Butterfly Network Inc (BFLY) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to the Butterfly Network second quarter 2025 earnings call. My name is Carla, and I will be coordinating your call today. (Operator Instructions)

大家好，歡迎參加 Butterfly Network 2025 年第二季財報電話會議。我叫卡拉，今天我將負責協調您的通話。（操作員指示）

I would now like to hand you over to your host, Heather Getz, to begin. Heather, please go ahead when you're ready.

現在我想把主持人 Heather Getz 交給您開始。希瑟，準備好了就請繼續。

Good morning, and thank you for joining us. Earlier today, Butterfly released financial results for the second quarter ended June 30, 2025, and provided a business update. The release, which provides a reconciliation of management's use of GAAP and non-GAAP 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 with Joseph DeVivo, Butterfly's Chairman and Chief Executive Officer; and Megan Carlson, Senior Vice President of Finance and Accounting, will be hosting this morning's call. During today's call, we will be making certain forward-looking statements.

早安，感謝您加入我們。今天早些時候，Butterfly發布了截至2025年6月30日的第二季財務業績，並提供了業務更新。新聞稿對管理層使用的 GAAP 和非 GAAP 指標與最適用的 GAAP 指標進行了對比，目前可在公司網站 ir.butterflynetwork.com 的「投資者」版塊查閱。我，Butterfly 財務與營運長 Heather Getz，將與 Butterfly 董事長兼執行長 Joseph DeVivo 以及財務與會計高級副總裁 Megan Carlson 共同主持今天上午的電話會議。在今天的電話會議中，我們將做出一些前瞻性的陳述。

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, uncertainties regarding the potential impact of health care funding and the size and potential growth of current or future markets for our products and services.

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、潛在監管批准、醫療保健資金潛在影響的不確定性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。

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. 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. As a reminder, this call is being webcast live and recorded.

這些前瞻性陳述是基於當前資訊、假設和預期，這些資訊、假設和預期可能會發生變化，並涉及許多已知和未知的風險、不確定性和其他因素，這些因素可能導致實際結果與前瞻性陳述中的結果有重大差異。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。提醒一下，本次通話正在進行網路直播和錄音。

To access the webcast, please visit the Events section of our Investor website. A replay of the event will also be available on the page following the call. I would now like to turn the call over to Joe. Joe?

若要存取網路廣播，請造訪我們的投資者網站的活動部分。通話結束後的頁面上也將提供此活動的重播。現在我想把電話轉給喬。喬？

Thanks, Heather, and good morning, everyone, and thanks for getting up early with us on a Friday. The second quarter marked the first full quarter to anniversary our Butterfly iQ3 launch in the prior year. And against this milestone, I'm pleased to share that we were able to deliver our highest quarterly revenue in company history, totaling $23.4 million. Our gross margins reached an all-time high at 64%, and our cash use was the lowest of any quarter at $7 million. Each quarter, we continue to deliver leverage as we march to breakeven.

謝謝，希瑟，大家早安，謝謝你星期五早起和我們在一起。第二季是我們去年推出 Butterfly iQ3 週年紀念的第一個完整季度。值此里程碑之際，我很高興地告訴大家，我們實現了公司史上最高的季度收入，總計 2,340 萬美元。我們的毛利率達到了 64% 的歷史最高水平，而我們的現金使用量是歷來最低的，為 700 萬美元。每個季度，我們都會繼續發揮槓桿作用，努力實現收支平衡。

And I'm very pleased of our overall performance and continued discipline of our management team this quarter in the face of some macro headwinds we mentioned during last quarter's call. Earlier this year, we started seeing signs that certain macro environment decisions were having an effect on our core focus business. The guidance provided for Q2 reflected these dynamics, and we came in the range of that guidance. In the near term, we expect these conditions will persist through the end of the year. We believe in the long-term, Butterfly's inherent value proposition will actually thrive in the further cost-contained environment as the health care market adjusts.

