Butterfly Network Inc (BFLY) 2024 Q3 法說會逐字稿

Hello everyone and welcome to the Butterfly Network Q3 2024 earnings call. My name is Carla and I will be coordinating your call today.

大家好，歡迎參加蝴蝶網路 2024 年第三季財報電話會議。我叫卡拉，今天我將協調您的電話。

(Operator Instructions)

（操作員說明）

I will now hand you over to Heather Getz, Chief Financial and Operations Officer at Butterfly Network to begin. Heather, please go ahead.

現在我將把您交給 Butterfly Network 財務與營運長 Heather Getz 開始。希瑟，請繼續。

Good morning and thank you for joining us. Earlier today, Butterfly released financial results for the third quarter ended September 30, 2024 and provided a business update. The release and earnings presentation which include a reconciliation of management's use of non-GAAP financial measures compared to the most applicable GAAP measures are currently available on the investors section of the company's website at ir.butterflynetwork.com.

早安，感謝您加入我們。今天早些時候，Butterfly 發布了截至 2024 年 9 月 30 日的第三季財務業績，並提供了業務更新。該新聞稿和收益報告包括管理層使用非 GAAP 財務指標與最適用的 GAAP 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 at Butterfly alongside Joseph DeVivo, Butterfly's Chairman and Chief Executive Officer will host this morning's call.

Butterfly 財務與營運長 Heather Getz 與 Butterfly 董事長兼執行長 Joseph DeVivo 將主持今天上午的電話會議。

During today's call, we will be making certain forward-looking statements. These statements may include among other things, expectations with respect to financial results, future performance, development and commercialization of products and services, potential regulatory approvals and the size and potential growth of current or future markets for our products and services.

在今天的電話會議中，我們將做出某些前瞻性聲明。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. You are cautioned not to place under reliance on these forward-looking statements and the company disclaims any obligation to update such statements.

這些風險和其他風險在我們向證券交易委員會提交的文件中進行了描述。請您注意不要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 it, once the call has been completed.

提醒一下，本次電話會議正在進行網路直播和錄音，我們將在發言時參考投影片簡報。現場音訊和正在顯示的演示之間可能存在短暫的延遲。在同一頁面上，您還可以存取網路直播並在通話結束後重播。

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. So good morning, everyone and thanks for joining us. As you recall on March 18, of this year, the Butterfly management team held an investor day. At the event, we introduced four key strategic pillars for butterfly and these were: one, accelerating growth in our core pocus business; two, investing in R&D to maintain our tech leadership, especially in semiconductor innovation; three, expanding our market into established non focused markets like hospital carts and into new care settings like home; and four, executing efficiently to drive double digit growth reach cash flow breakeven by 2027 and hit $500 million in revenue within five years.

謝謝你，希瑟。大家早安，感謝您加入我們。今年3月18日，蝴蝶管理團隊舉辦了投資者日活動。在會議上，我們介紹了蝴蝶的四大策略支柱：一是加速Pocus核心業務的成長；第二，投資研發以維持我們的技術領先地位，特別是在半導體創新方面；第三，將我們的市場擴展到已建立的非重點市場（例如醫院推車）和新的護理環境（例如家庭）；第四，高效執行，推動兩位數成長，到 2027 年實現現金流收支平衡，並在五年內實現收入 5 億美元。

So with our third quarter results in hand, I'm pleased to say that we are executing in all phases. At various points throughout today's call, I'll refer back to these growth pillars and the progress that we've made against them.

因此，根據我們第三季的業績，我很高興地說我們正在各個階段執行。在今天電話會議的各個環節，我將回顧這些成長支柱以及我們在這些支柱方面取得的進展。

First, let's review this quarter's strong performance. We told you in pillar one, that accelerating growth in our core business was a priority and we're doing just that. Butterfly's team exceeded our operating plan this quarter and we delivered top line revenue growth of 33% year-over-year. This is our fifth consecutive quarter where we met or exceeded our expectations.

首先，讓我們回顧一下本季的強勁表現。我們在第一支柱中告訴您，加速核心業務的成長是我們的首要任務，我們正在這樣做。 Butterfly 的團隊本季超出了我們的營運計劃，我們的營收年增了 33%。這是我們連續第五個季度達到或超越了我們的預期。

We achieved this while simultaneously reducing our cash use to our lowest level in history, delivering reduced OpEx while investing in the key growth pillars outlined above. What's more satisfying is that every sales channel hit their objectives and the quarter was not an anomaly. There was no one time big deal. Each channel delivered through execution. It was a beautiful revenue quarter which was manifested through a collection of great products being consumed by happy customers and great people working together to meet our customers needs. And this is just the beginning.

我們實現了這一目標，同時將現金使用量減少到歷史最低水平，降低營運支出，同時投資於上述關鍵成長支柱。更令人滿意的是，每個銷售管道都達到了目標，本季也不例外。從來沒有什麼大不了的事。每個渠道都是透過執行交付的。這是一個美好的收入季度，這體現在快樂的客戶消費了一系列優質產品，並且優秀的員工共同努力滿足客戶的需求。而這只是開始。

We are also moving ahead with the fuel behind our health system approach. Our message is resonating. Every doctor and nurse wants their own Butterfly. Care should be delivered where the patient is. Digital is winning over analog. So I'd like to focus on a few notable highlights in our enterprise and med ed expansion areas. Our partnership with the University of Rochester Medical Center, URMC continues to flourish. Dr. Rotondo, CEO of URMC's faculty group spoke at our Investor Day, emphasizing his belief that providing every doctor with imaging access would enhance patient care, boost physician satisfaction and drive financial gains.

我們也正在推動衛生系統方法背後的推動力。我們的訊息引起了共鳴。每個醫生和護士都想要自己的蝴蝶。應在患者所在的地方提供照護。數字正在戰勝類比。因此，我想重點關注我們的企業和醫療擴張領域的一些值得注意的亮點。我們與 URMC 羅徹斯特大學醫學中心的合作關係持續蓬勃發展。 URMC 教職團隊執行長 Rotondo 博士在我們的投資者日發表講話，強調他相信為每位醫生提供影像訪問將改善患者護理、提高醫生滿意度並推動財務收益。

His vision is now becoming a reality. A paper by Dr. David Waldman, URMC's Chief Medical IT Development Officer, highlights these accomplishments. The success of their system wide deployment of Butterfly, improving patient care, clinical operations, and financial outcomes. This paper is guided other institutions now towards similar focused deployments and I expect more health systems to follow your URMC's lead in 2025.

他的願景現在正在成為現實。 URMC 首席醫療 IT 開發長 David Waldman 博士在一篇論文中強調了這些成就。他們在系統範圍內成功部署了 Butterfly，改善了患者護理、臨床操作和財務成果。本文正在指導其他機構進行類似的重點部署，我預計 2025 年將會有更多衛生系統效仿 URMC 的領導。

In September, Dr. Stephen Erickson from Jefferson Healthcare gave an award winning presentation at the American Academy of Family Physicians FXM conference. He concluded that not only does Butterfly make him a better doctor with greater ability to care for his patients, but the Butterfly device pays for itself quickly. As an individual family medicine doctor, he collected about $15,000 in reimbursement in just one year already making back the more than 2x all in cost of our probe and software.

9 月，Jefferson Healthcare 的 Stephen Erickson 博士在美國家庭醫師學會 FXM 會議上發表了獲獎演講。他的結論是，Butterfly 不僅使他成為更好的醫生，更有能力照顧病人，而且 Butterfly 設備很快就能收回成本。作為一名個人家庭醫生，他在短短一年內就獲得了約 15,000 美元的報銷，已經收回了我們探頭和軟體總成本的 2 倍以上。

And there's more supporting evidence to come. An important abstract from a major academic institution will reveal findings on a significant reduction in length of stay for in facility management of congestive heart failure patients, when using Butterfly. I look forward to bringing that to you soon.

並且還會有更多支持證據。一家主要學術機構的重要摘要將揭示使用 Butterfly 時，充血性心臟衰竭患者在設施管理中的住院時間顯著縮短的發現。我期待盡快將其帶給您。

I'd also like to briefly comment on our progress in medical education. On October 8, Kansas City University's Medical School announced its new focus curriculum using our ScanLab AI training app. Traditionally, ultrasound education requires dedicated instructors besides students to guide pro placement, making 1 to 1 instruction difficult, costly and often not practical.

我還想簡單談談我們在醫學教育方面的進展。 10 月 8 日，堪薩斯城大學醫學院使用我們的 ScanLab AI 培訓應用程式宣布了新的重點課程。傳統上，超音波教育除了學生之外還需要專門的講師來指導職業安置，這使得一對一的指導變得困難、成本高昂且往往不切實際。

Our ScanLab app is a game changer. It provides the necessary personal guidance through AI including probe placement walk throughs, reference images, and real time anatomic labels, so students can learn independently. We offer it for free to all Butterfly subscribers. Two universities in California are already performing trials to study its effectiveness. And now KCU has rolled out this curriculum using ScanLab as a primary instruction for their first year students. It's really cool.

