Butterfly Network Inc (BFLY) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Butterfly Network Fourth Quarter and Full Year 2024 Earnings Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎參加 Butterfly Network 2024 年第四季和全年財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Heather Getz, Chief Financial and Operations Officer of Butterfly. Please go ahead.

現在，我想將會議交給 Butterfly 財務和營運長 Heather Getz。請繼續。

Good morning, and thank you for joining us. Earlier today, Butterfly released financial results for the fourth quarter, which ended December 31, 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. I, Heather Getz, Chief Financial and Operations Officer of Butterfly, alongside Joseph DeVivo, Butterfly's Chairman and Chief Executive Officer, will host this morning's call.

早安，感謝您加入我們。今天早些時候，Butterfly 發布了截至 2024 年 12 月 31 日的第四季度財務業績，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 指標的對照表，目前可在公司網站 ir.butterflynetwork.com 的投資者部分查閱。我，Butterfly 財務和營運長 Heather Getz，將與 Butterfly 董事長兼執行長 Joseph DeVivo 一起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 of our products and services. These forward-looking statements are based on current information, assumptions, and expectations that are subject to change. They involve a number of known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those contained in the forward-looking statements. These and other risks are described in our filings made with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, and the company disclaims any obligation to update such statements.

在今天的電話會議中，我們將做出一些前瞻性的陳述。這些聲明可能包括但不限於對財務結果、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產品和服務的當前或未來市場的規模和潛在增長的預期。這些前瞻性陳述基於當前資訊、假設和預期，可能會發生變化。它們涉及許多已知和未知的風險、不確定性和其他因素，可能導致實際結果與前瞻性陳述中的結果有重大差異。我們向美國證券交易委員會提交的文件中描述了這些風險和其他風險。請注意不要過度依賴這些前瞻性陳述，且本公司不承擔更新此類陳述的任何義務。

As a reminder, this call is being webcast live and recorded, and we will be referencing a slide presentation in conjunction with our remarks. There may be a short delay between the live audio and the presentation being shown. On this same page, you'll also be able to access the webcast live and as a replay 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，我們將結合投影片簡報進行演講。現場音訊和正在播放的簡報之間可能會有短暫的延遲。在同一頁面上，您還可以在通話結束後觀看網路直播和重播。

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

現在我想把電話轉給喬。喬？

So thanks, Heather, and thank you all for joining us this morning. I'm very pleased to report that Butterfly is performing well in all areas of our business. In March of 2024, at our Investor Day, we laid out a strategic five-year plan outlining growth initiatives for our core and new businesses. I'm pleased to say that we've completed the first year of that five-year plan, and we're right on track. In 2024, we delivered $82.1 million in revenue, representing 25% top-line growth, while improving adjusted EBITDA by 42% to a loss of $38.9 million. What's just as important is we've built the foundations for key initiatives that we believe are essential to reach our overall goals.

所以謝謝你，希瑟，也謝謝大家今天早上加入我們。我很高興地報告，Butterfly 在我們業務的所有領域都表現良好。2024 年 3 月，在我們的投資者日，我們制定了一項策略五年計劃，概述了我們核心業務和新業務的成長計劃。我很高興地說，我們已經完成了五年計畫的第一年，一切進展順利。2024 年，我們的營收為 8,210 萬美元，營收成長 25%，同時調整後的 EBITDA 改善 42%，虧損為 3,890 萬美元。同樣重要的是，我們已經為實現整體目標至關重要的關鍵措施奠定了基礎。

Butterfly is the leader in point-of-care ultrasound devices powered by our proprietary semiconductor technology. Our digital journey is an exciting exponential growth opportunity to bring digital capabilities to the lowest cost and most accessible medical image modality, ultrasound. Our vision is that every doctor and nurse in the world will have a personal Butterfly imaging device while we bring wearable ultrasound to qualifying chronic care patients who need more frequent real-time care. They will use the most advanced AI tools to locate and identify abnormalities with a secure location for their data throughout their care journey.

Butterfly 是採用我們專有的半導體技術的即時診斷超音波設備的領導者。我們的數位化之旅是一個令人興奮的指數級成長機會，將數位化功能帶入成本最低、最容易取得的醫學影像模式—超音波。我們的願景是讓世界上的每位醫生和護士都擁有一台個人 Butterfly 成像設備，同時我們為需要更頻繁即時護理的合格慢性病患者提供可穿戴超音波。他們將使用最先進的人工智慧工具來定位和識別異常情況，並在整個護理過程中將資料保存在安全的位置。

Butterfly's powerful digital ecosystem will increase access to care, help lower costs and empower all people to understand the care they need earlier. The building blocks of this opportunity are being set now, and several initiatives are in development, which I'm excited to share with you later in '25. In 2024, it was a great year for Butterfly. We got our mojo back. The launch of iQ3 was nothing less than a resounding commercial success iQ3 beat out 29 other products from healthcare companies who were considered for the Prix Galien Award, the highest award in healthcare for new MedTech technology. We were a Fierce 50 award winner as well.

Butterfly 強大的數位生態系統將增加獲得護理的機會，幫助降低成本，並使所有人能夠更早了解他們所需的護理。目前正在為這一機遇奠定基礎，並有幾項舉措正在製定中，我很高興在 2025 年晚些時候與大家分享。2024年，對蝴蝶來說，是偉大的一年。我們恢復了活力。iQ3 的推出無疑是一次巨大的商業成功，iQ3 擊敗了其他 29 款醫療保健公司的產品，獲得了 Prix Galien 獎，該獎項是醫療保健領域針對新醫療技術的最高獎項。我們也是 Fierce 50 獎的得主。

Since its launch a year ago, our next-generation imaging technology proved to go toe-to-toe and win against the largest imaging companies in the world iQ3 represented 50% of our overall 2024 sales and units and 58% of our Pro revenue, delivered higher ASPs than our second-generation device and was helped by an all-in hardware and software program that proved very successful. Doctors who once hesitated to choose Butterfly in the past, wanting more from image quality, flocked to iQ3. Existing users upgraded to the new device. New users traded in their competitive devices. New entrants to the POCUS market chose iQ3 to start their journey, and even medical students wanted to begin their education with the best, as we saw when rolling out the new student purchase options last year that some of them actually purchased iQ3.

自一年前推出以來，我們的下一代成像技術已證明能夠與世界上最大的成像公司相媲美並獲勝。 iQ3 占我們 2024 年總銷售額和單位的 50% 以及 Pro 收入的 58%，提供的平均銷售價格高於我們的第二代設備，並且得益於事實證明非常成功的一體化硬體和軟體程式。過去曾猶豫是否選擇 Butterfly 的醫生們希望獲得更高的影像質量，但現在他們紛紛選擇了 iQ3。現有用戶升級到新設備。新用戶以舊換新了他們的競爭設備。POCUS 市場的新進業者選擇 iQ3 來開始他們的旅程，甚至醫學生也希望以最好的方式開始他們的教育，正如我們在去年推出新學生購買選項時看到的那樣，其中一些人實際上購買了 iQ3。

To that end, I was very pleased with ScanLab's impact on our education efforts. ScanLab helped new students of all ages hone their ultrasound skills. They help new users practice without access to dedicated personnel, where education and confidence in acquiring and interpreting images are barriers to adoption. ScanLab is now proven to be an education catalyst.

為此，我對 ScanLab 對我們的教育工作產生的影響感到非常高興。ScanLab 幫助各個年齡層的新生磨練他們的超音波技能。它們幫助新用戶在沒有專門人員的情況下進行練習，因為獲取和解釋圖像的教育和信心是採用的障礙。ScanLab 現已被證明是教育催化劑。

Another catalyst in 2024 was the publication of the University of Rochester Medical Center data on scaled health system deployment of Butterfly, demonstrating the clinical and economic ROI. As we look ahead, we are now leveraging these and other ROI findings to meet with hospital administrators to discuss broader implementations.

2024 年的另一個催化劑是羅徹斯特大學醫學中心發布了有關 Butterfly 規模化醫療系統部署的數據，展示了臨床和經濟投資回報率。展望未來，我們現在正在利用這些和其他投資回報率調查結果與醫院管理人員會面，討論更廣泛的實施方案。

Earlier this month, Butterfly convened its inaugural POCUS Innovators Forum. 60 thought leaders gathered to discuss topics like adding imaging into everyday diagnosis, the power of lung ultrasound, empowering AI, POCUS in low-resource countries and a special session on the ROI hospitals are seen in POCUS. We were excited with all the sessions and especially pleased with the ROI session as URMC was accompanied by several other large institutions who were able to demonstrate similar very positive economic data, further validating our strategy.