面對上個季度電話會議上提到的一些宏觀不利因素，我對本季我們的整體表現和管理團隊的持續紀律感到非常滿意。今年早些時候，我們開始看到一些跡象表明某些宏觀環境決策正在對我們的核心重點業務產生影響。針對第二季度提供的指導反映了這些動態，我們也處於該指導的範圍內。短期內，我們預計這些情況將持續到今年年底。我們相信，從長遠來看，隨著醫療保健市場的調整，Butterfly 的內在價值主張實際上將在進一步控製成本的環境中蓬勃發展。

As a result, we are modifying our full year guidance to reflect this. Our previous guidance factored in the tough comparisons to last year given the boost we saw from iQ3 trade-ins and ASP lift. That said, we had expected to be further along in closing larger deals for additional growth. Those opportunities are still very much active, while the sales cycle is being lengthened. That said, we continue to diligently work on our significant pipeline of enterprise and medical school deals.

因此，我們正在修改全年指導以反映這一點。由於我們看到 iQ3 以舊換新和 ASP 提升帶來的推動，我們先前的指導考慮了與去年相比的艱難比較。話雖如此，我們原本期望能夠進一步達成更大的交易，從而實現進一步的成長。這些機會仍然非常活躍，而銷售週期正在延長。儘管如此，我們仍將繼續努力進行重要的企業和醫學院交易。

I'm pleased to announce that we did close the large enterprise-wide deal we mentioned on the last call in the second quarter. They have not let us use their name publicly, but we will fully deploy in every department, every campus and one of the top five most recognized health systems in the world. It's clear evidence of the tipping point in interest we are seeing at the highest levels. Make no mistake, the momentum of Butterfly in the market is undeniable. I expect things will be back to normal after health care digests the changes it's going through.

我很高興地宣布，我們確實完成了第二季上次電話會議上提到的大型企業範圍交易。他們還沒有讓我們公開使用他們的名字，但我們將在每個部門、每個校園以及全球五大最受認可的醫療系統之一全面部署。這清楚地表明，我們看到最高層人士的興趣已經達到了臨界點。毫無疑問，Butterfly 在市場上的勢頭是不可否認的。我預計，醫療保健行業消化掉正在經歷的變化後，一切將恢復正常。

We continue to progress deals and grow market share with Q3 still leading the way, driving participation and winning RFPs, integrating into medical school programs while proving to the marketplace that it's simply the best handheld ultrasound out there. Not just as a versatile digital pro, but a holistic ultrasound program. Compass, our cloud-based enterprise software, also leads the way in imaging workflow, QA, storage and interoperability, and it's about to get even better in the next era with our next-generation software platform launch. I'll share more details on that towards the end of the call. So during the quarter, we saw continued progress with Butterfly Garden.

我們繼續推動交易並擴大市場份額，其中 Q3 仍然處於領先地位，推動參與並贏得 RFP，融入醫學院項目，同時向市場證明它是目前最好的掌上超音波產品。它不僅是一款多功能的數位專業產品，而且還是一款整體超音波程式。Compass 是我們基於雲端的企業軟體，它在成像工作流程、品質保證、儲存和互通性方面也處於領先地位，隨著我們下一代軟體平台的推出，它將在下一個時代變得更好。我將在通話結束時分享更多細節。因此，在本季度，我們看到蝴蝶花園繼續取得進展。

We added two new Butterfly Garden partners, and we are pleased to see that our partners, iCardio, HeartFocus by DESKi and Deep Echo received FDA clearance in the first half of '25 for their clinical use. We expect HeartFocus will be launched to Butterfly users sometime in the third quarter and the other applications shortly thereafter. Butterfly Garden is now entering its commercial phase, and we are excited for the customers to have these AI tools for their clinical use on a Butterfly. Once launched, they'll be able to download a specific app to their phone, plug in the Butterfly and scan. These advanced AI tools will allow cardiac and pulmonary scanning by health care professionals without prior ultrasound training.