我們的 ScanLab 應用程式改變了遊戲規則。它透過人工智慧提供必要的個人指導，包括探頭放置演練、參考圖像和即時解剖標籤，以便學生可以獨立學習。我們免費向所有 Butterfly 訂閱者提供該服務。加州的兩所大學已經在進行試驗以研究其有效性。現在，KCU 已使用 ScanLab 推出了該課程，作為一年級學生的主要教學。真的很酷。

So moving on to international, the team overseas continues to deliver. In this quarter, we opened new markets in Indonesia, Netherlands, Belgium and we successfully launched iQ3 in Europe. Our well attended event at the Gherkin in London was simply electric. It was followed by several conferences in the UK and Austria where booths were oversubscribed for our training and scanning events.

因此，進入國際市場後，海外團隊將持續交付成果。本季度，我們在印尼、荷蘭、比利時開闢了新市場，並在歐洲成功推出了 iQ3。我們在倫敦 Gherkin 舉辦的活動非常熱鬧，參加人數眾多。隨後在英國和奧地利舉行了幾場會議，我們的培訓和掃描活動的攤位被超額認購。

We have a global medical community who heard about iQ3 months before launch and wanted to see it all for themselves. We look forward to our global distribution partners continuing to launch iQ3 through the end of the year and into 2025. We will benefit internationally from a higher ASP and now two probes in distribution. This should continue revenue growth in 2025.

我們有一個全球醫學界，他們在推出前幾個月就聽說了 iQ3，並希望親眼目睹這一切。我們期待我們的全球分銷合作夥伴在今年年底和 2025 年繼續推出 iQ3。這應該會在 2025 年繼續實現收入成長。

The vet team also saw strong growth with a 50% year-over-year revenue increase in the sector. We continue to advance the cattle opportunity that I've introduced on past calls and are now disseminating research showing that Butterfly and POCUS is a worthy approach for monitoring bovine respiratory disease and can help cattle industry address its costly disease management crisis.

獸醫團隊也實現了強勁增長，該行業的收入同比增長了 50%。我們繼續推進我在過去的電話會議中介紹的養牛機會，現在正在傳播研究表明，Butterfly 和POCUS 是監測牛呼吸道疾病的一種有價值的方法，可以幫助養牛業解決其代價高昂的疾病管理危機。

Initial findings were presented by Kansas State University and the Beef Cattle Institute at several national meetings in the third quarter and the final results are being submitted to peer reviewed journals, which will be the basis of our go to market plan.

堪薩斯州立大學和肉牛研究所在第三季的幾次全國會議上介紹了初步研究結果，最終結果將提交給同行評審期刊，這將成為我們進入市場計畫的基礎。

Lastly, the Butterfly garden AI marketplace also continues to grow. Not only did we sign two more partners in Q3, bringing our Garden portfolio to 17 companies. But just this week HeartFocus by DESKi became our second partner to launch an educational tool commercially, the training application provides AI powered guidance to learn 10 standard cardiac views and is available in Apple's App store now for purchase. DESKi intends to launch a clinical version of this AI tool for Butterfly devices in 2025.

最後，蝴蝶花園人工智慧市場也持續成長。我們不僅在第三季又簽約了兩家合作夥伴，使我們的 Garden 投資組合達到 17 家公司。但就在本週，DESKi 的 HeartFocus 成為我們第二個推出商業教育工具的合作夥伴，該培訓應用程式提供人工智慧驅動的指導來學習 10 個標準心臟視圖，現在可以在 Apple 的 App 商店購買。 DESKi 計劃於 2025 年為 Butterfly 設備推出該人工智慧工具的臨床版本。

Before I turn it over to Heather, I'd like to publicly welcome Steve Cashman, who joined Butterfly as Chief Business Officer in September, which is great timing as we continue to accelerate growth. With a successful career in technology and health care, Steve is a dynamic executive and strategic thinker. We first worked together at InTouch Health when I was CEO and he led the commercial business.

在將其交給 Heather 之前，我想公開歡迎 Steve Cashman，他於 9 月加入 Butterfly 擔任首席商務官，這是我們繼續加速成長的絕佳時機。史蒂夫在科技和醫療保健領域取得了成功的職業生涯，是一位充滿活力的執行長和策略思想家。當我擔任執行長時，我們第一次在 InTouch Health 合作，他負責商業業務。

Together, we achieved significant growth before selling to Teladoc Health. Then he became CEO of Caption Health where I served on his Board during its successful sale to GE. At evaluation, that's the envy of AI ultrasound developers. I look forward to having him lead our strategic and commercial efforts and will gradually involve him in conference calls with Heather and me as appropriate.

在出售給 Teladoc Health 之前，我們共同實現了顯著成長。然後他成為 Caption Health 的首席執行官，在該公司成功出售給通用電氣期間，我曾在他的董事會任職。評估時，這是AI超音波開發人員羨慕的地方。我期待著讓他領導我們的策略和商業工作，並將酌情逐步讓他參與與希瑟和我的電話會議。

So now I'd like to turn it over to Heather. Heather?

所以現在我想把它交給希瑟。希瑟？

Thank you. As Joe noted, we saw continued strength in the third quarter of 2024 with revenue of $20.6 million. The highest third quarter result in the company's history. This represents a 33% increase versus the prior year period, 23% of growth in volume and 10% from higher prices. All channels were positively impacted by continued penetration of the iQ3.

謝謝。正如 Joe 指出的那樣，我們看到 2024 年第三季的營收持續強勁，營收達到 2,060 萬美元。第三季業績創下公司歷史最高紀錄。這意味著與去年同期相比增長了 33%，其中數量增長了 23%，價格增長了 10%。所有管道都受到 iQ3 持續滲透的正面影響。

Looking at the US and international channels during the third quarter US revenue was $13.1 million which was 27% higher than the prior year. These results were driven by higher average selling price and strong demand. Total international revenue increased 36% over the prior year period to $5.2 million driven by higher pro volume with geographic expansion, partially offset by a lower mix of software revenue and sales through the e-commerce channel.

從美國和國際通路來看，第三季美國營收為 1,310 萬美元，比去年同期成長 27%。這些結果是由較高的平均售價和強勁的需求所推動的。國際總收入較上年同期成長 36%，達到 520 萬美元，這得益於地理擴張帶來的專業銷售增加，但軟體收入和電子商務通路銷售組合的減少部分抵銷了這一影響。

Breaking our revenue down between product and software and other services, product revenue was $13.5 million an increase of 55% versus Q3 2023. This increase was driven by higher average selling price and volume across all channels. Approximately 50% of our total volume was iQ3 and over 80% domestically.

以產品、軟體和其他服務劃分的收入來看，產品收入為 1,350 萬美元，與 2023 年第三季相比增長了 55%。 iQ3 約占我們總銷量的 50%，超過 80% 為國內銷量。

Software and other services revenue was $7 million in the third quarter up 5% versus the prior year period. Software and other services mix was 34% of revenue decreasing by approximately 9%-points versus Q3 2023. This decrease can be attributed to product revenue growth, outpacing software revenue with the launch of our iQ3 earlier this year, as well as our geographic expansion internationally.

第三季軟體和其他服務收入為 700 萬美元，比去年同期成長 5%。軟體和其他服務組合佔收入的34%，與2023 年第三季相比下降了約9 個百分點。我們的地域擴張國際上。

Our total annual recurring revenue or ARR which is reported as part of software and other services grew slightly when compared to the prior year period. This was led by an increase in our enterprise software subscription ARR that grew 19% an increased to 46% of our total ARR. This increase in enterprise software revenue was offset by declines in our individual subscriptions, total enterprise software ARR has now outpaced individual ARR.

作為軟體和其他服務的一部分，我們的年度經常性總收入或 ARR 與去年同期相比略有成長。這是由於我們的企業軟體訂閱 ARR 成長了 19%，占我們總 ARR 的 46%。企業軟體收入的成長被個人訂閱量的下降所抵消，企業軟體總 ARR 現在已經超過了個人 ARR。

Turning now to gross profit. Gross profit was $12.2 million in Q3, 2024 a 30% increase as compared to $9.4 million in the prior year period. Gross margin percentage was down slightly to 59.5%. As projected, while gross margin percentage was positively impacted by higher average selling prices these benefits were offset by a lower proportion of higher margin software and other services revenues. The higher cost of iQ3 including extended warranty cost as well as the normal cost of starting up a new production line.

現在轉向毛利。 2024 年第三季的毛利為 1,220 萬美元，比去年同期的 940 萬美元成長 30%。毛利率略為下降至59.5%。正如預期的那樣，雖然毛利率百分比受到較高平均銷售價格的正面影響，但這些好處被高利潤率軟體和其他服務收入比例較低所抵消。 iQ3 的成本較高，包括延長保固成本以及啟動新生產線的正常成本。

Moving to EBITDA and capital resources. For the third quarter of 2024 adjusted EBITDA loss was $8.4 million compared with a loss of $12.5 million for the same period in '23. The 33% improvement in adjusted EBITDA loss was driven by higher revenue, cost reductions and efficiencies which led to lower payroll consulting and other outside services.