本月初，Butterfly 召開了首屆 POCUS 創新者論壇。 60 位思想領袖齊聚一堂，討論諸如將成像添加到日常診斷中、肺部超音波的力量、賦能人工智能、資源匱乏國家的 POCUS 等話題，並在 POCUS 中舉行了關於 ROI 醫院的特別會議。我們對所有會議都感到興奮，尤其對 ROI 會議感到高興，因為 URMC 與其他幾家大型機構一起展示了類似的非常積極的經濟數據，進一步驗證了我們的策略。

So moving to international. In 2024, we received EU MDR in Europe for iQ+, which allowed us to up feature the probe with our latest software capabilities and fast followed with iQ3 certification in September, allowing for the European launch of iQ3. We won access to many new markets in Asia for iQ+, and I believe global penetration for iQ3 will power international growth in 2025 in both unit volume and ASP as we will have both products available for sale throughout the entire year.

因此走向國際化。2024 年，我們在歐洲獲得了 iQ+ 的歐盟 MDR 認證，這使我們能夠為探測器配備最新的軟體功能，並於 9 月迅速獲得 iQ3 認證，從而可以在歐洲推出 iQ3。我們為 iQ+ 贏得了進入亞洲許多新市場的機會，我相信 iQ3 的全球滲透率將推動 2025 年國際銷量和平均售價的成長，因為我們將在全年銷售這兩款產品。

I'd like to give you a brief update on ROS or RoHS, the revocation process in Europe. As you know, we formally submitted our application to revoke the lead exemption for piezoelectric handheld ultrasound devices. We believe the industry, of course, is aware and in the process of putting together a response. We also understand the EU Commission is identifying a third-party who will begin the process of researching our petition and the counterarguments following the open comment period. That should take the review to the end of 2025. And we hope that by this time next year, we'll learn of the independent reviewer's recommendation to the EU. If a decision is made in our favor, we believe it may take up to 12 to 18 months to implement from then.

我想向您簡單介紹一下歐洲的撤銷流程 ROS 或 RoHS。如您所知，我們已正式提交申請，要求撤銷壓電手持式超音波設備的鉛豁免。我們相信，業界當然已經意識到了這一點，並且正在製定應對措施。我們還了解到，歐盟委員會正在尋找第三方，該第三方將在公開評論期後開始研究我們的請願書和反駁意見。審查將持續到 2025 年底。我們希望到明年這個時候，我們能夠了解獨立審查員對歐盟的建議。如果做出對我們有利的決定，我們認為從那時起可能需要長達 12 到 18 個月的時間來實施。

So wrapping up discussion of our core focus business, we're pushing ahead into 2025 with a focus on scaling. We have many software improvements planned to make data management workflows faster and easier, our integrations to be more expansive for all EMRs and our data management to be more valuable even for smaller customers. We will be focusing on combined software and hardware sales to health systems as we grow customers from departmental installations to multi-departmental and ultimately, full enterprise customers.

因此，總結我們的核心重點業務的討論，我們將以擴展為重點推進 2025 年的發展。我們計劃進行多項軟體改進，以使資料管理工作流程更快、更輕鬆，使我們的整合更加廣泛地適用於所有 EMR，並且使我們的資料管理即使對於較小的客戶也更有價值。隨著我們的客戶從部門安裝發展到多部門，並最終發展到完整的企業客戶，我們將專注於向醫療系統提供軟體和硬體的綜合銷售。

So beyond the core business, our strategic initiatives matured during the year and brought greater clarity to how Butterfly will change in the future. Entering the fourth quarter, Butterfly Garden had 17 partners signed, each developing their applications to work in the Butterfly ecosystem. While the team signed four new partners, including our first veterinary AI app in the fourth quarter, bringing a total to 21.

因此，除了核心業務之外，我們的策略舉措在這一年中也日趨成熟，並為 Butterfly 未來的變化提供了更清晰的思維。進入第四季度，蝴蝶花園已簽約 17 位合作夥伴，各自開發自己的應用程式以在蝴蝶生態系統中運作。同時，團隊在第四季度簽署了四個新的合作夥伴，包括我們的第一個獸醫人工智慧應用程序，使合作夥伴總數達到 21 個。

In 2025, 6 of the 21 partners are anticipated to go commercial, five of which expect to win FDA clearance to become the first Garden apps for clinical use. These apps will join the two educational AI applications already deployed in the Garden. And we are very excited to welcome these companies and products and we'll work to amplify their capabilities to our user base.

2025 年，21 個合作夥伴中預計有 6 個將實現商業化，其中 5 個有望獲得 FDA 批准，成為首批用於臨床的 Garden 應用程式。這些應用程式將加入花園中已經部署的兩個教育人工智慧應用程式。我們非常高興地歡迎這些公司和產品，我們將努力擴大它們對我們用戶群的功能。

As you know, each AI application will bring new capabilities for users, each making and capturing and interpreting ultrasound easier. Butterfly users will buy these new AI apps and these companies will grow their business by being in the Butterfly ecosystem. It's just a win-win.

如您所知，每個 AI 應用程式都會為用戶帶來新功能，每個應用程式都會使捕捉和解釋超音波變得更加容易。Butterfly 用戶將購買這些新的 AI 應用程序，這些公司將透過加入 Butterfly 生態系統來發展業務。這只是雙贏。

So now shifting to Octiv, our wholly owned subsidiary that's tasked with commercializing our chip technology through partners in noncompetitive markets. So they've also been quite busy. In our second quarter earnings report, we shared that we signed a term sheet for a third partner. Today, we're excited to announce that partner is Sonic Incytes, a commercial stage business pioneering a novel approach for liver disease assessment. Sonic Incytes and Octiv are collaborating to develop technology that leverages ultrasound on-chip for fatty liver disease assessment, a market poised for significant multibillion-dollar growth. We are also pleased to share that we've signed two additional partners.

現在轉向我們的全資子公司 Octiv，其任務是透過非競爭性市場的合作夥伴將我們的晶片技術商業化。所以他們也相當忙碌。在我們的第二季財報中，我們分享了我們為第三個合作夥伴簽署了一份條款清單。今天，我們很高興地宣布，合作夥伴是 Sonic Incytes，這是一家商業階段的企業，開創了一種新穎的肝病評估方法。Sonic Incytes 和 Octiv 正在合作開發利用片上超音波進行脂肪肝疾病評估的技術，預計將實現數十億美元的顯著增長。我們還很高興地告訴大家，我們又簽了兩個合作夥伴。

Our fourth partner is in the neuroscience space, a burgeoning market where our technology is uniquely suited given its broad powerful imaging capabilities and overall flexibility, including miniaturization. Lastly, our fifth partner is one of the leading companies in the generative AI space, who will be developing new hardware technology. We look forward to sharing more details on these partnerships in the coming months and anticipate all of these new signed partnerships to contribute revenue in 2025.

我們的第四個合作夥伴位於神經科學領域，這是一個新興市場，我們的技術因其廣泛而強大的成像能力和包括小型化在內的整體靈活性而非常適合該市場。最後，我們的第五個合作夥伴是產生人工智慧領域的領先公司之一，他們將開發新的硬體技術。我們期待在未來幾個月分享有關這些合作關係的更多細節，並預計所有這些新簽署的合作夥伴關係都將在 2025 年帶來收入。

So now let's turn to Butterfly HomeCare. As we highlighted during our last earnings call, we recently signed a pilot agreement with the largest health services organization to deliver lung ultrasound services to the members residing in long-term care and assisted living facilities across two counties in Wisconsin. We've trained their nurse practitioners to capture lung ultrasound images using our probe, AI-guided tools and our Compass software. The pilot officially launched, and we're already seeing positive results.

現在讓我們來談談 Butterfly HomeCare。正如我們在上次收益電話會議上所強調的那樣，我們最近與最大的醫療服務組織簽署了一項試點協議，為威斯康辛州兩個縣的長期護理和輔助生活設施中的會員提供肺部超音波服務。我們已經培訓他們的執業護理師使用我們的探頭、人工智慧引導工具和 Compass 軟體來捕捉肺部超音波影像。試點已正式啟動，我們已經看到了積極的成果。

We're currently onboarding members with congestive heart failure. The initial participants are patients being discharged from the hospital after a congestive heart failure episode. And the goal is to ensure that they receive appropriate follow-up care and to identify any early signs of worsening heart failure. Through the pilot, they've already detected conditions like pneumonia, pleural effusions and other complications, allowing the team to interview promptly and deliver care according to the established protocols.