我們增加了兩個新的蝴蝶花園合作夥伴，我們很高興地看到我們的合作夥伴 iCardio、DESKi 的 HeartFocus 和 Deep Echo 在 25 年上半年獲得了 FDA 批准用於臨床。我們預計 HeartFocus 將於第三季某個時候向 Butterfly 用戶推出，其他應用程式也將隨後推出。蝴蝶花園現已進入商業階段，我們很高興客戶能夠在蝴蝶上使用這些 AI 工具進行臨床使用。一旦啟動，他們就可以將特定的應用程式下載到手機上，插入 Butterfly 並進行掃描。這些先進的人工智慧工具將允許醫療保健專業人員在沒有接受過超音波培訓的情況下進行心臟和肺部掃描。

These apps over time will expand the market opportunity for POCUS, while enabling more and more clinicians to diagnose patients where they are. During the quarter, we also launched an educational app called MSK VUE. This is an app developed in the research facilities of the University of Rochester Medical Center, helping caregivers learn how to identify an important nerve while scanning the musculoskeletal. We are very proud of this collaboration with URMC and pleased that our Garden helps speed to market new AI applications developed in the clinical community. Butterfly Garden, I believe, will be growing each quarter and will become a significant accelerant for the POCUS market.

隨著時間的推移，這些應用程式將擴大 POCUS 的市場機會，同時使越來越多的臨床醫生能夠在患者所在地進行診斷。本季度，我們還推出了一款名為 MSK VUE 的教育應用程式。這是羅徹斯特大學醫學中心研究機構開發的應用程序，可幫助護理人員在掃描肌肉骨骼時學習如何識別重要神經。我們對與 URMC 的此次合作感到非常自豪，並很高興我們的花園有助於加速臨床社區開發的新型 AI 應用程式的上市。我相信，蝴蝶花園每個季度都會不斷發展，並將成為 POCUS 市場的重要推動力。

So keeping on the AI front, Butterfly has added a new descending aorta scanning protocol to our ScanLab educational software. Aortic aneurysms often present as a deadly event impacting approximately 35,000 Americans each year. Most patients are asymptomatic until rupture or dissection. So helping clinicians master this view can be lifesaving. Improving access to valvular disease screening is another key focus for Butterfly.

因此，在 AI 方面，Butterfly 在我們的 ScanLab 教育軟體中加入了新的降主動脈掃描協議。主動脈瘤通常是一種致命疾病，每年影響約 35,000 名美國人。大多數患者在破裂或夾層發生前均無症狀。因此，幫助臨床醫生掌握這種觀點可以挽救生命。改善瓣膜疾病篩檢的途徑是 Butterfly 的另一個重點。

In the second quarter, research we conducted with Tufts University recently published in the European Heart Journal, Image Methods and Practice, showed that a machine learning model, especially trained on a Butterfly iQ can accurately detect aortic stenosis. Aortic stenosis affects 12% of adults over 75 and often goes undiagnosed in older and underserved communities. Demonstrating that handheld AI can pick up aortic stenosis is a big step towards earlier community-based screening. Butterfly's clinical team has been busy. The full Rutgers study we previewed earlier this year has now been accepted by a leading medical journal.

在第二季度，我們與塔夫茨大學合作進行的研究最近發表在《歐洲心臟雜誌》、《圖像方法與實踐》上，結果表明，專門在 Butterfly iQ 上訓練的機器學習模型可以準確檢測主動脈瓣狹窄。主動脈瓣狹窄影響 12% 的 75 歲以上成年人，在老年人和服務不足的社區中經常未被診斷出來。證明手持式人工智慧可以發現主動脈瓣狹窄是朝著早期社區篩檢邁出的一大步。Butterfly 的臨床團隊一直很忙。我們今年早些時候預覽的羅格斯大學的完整研究現已被一家領先的醫學雜誌接受。

The findings will remain under embargo until Q3, and they detail the financial and operational benefits of adding Butterfly to inpatient care. So the evidence just continues to build. Now I'll pause here on business updates and turn it over to Heather and Megan to review the financials. But before I do, I want to thank Heather for her work helping reinvent Butterfly and for setting us on a course of a strong financial footing. As you read in the release, Heather will be leaving Butterfly around August 15, and will transition to an adviser of Butterfly until early 2026.