轉向 EBITDA 和資本資源。 2024 年第三季調整後 EBITDA 虧損為 840 萬美元，而 2023 年同期虧損為 1,250 萬美元。調整後 EBITDA 損失改善了 33%，這是由於收入增加、成本降低和效率提高，導致薪資諮詢和其他外部服務減少。

Cash and cash equivalents including restricted cash as of September 30, 2024 was $97.8 million. During the quarter we used $8.3 million in cash bringing our total trailing 12 month use of cash to $56 million and our normalized run rate to about $40 million.

截至 2024 年 9 月 30 日，現金及現金等價物（包括限制性現金）為 9,780 萬美元。本季度，我們使用了 830 萬美元現金，使過去 12 個月的現金使用總額達到 5,600 萬美元，標準化運作率達到約 4,000 萬美元。

As previously discussed, we have taken significant costs out of the business to reduce our cash consumption while continuing to invest in the business. While the heavy lifting on this front is behind us, we continue to look for ways to be more and more efficient, this will be something we will remain focused on into the future.

如前所述，我們在繼續投資該業務的同時，已從該業務中削減了大量成本，以減少現金消耗。雖然這方面的繁重工作已經過去，但我們將繼續尋找越來越有效率的方法，這將是我們未來將繼續關注的事情。

Moving to guidance. In the first nine months of the year, we have delivered against our priorities set out on our Investor Day back in March. We launched iQ3 in the US and internationally launched ScanLab and iQ-plus Bladder reached 17 butterfly garden partners and signed the term sheets for the third and fourth powered by Butterfly partners.

轉向指導。今年前九個月，我們已經兌現了三月份投資者日制定的優先事項。我們在美國推出了 iQ3，並在國際上推出了 ScanLab 和 iQ-plus Bladder，擁有 17 個蝴蝶園合作夥伴，並簽署了由 Butterfly 合作夥伴支持的第三個和第四個的條款清單。

We are on track to sign our first pilot to enter home services and internationally, we received EUMDR for our advanced features of iQ-plus and iQ3 while adding additional geographic footprint. We've invested in our commercial teams and we continue to expand our sales footprint both domestically and internationally all while reducing our cash use and conservatively extending our cash runway into 2027.

我們預計將簽署進入家庭服務的第一個試點項目，在國際上，我們憑藉 iQ-plus 和 iQ3 的先進功能獲得了 EUMDR，同時增加了額外的地理覆蓋範圍。我們對商業團隊進行了投資，並繼續擴大我們在國內和國際上的銷售足跡，同時減少現金使用並保守地將我們的現金跑道延長至 2027 年。

As we look to the fourth quarter of 2024 our organization is humming and we have delivered against our goals. As such, we are raising our 2024 guide to a range of $79 million to $81 million or about 20% growth and also improving our adjusted EBITDA guide for the full year to a loss of $40 million to $42 million versus a 2023 loss of $67.5 million.

展望 2024 年第四季度，我們的組織正在蓬勃發展，我們已經實現了我們的目標。因此，我們將2024 年的指引提高到7,900 萬美元至8,100 萬美元，成長約20%，並將全年調整後EBITDA 指引提高至虧損4,000 萬美元至4,200 萬美元，而2023 年的虧損為6750萬美元。

Specifically looking at Q4, we expect to see revenue growth of around 25% bringing us to approximately $20 million to $22 million in revenue. For Q4 adjusted EBITDA, we expect a loss of approximately $10 million to $12 million.

具體來看第四季度，我們預期營收成長約 25%，使我們的營收達到約 2,000 萬至 2,200 萬美元。對於第四季度調整後的 EBITDA，我們預計虧損約為 1,000 萬至 1,200 萬美元。

Looking into 2025 now, we believe that we will see at least 15% to 20% top line growth and be able to close our non diluted capital through powered by Butterfly. This capital will allow us to accelerate the top line through further investments in our initiatives and provide a bridge to cash flow break even. While Joe will provide some additional color later on the call, we will keep you posted separately as we make progress on this front.

現在展望 2025 年，我們相信我們將看到至少 15% 至 20% 的營收成長，並能夠透過 Butterfly 提供支援來關閉我們的非稀釋資本。這筆資金將使我們能夠透過進一步投資我們的措施來加速實現營收，並為實現現金流收支平衡提供橋樑。雖然喬稍後會在電話會議中提供一些額外的信息，但隨著我們在這方面取得進展，我們將另行通知您。

To summarize, we had excellent results for the first nine months of 2024. We look forward to a strong finish to 2024 and continued growth in '25.

總而言之，我們在 2024 年前 9 個月取得了出色的業績。

We have been delivering against our plan and we'll continue to do so with a strong base of technological and organizational assets and a team position to capitalize on this attractive market opportunity both over the near and long term.

我們一直在按照我們的計劃行事，我們將繼續這樣做，憑藉強大的技術和組織資產基礎以及團隊地位，在短期和長期內利用這一有吸引力的市場機會。

With that, I will turn the call back to Joe. Joe?

這樣，我會將電話轉回喬。喬？

Thank you, Heather. I am very pleased we're able to deliver an increase in guidance on the top and bottom line again. Butterfly is executing on its vision to reimagine, imaging digitally and delivering disruptive technology every day and expect to continue to take market share from our competitors. As each day goes by, the world realizes our firm belief that Butterfly is the future. Now let's look more into that future as outlined during Investor Day.

謝謝你，希瑟。我很高興我們能夠再次提高營收和利潤的指導。 Butterfly 每天都在執行其重新構想、數位成像和提供顛覆性技術的願景，並期望繼續從競爭對手手中奪取市場份額。隨著時間一天天過去，世界意識到我們堅信「蝴蝶就是未來」。現在讓我們更深入地探討投資者日期間概述的未來。

So as I mentioned at the top of the call, we laid out our growth initiatives for the next five years, during the March event. We showed our priorities, an overview of our road map and a plan to get to 35% CAGR over the next five years.

正如我在電話會議開頭提到的，我們在三月的活動中製定了未來五年的成長計劃。我們展示了我們的優先事項、路線圖概述以及未來五年實現 35% 複合年增長率的計劃。

As we're delivering our numbers in our core business today, we're about to start layering in new revenue on top of that performance. Pillar number two, is continuing to invest in R&D particularly semiconductor innovation to drive our technology beyond a handheld probe for focus. You've all heard me speak about our digital journey and how we've strived to and succeeded at achieving image parity with piezo-based crystal devices.

當我們今天交付核心業務的數據時，我們將在業績的基礎上開始增加新的收入。第二支柱是繼續投資研發，特別是半導體創新，以推動我們的技術超越手持式探頭。你們都聽過我談論我們的數位之旅，以及我們如何努力並成功地實現與壓電晶體設備的圖像對等。

At Investor Day, we showed you the performance characteristics of our second and third generation chips demonstrating that iQ3 proved Moore's law true again by doubling the processing power of our prior chip. We affirmed that our investment in cutting edge semiconductor development would continue and we previewed our intended performance characteristics of our fourth generation P5 chip as well as our fifth generation Apollo chip.

在投資者日，我們向您展示了我們的第二代和第三代晶片的性能特徵，證明 iQ3 通過將我們先前晶片的處理能力提高一倍，再次證明了摩爾定律的正確性。我們確認將繼續對尖端半導體開發進行投資，並預覽了第四代 P5 晶片以及第五代 Apollo 晶片的預期性能特徵。

You all now have witnessed firsthand how the markets accepted our third generation iQ3. Like in 2003, when image quality of digital cameras met the capabilities of film, the market quickly replaced film with digital, that is happening now for traditional handheld ultrasound.

你們現在已經親眼目睹了市場如何接受我們的第三代 iQ3。就像 2003 年一樣，當數位相機的影像品質達到底片的效能時，市場迅速用數位取代底片，傳統手持式超音波檢查現在正在發生這種情況。

Well, two weeks ago, my team and I saw the first images produced by our fourth generation semiconductor P5. We were all blown away with this next revolution. P5 dramatically increases mechanical pressure and for the first time in history achieves harmonics in digital imaging.

兩週前，我和我的團隊看到了我們的第四代半導體 P5 產生的第一張影像。我們都對下一場革命感到震驚。 P5 顯著增加了機械壓力，歷史上首次在數位成像中實現了諧波。

This is the holy grail for digital imaging. Until now, no one thought it was possible. Where iQ3 builds equivalents to handheld P5 clears the path for Butterfly to enter the ultrasound cart business in the future. In fact, we are developing our own cart, the Butterfly iQ station.

這是數位成像的聖杯。直到現在，還沒有人認為這是可能的。 iQ3 建造了與手持式 P5 相當的產品，為 Butterfly 未來進入超音波推車業務掃清了道路。事實上，我們正​​在開發自己的購物車，即 Butterfly iQ 站。

In early January, I intend to share some P5 images with you and discuss our vision for taking market share with the in hospital iQ station in the future. P5 will not only help replace many of our competitors card offerings, it will be added into our current handheld probe to deliver the most powerful handheld image in the world.

一月初，我打算與大家分享一些 P5 影像，並討論我們未來透過醫院 iQ 站搶佔市場份額的願景。 P5 不僅有助於取代我們許多競爭對手的卡片產品，還將添加到我們目前的手持式探頭中，以提供世界上最強大的手持式影像。

Since we're talking about the power of our CMUT chip versus piezo crystals, let me take a moment to update you on RoHS or actually what I've learned, it's actually pronounced RoHS. In early September, I met with EU officials who administer the RoHS exemption revisions. I communicated with them that Butterfly is the first commercial ultrasound product in history to meet the intended RoHS environmental standards without exemption. We discussed the regulations, it's implementation and a process where in Butterfly's view, the commission would no longer need to grant exemptions to lead piezo-crystal ultrasound handhelds.