我們目前正在招募患有充血性心臟衰竭的會員。最初的參與者是充血性心臟衰竭發作後出院的患者。目標是確保他們得到適當的後續護理並發現任何心臟衰竭惡化的早期跡象。透過試點，他們已經發現了肺炎、胸腔積水和其他併發症等情況，使團隊能夠及時進行訪談並按照既定協議提供護理。

Although it's still early, both we and our partner are encouraged by the outcome since the pilot launch. Notably, no patients have needed to be transferred out of the facility for scanning and none have been readmitted to the hospital. We are confident that this pilot will showcase improved care and cost savings for our partner, and we look forward to keeping you updated on our progress.

雖然現在還為時過早，但我們和我們的合作夥伴都對試點啟動以來的成果感到鼓舞。值得注意的是，沒有病人需要轉出醫院進行掃描，也沒有病人再次入院。我們相信，此次試點將為我們的合作夥伴帶來更好的照護和成本節約，我們期待向您通報我們的進展。

I can't stress enough how important these findings are. We're teaching nurse practitioners who have not been classically trained in ultrasound to do lung ultrasound using AI to assess patients right where they are. This pilot is not just about the immediate business opportunity ahead of us, which is great. It represents the power of Butterfly. Butterfly has made ultrasound accessible, high-quality, mobile and at a low cost. Now we're proving that all healthcare professionals can use it to help patients where they are efficiently and at scale.

我再怎麼強調這些發現的重要性也不為過。我們正在教導那些沒有接受過傳統超音波訓練的執業護理師使用人工智慧進行肺部超音波檢查，以便對患者進行現場評估。這次試辦不只關乎我們眼前的商機，這很好。它代表了蝴蝶的力量。Butterfly 讓超音波變得易於取得、品質高、可移動且成本低廉。現在我們正在證明，所有醫療保健專業人員都可以使用它來有效、大規模地幫助患者。

As this program evolves from pilot to a new care delivery model, we expect to see new AI apps from the Garden to further empower caregivers with low-cost tools delivered on the go wherever the patient is. This is only possible because of the evolving digital landscape that's driven by Butterfly. In addition to the pilot, at the end of December, Butterfly HomeCare also executed a proof of concept at myPlace Health myPlace is a PACE organization and the acronym stands for Program of All-inclusive Care for the Elderly. And it's to demonstrate that Butterfly services can identify conditions in previously undiagnosed patients.

隨著該計畫從試點發展成為一種新的醫療服務模式，我們期望看到花園推出新的人工智慧應用程序，進一步為護理人員提供隨時隨地可用的低成本工具。這只有在 Butterfly 推動的數位環境不斷發展的情況下才有可能實現。除了試點之外，12 月底，Butterfly HomeCare 還在 myPlace Health 進行了概念驗證。 myPlace 是一個 PACE 組織，其首字母縮寫代表老年人全包護理計劃。這也證明了 Butterfly 服務可以識別以前未確診的患者的病情。

Our pilot was successful in identifying previously undocumented conditions such as peripheral vascular disease, pleural effusions, diastolic heart failure, and potential cardiac failure, resulting in an immediate hospitalization. Our work with myPlace allows them to risk score their members so they receive appropriate reimbursement and care myPlace is one of the 180 PACE organizations nationwide, and we expect to collaborate with them this year to expand with them as well as to expand to other PACE organizations.

我們的試驗成功識別了先前未記錄的疾病，例如周邊血管疾病、胸腔積水、舒張性心臟衰竭和潛在心臟衰竭，立即導致住院。我們與 myPlace 的合作使他們能夠對其成員進行風險評分，以便他們獲得適當的報銷和護理。 myPlace 是全國 180 個 PACE 組織之一，我們預計今年將與他們合作，擴大合作範圍並擴展到其他 PACE 組織。

So now I'll turn it over to Heather to go deeper in the quarter. Heather?

現在我將把主題交給 Heather，讓她更深入地探討本季的情況。希瑟？

Thank you. As Joe noted, in 2024, we accomplished everything we set out to do at the Investor Day in March of 2024. The initiatives we laid out have been driving Butterfly's growth and will continue to do so in the future. So let's dig into the results. We saw continued strength in the fourth quarter of 2024 with revenue of $22.4 million, the highest quarterly result in the company's history. This represents a 35% increase versus the prior year period. The increase was driven by both price and volume across all channels and was positively impacted by continued penetration of the iQ3 and global distribution.

謝謝。正如喬所說，2024 年，我們完成了 2024 年 3 月投資者日所製定的所有計畫。我們制定的舉措一直在推動 Butterfly 的發展，並將在未來繼續發揮作用。讓我們深入研究一下結果。2024 年第四季度，公司持續保持強勁成長勢頭，營收達到 2,240 萬美元，創下公司史上最高的季度業績。與去年同期相比，這一數字成長了 35%。這一成長是由所有通路的價格和銷售量共同推動的，並受到 iQ3 持續滲透和全球分銷的正面影響。

Breaking things down between the US and international channels. During the fourth quarter, US revenue was $14.5 million, which was 32% higher than the prior year, driven by higher average selling price and strong demand. Total international revenue increased 19% over the prior year period to $5.5 million, driven by higher probe volume. Breaking our revenue down between product and software and other services, product revenue was $14.7 million, an increase of 45% versus the fourth quarter of 2023. This increase was driven by higher average selling price and volume across all channels. Software and other services revenue was $7.6 million in the fourth quarter, up 20% versus the prior year period.

在美國和國際通路之間進行分解。第四季度，美國營收為 1,450 萬美元，比上年增長 32%，這得益於平均售價上漲和需求強勁。由於探測量增加，國際總營收較上年同期成長 19%，達到 550 萬美元。將我們的收入分為產品、軟體和其他服務，產品收入為 1,470 萬美元，比 2023 年第四季成長 45%。這一增長是由所有管道的平均銷售價格和銷量的提高所推動的。第四季軟體和其他服務收入為 760 萬美元，比去年同期成長 20%。

Software and other services mix was 34% of revenue, decreasing by approximately 4 percentage points versus Q4 2023. This decrease can be attributed to product revenue growth outpacing software revenue with the launch of our iQ3 in early '24 as well as our geographic expansion. Our total annual recurring revenue, which is reported as part of software and other services, grew slightly versus the prior year period. This was led by an increase in our enterprise software subscription ARR that grew 8%.

軟體和其他服務佔收入的 34%，與 2023 年第四季相比下降了約 4 個百分點。這種下降可以歸因於我們在 24 年初推出 iQ3 以及我們的地理擴張，產品收入成長超過了軟體收入。我們的年度經常性總收入（報告為軟體和其他服務的一部分）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 8%。

When looking at the full year 2024 versus 2023, total revenue increased 25% to $82.1 million, led by sales of devices where we saw both increased volume and higher average selling price, driven by the launch of our new generation iQ3, where we increased our MSRP by $1,200. Furthermore, at the end of 2023 and throughout 2024, we made additional investments in our direct sales teams and signed new distributors in new markets internationally.

與 2023 年相比，2024 年全年總收入增長了 25%，達到 8,210 萬美元，這主要得益於設備銷售的增長，我們看到設備銷量和平均售價均有所增加，這得益於我們新一代 iQ3 的推出，我們將建議零售價提高了 1,200 美元。此外，在 2023 年底和整個 2024 年，我們對直銷團隊進行了額外投資，並在國際新市場簽約了新的經銷商。

Turning now to gross profit. Gross profit was $13.7 million in Q4 2024, a 45% increase as compared to the prior year adjusted gross profit of $9.4 million. Gross profit margin percentage increased to 61% from an adjusted 57% in the prior year period. While gross margin percentage was positively impacted by higher average selling prices and higher software and services margin, these benefits were offset by higher production costs of iQ3 and warranty costs. Moving to EBITDA and capital resources. For the fourth quarter of 2024, adjusted EBITDA loss was $9.1 million compared with a loss of $15.7 million for the same period in 2023.