該研究結果將一直保密到第三季度，其中詳細說明了將 Butterfly 添加到住院護理中的財務和營運效益。因此，證據還在不斷增加。現在，我將暫停業務更新，並將其交給 Heather 和 Megan 來審查財務狀況。但在此之前，我想感謝 Heather 幫助重塑 Butterfly 並為我們奠定了堅實的財務基礎。正如您在新聞稿中看到的，希瑟將於 8 月 15 日左右離開 Butterfly，並將擔任 Butterfly 的顧問直至 2026 年初。

Megan Carlson, our Senior Vice President of Finance and Accounting and Chief Accounting Officer, has been appointed our Interim CFO until a permanent CFO is identified. One of Butterfly's great strengths is the expertise and depth of our finance organization. With Megan in place, I'm certain we will not skip a beat. We all at Butterfly wish Heather well for her life's next chapter.

我們的財務和會計高級副總裁兼首席會計官梅根卡爾森 (Megan Carlson) 已被任命為我們的臨時首席財務官，直到確定永久首席財務官。Butterfly 的一大優勢是其金融機構的專業知識和深度。有了梅根，我相信我們不會錯過任何機會。Butterfly 全體人員祝福 Heather 的人生新篇章一切順利。

With that, I'll turn it to Heather to go into the second quarter in more detail. Heather?

接下來，我將請 Heather 更詳細地介紹第二季。希瑟？

Thank you for your kind words, Joe. My time at Butterfly has been a rewarding experience, and my choice to leave was not an easy one. The accomplishments we achieved as a team over my tenure are a great source of pride and put the company on solid financial footing for years to come. As Joe mentioned, in order to ensure a seamless transition, I will work closely in an advisory capacity with Megan and the rest of the team through March of 2026. I want to thank Joe, the Butterfly team and the Board of Directors for their partnership over the past three years.

謝謝你的讚美，喬。我在蝴蝶學院的時光非常充實，離開的決定對我來說並不容易。在我的任期內，我們團隊所取得的成就令人感到自豪，也為公司未來幾年的財務狀況奠定了穩固的基礎。正如喬所提到的，為了確保順利過渡，我將以顧問的身份與梅根和團隊的其他成員密切合作，直到 2026 年 3 月。我要感謝喬、蝴蝶團隊和董事會在過去三年的合作。

I expect that Butterfly will continue to thrive and achieve great things in the years to come. Now turning to the financials. Revenue for the second quarter of 2025 was a record $23.4 million. The 9% growth was primarily driven by higher average selling prices, the sale of semiconductor chips to partners in our Octiv business and volume in our international markets. This was partially offset by lower domestic volume.

我期望蝴蝶在未來的歲月裡繼續蓬勃發展並取得偉大的成就。現在談談財務。2025 年第二季的營收達到創紀錄的 2,340 萬美元。9% 的成長主要得益於平均售價的提高、向 Octiv 業務合作夥伴銷售半導體晶片以及國際市場的銷量。但由於國內銷量下降，部分抵銷了這一影響。

Breaking things down between US and international channels. During the second quarter, US revenue was $17.2 million, which was essentially flat to prior year, driven by the sale of chips to our Octiv partners, higher average selling prices, offset by lower probe volume. As you know, Q2 2024 was the first full quarter after the launch of the iQ3 in the US, and we saw about 700 trade-in/upgrades in the prior year that did not repeat this quarter.

在美國和國際通路之間進行分解。第二季度，美國收入為 1,720 萬美元，與上年基本持平，這得益於我們向 Octiv 合作夥伴銷售晶片，平均銷售價格上漲，但探針數量減少。如您所知，2024 年第二季度是 iQ3 在美國推出後的第一個完整季度，我們在去年看到了大約 700 筆以舊換新/升級，而本季度沒有重複出現。

Total international revenue increased 19% over the prior year period to $6.2 million, largely driven by both price and volume due to the international launch of iQ3 and geographic expansion. Breaking our revenue down between product and software and other services. Product revenue was $16.6 million, an increase of 13% versus Q2 2024. This increase was largely driven by higher average selling prices and the chip sales. Software and other services revenue was $6.8 million in the second quarter, which was flat to prior year period due to the higher enterprise software revenue and increased licensing and services revenue from our partnerships, offset by lower renewals of individual subscriptions and implementation services revenue.