由於我們正在討論 CMUT 晶片與壓電晶體的性能對比，所以讓我花點時間向您介紹一下 RoHS 的最新情況，或者實際上我所了解到的情況，它實際上發音為 RoHS。九月初，我會見了負責 RoHS 豁免修訂的歐盟官員。我跟他們溝通說，Butterfly是史上第一個無豁免地滿足預期RoHS環保標準的商用超音波產品。我們討論了法規、其實施以及流程，在 Butterfly 看來，委員會將不再需要為領先的壓電晶體超音波手持設備授予豁免。

Our green technology was highly welcomed by the commission officials who noted that the information we brought to them was very important for innovation and the EU's green vision overall. According to European Commission President, Ursula von der Leyen, the EU wants to become a global leader in circular economy and reducing harmful substances and products is a vital part of that. We're delighted that our technology can lead the way towards such important ambitions.

我們的綠色技術受到了委員會官員的高度歡迎，他們指出我們向他們提供的資訊對於創新和歐盟整體綠色願景非常重要。歐盟委員會主席烏蘇拉·馮德萊恩表示，歐盟希望成為循環經濟的全球領導者，而減少有害物質和產品是其中重要的一環。我們很高興我們的技術能夠引領如此重要的目標。

Last week, butterfly formally refilled with the European Commission for the exemptions to be revoked, by incorporating their supportive feedback into a dossier to make our case. From the time line they gave us, we should know their decision by this time next year and if positive, see enforcement plans begin a year following that.

上週，butterfly 正式向歐盟委員會重新提交了撤銷豁免的申請，將他們的支持反饋納入了一份檔案中，以闡述我們的理由。從他們給我們的時間表來看，我們應該在明年這個時候知道他們的決定，如果是積極的，我們會看到執行計劃在接下來的一年開始。

For those who want to learn more, you can find a link on the slide here where you can read the applications made by big ultrasound and the reasons why after 17 years of grace from the European Commission, they continue to fail to meet standards. It's in their own words. I'd like to bring something to light. I've learned that in the ultrasound industry, companies can legally label themselves RoHS compliant, even if it's under an exemption. This means the ultrasound industry in effect are telling consumers that their products meet standards when they, in truth, don't. They only achieve compliance to loss due to an exemption.

對於那些想要了解更多信息的人，您可以在此處的幻燈片上找到一個鏈接，您可以在其中閱讀大型超聲波的應用，以及在獲得歐盟委員會17 年寬限後，它們仍然無法達到標準的原因。這是他們自己的話。我想揭露一些事情。據我所知，在超音波行業，公司可以合法地將自己標記為符合 RoHS 標準，即使它處於豁免狀態。這意味著超音波產業實際上是在告訴消費者他們的產品符合標準，但實際上卻沒有。他們僅因豁免而達到了對損失的合規性。

The ultrasound probe they're selling still has lead. Imagine buying food labeled organic, that's not really organic, but they can say it's organic because the government let them. It's completely legal. But in my view, it's misleading to call yourself RoHS compliant and really a deceptive marketing practice beneath the caliber of the great companies who are lowering themselves by doing it.

他們銷售的超音波探頭仍然含有鉛。想像一下，購買貼有有機標籤的食品，這並不是真正的有機食品，但他們可以說它是有機的，因為政府允許他們這樣做。這是完全合法的。但在我看來，稱自己符合 RoHS 是一種誤導，實際上是一種欺騙性的行銷行為，低於那些透過這樣做降低自己水平的偉大公司的能力。

Consumers need to know when they're buying a lead based product and indirectly contributing to lead mining and lead disposal in their environment. I plan to educate clinicians of this practice and call on these companies to cease labeling their devices RoHS compliant, until they actually meet the environmental test of the RoHS standards.

消費者需要知道何時購買含鉛產品並間接導致環境中的鉛開採和鉛處理。我計劃對臨床醫生進行這種做法的教育，並呼籲這些公司停止在其設備上貼上 RoHS 合規標籤，直到它們真正滿足 RoHS 標準的環境測試。

So now moving to pillar three, at the Investor Day, we introduced you to Butterfly Homecare. Butterfly Homecare is a service business that's powered by all our technology and strives to support caregivers, helping patients outside the hospital deal with aging and living a better life with chronic conditions.

現在轉向第三支柱，在投資者日，我們向您介紹了 Butterfly Homecare。 Butterfly Homecare 是一家以我們所有技術為動力的服務企業，致力於為護理人員提供支持，幫助醫院外的患者應對衰老問題，並讓慢性病患者過上更好的生活。

Having a sophisticated imaging capability convenient to where the patient is, Butterfly strives to use advanced hardware education and AI to make diagnostic imaging, easy cost effective and available to everyone.

Butterfly 擁有先進的成像功能，可輕鬆到達患者所在的位置，致力於使用先進的硬體教育和人工智慧來使診斷成像變得簡單、成本效益高且可供每個人使用。

Butterfly Homecare will be a substantial service business which over the next five years as our technology evolves will be powered even further by wearable ultrasound as we have always envisioned. After introducing this concept in March, I'm pleased to update you that butterfly home care will be starting in the fourth quarter of '24, its first pilot for our virtual quantic care management services with a major at risk Medicare advantage provider in the US.

Butterfly Homecare 將成為一項重要的服務業務，在未來五年內，隨著我們技術的發展，將由可穿戴超音波進一步推動，正如我們一直設想的那樣。在三月介紹這個概念後，我很高興地向您通報，蝴蝶家庭護理將於2024 年第四季度開始，這是我們與美國主要風險醫療保險優勢提供者合作的虛擬量化護理管理服務的第一個試點。

The goal will be to reduce readmissions of the congestive heart failure patient population through frequent AI powered imaging. If successful, it'll be our first foray into a services business model where Butterfly participates in the service revenue on PMPM basis. Based on the applicable at home patient populations, this new revenue stream has the potential to rival Butterfly's current revenues in the future. Next quarter, I intend to update you on the pilot, the strategy in more detail and its meaning for 2025.

目標是透過頻繁的人工智慧影像來減少充血性心臟衰竭患者的再入院率。如果成功，這將是我們首次嘗試服務業務模式，其中 Butterfly 在 PMPM 的基礎上參與服務收入。基於適用的家庭患者群體，這個新的收入來源未來有可能與 Butterfly 目前的收入相提並論。下個季度，我打算向您介紹試點的最新情況、更詳細的策略及其對 2025 年的意義。

My last update involves the next step for our powered by Butterfly initiative which enables us to license, sell, and develop our powerful semiconductor technology to non competitive companies and new industries. When I joined Butterfly in April of last year, I asked this question. Is our ultrasound on chip a focus only technology or did we solve a universal problem making it foundational?

我的最新更新涉及蝴蝶計劃的下一步，該計劃使我們能夠向非競爭性公司和新行業許可、銷售和開發我們強大的半導體技術。當我去年4月加入Butterfly時，我就問過這個問題。我們的超音波晶片是一種專注技術還是我們解決了一個普遍問題使其成為基礎技術？

Well, the answer is now clear. It's foundational. We've learned so much over the past year and have been amazed by the demand to develop cutting edge non competitive applications, all built on our foundational ultrasound on chip platform. The market opportunity outside of Butterfly's use of the chip may actually be far greater than Butterfly's opportunity alone. So we've begun to explore different vehicles to commercialize and monetize the value of the chip.

好吧，現在答案已經很清楚了。這是基礎性的。在過去的一年裡，我們學到了很多東西，並且對開發尖端非競爭性應用程式的需求感到驚訝，所有這些應用程式都建立在我們的基礎超音波晶片平台上。 Butterfly 使用晶片之外的市場機會實際上可能遠大於 Butterfly 單獨的機會。因此，我們開始探索不同的手段來實現晶片價值的商業化和貨幣化。

So I'm announcing today that Butterfly is forming a wholly owned subsidiary called Octiv, spelled Octiv. Octiv will be run by two of our best executives, Butterfly co founder, Nevada Sanchez and Darius Shahida, our current Chief Strategy Officer. There will be unique opportunities in health care that are not on the Butterfly road map as well as new sectors such as consumer electronics, nautical, military, security, aeronautics, and other industries using ultrasound in their products and processes today.

因此，我今天宣布 Butterfly 正在組建一家全資子公司，名為 Octiv，拼寫為 Octiv。 Octiv 將由我們兩位最優秀的高管經營，他們是 Butterfly 聯合創始人 Nevada Sanchez 和我們現任首席策略長 Darius Shahida。醫療保健領域將存在蝴蝶路線圖之外的獨特機會，以及消費性電子、航海、軍事、安全、航空等新領域以及其他當今在其產品和流程中使用超音波的行業。

To fully capitalize on the opportunity, Darius and Nevada will be building a team which will remain 100% focused on the opportunity. Octiv will have exclusive license to all Butterfly IP and we have the freedom to modify and develop new technology. To help with this endeavor, Butterflies decided to sell a minority stake in that business, bringing in new investors will increase access to capital, increase focus while rewarding Butterfly shareholders for some of the over $300 million in investment they made in the development of ultrasound on chip since inception.