現在談談毛利。2024 年第四季毛利為 1,370 萬美元，較上年調整後的 940 萬美元毛利成長 45%。毛利率百分比從去年同期的調整後57%上升至61%。雖然毛利率受到平均銷售價格上漲和軟體及服務利潤率上漲的正面影響，但這些好處被 iQ3 的生產成本和保固成本的增加所抵銷。轉向 EBITDA 和資本資源。2024 年第四季，調整後 EBITDA 虧損為 910 萬美元，而 2023 年同期虧損為 1,570 萬美元。

For the full year 2024, adjusted EBITDA loss was $38.9 million compared to $67.5 million for 2023. The 42% improvement in adjusted EBITDA loss for both the fourth quarter and full year was driven by higher revenue, cost reductions and efficiencies, which led to lower payroll, consulting and other outside services.

2024 年全年調整後 EBITDA 虧損為 3,890 萬美元，而 2023 年為 6,750 萬美元。第四季和全年調整後 EBITDA 虧損均改善了 42%，這得益於收入增加、成本降低和效率提高，從而導致工資、諮詢和其他外部服務減少。

We saw a 16% reduction in operating expenses for the full year. These reductions are a result of us rightsizing the infrastructure over the past three years, leading to a cash and cash equivalent balance, including restricted cash at year-end of $92.8 million and a use of cash in 2024 of $46 million. These results demonstrate that we are delivering against our priorities set out in our March Investor Day.

我們全年營運費用減少了 16%。這些減少是我們在過去三年中對基礎設施進行適當調整的結果，從而導致現金和現金等價物餘額，包括年底的 9,280 萬美元的受限現金和 2024 年的 4,600 萬美元的現金使用量。這些結果表明，我們正在實現三月投資者日所製定的優先事項。

We launched iQ3 in the US and internationally, launched ScanLab and iQ+ Bladder, reached 21 Butterfly Garden partners and signed two more Octiv partners for a total of five. We also signed our first two pilots to enter home services. Internationally, we received EU MDR for our advanced features of iQ+ and iQ3 while adding additional geographic footprint. We invested in our commercial teams and continue to expand our sales footprint, both domestically and internationally, all the while reducing our cash consumption.

我們在美國和國際上推出了 iQ3，推出了 ScanLab 和 iQ+ Bladder，達成了 21 家 Butterfly Garden 合作夥伴，並簽署了另外兩家 Octiv 合作夥伴，總數達到五家。我們還簽下了首批兩名飛行員，以進入家庭服務領域。在國際上，我們因 iQ+ 和 iQ3 的先進功能而獲得了歐盟 MDR，同時增加了額外的地理覆蓋範圍。我們投資了我們的商業團隊，並繼續擴大我們的國內和國際銷售足跡，同時減少我們的現金消耗。

As we look to 2025, our organization is humming. The plan is working, and we will continue to execute against it by driving adoption of iQ3 and expanding uses across all our channels. We have signed two pilots for home services and continue to develop the market for our ultrasound on a chip technology through our wholly owned subsidiary, Octiv. Subsequent to year-end, we raised $81.7 million from our follow-on offering in late January '25, which provides us with a bridge to cash flow independence.

展望2025年，我們的組織正蓬勃發展。該計劃正在發揮作用，我們將繼續執行該計劃，推動 iQ3 的採用並擴大其在所有管道中的用途。我們已經簽署了兩項家庭服務試點，並透過我們的全資子公司 Octiv 繼續開發我們的晶片超音波技術市場。年底之後，我們於 2025 年 1 月底透過後續發行籌集了 8,170 萬美元，為我們實現現金流獨立搭建了橋樑。

This capital will enable us to maintain our current level of investment to sustain our revenue growth as well as the option to opportunistically invest in strategic initiatives that can expand our market. To be clear, we do not view this capital raise as an opportunity to regress in the fiscal discipline we have instilled over the past few years.

這筆資金將使我們能夠維持當前的投資水平，以維持我們的收入成長，並有機會投資於可以擴大我們市場的策略性舉措。需要明確的是，我們並不認為此次融資是我們放棄過去幾年所灌輸的財政紀律的機會。

Notwithstanding these exciting and potentially meaningful tailwinds and establishing 2025 guidance, we have not included any new revenue streams or markets in our forecast. As we have in the past, we will take this prudent approach and guide to a full year 2025 revenue of $96 million to $100 million or approximately 20% growth with an adjusted EBITDA loss of $37 million to $42 million.

儘管存在這些令人興奮且可能具有重大意義的順風因素，並且制定了 2025 年的指導方針，但我們的預測中並未包括任何新的收入來源或市場。與過去一樣，我們將採取這種審慎的做法，預計 2025 年全年營收為 9,600 萬至 1 億美元，即成長約 20%，調整後的 EBITDA 虧損為 3,700 萬至 4,200 萬美元。

To reiterate, this does not include incremental revenue from our investment in Octiv or the Home services business. And as the year progresses, we will provide updates and further clarification. Now specifically looking at Q1, we expect approximately $20 million to $23 million in revenue as we ended the fourth quarter slightly higher than expected, and Q1 is typically a slower quarter for closing hospital deals.

重申一下，這不包括我們對 Octiv 或家庭服務業務的投資所帶來的增量收入。隨著時間的推移，我們將提供更新和進一步的說明。現在具體來看第一季度，我們預計收入約為 2,000 萬至 2,300 萬美元，因為第四季度結束時的收入略高於預期，而第一季通常是醫院交易完成速度較慢的季度。

For Q1 adjusted EBITDA, with expenses related to payroll tax and 401 reset as well as our national sales meeting and POCUS Forum, we expect slightly higher expenses and higher adjusted EBITDA loss in the first quarter relative to the remainder of the year in the range of $9 million to $11 million. To summarize, we had strong results in 2024, and we look forward to continued growth in 2025 and beyond.

對於第一季調整後的 EBITDA，考慮到與工資稅和 401 重置以及我們的全國銷售會議和 POCUS 論壇相關的費用，我們預計第一季的費用和調整後的 EBITDA 損失相對於今年剩餘時間將略有增加，在 900 萬美元至 1100 萬美元之間。總而言之，我們在 2024 年取得了強勁的業績，並期待 2025 年及以後繼續成長。

We have been delivering against our plan and we will continue to do so by going deeper and wider in the traditional ultrasound market, expanding the market by going where traditional ultrasound can't go with new users and applications differentiating ourselves with continued development of ultrasound on a chip technology.

我們一直在按照計劃進行，我們將繼續在傳統超音波市場上走得更深入、更廣泛，透過進入傳統超音波無法觸及的領域來擴大市場，透過新用戶和應用來使我們自己與晶片上超音波技術的持續發展區分開來。

And by doing this, we will generate market-leading growth while maintaining our fiscal discipline by balancing investment with return. These objectives will allow us to capitalize on this attractive market opportunity over the long term.

透過這樣做，我們將實現市場領先的成長，同時透過平衡投資和回報來保持財務紀律。這些目標將使我們能夠長期利用這個誘人的市場機會。

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

說完這些，我就把電話轉回給喬。喬？

Thanks, Heather. Today, Butterfly is in complete control of our destiny. We have revenue momentum, a pipeline to empower growth for many years to come, a successful fundraise allowing us to continue to invest in our growth initiatives, as well as a runway to get to cash flow positive with our current balance sheet.

謝謝，希瑟。如今，蝴蝶已完全掌控著我們的命運。我們擁有收入成長動力、推動未來多年成長的管道、成功的融資使我們能夠繼續投資於我們的成長計劃，以及透過我們目前的資產負債表實現現金流為正的跑道。

Our core business growth will be powered by our efforts to increase health system opportunities, drive the one probe per student model in medical schools and continued global distribution to both iQ+ and iQ3. In our new business areas, we expect to progress more active opportunities and convert our HomeCare business from a pilot to commercial revenue. This is consistent with the road map that we laid out at last year's Investor Day.

我們的核心業務成長將得益於我們努力增加醫療系統機會、推動醫學院每名學生一個探針的模式以及繼續向 iQ+ 和 iQ3 進行全球分銷。在我們的新業務領域，我們期望取得更多積極的機會，並將我們的家庭護理業務從試點轉變為商業收入。這與我們在去年投資者日制定的路線圖一致。

Butterfly has ended our first era, which had us fixating on image equivalency to other piezo-based handheld probes. So now we're not looking back. We're looking forward to not just being equivalent but surpassing the market to deliver a new digital experience only Butterfly can offer. While Butterfly is in the POCUS category, we are differentiated as the only company with a true mobility solution.