國際總收入較上年同期成長 19%，達到 620 萬美元，這主要得益於 iQ3 的國際發布和地理擴張帶來的價格和銷售成長。將我們的收入分為產品、軟體和其他服務。產品營收為 1,660 萬美元，較 2024 年第二季成長 13%。這一增長主要得益於平均售價和晶片銷量的提高。第二季軟體和其他服務收入為 680 萬美元，與去年同期持平，原因是企業軟體收入增加以及來自合作夥伴關係的許可和服務收入增加，但個人訂閱續訂和實施服務收入減少抵消了這一影響。

Software and other services mix was 29% of revenue. The percentage of revenue from software and other services has decreased as our products revenue growth outpaced software revenue with the launch of our iQ3 in early 2024 as well as our geographic expansion. Our total ARR, 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. Turning now to gross profit.

軟體和其他服務佔收入的29%。隨著 2024 年初 iQ3 的推出以及地理擴張，我們的產品收入成長超過了軟體收入，因此軟體和其他服務的收入百分比有所下降。我們的總 ARR（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 的成長所致。現在談談毛利。

Gross profit was $14.9 million in Q2 '25, an 18% increase as compared to prior year gross profit of $12.6 million. Gross margin percentage increased to 64% from 59% in the prior year. Our gross margin percentage was positively impacted by the higher average selling prices, the positive impact of the chip sales as well as improvements in our software and services margins due to a reduction in software amortization and lower hosting costs. Moving to adjusted EBITDA and capital resources. For the second quarter of 2025, adjusted EBITDA loss was $6.2 million compared with a loss of $8.1 million for the same period in '24.

2025 年第二季毛利為 1,490 萬美元，較去年同期的 1,260 萬美元成長 18%。毛利率由上年的59%上升至64%。我們的毛利率受到平均銷售價格上漲、晶片銷售的正面影響以及軟體攤銷減少和託管成本降低導致的軟體和服務利潤率提高的正面影響。轉向調整後的 EBITDA 和資本資源。2025 年第二季度，調整後 EBITDA 虧損為 620 萬美元，而 24 年同期虧損為 810 萬美元。

The 24% improvement in adjusted EBITDA was driven by higher revenue and the previously mentioned improvement in gross profit. These reductions and improvements led to a normalized cash burn of approximately $7 million during the quarter. Cash and cash equivalents at the end of the quarter were $152 million, and the trailing 12-month use of cash was $46 million.

調整後 EBITDA 成長 24% 是由於收入增加和前面提到的毛利提高所致。這些削減和改進使得本季的現金消耗正常化至約 700 萬美元。本季末的現金和現金等價物為 1.52 億美元，過去 12 個月的現金使用量為 4,600 萬美元。

I will now turn the call over to Megan to touch on guidance. Megan?

現在我將把電話轉給梅根，談談指導。梅根？

Thank you, Heather. I first want to thank Heather for her leadership here at Butterfly. The finance and accounting teams as well as the entire company are stronger and better positioned for our future because of her contributions. I'm excited to serve as Interim Chief Financial Officer and look forward to continuing the progress the company has made. Before turning to guidance, I want to provide an update on some of the macro conditions we're seeing in 2025.