為了充分利用這一機遇，達里厄斯和內華達州將組建一支 100% 專注於此機會的團隊。 Octiv將擁有所有Butterfly IP的獨家許可，我們可以自由修改和開發新技術。為了幫助實現這一目標，Butterflies 決定出售該業務的少數股權，引入新投資者將增加獲得資本的機會，提高關注度，同時獎勵Butterfly 股東在超音波技術開發中所進行的超過3 億美元的投資中的一部分。

With the discussions I've had personally with investors to date, I'm confident in our ability to successfully raise the capital through Octiv. When successful, I believe it can bridge Butterfly to cash flow independence. As we will still be an owner of Octiv, we will continue to layer their growing revenue stream on top of the other revenue opportunities previously mentioned.

透過迄今為止我親自與投資者進行的討論，我對我們透過 Octiv 成功籌集資金的能力充滿信心。當成功時，我相信它可以將蝶式結構與現金流獨立聯繫起來。由於我們仍將是 Octiv 的所有者，因此我們將繼續將其不斷增長的收入來源置於前面提到的其他收入機會之上。

So that brings us back to pillar number four. Executing to return the company to double digit growth, get the cash flow break even by or perhaps before 2027 and achieving $500 million in top line revenue in five years. I hope it goes without saying after today's call that we are well positioned to deliver on those goals. I'm very proud of our team. We are very bullish on our near term opportunity and excited about the progress being made towards our long term plans.

這讓我們回到了第四個支柱。努力使公司恢復兩位數成長，在 2027 年或之前實現現金流收支平衡，並在五年內實現 5 億美元的營收。我希望在今天的電話會議之後，不言而喻，我們已經做好了實現這些目標的準備。我為我們的團隊感到非常自豪。我們非常看好我們的近期機會，並對我們的長期計劃所取得的進展感到興奮。

Butterfly is proving to be the disruptor in digital imaging that you all thought and hoped it would be. We are rewriting the rules and will be the clear winner in this space.

事實證明，Butterfly 是數位成像領域的顛覆者，正如你們所想像和希望的那樣。我們正在重寫規則，並將成為這個領域明顯的贏家。

So with that operator, please open it up for questions.

因此，對於該操作員，請打開它提問。

(Operator Instructions)

（操作員說明）

Suraj Kalia, Oppenheimer.

蘇拉吉·卡利亞，奧本海默。

Good morning, Joe, Heather. Congrats on a nice quarter.

早安，喬，希瑟。恭喜您度過了一個美好的季度。

Thank you.

謝謝。

Joe, can you hear me all right?

喬，你聽得到我說話嗎？

Yeah, just fine. Thanks.

是的，很好。謝謝。

Perfect. So, let me ask a bunch of questions. Heather, let me start out with you 23% units, 10% price overall. How did that split up US versus O-US?

完美的。那麼，讓我問一堆問題。 Heather，讓我從 23% 的單位、10% 的整體價格開始。 US 和 O-US 是如何分裂的？

Yeah. So the '23 -- so for the quarter, it was pretty much, half and half. So we did see some price internationally. But most of that increase on price was coming domestically, but they both contributed.

是的。所以23年——所以對於這個季度來說，這幾乎是一半一半。所以我們確實看到了國際上的一些價格。但價格上漲的大部分來自國內，但它們都做出了貢獻。

Got it. And how would you characterize Heather the penetration of iQ3 versus the previous gen in the quarter?

知道了。您如何評價 Heather 在本季 iQ3 與上一代產品的滲透率？

So the total, sorry -- the total 1Q3 mix for the quarter was just over 50%, domestically it was over 80%. So we saw continued penetration in the domestic channel and then with the launch of iQ3 internationally in September, we saw some pickup but it still was not to the extent that we've reached domestically as you would expect.

所以，抱歉，本季第三季的總佔比剛超過 50%，而國內則超過 80%。因此，我們看到了國內管道的持續滲透，然後隨著 9 月份 iQ3 在國際上的推出，我們看到了一些回升，但仍然沒有達到我們在國內達到的程度，正如您所期望的那樣。

Got it. Fair enough. And Joe, your commentary about harmonics and P5 that caught my attention. I mean, it's pretty intriguing and I guess I'm more so curious as I understand it, Joe, for harmonics, you will need multiple frequencies to insulate the region of interest. Maybe you can talk about the potential for heat generation and the lifespan of the device, how do you balance introducing harmonics and the ultrasound in the chip?

知道了。很公平。 Joe，你對諧波和 P5 的評論引起了我的注意。我的意思是，這非常有趣，我想我更好奇，因為我了解它，喬，對於諧波，您將需要多個頻率來隔離感興趣的區域。也許您可以談談發熱的可能性和設備的使用壽命，您如何平衡在晶片中引入諧波和超音波？

So, the key to getting harmonics and I'm not a complete expert. I'll do my best to answer this and then I'll get our experts if you need further information. But the key to harmonics is increasing the mechanical pressure. And historically, the ability to get that increased pressure is not something that is inherent in a processing chip. But given the MEMS and given the ability to increase the voltage through the MEMS, it significantly increases mechanical pressure and when you increase mechanical pressure, then it allows for this harmonic effect and the harmonic effect allows for a more specific and a different frequency wavelength which allows a much higher quality image to come back to the processor.

所以，獲得諧波的關鍵是我不是完全的專家。我會盡力回答這個問題，如果您需要更多信息，我會聯繫我們的專家。但諧波的關鍵是增加機械壓力。從歷史上看，獲得更大壓力的能力並不是處理晶片所固有的。但是考慮到MEMS 以及透過MEMS 增加電壓的能力，它會顯著增加機械壓力，並且當您增加機械壓力時，它會產生這種諧波效應，並且諧波效應會產生更具體和不同頻率的波長，允許更高品質的圖像返回到處理器。

So that is something that you know are in early days of semiconductors, people said, oh they, they can't do that. They're never going to get to the image quality. They don't have the right pressure and the mechanical index. And a lot of what happens with digital is the ability to actually process the image too. There's a lot of digital processing that goes on after the image is brought in to continue to enhance it.

所以這是半導體早期的事情，人們說，哦，他們不能這樣做。他們永遠無法達到影像品質。他們沒有合適的壓力和機械指數。數位化所發生的許多事情也是實際處理影像的能力。影像導入後會進行大量數位處理以繼續增強影像。

And so -- and that's allowed it to even be that much more specific and that stronger. But now entering harmonics it enters in a place where I think no one thought we can get to and can get to -- then can get image quality at levels that would rival the piece of electric crystals.

所以——這讓它變得更加具體和強大。但現在進入諧波，它進入了一個我認為沒有人認為我們能夠達到並且能夠達到的地方——然後可以獲得可以與電晶體相媲美的圖像品質。

Now, the heat artifact is a function of the friction more through the piece of electric crystals than our semiconductor chips. Our semiconductor chips do not produce the same kind of heat and don't have the same heat signature and the same heat artifact they do, there is a certain level of warmth as you push energy through. But as the processors become more and more powerful and more and more efficient, we don't get that type of proportionate artifact like with piezoelectric it's analog.

現在，熱偽影更多是透過電晶體而不是我們的半導體晶片的摩擦的函數。我們的半導體晶片不會產生相同類型的熱量，也不會具有相同的熱特徵和相同的熱偽影，當您推動能量通過時，會有一定程度的溫暖。但隨著處理器變得越來越強大、越來越高效，我們無法獲得像壓電式類比那樣的比例偽影。

If you want to have a greater image, you have to just throw more power. It's you're throwing it through a dumb crystal and there's friction. And so the higher end carts deal with heat by literally having a radiator, they circulate fluid through the probe in order to carry the heat away.

如果你想擁有更好的形象，你必須投入更多的力量。你把它丟過一個啞晶體，就會產生摩擦力。因此，高端推車透過字面上的散熱器來處理熱量，它們透過探頭循環流體以帶走熱量。

Because regardless of how expensive these devices are, there's no way to get through the physics of electricity through a crystal. But as you're increasing your processor strength and you're increasing your compute power and you're improving your voltage on your MEMS technology, it itself is does not have the same type of 1 to 1 relationship with electricity through the type of device and the heat artifact. So that allows us as processes get more and more powerful, the ability to transmute a much higher quality index.

因為無論這些設備多麼昂貴，都無法透過晶體來了解電的物理原理。但是，當您提高處理器強度、提高運算能力以及提高 MEMS 技術的電壓時，它本身並不會透過設備類型與電力具有相同類型的 1 對 1 關係和熱偽影。因此，隨著流程變得越來越強大，我們有能力轉換更高的品質指數。

And so, we've been working on this and this has been probably one of the things that as we are thinking about the growth of our market and we're building the POCUS market with other companies, we are creating opportunities to democratize care by having our devices in practice and ambulances and clinics and rural sites in third world countries. But there's a $10 million to $13 billion market in hospital.