Butterfly 結束了我們的第一個時代，在這個時代，我們專注於與其他基於壓電的手持式探頭的圖像等效性。所以現在我們不再回頭。我們期待的不僅僅是與市場持平，而是超越市場，提供只有 Butterfly 才能提供的全新數位體驗。雖然 Butterfly 屬於 POCUS 類別，但我們是唯一一家擁有真正行動解決方案的公司。

Most POCUS devices are just one step extensions away from a cart workflow in a hospital. As we see it, Butterfly today is the only mobile solution because it is a single personal imaging device for every doctor, nurse and qualified chronic care patient in the world, powered by a plethora of new AI tools, cloud connectivity and processing, seamless integration with hospital systems, while working completely independent of them in the most remote places in the world.

大多數 POCUS 設備距離醫院的推車工作流程只有一步之遙。我們認為，Butterfly 是當今唯一的行動解決方案，因為它是世界上每位醫生、護士和合格慢性病患者的單一個人成像設備，由大量新​​的人工智慧工具、雲端連接和處理、與醫院系統的無縫整合提供支持，同時在世界上最偏遠的地方完全獨立地工作。

We will go anywhere a doctor, nurse or patient braves to go and we'll carry the best experience for them. So to understand this future, you don't need to look too far away. History does repeat itself and the power of digital over analog technology has been proven time and again. Just as digital cameras replace traditional film, chip-based ultrasound is set to dramatically expand the medical imaging world, and Butterfly is the platform to lead this change.

我們將前往醫生、護士或患者敢去的任何地方，並為他們提供最佳體驗。因此，要了解未來，你不需要看得太遠。歷史確實會重演，數位技術相對於類比技術的威力已經一次又一次證明。就像數位相機取代傳統底片一樣，基於晶片的超音波將大大擴展醫學影像領域，而 Butterfly 正是引領這項變革的平台。

Everything we do going forward will be to increase imaging power even further, make in-hospital workflows easier, miniaturize the device to drive mobility further, make the device smarter and easier to use with AI tools and connected to a very powerful and safe cloud ecosystem. I look forward to updating you throughout the year on new developments and our accomplishments as there are many great things bring.

我們未來所做的一切都是為了進一步提高成像能力，使院內工作流程更加簡單，使設備小型化以進一步推動移動性，使設備更智能、更易於使用人工智慧工具，並連接到非常強大和安全的雲端生態系統。我期待著全年向您通報新的發展和我們的成就，因為我們將帶來許多偉大的事情。

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

那麼，接線員，請大家開始提問。

(Operator Instructions) Josh Jennings, TD Cowen.

（操作員指示）Josh Jennings，TD Cowen。

It's been a remarkable path of progress since the Investor Day last year. And at that event, you laid out kind of a long-range target of $500 million in revenue. I mean I think you already answered this question in your presentation here this morning, but would love to just kind of get an update just on your confidence level and where you stand today, almost one year out from that big investor event in 2024 in terms of the progress and confidence in getting to that $500 million revenue base in the out years.

自去年投資者日以來，我們取得了令人矚目的進步。在那次活動中，您設定了 5 億美元收入的長期目標。我的意思是，我認為您今天早上的演講中已經回答了這個問題，但我很想了解一下您的信心水平以及您目前的狀況，距離 2024 年的大型投資者活動還有將近一年的時間，就未來幾年實現 5 億美元收入基礎的進展和信心而言。

Well, thank you, Josh. We put a plan together and the plan certainly wasn't guidance, but it was the shape of how we're organizing our investments and where we think our revenue can come. And as I said in the beginning of my prepared comments, we had a great year and we're right on plan. I'm really bullish about our growth initiatives. I'm bullish about the continuation of the growth rate of our core business, and that's kind of where we're guiding towards right now. I'm also really bullish on the two areas that we've identified that will deliver meaningful growth in the future. I'm very bullish on Octiv.

好吧，謝謝你，喬希。我們制定了一個計劃，當然不是指導，但它是關於我們如何組織投資以及我們認為我們的收入來源的形式。正如我在準備好的評論開始時所說的那樣，我們度過了美好的一年，並且一切按照計劃進行。我對我們的成長計劃非常樂觀。我對我們的核心業務的持續成長率充滿信心，這也是我們目前的方向。我對我們確定的兩個未來將實現有意義成長的領域也非常看好。我對 Octiv 非常看好。

I look forward to letting you know about the new partners that we just signed. And the pipeline is just increasing. And it's not only increasing, but the names are getting bigger and bigger, and it's really cool. And so, we have our best people in that business, a couple of our executives that we really admire and they're doing a hell of a job building out that business. And so, I think, first of all, Octiv, as we get to the second half of the year, we're probably going to see some meaningful revenue, and we may be forced to start pulling it out.

我期待著讓您了解我們剛簽約的新合作夥伴。而且管道還在增加。而且不但增加，而且名字也越來越大，真的很酷。因此，我們擁有該行業最優秀的人才，其中幾位是我們非常欽佩的高階主管，他們在發展這項業務方面做得非常出色。因此，我認為，首先，Octiv，隨著我們進入下半年，我們可能會看到一些有意義的收入，我們可能會被迫開始撤出它。

Second, the HomeCare business, man, it is just such a delight because we're eating our own dog food. We're using, we're getting our devices used with our training, with our software, and then when our wrapped around services to help first-time ultrasound users scan. And they're scanning in one of the highest cost use cases in health care, which is readmissions for congestive heart failure patients. These patients are a revolving door from skilled nursing facility into a hospital and back. And it is a substantial amount of cost.

其次，對於 HomeCare 業務來說，這真是令人高興，因為我們吃的是自己的狗糧。我們正在使用我們的設備，透過我們的培訓、我們的軟體，然後提供全方位服務來幫助首次使用超音波掃描的用戶。他們正在對醫療保健中成本最高的用例之一進行掃描，即充血性心臟衰竭患者的再入院。這些病人就像一扇旋轉門，從專業護理機構來回醫院。而且這是一筆相當大的成本。

And if, I've mentioned this before, but if we are able to just do just a small part of this market, it will double the size of the business. And so, the upside optionality is huge. And, but we are taking it one step at a time. Aside from informing investors what we are doing, we are not getting ahead of ourselves. We're not guiding towards it yet. We are, but we are communicating with you quite transparently our progress.

我之前提到過，如果我們能夠佔領這個市場的一小部分，那麼業務規模就會翻倍。因此，上行潛力大。但我們正在一步步地推進。除了告知投資者我們正在做的事情之外，我們不會超越自己。我們尚未對此進行指導。是的，但我們正在非常透明地與您溝通我們的進展。

And the best part of that business, as I mentioned in my prepared remarks, is not just the fact that we are able to, that there might be a business opportunity where we convert this pilot into a commercial opportunity. It's proving the model. It's proving the vision that Butterfly has always had, where by reducing the size, by reducing the complexity, by increasing the power and then pulling AI into the tool, it's allowing first-time ultrasound users to very quickly get up to speed and have immediate low-cost point-of-care clinical impact.

正如我在準備好的演講中提到的那樣，這項業務最好的部分不僅在於我們能夠做到這一點，還在於可能存在一個商業機會，我們可以將這個試點轉化為商業機會。它正在證明該模型。它證明了 Butterfly 一直以來的願景，即透過縮小尺寸、降低複雜性、提高功率並將人工智慧引入工具，讓首次使用超音波的用戶能夠非常快速地掌握操作，並立即獲得低成本的臨床護理效果。

These patients in a skilled nursing facility, if they all, historically in the workflow, if they started to regress after they came back out of the hospital, they would be put into an ambulance. They would be sent to the hospital. And then they would have an ultrasound scan in radiology. Just that, and then they'd have to come back to the skilled nursing facility after that scan to determine what to do with them. Now what's cost that is? It's insane. That's what the healthcare system is paying for today.

這些在專業護理機構的患者，如果他們都按照以往的工作流程，出院後病情開始惡化，就會被送上救護車。他們將被送往醫院。然後他們會在放射科進行超音波掃描。就是這樣，然後他們必須在掃描後回到專業護理機構來確定如何處理它們。那麼成本是多少呢？這太瘋狂了。這就是當今醫療保健系統所支付的費用。

And so now a nurse pulls out of her back this small device and does a few scans around the lung and then is able to get a remote expert opinion to make a determination at very low cost and immediate. So we're on the tip of something very big. And I think those two businesses, if you just run out our core business as it was in that sentiment chart and then you start layering on these opportunities, again, it's hard to predict timing, but the level of excitement that we have is off the charts.

