter, just additional metrics in terms of penetration rates, what percent of your base now has an iQ3, just additional metrics that we can slice and dice?

好吧，只是本季度 iQ3 的貢獻，只是滲透率方面的額外指標，您的基礎群體現在擁有 iQ3 的百分比是多少，只是我們可以切片和切塊的額外指標？

Yes.

是的。

So the volume in the quarter overall was just shy of 50% iQ3.

因此，本季整體銷量僅略低於 iQ3 的 50%。

Domestically, it was about 75%.

國內這一比例約為75%。

Thank you.

謝謝。

Thank you, Suraj.

謝謝你，蘇拉吉。

There are currently no other questions registered.

目前沒有登記其他問題。

(Operator Instructions).

（操作員說明）。

There are currently no other questions registered.

目前沒有登記其他問題。

So I'll pass the conference back over to you, Mr. DeVivo, for closing remarks.

因此，德維沃先生，我將把會議交還給您，讓您致閉幕詞。

Well, everyone, thank you so much for joining us.

好的，大家，非常感謝你們加入我們。

There's a lot of content, a lot of things happening.

有很多內容，很多事情正在發生。

And this turnaround for Butterfly continues.

Butterfly 的這種轉變仍在繼續。

We see the balance of the year being very strong.

我們看到今年的平衡非常強勁。

We see that we're building momentum, broad-based, repeatable business.

我們看到我們正在建立勢頭強勁、基礎廣泛、可重複的業務。

And we're very excited about how our team has delivered and appreciate all your time and attention.

我們對我們團隊的交付感到非常興奮，並感謝您的所有時間和關注。

So thanks, everybody.

謝謝大家。

That concludes today's earnings call.

今天的財報電話會議到此結束。

Thank you for your participation.

感謝您的參與。

I hope you have a wonderful rest of your day.

我希望您度過愉快的一天。