因此，我們一直在努力解決這個問題，這可能是我們正在考慮市場成長並與其他公司一起建立 POCUS 市場的事情之一，我們正在透過以下方式創造實現護理民主化的機會：在第三世界國家的救護車、診所和鄉村場所使用我們的設備。但醫院市場有 1,000 萬至 130 億美元的市場。

And as more and more doctors actually have their own individual probes, they are going to want to have a workstation and that workstation can allow them to do more of their in facility work. And so we have a vision on how we are going to craft that whole strategy and I don't think the processing power and I don't think our semiconductors are limited. I think it's a continuous innovation cycle that we have a decade head start on.

隨著越來越多的醫生實際上擁有自己的個人探頭，他們將希望擁有一個工作站，而該工作站可以讓他們完成更多的設施內工作。因此，我們對如何制定整個策略有一個願景，我不認為處理能力和我們的半導體是有限的。我認為這是一個持續的創新週期，我們已經領先了十年。

Got it. And Joe, Heather, I'll let either of you handle the last question. I'll hop back in queue after this. Your Q4 numbers or the implied guide is roughly sequentially flat.

知道了。喬、希瑟，我會讓你們中的任何一個人來解決最後一個問題。在此之後我會跳回隊列。您的第四季數字或隱含的指南大致持平。

Joe, Heather, maybe you all can help us reconcile your commentary about a strong finish. Is there conservatism built in? Are there other mitigating factors we should be aware of, any additional color would be greatly appreciated. Once again, congrats on a great quarter.

喬、希瑟，也許你們可以幫我們協調你們對強勢終點的評論。是否有內在的保守主義？是否還有其他我們應該注意的緩解因素，任何額外的顏色將不勝感激。再次恭喜這個季度的出色表現。

Thanks Suraj.

謝謝蘇拉吉。

You want to go Heather or you want me to do it?

你想去希瑟還是要我去？

Either one can start.

任何一個都可以開始。

Yeah. So, I mean, it's a-- we're basically calling for a 20%, 25% growth quarter. So we don't look at the things that are sequential. We look at year over year because our quarters are different and each quarter paces differently. Different things happen in different quarters that affect our business.

是的。所以，我的意思是，我們基本上要求季度成長 20%、25%。所以我們不看那些有順序的事情。我們逐年查看，因為我們的季度不同，每個季度的節奏也不同。不同地區發生的不同事情會影響我們的業務。

And so, we think, everything that we have, we don't -- , we do think that we do build in a little bit of conservatism as I think anyone would, as you're putting numbers out there, but I don't think a 25% growth rate is anything to sneeze at. And there's a lot more to come in '25.

所以，我們認為，我們擁有的一切，我們沒有——我們確實認為我們確實建立了一點保守主義，我認為任何人都會這樣做，因為你把數字放在那裡，但我不這樣做。 % 的成長率是可以輕視的。 25 年還會有更多的事情發生。

Yeah. And I would echo that. As usual, we do build in some conservatism. We had a very strong third quarter with the 33% growth. And we do expect -- we do typically have a strong fourth quarter with the holiday season, but we do feel that the 25% growth is a definite strong finish to the year.

是的。我也同意這一點。像往常一樣，我們確實建立了一些保守主義。我們的第三季表現非常強勁，成長了 33%。我們確實預計，第四季度的假期通常會表現強勁，但我們確實認為 25% 的成長絕對是今年的強勁收官。

Josh Jennings, TD Cowen.

喬許·詹寧斯，TD·考恩。

Hi, good morning. Thanks and echo Suraj’s, congratulations. Great to see the momentum and all the progress. Was hoping to just ask it to get more details on the US iQ3 launch. It was in a very strong quarter. Can you just help us think about the different channels? Seems like you get generated growth in all the US channels. And then also just how -- where the pipeline sits, it seems like it's filling nicely according to your high level commentary on 2025.

嗨，早安。謝謝並回應 Suraj，恭喜。很高興看到這種勢頭和所有的進步。希望只是要求其了解有關美國 iQ3 發布的更多詳細資訊。這是一個非常強勁的季度。您能幫我們考慮一下不同的管道嗎？看起來你在所有美國頻道都獲得了成長。然後，根據您對 2025 年的高級別評論，管道的位置似乎填充得很好。

Sure. So I think what's exciting about all the channels delivering. So we have an e-comm channel where people can buy online. We have an inside sales channel that deals with at a hospital, ambulance companies, clinics, et cetera. And then we have a direct sales force that goes and build a pipeline around working with hospitals and which is a much higher level of sales, but also something that has a longer time to close.

當然。所以我認為所有管道的交付都令人興奮。所以我們有一個電子商務管道，人們可以在網路上購買。我們有一個內部銷售管道，涉及醫院、救護車公司、診所等。然後我們有一支直接銷售隊伍，圍繞與醫院合作建立一條管道，這是一個更高水準的銷售，但也需要更長的時間才能完成。

And I think the underlying thought around why things are going so well is A, just like I said, we have great people and they're executing at all levels, they believe in the mission. And we have a product that basically all our customers want. And so when you have, -- when you're going a bit viral and when things are going well and people want to buy your product, they buy it wherever it is convenient for them and we make -- they don't have to bump into a sales rep to buy the product. They can go online. They have it online store where they can purchase the product, they can choose what it is they want, they can choose the accessories they want and they go forward and if they have any questions, they have an inside sales team to speak to.

我認為事情進展如此順利的根本原因是 A，就像我說的，我們擁有優秀的人才，他們在各個層面上執行，他們相信使命。我們擁有基本上所有客戶都想要的產品。因此，當你有一點病毒式傳播，當事情進展順利，人們想要購買你的產品時，他們會在任何對他們方便的地方購買我們生產的產品，他們不必這樣做遇到銷售代表購買產品。他們可以上網。他們有網上商店，可以購買產品，可以選擇自己想要的東西，可以選擇想要的配件，然後繼續前進，如果有任何疑問，可以與內部銷售團隊交談。

So, we really kind of have a bit of a surround sound capability to meet our customers needs. And I think the general theme is there are many customers who want to buy our product and all of our channels are working. I'd rather have a lot of little orders all day long. Then sit there and it's crickets and then boom, you get one big order, then it's crickets again. Now trust me, I love big orders. And our direct sales team with hospitals are building a big pipe line, especially given this new URMC data.

因此，我們確實擁有一定的環繞聲功能來滿足客戶的需求。我認為總的主題是有很多客戶想要購買我們的產品，而我們所有的管道都在運作。我寧願整天接到很多小訂單。然後坐在那裡，就是蟋蟀了，然後繁榮，你得到了一份大訂單，然後又是蟋蟀了。現在相信我，我喜歡大訂單。我們與醫院的直銷團隊正在建立一條大型管道，特別是考慮到這項新的 URMC 數據。

Everyone's sitting there saying, oh my gosh, they went system wide, they went to 64 departments across the health system. Everyone has a probe, their mind is blown, instead of just the ultrasound fanatics getting their own probe. Now they're realizing that this is a new standard of care. And so our direct team is now working with all the POCUS directors are in the United States to start identifying how we can build out a mirroring system wide program to UEMC.

每個人都坐在那裡說，天哪，他們去了整個系統，他們去了整個衛生系統的 64 個部門。每個人都有一個探頭，他們的想法都被震撼了，而不僅僅是超音波狂熱分子擁有了自己的探頭。現在他們意識到這是一種新的護理標準。因此，我們的直接團隊現在正在與美國的所有 POCUS 主管合作，開始確定如何為 UEMC 建立鏡像系統範圍的計畫。

But the general theme Josh is, product is doing great, they love it. We've met their needs. It's digital, it can do all the use cases. There's no sacrifice and image quality, that was a perception in the past. And our road map in the future is pretty exciting.

但喬許的整體主題是，產品做得很好，他們喜歡它。我們已經滿足了他們的需求。它是數位化的，可以完成所有用例。沒有犧牲和圖像質量，這是過去的看法。我們未來的路線圖非常令人興奮。

Excellent. I wanted to also just follow-up on the European Union's RoHS update. And just it sounds like you had a productive discussion with some of the representatives of the European Commission. Maybe help us understand any more color you can share on those discussions and just what are the next steps you guys are going to submit reactivation request? And what happens from here? And are there any big milestones that we should be keeping a look out for.

出色的。我還想跟進歐盟 RoHS 的更新。聽起來您與歐盟委員會的一些代表進行了富有成效的討論。也許可以幫助我們了解您可以在這些討論中分享的更多內容，以及您將提交重新啟動請求的下一步是什麼？接下來會發生什麼事？是否有任何值得我們關注的重大里程碑？

Well, thanks for that. So first, we were pleased they met with us in the first place. I mean these standards go across all electronics and consumer and industrial, healthcare and other markets. So, the fact we even met with us, we were excited. And truthfully, they've been giving exemptions and there was--let's just say that when people schedule meetings with them, they're usually complaining about how the standard can't be hit and why they need an exemption.