現在，護理師可以從背部取出這個小型裝置，對肺部進行幾次掃描，然後能夠獲得遠端專家的意見，以非常低的成本立即做出判斷。所以我們正處於一件大事的尖端。我認為，如果您按照情緒圖表中的方式開展我們的核心業務，然後開始分層抓住這些機會，那麼再次，很難預測時機，但我們的興奮程度卻是空前的。

I appreciate that, Joe. And I wanted to ask about the HomeCare channel as well. I mean, I think you've provided a lot of intel here in that last answer and during your prepared remarks. But is there, just maybe help us think through the steps required to go from pilot to a revenue-generating franchise? And any time lines you can share? I know it's, you haven't baked any HomeCare revenues into 2025 guidance, but maybe just help us understand just the next steps and what it will take to turn that HomeCare channel into a revenue-generating franchise.

我很感激，喬。我也想問一下有關 HomeCare 頻道的問題。我的意思是，我認為您在最後的回答和準備好的發言中提供了大量資訊。但是，是否有可能幫助我們思考從試點到創收特許經營所需的步驟？還有什麼時間表可以分享嗎？我知道，您還沒有將任何 HomeCare 收入納入 2025 年的指導方針，但也許只是幫助我們了解接下來的步驟以及如何將 HomeCare 管道轉變為創收特許經營權。

Well, the beautiful part about it is when we were initially looking at services, we thought we'd be hiring our own technicians, our own nurse practitioners. And then we'd be sending them into the home or sending them into facilities and because we wanted to force the model. We wanted to show this could be done. And that, and if you were going to hire people, that would take cost, that would take time, that would take learning curve.

嗯，它的美妙之處在於，當我們最初考慮提供服務時，我們想到了僱用我們自己的技術人員、我們自己的執業護士。然後我們會把他們送回家裡或送進設施裡，因為我們想強制推行這種模式。我們想證明這是可以做到的。如果你要雇人，那就需要成本、需要時間、需要學習曲線。

And especially, of course, the time to onboard those people. Well, our partner didn't want people just walking in and out of their facility. Our partner was like train our people. And so, we've been able, by eating your own dog food, you realize how good your tools are. So we, and also to your people. We have some of the best trainers in ultrasound and people who understand our technology.

當然，尤其是需要花點時間讓這些人加入。嗯，我們的合作夥伴不希望人們隨意進出他們的設施。我們的合作夥伴就像培訓我們的員工。因此，透過吃自己的狗糧，你就會意識到你的工具有多好。我們如此，你們的人民也如此。我們擁有一些超音波領域最優秀的培訓師和了解我們技術的人員。

And every time they encounter our customers and they encounter someone who wishes to learn, it's just such a delightful experience because they're so incredible. So basically, to train someone up was very quick. And then they have to go through a protocol with ScanLab, so they have to practice and complete this and complete that. And then once they get there, it's really the training of the on-site personnel, which is the time to execution and say that's a 90-day process. But everything else for Butterfly is virtual.

每次他們遇到我們的客戶，遇到想要學習的人，這都是一次令人愉快的經歷，因為他們是如此令人難以置信。所以基本上，培訓一個人非常快。然後他們必須遵循 ScanLab 的協議，所以他們必須練習並完成這個並完成那個。一旦他們到達那裡，實際上就是對現場人員進行培訓，這是執行的時間，這是一個為期 90 天的過程。但對於 Butterfly 來說，其他一切都是虛擬的。

And that's the beautiful part about the scalability is that you have training of the on-site teams, but then you have this amazing scalability because we're using telemedicine, we're using our Compass software. We're using remote then follow-up, et cetera. And so, it's a highly, highly scalable model. And we think we can take on thousands of patients, tens of thousands of patients over multistate and be able to provide this service.

可擴展性的美妙之處在於，您可以對現場團隊進行培訓，但由於我們使用遠距醫療，使用我們的 Compass 軟體，因此您擁有了驚人的可擴展性。我們正在使用遠端跟進等等。所以，這是一個高度可擴展的模型。我們認為我們可以接收數千名患者，數萬名來自多個州的患者，並提供這項服務。

So a lot of this is new territory for us. We haven't done this before. And so, it's hard to just turn around and say we can do this by the state. But from the pilot experience so far, we think it's, the degree of difficulty is well within our means and the timing is nothing that's really crazy. So I'm hoping that the, what's occurred for us so far continues; and if it does, then I'd be stunned that at the end of this pilot, it wouldn't turn into some type of commercial opportunity because the benefits to these patients. We had a - There was one patient the other day who was discharged from the hospital, came back to a skilled nursing facility, and they were on a protocol with a very high dose of diuretic.

所以這對我們來說都是新領域。我們之前沒有這樣做過。因此，我們很難轉而說我們可以透過國家來做到這一點。但從目前的試飛經驗來看，我們認為，它的難度是在我們的承受範圍內的，而且時間安排也沒有什麼特別瘋狂的。所以我希望，我們目前所發生的事情能夠繼續下去；如果確實如此，那麼我會很驚訝，在這個試點結束時，它不會因為給這些病人帶來好處而變成某種商業機會。我們有一位——前幾天有一位病人出院了，回到了一家專業護理機構，他們正在接受高劑量利尿劑的治療。

It was like kind of the highest dose that you'd give someone that's at the higher spectrum. So when they came back in, they did a baseline scan, and they found that the patient had very little wetness to no wetness in the lungs. The B-lines were not present. And so, the clinical team went back to the nurse and said, hey, this patient is doing really well. And that, and we'd recommend that you don't maintain the level of diuretics, your diuretics are really high. And they were stunned that the prescription was so high for that patient. What it would have done, you give that many diuretics to a healthy patient, you dry them out, you dehydrate them so fast. And that's what would have happened to that patient.

這就像是給予處於較高光譜的人的最高劑量。因此，當他們回來時，他們做了基線掃描，發現患者的肺部濕潤度很小甚至沒有濕潤度。B 線不存在。於是，臨床團隊回到護士那裡說，嘿，這個病人的狀況非常好。而且，我們建議您不要維持利尿劑的水平，您的利尿劑水平確實很高。他們驚訝地發現，該名患者的處方藥價格如此之高。它會產生什麼效果呢？你給一個健康的患者服用那麼多利尿劑，會使他們很快脫水。這就是那位病人將會遭遇的情況。

And so, by them being able to have a confirmatory scan, then getting expert advice from a remote cardiologist and then being able to course correct immediately just for that one patient to change their course. And I think that's having constant awareness, having a constant ability to scan is the same type of benefits we saw in the Rutgers study, where if you have an intensivist who's in the hospital rounding and scanning every day, you're able to immediately monitor their progress. You're not looking in the rearview mirrors from a week ago when they were scanned and you're still treating them based upon that baseline. Every time you scan them, you're getting there.

因此，他們可以進行確認掃描，然後從遠距心臟科醫生那裡獲得專家建議，然後能夠立即糾正病程，以便那位患者改變病程。我認為擁有持續的意識、擁有持續的掃描能力與我們在羅格斯大學的研究中看到的益處相同，如果你有一位重症監護醫生每天在醫院巡視和掃描，你就能立即監測他們的進展。您不會再看一周前掃描的後視鏡，也不會仍然根據該基線來對待它們。每次掃描它們，您就會到達那裡。

So this is the beginning of a new paradigm of healthcare. It's not just about selling devices. This is a new paradigm, and we're on the forefront of it, and we're going to benefit from it.

這是醫療保健新模式的開始。這不僅僅是銷售設備。這是一個新的範式，我們處於其前沿，並將從中受益。

Excellent. And just one last follow-up on that home channel. We saw the prototype for a wearable, I think, at the Investor Day last year. And I think we talked earlier this year about that pipeline development effort. But maybe just give us an update on where that program stands and when you may see approval and then utilization in the field.

出色的。最後再跟進一下該家庭頻道。我想，我們在去年的投資者日看到了穿戴式裝置的原型。我想我們今年早些時候討論過管道開發工作。但也許您能向我們介紹一下該計劃的進展情況，以及何時可以獲得批准並在現場使用。

No problem, Josh. So this is all progress. If we came out with a wearable today, there wouldn't be a market for it because what we have to do is build the use case first. And then as the use case develops, then you build the technology to meet the use case. And that's, as we had laid out in our strategy last year, is that this is a multimodal approach. So the first step is to create the use case and the demand in the home with nurses, teaching them how to do this type of ultrasound. And then once we get this and once this now has some velocity, then the second phase is how do you automate it? How do you do it where now instead of having to go and just do the scan, you can now place the wearable.