謝謝你，希瑟。我首先要感謝 Heather 在 Butterfly 的領導。由於她的貢獻，財務和會計團隊以及整個公司變得更加強大，為我們的未來做好了更充分的準備。我很高興擔任臨時財務官，並期待公司繼續取得進展。在談到指導之前，我想先介紹一下我們在 2025 年看到的一些宏觀條件的最新情況。

We mentioned that there was uncertainty regarding the impact of changes in funding and other government programs that have been implemented or were being considered. We continue to see customers delay purchase decisions in the second quarter, as they sought clarity on how these changes would impact their capital and operating budgets. We saw these delays impact our US hospital and enterprise channel as well as publicly funded global health deals, and we're unsure how long this uncertainty will last, as we had a number of large deals in our pipeline that we had anticipated would have already closed. Separately, as Joe will expand on momentarily, we're incredibly excited about the opportunities we see in both Octiv and HomeCare.

我們提到，資金變化以及已經實施或正在考慮的其他政府計劃的影響存在不確定性。我們繼續看到客戶在第二季推遲購買決定，因為他們想弄清楚這些變化將如何影響他們的資本和營運預算。我們看到這些延遲影響了我們的美國醫院和企業管道以及公共資助的全球健康交易，我們不確定這種不確定性會持續多久，因為我們有許多預計已經完成的大型交易。另外，正如喬稍後將要詳細說明的那樣，我們對 Octiv 和 HomeCare 中看到的機會感到非常興奮。

When we weigh these risks and opportunities together, we feel it's prudent to adjust our full year guidance to a range of $91 million to $95 million in revenue. In order to get to the high end of the range, we need to close on some of the larger deals that have been delayed. If we're not able to do so, we believe our revenue will be closer to $91 million. As promised, we've continued our fiscal discipline. And as a result, even with the downward revision of revenue, we're able to make a $5 million positive revision in our adjusted EBITDA loss to a range of $32 million to $37 million.

當我們權衡這些風險和機會時，我們認為將全年收入預期調整為 9,100 萬美元至 9,500 萬美元是明智的。為了達到該範圍的高端，我們需要完成一些被推遲的較大交易。如果我們不能做到這一點，我們相信我們的收入將接近 9,100 萬美元。正如承諾的那樣，我們將繼續嚴格遵守財務紀律。因此，即使營收下調，我們也能夠將調整後的 EBITDA 虧損正向修正 500 萬美元至 3,200 萬美元至 3,700 萬美元之間。

As evidenced by the EBITDA improvement, we have continued to maintain our disciplined approach to expense control, but we will also invest appropriately behind our growth areas to enhance delivery capabilities as additional revenue opportunities crystallize. For the third quarter specifically, we expect revenue in the range of $20 million to $22 million and an adjusted EBITDA loss of $8 million to $9 million. To summarize, we delivered strong results in the first half of the year. And while uncertainties continue to exist around the impact of policy decisions that the administration has made, we have strength in the diversification of our business and are excited about the opportunities in front of us. We certainly hope that health care providers receive appropriate funding going forward to best serve all patients.

EBITDA 的改善表明，我們繼續保持嚴格的費用控制方法，但隨著額外收入機會的出現，我們也將在成長領域進行適當投資，以增強交付能力。具體來說，對於第三季度，我們預計營收在 2,000 萬美元至 2,200 萬美元之間，調整後的 EBITDA 虧損在 800 萬美元至 900 萬美元之間。總而言之，我們上半年取得了強勁的業績。儘管政府政策決定的影響仍然存在不確定性，但我們在業務多元化方面擁有優勢，並對眼前的機會感到興奮。我們當然希望醫療保健提供者能夠獲得適當的資金，以便為所有患者提供最好的服務。

Nonetheless, should funding pressures come to fruition for domestic health care providers, Butterfly is extremely well positioned as our technology not only enables superior flexibility and strong image quality, but has allowed us to be a much more affordable solution at scale than the current cart-based ultrasound solutions. In addition, our semiconductor development path will continue to improve this price performance advantage with each subsequent generation. Simply put, we see Butterfly as the long-term winner in ultrasound in any macro environment.

儘管如此，如果國內醫療保健提供者面臨資金壓力，Butterfly 將處於非常有利的地位，因為我們的技術不僅具有卓越的靈活性和強大的圖像質量，而且使我們成為比目前基於推車的超音波解決方案更經濟實惠的解決方案。此外，我們的半導體發展路徑將在每一代產品中持續提升這種性價比優勢。簡而言之，我們認為 Butterfly 在任何宏觀環境下都是超音波領域的長期贏家。

With that, I'll turn the call back to Joe.