嗯，謝謝你。首先，我們很高興他們首先見到了我們。我的意思是這些標準適用於所有電子產品、消費、工業、醫療保健和其他市場。所以，事實上我們甚至見到了我們，我們很興奮。說實話，他們一直在給予豁免，而且，當人們安排與他們會面時，他們通常會抱怨如何無法達到標準以及為什麼需要豁免。

And I think they were delighted to pretty much have the first meeting in health care where we were asking not only do we not need an exemption, we don't think it's right for others to have it going forward because of the equivalent. And that was -- I don't think a meeting they expected. I think they are a bit fatigued with the exemption process. I think they feel they've given the ultrasound industry 17 years. And if you read the public documents on why they explain they can't do it, it's basically they don't have, in my view, the appropriate respect for the standard. They're not investing in new technology, and they're taking them for granted.

我認為他們很高興召開醫療保健領域的第一次會議，我們不僅要求我們不需要豁免，而且我們認為其他人因為同等情況而繼續這樣做是不正確的。我認為這不是他們所期望的會議。我認為他們對豁免程序有點厭倦。我認為他們覺得自己已經為超音波產業付出了 17 年的時間。如果你閱讀公開文件，了解為什麼他們解釋說他們做不到這一點，在我看來，基本上是他們沒有對標準給予適當的尊重。他們沒有投資新技術，而且認為新技術是理所當然的。

And so, I think it was a bit of a breath of fresh air for them. But of course, there's a process, we can have a meeting, but there's a process that they hold. They're not biased. They want to do the right thing for the consumer and companies. And the process is going to allow for that. So basically, there are steps. We just submitted our dossier. It will be a couple of months for public comment and then like ten months for them to do their due diligence with advisers and then they will make a decision and allow that to exist for a couple of months.

所以，我認為這對他們來說有點新鮮空氣。但當然，有一個過程，我們可以開會，但他們也有一個過程。他們沒有偏見。他們希望為消費者和公司做正確的事。這個過程將允許這樣做。所以基本上，有步驟。我們剛剛提交了我們的檔案。公眾評論需要幾個月的時間，然後他們需要十個月的時間與顧問進行盡職調查，然後他們將做出決定並允許其存在幾個月。

And then once that decision is made and after that couple of months, so that's now what, 14 months. So around this time or the end of next year, ultimately, they'll have made a decision. And they're supposed to re-approve or re-exempt because the exemption expires in June or July of '25, but they will allow it to go until this decision is made. They won't go and reapprove an exemption until now they've reviewed this. But then once they made a decision, they will give the industry 12 to 18 months to adjust and then it will be enforced. But they were very receptive. They believe that they want their environment to be improved. They want this standard to be upheld.

然後，一旦做出決定，幾個月後，就是現在的 14 個月。因此，大約在這個時候或明年年底，他們最終將做出決定。他們應該重新批准或重新豁免，因為豁免將於 25 年 6 月或 7 月到期，但他們將允許豁免，直到做出決定。在他們審查完這一點之前，他們不會去重新批准豁免。但一旦他們做出決定，他們就會給產業12到18個月的時間來調整，然後就會強制執行。但他們非常樂於接受。他們相信他們希望改善他們的環境。他們希望這項標準得到維護。

And I think their patience with industries in certain industries is being tested. And when they see a company like ourselves that have innovated that are completely digital that have now the ability to meet these needs without having to affect the environment. I think they want companies like Butterfly to succeed, which is the essence of the standard.

而且我認為他們對某些行業的耐心正在受到考驗。當他們看到像我們這樣的公司進行了完全數位化的創新，現在有能力在不影響環境的情況下滿足這些需求。我認為他們希望像 Butterfly 這樣的公司取得成功，這就是該標準的本質。

I appreciate all those details. I mean, just lastly, very intriguing update on P5, but I wanted to just ask if you could share some more details on the iQ Station. I mean, should we be thinking about this as the iQ3 and next-generation probes kind of attached to a workstation, or is there going to -- is it going to be more complex until the buildout of your current unit?

我很欣賞所有這些細節。我的意思是，最後，P5 的更新非常有趣，但我想問您是否可以分享一些有關 iQ Station 的更多細節。我的意思是，我們是否應該將其視為連接到工作站的 iQ3 和下一代探頭，或者是否會 - 在構建當前設備之前，它是否會變得更加複雜？

Thanks for taking the questions.

感謝您提出問題。

Yes, Josh, thank you. So, we are certainly going to unveil over time the capabilities of the workstation. The iQ Station itself is a method to amplify point-of-care ultrasound and to allow for greater in facility imaging, but with a new workflow and a new way of providing this. And so, the closer we get, this is -- the P5 chip is a 2026 chip. We're hoping to get that in the beginning of 2026. And so, we would hope that the hardware associated with P5 is following in that timeframe.

是的，喬什，謝謝你。因此，隨著時間的推移，我們肯定會揭曉工作站的功能。 iQ Station 本身是一種放大床邊超音波並允許在設施內進行更大成像的方法，但具有新的工作流程和提供此功能的新方式。所以，我們越接近，P5 晶片是 2026 晶片。我們希望在 2026 年初實現這一目標。

So, we are unveiling that we've had this major breakthrough in harmonics and that we now see that this is a huge opportunity for our upside growth. And over time, we will give greater and greater transparency, and we'll show you how this thing works. But it completely reimagines the workflow of imaging. It puts at center stage, the ability for clinicians, with their patients, do the appropriate diagnosis. And we think this is tremendously liberating for ultra sonographers, where ultra sonographers are not going to have to be subject to a particular room and have patients come in book with them. They're going to be able to be mobile and to be able to be even more productive and accessible. So, it's a complete reimagining of in-facility imaging.

因此，我們宣布我們在諧波方面取得了重大突破，現在我們看到這是我們向上發展的巨大機會。隨著時間的推移，我們將提供越來越大的透明度，我們將向您展示這件事是如何運作的。但它完全重新構想了成像的工作流程。它將臨床醫生與患者一起進行適當診斷的能力置於中心位置。我們認為這對超音波檢查人員來說是極大的解放，超音波檢查人員不必受制於特定的房間，也不必讓患者和他們一起來。他們將能夠移動，並且能夠變得更有效率和方便。因此，這是對設施內成像的徹底重新構想。

Outstanding, thanks again.

非常出色，再次感謝。

Thank you, Josh.

謝謝你，喬許。

(Operator Instructions)

（操作員說明）

Ben Haynor, Lake Street Capital Markets.

Ben Haynor，湖街資本市場。

Good morning guys. Thanks for taking the questions.

早安，夥計們。感謝您提出問題。

First off, I just wanted to dig in a little bit on the home care pilot. I think you mentioned a per member, per month structure there. Is it going to be your people doing all the scans? And is it going to be kind of only the folks that are considered at risk for heart failure, or is it going to be kind of all the members within whether it's an MSA or counties or however that's being structured?

首先，我只是想深入了解家庭護理試點。我認為您提到了每個會員每月的結構。所有的掃描都會由您的人來做嗎？是只針對那些被認為有心臟衰竭風險的人，還是針對 MSA 或縣或無論其結構如何的所有成員？

That's a great question. So, what we are doing first of all is we are going to be educating their teams on how to provide care using our technology and our software. This is a way of amplifying and accelerating the adoption of ultrasound using our AI tools and using a lot of our different products. And so, we are bundling all of our capabilities in the ability of allowing them to build this capability. But it also has to do with the read of the images and the kind of telehealth virtual care wraparound.

這是一個很好的問題。因此，我們首先要做的是教育他們的團隊如何使用我們的技術和軟體提供護理。這是使用我們的人工智慧工具和使用我們的許多不同產品來擴大和加速超音波應用的一種方式。因此，我們將我們所有的能力捆綁在一起，讓他們能夠建立這種能力。但這也與影像的讀取和遠距醫療虛擬護理環繞方式有關。

So, what we will do is as we get through the pilot, we will walk through the product of services that we are providing but it is a very virtual care telehealth, but it wraps around some other things that we are doing for them to make it really easy for the caregivers who are at the bedside to have the information to take care of the patient.

因此，我們要做的是，當我們完成試點時，我們將介紹我們提供的服務產品，但它是一種非常虛擬的護理遠距醫療，但它包含了我們正在為他們做的一些其他事情對於床邊的護理人員來說，很容易獲得照顧病人的資訊。

Today, a patient, for example, in a skilled nursing facility who needs an image, goes into an ambulance and that ambulance brings them to the hospital. And then they go into an ultrasound suite in order to have an image taken. It's a massively -- it's a huge amount of friction, a huge amount of cost and they only do this probably when it's too late.

例如，今天，在專業護理機構中需要圖像的患者會進入救護車，救護車將他們帶到醫院。然後他們進入超音波室拍攝影像。這是一個巨大的——這是巨大的摩擦，巨大的成本，他們只有在為時已晚的時候才這樣做。

But the ability to have bedside diagnostics on a frequent basis, where it's easy, where they can get the decision, where they can then course correct that patient we believe, has the opportunity to reduce massive amounts of cost in the health care system. And this is going to be a big catalyst for those who are being penalized and have other types of costs due to readmissions. We think this is going to be potentially significantly liberating for the health care environment and via an entirely new revenue stream for Butterfly.