沒問題，喬希。所以這都是進步。如果我們今天推出可穿戴設備，那麼它就不會有市場，因為我們要做的就是先建立用例。然後隨著用例的發展，您就可以建立滿足用例的技術。正如我們去年在策略中闡述的那樣，這是一種多模式方法。因此，第一步是與護理師一起在家中創建用例和需求，教導他們如何進行這種類型的超音波檢查。一旦我們得到它，而且它有了一些速度，那麼第二階段就是如何實現它的自動化？現在您要怎麼做呢？您不必親自去掃描，而是可以放置穿戴式裝置。

So we are actively in development of a wearable. It is something that is not far away, but we're also not rushing it because we're developing the market. And so, as we succeed in this HomeCare business and as we now convert it into commercial and we're active, the next phase after that would then be to start easing in the wearable into that use case. And that's how we're building a business. It's not, building the business is not about launching, just launching a device. It's about preparing the market, preparing the users, preparing the need for the opportunity and then moving forward with that wearable. So everything is like literally right on plan. And actually, the results that are coming back are much better than we expected.

因此我們正在積極開發穿戴式裝置。這並不是一件遙遠的事情，但我們也不會著急，因為我們正在開發市場。因此，隨著我們在家庭護理業務上取得成功，並將其轉化為商業用途，我們積極開展業務，下一階段將是開始將穿戴式裝置逐步引入該用例。這就是我們建立業務的方式。事實並非如此，建立業務並不是為了推出產品，而只是推出一款設備。這是為了準備市場、準備用戶、準備機會需求，然後推動穿戴式裝置的發展。所以一切都按照計劃進行。事實上，得到的結果比我們預期的要好得多。

Benjamin Haynor, Lake Street Capital.

班傑明‧海諾 (Benjamin Haynor)，Lake Street Capital。

Appreciate all the commentary that you had so far on the HomeCare opportunity. But I was wondering if you could share maybe a little bit more on, maybe how many residents were involved in these long-term care facilities, how many days they've been kind of followed, if you will, how many readmissions might you have anticipated, things of that nature, anything else that you can provide there?

感謝您迄今為止對 HomeCare 機會的所有評論。但我想知道您是否可以分享更多一些信息，例如有多少居民參與了這些長期護理機構，他們被跟踪了多少天，如果可以的話，您預計有多少人會再入院，諸如此類的事情，還有其他您可以提供的嗎？

Yes. So we trained 18 nurses at two skilled nursing facilities in Wisconsin. That's so far. And then we've done the initial training. We've done a scan lab follow-up training.

是的。因此，我們在威斯康辛州的兩家專業護理機構培訓了 18 名護理師。就這麼多了。然後我們完成了初步訓練。我們已經完成了掃描實驗室的後續訓練。

And then what's also a wonderful part of this virtual service is as our cardiologists are reading the scans, they're not just diagnosing the patient, but they're also letting the scanner know, hey, what they could have done better. Hey, you've got a little bit too much of this. So this is a constant process of evolution. So first of all, that's the scale so far of the people that we've trained, and we're very pleased with that progress.

這項虛擬服務的另一個精彩之處在於，當我們的心臟科醫生閱讀掃描結果時，他們不僅診斷患者，而且還讓掃描儀知道，他們可以做得更好。嘿，你有點太多了。所以這是一個不斷進化的過程。首先，這是我們迄今為止培訓的人員的規模，我們對這項進展感到非常滿意。

Now as far as, I don't have data to share with you as far as number of, like absolute number of patients, et cetera. We've now started, the pilot is designed for 200 patients, and they are now scanning all kinds of patients. And we have, of course, early anecdotal information like the one case I shared. But so far of all the patients that have scanned, no one has been readmitted, but it's a very small sample size so far.

目前，我還沒有可以與大家分享的數據，例如患者的絕對數量等等。我們現在已經開始了，該試點計畫針對 200 名患者，他們現在正在掃描各種類型的患者。當然，我們也有早期的軼事信息，例如我分享的一個案例。但到目前為止，在所有接受掃描的患者中，還沒有人再次入院，但到目前為止樣本量非常小。

Sure. Got it. And then congrats on the capital raise, by the way. And I was wondering, you mentioned some of the software things that you're working on. Any hardware kind of developments that you might intend to accelerate? It didn't necessarily sound like it. And then if we could get an update on kind of where you're at on the cart-based iQ station?

當然。知道了。順便說一句，恭喜您籌集資金。我很好奇，您提到了您正在研究的一些軟體。您希望加速哪些硬體類型的開發？聽起來不一定是這樣。那麼我們是否可以了解一下您在基於推車的 iQ 站上的最新情況？

Sure. So consistent with the presentation that we made at JPMorgan a few weeks ago; we, first of all, are active with the P5 chip. We showed the image on that, and that P5 chip is really the essence of the next generation. We have some hardware probes and some things that we are working on for the next generation. And it might not just be as simple as the next probe. We are working on some things that are a little different and would continue to build the market for us.

當然。與我們幾週前在摩根大通所做的演示一致；首先，我們積極推廣P5晶片。我們展示了其圖像，P5 晶片確實是下一代晶片的精髓。我們有一些硬體探測器和一些正在為下一代開發的東西。它可能並不像下一次探測那麼簡單。我們正在做一些略有不同的事情，並將繼續為我們建立市場。

And we're also working on absolutely, as you said, the iQ station, which would really start moving us more into the lower-end cart business. So there's nothing that's changed since our JPMorgan presentation. I think the thing that has changed is by bringing in the money, we can just keep doing what we're doing. If we didn't bring in the additional capital, we'd be in a mode of continued, let's say, cost reduction, and it would have extended into opportunity reduction because we wouldn't be able to fund the programs that we're currently funding.

正如您所說，我們也在致力於 iQ 站的開發，這將真正讓我們開始更多地涉足低端購物車業務。因此，自從我們摩根大通發表演講以來，沒有任何變化。我認為改變的是，透過引入資金，我們就可以繼續做我們正在做的事情。如果我們不引入額外資本，我們就會處於持續的、比如說降低成本的模式，並且會延伸為減少機會，因為我們將無法為目前正在資助的項目提供資金。

So we're not in a mode of saying, okay, now that we have the money, we're going to fund all these additional things because we're very intent on solid cash management. We're very intent on maintaining and getting leverage in our operation because we want to see our revenue grow and we want to contain our costs. So we march along that path towards cash flow independence.

因此，我們不會說，好吧，現在我們有了錢，我們將為所有這些額外的事情提供資金，因為我們非常注重穩健的現金管理。我們非常注重在營運中保持和獲得槓桿作用，因為我們希望看到收入成長，並希望控製成本。因此，我們沿著這條道路走向現金流獨立。

But if we didn't bring the capital in, we'd be cutting programs like the ones or we'd be pushing off or choosing one over the other. And now we don't have to do that. So all those exciting things around the next generation of semiconductors as well as the cart-based focus as well as the wearable. We're going to go upstream into the hospital, and we're going to go downstream into the home. We're going to expand the market opportunity of ultrasound. And we're going to, now as I mentioned, this is a new era for us.

但如果我們沒有引入資金，我們就會削減這些項目，或推遲或選擇其中一個。而現在我們不必這麼做了。因此，所有這些令人興奮的事情都圍繞著下一代半導體以及基於購物車的焦點以及穿戴式裝置。我們要逆流而上進入醫院，然後順流而下進入家中。我們將擴大超音波的市場機會。正如我所提到的，這對我們來說是一個新時代。

We've been playing catch-up in the beginning. We've been trying to create a camera that would show that it's as good as film. Now our wearables are as good as anybodys. People might like this one feature of one company, or one feature of another, but our image quality is there with anybody. And so now we're just focused on how do we improve the experience for the physician, the nurse, and for the patient. How do we now become even better and change the entire world, and I would ask, how do we make this a universal device that captures data easily that lives with doctors, nurses, and patients and allows us to capture a massive market opportunity, and that's where we're going.

我們一開始就一直在追趕。我們一直在努力創造一款能夠與底片媲美的相機。現在我們的可穿戴設備與任何人的一樣好。人們可能喜歡某個公司的某個功能，或另一個公司的某個功能，但我們的影像品質是無可挑剔的。所以現在我們只關注如何改善醫生、護士和病人的體驗。我們現在如何變得更好並改變整個世界，我想問，我們如何使其成為一種通用設備，可以輕鬆捕獲醫生、護士和患者的數據，並讓我們抓住巨大的市場機會，這就是我們的目標。

Makes sense. And lastly for me, just maybe a point of clarification on what the revenue guidance includes. That does not include any new revenue streams. I mean it doesn't include Octiv, Butterfly Garden, HomeCare, anything like that. It's just traditional iQ+, iQ3, and software and services that are existing, correct?