說完這些，我就把電話轉回給喬。

Thank you, Heather and Megan. As I mentioned earlier, we will begin launching a new software platform in the second half of '25 called Compass AI. Compass AI is our next-generation software aimed at reducing the steps in documentation through new advanced AI tools and other enhancements. When documentation is made easier, more people will use it and subsequently, more records and reimbursement will be captured. Simplifying documentation and enabling faster record completion are necessary steps for scaled Compass deployment inside a health system.

謝謝你，希瑟和梅根。正如我之前提到的，我們將在 2025 年下半年開始推出一個名為 Compass AI 的新軟體平台。Compass AI 是我們的下一代軟體，旨在透過新的先進 AI 工具和其他增強功能減少文件步驟。當文件變得更容易時，會有更多的人使用它，隨後，將會捕獲更多的記錄和報銷。簡化文件並加快記錄完成速度是醫療系統內部大規模部署 Compass 的必要步驟。

Compass AI is designed with automated tools to help determine scan completeness and quality, automated voice control to capture the doctor's notes and auto populate fields in just seconds. We anticipate Compass AI will be a game changer, allowing us to increase penetration within existing customers and making it even more compelling for new enterprise customers to come on board. We look forward to unpacking the technology for you and delivering it to customers before the end of the year. So I'll wrap up with some brief comments on our strategic initiatives, Octiv and HomeCare. You heard earlier of the growing positive impact Octiv is having to our top and bottom line.

Compass AI 採用自動化工具設計，協助確定掃描的完整性和質量，自動語音控制可捕捉醫生的筆記並在幾秒鐘內自動填入欄位。我們預計 Compass AI 將改變遊戲規則，使我們能夠提高現有客戶的滲透率，並更有效地吸引新的企業客戶加入。我們期待在年底前為您揭開這項技術的面紗並將其交付給客戶。最後，我將對我們的策略性舉措 Octiv 和 HomeCare 做一些簡短的評論。您之前聽說過 Octiv 對我們的營收和利潤的正面影響日益增強。

As we disclosed last quarter, we are partnering with a generative AI company to pioneer a new imaging technology, which I believe can have a major impact on individual's health care and health awareness. Our partner will announce this effort when they are ready, which we hope should be sometime in the third quarter, but it's really up to them. The awareness of Octiv is increasing in technology circles and the inbounds we are receiving are incredible. Octiv will continue to be an area of investment, and I expect will become a meaningful part of the business in the future. I can't wait to share more when it's the right time.

正如我們在上個季度所揭露的那樣，我們正在與一家生成式人工智慧公司合作，開拓一項新的成像技術，我相信這項技術將對個人的醫療保健和健康意識產生重大影響。我們的合作夥伴將在準備好時宣布這一舉措，我們希望這應該在第三季的某個時候，但這實際上取決於他們。Octiv 在科技圈的知名度正在不斷提高，我們收到的回饋令人難以置信。Octiv 將繼續成為我們投資的領域，我預計它將成為未來業務中一個有意義的一部分。我迫不及待地想在適當的時候分享更多。

So switching to HomeCare care. We've now concluded our pilot with our partner, and we are actively negotiating our first commercial agreement, anticipated within the next few months. In our pilot, we proved that with Butterfly's proprietary training and AI tools, a medical professional without prior ultrasound training can be instructed to use ultrasound at the bedside to acquire the necessary images to allow a remote cardiologist to make a medically impactful diagnosis. This resulted in meaningful financial and clinical reduction in readmissions and helped caregivers on site manage and impact the course of care. Like any early diagnosis, the sooner you know and can monitor a patient's condition, the better the care and the better the potential for significant cost savings.