但是，我們相信，如果能夠頻繁地進行床邊診斷，那麼這很容易，他們可以做出決定，然後他們可以糾正患者，從而有機會減少醫療保健系統的大量成本。對於那些受到處罰並因重新入院而產生其他類型費用的人來說，這將是一個巨大的催化劑。我們認為，這將有可能大幅解放醫療保健環境，並為 Butterfly 帶來全新的收入來源。

Okay, that's helpful. And then you mentioned the folks that are getting penalized. I know a couple a few years ago, it's like 75% or 80%. Is it still running that high? Do you know?

好的，這很有幫助。然後你提到了那些受到懲罰的人。幾年前我就知道有幾個，大概是 75% 或 80%。現在還這麼高嗎？你知道嗎？

The last number I had heard where health systems were -- like 82% of US health systems had some level of penalty due to such readmissions, because -- and I think the payers are getting kind of tired of it because there was basically payment for someone coming into a nursing home, getting sick, going into the hospital, getting better going to the nursing home, getting sick, coming back to the hospital and the payers are just paying for that revolving door. And they're all focused on solving this problem. They don't want the revolving door. They don't want that to occur.

我聽到的最後一個數字是，醫療系統的狀況——例如82% 的美國醫療系統因此類重新入院而受到一定程度的處罰，因為——我認為付款人對此感到有點厭倦，因為基本上是在支付醫療費用有人進入療養院，生病，進入醫院，病情好轉去療養院，生病，再回到醫院，而付款人只是為那扇旋轉門付費。他們都專注於解決這個問題。他們不要旋轉門。他們不希望這種情況發生。

And many companies are trying to help the health care system in order to deal with that revolving door. We have a solution. That solution was just validated at a major medical center, and that paper had just been accepted and will be presented and I look forward to after its publication, sharing with you that data.

許多公司正在努力幫助醫療保健系統應對旋轉門問題。我們有一個解決方案。該解決方案剛剛在一家大型醫療中心得到驗證，該論文剛剛被接受並將提交，我期待在其發表後與您分享這些數據。

But the tenants of that paper kind of build the foundation of how this care can be delivered using advanced AI tools and allowing a less ultrasound skilled person on a very frequent basis to be able to extract this data and then have it read by a professional and then make the appropriate decisions that are going to improve care.

但該論文的租戶為如何使用先進的人工智慧工具提供這種護理奠定了基礎，並允許超音波技術不太熟練的人員經常提取這些數據，然後由專業人士讀取並進行分析。決定來改善護理。

So, in order to build a new market, instead of just creating a product and sitting back and waiting for people to adopt and except, et cetera, sometimes you have to create this catalyst, this impetus to say, look, we're just going to do it ourselves. We're going to take what we do better than anyone else in the world. And we're going to train people how to do it, and we're going to be right there for them as they then build this competency. And this is the beginning of ultrasound getting into nursing and getting into all different walks of health care life using advanced AI tools that Butterfly has.

因此，為了建立一個新市場，有時你必須創造這個催化劑，這種動力說，看，我們只是我們自己來做。我們將比世界上其他任何人都做得更好。我們將培訓人們如何做到這一點，我們將在他們建立這種能力時為他們提供支援。這是超音波進入護理領域並利用 Butterfly 擁有的先進人工智慧工具進入醫療保健生活各行各業的開始。

So, we're very excited. And then now as our Garden partners become more and more commercial. Those Garden applications, just to answer your other question, will allow us to not only help congestive heart failure patients, but patients who have falls, patients who have bladder infections, patients who have other conditions that deal with the same type of revolving door through the hospital. And ultimately, it's going to allow people to live better lives in the final days of their care.

所以，我們非常興奮。現在，我們的花園夥伴變得越來越商業化。這些花園應用程序，只是為了回答您的其他問題，將使我們不僅可以幫助充血性心臟衰竭患者，還可以幫助跌倒的患者、患有膀胱感染的患者、患有其他病症的患者，通過相同類型的旋轉門處理醫院。最終，它將讓人們在接受護理的最後幾天過上更好的生活。

Okay. That's very helpful there. And then I guess just lastly for me, with Octiv, how would you envision the economics working there? Say, for example, I want to use you guys technology to modify the rheology, cheese varieties to build something like a universal nacho cheese fountain. Anything like you do comp, we can do a strong universe that way, (multiple speakers) to get that deal done.

好的。這非常有幫助。最後，我想對我來說，Octiv，您如何看待那裡的經濟運作？比如說，我想用你們的技術來修改流變學、起司品種，以建造像通用玉米片起司噴泉之類的東西。任何事情就像你所做的那樣，我們可以用這種方式做一個強大的宇宙，（多個發言者）來完成這筆交易。

Well pretty much the way it works is that nacho cheese company would come in and say, look, we want to deliver this kind of frequency, we want to be able to deliver in this manner this energy, this array, this they'll give us a spec. And what's beautiful about the semiconductor is it's basically programming in order to deliver--it's almost like putting a TV show on a TV screen.

嗯，它的工作方式幾乎是，納喬起司公司會進來並說，看，我們想要提供這種頻率，我們希望能夠以這種方式提供這種能量，這種陣列，他們會提供這種能量我們是一個規格。半導體的美妙之處在於它基本上是為了交付而編程——這幾乎就像把電視節目放在電視螢幕上一樣。

All the pixels can be programmed. And as you modify the pixels, you have these different images. Whereas with the analog ultrasound, it's literally you got to put a cathode tube in. It's you have to cut the crystal to a certain wavelength and then you put it in and you can monitor the energy in and out of that wavelength, but you can't monitor the wavelength, you can't monitor the breadth, you can't move, et cetera.

所有像素都可以編程。當你修改像素時，你就會得到這些不同的影像。而對於模擬超音波，實際上你必須放入一個陰極管。 ，無法移動，等等。

So, someone would just come to us and say, look, we want this frequency, we want this depth, we want this array, et cetera, et cetera, et cetera. And then Nevada simply through software would then program the device to do it. And then if we can get into a lab within a week or two, and then show them that we can deliver that energy and we've done this multiple times now.

所以，有人會來找我們說，看，我們想要這個頻率，我們想要這個深度，我們想要這個陣列，等等，等等。然後內華達州只需透過軟體即可對設備進行編程來完成此操作。然後，如果我們能夠在一兩週內進入實驗室，然後向他們展示我們可以提供這種能量，而我們現在已經這樣做了多次。

And then when they see that, they say, oh, okay, great. You can do it. And then we get into a discussion on software licensing, on what development they would need in order to do it. Hopefully, they can do it all on their own if they can't need us, then we have an SLW and depending upon the market and exclusivity, there could be a license fee. And then, of course, there is a transfer of the individual chips when they purchase it for their products.

然後當他們看到這一點時，他們會說，哦，好吧，太好了。你可以做到的。然後我們開始討論軟體許可，以及他們需要什麼樣的開發才能做到這一點。希望如果他們不需要我們，他們可以自己完成這一切，然後我們就有 SLW，並且根據市場和排他性，可能會收取許可費。當然，當他們為自己的產品購買晶片時，也會轉移單一晶片。

And so this is not a onetime job shop. It is at for each one of these new customers, each one of these new opportunities provides a product lifelong revenue stream for Octiv in the future. And we think Octiv could be huge. It's a fungible semiconductor that could be programmed. It's almost like we have GPUs, NVIDIA, where we have UPUs with ultrasound and these can be used for all different types of applications that are out there.

因此，這不是一個一次性的加工車間。對於每一位新客戶來說，每個新機會都為 Octiv 未來提供了產品終身收入來源。我們認為 Octiv 的規模可能會很大。它是一種可以編程的可替代半導體。這幾乎就像我們有 GPU，NVIDIA，我們有超音波的 UPU，這些可以用於所有不同類型的應用程式。

Okay, great. Well, I'll get those provisional patents filed and take the rest of the questions off line. Take care.

好的，太好了。好吧，我會申請這些臨時專利，把剩下的問題放到網路上。小心。

Awesome. Thanks Ben.

驚人的。謝謝本。

(Operator Instructions) And that was our last question in the key. So I will hand back over to Joe DeVivo for any final remarks.

（操作員說明）這是我們關鍵的最後一個問題。因此，我將把最後的發言權交給喬·德維沃。

I just want to thank you all for your attention. Butterfly is continuing its progress. The momentum is real, the team is awesome, the opportunities understood and our customers are responding in great ways.

我只想感謝大家的關注。蝴蝶正在繼續前進。勢頭是真實的，團隊很棒，機會被理解，我們的客戶也做出了很好的反應。

The Investor Day that we talked about was the roadmap. And if you haven't seen the Investor Day presentation, I'd encourage you to do so because that's what we are guiding to and we are executing to.

我們談論的投資者日就是路線圖。如果您還沒有看過投資者日演示，我鼓勵您去看一下，因為這就是我們正在指導和執行的目標。

So, I appreciate all the attention, and we'll look forward to more updates in the future. So, thank you.

因此，我感謝大家的關注，我們期待將來有更多更新。所以，謝謝你。

That does conclude the butterfly network Q3 2024 earnings call. We appreciate your presence -- and presence and participation. Have a nice day and you may not disconnect.

蝴蝶網路 2024 年第三季財報電話會議到此結束。我們感謝您的光臨—以及您的光臨與參與。祝您有美好的一天，您可能不會斷開連接。