有道理。最後，對我來說，也許需要澄清一下收入預測包含哪些內容。這還不包括任何新的收入來源。我的意思是它不包括 Octiv、Butterfly Garden、HomeCare 等類似的東西。它只是傳統的 iQ+、iQ3 以及現有的軟體和服務，對嗎？

Right. So it includes current Octiv contracts, it does not include any new Octiv contracts or HomeCare or additional add-in businesses. So just that clarification on Octiv. So for example, we have Forest Neurotech. That's already in our numbers. That's in our guidance, but a new partner that we might sign would not be in there.

正確的。因此，它包括當前的 Octiv 合同，但不包括任何新的 Octiv 合約或 HomeCare 或額外的附加業務。這只是對 Octiv 的澄清。例如，我們有 Forest Neurotech。這已經在我們的數據中了。這是我們的指導方針，但我們可能簽約的新合作夥伴不會包含在內。

So the ones that were detailed in the press release and earlier in the prepared remarks, those are or are not included?

那麼新聞稿和先前準備好的發言稿中詳述的內容包括還是不包括？

The ones from 2024 are included. Any new ones signed in 2025 are not.

其中包括 2024 年的版本。2025 年簽署的任何新協議均不屬於此類。

Suraj Kalia, Oppenheimer & Co.

蘇拉吉·卡利亞，奧本海默公司

Joe, a couple of questions from my side, and I'll pose them upfront. So in your FY25 guide, how should we think about the same-store new store dynamic as iQ3 contribution picks up?

喬，我有幾個問題，我會提前提出來。那麼，在您的 FY25 指南中，隨著 iQ3 貢獻的增加，我們該如何看待同店新店動態？

And the second part, or the second question, Joe, you just made comments about your image quality as good as anyone's. Help us understand what is the most objective evidence that we should take as interpreting the image quality is as good as anyone.

第二部分，或第二個問題，喬，你剛剛評論說你的圖像品質和任何人的一樣好。幫助我們了解什麼是最客觀的證據，我們應該把這些證據當作解釋影像品質是否與任何人一樣好的證據。

Great. So the same-store new store, as Heather can talk more about the guide specifically. But we are anniversaring the first year of selling iQ3, where there's a lot of upgrades, there's a lot of new business, et cetera. The market is so big and the market is growing, we see a constant new business channel. Our e-comm channel is a marvelous way to engage customers, and we're seeing continued new business. But also, we've unlocked the hospital channel. And the hospital channel is a channel where we were not as present just because of what we had just mentioned.

偉大的。因此，對於同店新店，Heather 可以具體談談指南。但我們即將迎來 iQ3 銷售一週年，期間進行了許多升級，開展了許多新業務等等。市場如此之大，而且還在不斷成長，我們看到不斷出現新的業務管道。我們的電子商務管道是吸引客戶的絕佳方式，而且我們看到新業務的持續成長。而且，我們還解鎖了醫院頻道。正如我們剛才提到的，醫院管道是我們目前還沒有涉足的管道。

We were seen as more of a wellness or a personal device. But now getting in and establishing ourselves in the intensive care units, establishing ourselves in the emergency rooms, establishing ourselves in anesthesiology and cardiology, these are not places that are opening opportunities for us. And that helps us now with our enterprise software where we are now going into hospitals and selling a full bundle. And we feel that we're much more capable today with that full product offering than we were in the past.

我們更多地被視為一種健康產品或個人設備。但現在，進入加護病房、急診室、麻醉科和心臟科，這些地方並沒有為我們帶來機會。這對我們現在的企業軟體很有幫助，我們現在可以進入醫院並銷售全套軟體。我們認為，現在我們能夠提供如此全面的產品，與過去相比，我們的能力要強大得多。

Regarding image quality, when I talk about image quality, I'm talking about the image quality of handheld devices. So other devices out there, whether it's GE or Philips or Clarius or other devices, these are devices that benefit from 40 years of development of these electric crystals and of course, are the ones that are imaging or people that are the most comfortable with.

關於影像質量，當我談論影像品質時，我指的是手持裝置的影像品質。因此，市面上的其他設備，無論是通用電氣 (GE)、飛利浦 (Philips)、Clarius 或其他設備，都是受益於 40 年電晶體開發的，當然，也是成像設備或人們最舒適的設備。

Historically, our version 2 is a great product, a great universal product, and the only all-in probe in the market. But it was not seen, especially in cardiac imaging and others that we had a level of equivalence. And imaging, when you talk about empirical evidence, imaging it's like in the eyes of the beholder. But we've seen, which is evidenced in our growth this year, that people feel like we've closed the gap. And people might think, okay, this one preset, this is better, the other preset that, that is better, but that we weren't in the conversation before. And now we're in the conversation.

從歷史上看，我們的 2.0 版是一款出色的產品、一款出色的通用產品，也是市面上唯一的全功能探測器。但我們並未看到，特別是在心臟成像和其他方面，我們具有同等水平。而想像，當你談論經驗證據時，想像它就像在旁觀者眼中一樣。但我們已經看到，從我們今年的成長可以看出，人們覺得我們已經縮小了差距。人們可能會想，好吧，這個預設，這個更好，另一個預設，那個更好，但我們之前並沒有參與過討論。現在我們正在談話。

So you can talk to one person and they'll say, oh, I prefer Philips, another person will say, I prefer Rescan. But now other people are saying, well, I prefer iQ3, and that just didn't exist before. And prior to launching, we did do an internal survey where we had 470 doctors who were given several images, and then they were asked in a completely blinded way to rate what image did they liked better. And the majority of those doctors chose iQ3. And that gave us the confidence before we launched to say, hey, we've gotten there. We wanted our own check. And so, we'll see. There have been stuff and publications comparing our second generation to the other probes where we didn't fare well.

因此，您可以與一個人交談，他們會說，哦，我更喜歡飛利浦，而另一個人會說，我更喜歡 Rescan。但現在其他人說，好吧，我更喜歡 iQ3，而這以前是不存在的。在推出之前，我們確實做了一項內部調查，我們邀請了 470 名醫生，向他們提供幾張圖片，然後以完全盲選的方式詢問他們更喜歡哪張圖片。其中大多數醫生選擇了 iQ3。這讓我們在推出之前就有信心說，嘿，我們已經到達目標了。我們想要自己的支票。所以，我們拭目以待。有一些資料和出版物將我們的第二代探測器與其他探測器進行了比較，結果發現我們的表現並不好。

I think today, you can even look at influencers who are doing unboxing, and there was a really good one that just came out from someone who compared ourselves to LUMIFY, which has always been seen as the best cardiac image in the market. And to be in the conversation now is fantastic, and that's where we are, Suraj.

我認為今天，你甚至可以看看那些正在做開箱的有影響力的人，其中有一個非常好的例子，剛剛有人把我們自己與 LUMIFY 進行了比較，而 LUMIFY 一直被視為市場上最好的心臟圖像。現在能夠參與對話真是太好了，這就是我們現在所處的位置，蘇拉吉。

Was there a follow-up, Suraj?

蘇拉吉，還有後續嗎？

No.

不。

This concludes our question-and-answer session. I would like to turn the conference back over to Joseph DeVivo for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Joseph DeVivo 做最後發言。

So everyone, thank you so much for being with us. We like this Friday morning format to give our analysts time to be able to digest the information and not have to conflict with all the stuff like last night and whatnot. So I hope this works for you.

各位，非常感謝你們與我們同在。我們喜歡這種週五早上的形式，這樣我們的分析師就有時間消化信息，而不必與昨晚等所有事情發生衝突。所以我希望這對你有用。

We're very pleased about our progress. We're excited about '25. We're excited about our core business, and we're also excited about all the new initiatives that we have. We appreciate the support with this most recent fundraiser, and we are now just excited to continue all of the different things that we're working on. So thank you, everyone, for the support, and look forward to giving you more updates in the future. Thanks.

我們對我們的進展感到非常高興。我們對 25 年感到興奮。我們對我們的核心業務感到興奮，我們也對我們所有的新舉措感到興奮。我們感謝最近這次籌款活動的支持，現在我們很高興能夠繼續我們正在進行的所有不同工作。所以，感謝大家的支持，並期待未來為大家提供更多更新。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。