因此轉而採用 HomeCare 護理。我們現在已經與合作夥伴完成了試點，並且正在積極協商我們的第一份商業協議，預計將在未來幾個月內完成。在我們的試點中，我們證明，借助 Butterfly 的專有培訓和 AI 工具，可以指導未接受過超音波培訓的醫療專業人員在床邊使用超音波獲取必要的圖像，以便遠距心臟病專家做出具有醫學影響力的診斷。這顯著降低了財務和臨床上的再入院率，並幫助現場護理人員管理和影響護理過程。與任何早期診斷一樣，越早了解並監測患者的病情，護理效果就越好，節省大量成本的可能性就越大。

This is a big opportunity for Butterfly. Our partner has tens of thousands of congestive heart failure patients being managed at risk. So if our solution were to be deployed over this one population nationwide, it could represent $40 million to $60 million of new revenue to Butterfly for this one service line in this one customer. That being said, we are currently working on commercial terms to bring the first state live before the end of the year. We believe this success will lead to further penetration in this customer and, of course, allow us to get new customer prospects as well.

這對蝴蝶來說是一個很大的機會。我們的合作夥伴有數萬名充血性心臟衰竭患者處於危險之中。因此，如果我們的解決方案在全國範圍內得到推廣，那麼對於 Butterfly 來說，透過這一個客戶的這條服務線，這將帶來 4000 萬到 6000 萬美元的新收入。話雖如此，我們目前正在製定商業條款，以便在年底之前實現第一個狀態的上線。我們相信，這次成功將使我們進一步滲透到這個客戶中，當然，也能讓我們獲得新的客戶前景。

As we look forward, growing our core business, while leveraging our assets and capabilities to deliver new revenue streams is core to our five-year plan. We are on the right side of history as handheld POCUS becomes a larger part of medical care. We will continue to innovate with our P5 chip and our fourth-generation technology, bringing health care digital ultrasound to every doctor and nurse in the world to provide better care at the point of care. There won't be only one handheld in the future, and it will be a Butterfly. We will continue to develop software to make POCUS easier as it marches to the mainstream.

展望未來，發展我們的核心業務，同時利用我們的資產和能力來創造新的收入來源是我們五年計畫的核心。隨著手持式 POCUS 在醫療保健中佔據越來越重要的地位，我們正站在歷史正確的一邊。我們將繼續利用我們的 P5 晶片和第四代技術進行創新，將醫療保健數位超音波帶給世界上的每位醫生和護士，以便在護理點提供更好的護理。未來掌機不會只有一款，而且會是Butterfly。我們將繼續開發軟體，使 POCUS 更容易進入主流。

We will develop new revenue streams, which leverage the investments in technology that we've already made, bringing greater leverage to our P&L. While we have adjusted our 2025 guidance to reflect some of the near-term headwinds, it's highly possible we are being overly conservative as I believe the market in the near term is adjusting to change. We remain bullish about the long-term growth potential for Butterfly, and our ability to drive worldwide adoption of chip-based technology and leverage the technology beyond our core ultrasound business.

我們將開發新的收入來源，利用我們已經進行的技術投資，為我們的損益帶來更大的槓桿作用。雖然我們已經調整了 2025 年的指導方針以反映一些近期的不利因素，但我們很可能過於保守，因為我相信短期內市場正在適應變化。我們仍然看好 Butterfly 的長期成長潛力，以及我們推動全球採用基於晶片的技術並在核心超音波業務之外利用該技術的能力。

So with that, operator, please open the call to questions.

那麼，接線員，請開始提問吧。

(Operator Instructions)

（操作員指示）

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

Thanks, Joe, and thanks, Heather, for all the help over the last couple of years during your CFO tenure. Good luck in your next chapter, and congratulations to Megan on the interim role. I was hoping to just start off, I think you laid out the drivers of the guidance revision and some of the macro headwinds that are in place and that Butterfly is facing. Just wanted to make sure we touched on the competitive landscape. There may be a read-through that competition is intensifying too. Are you seeing any competitive headwinds springing up from other handheld platforms in the US specifically or internationally?

謝謝喬，也謝謝希瑟，謝謝你們在過去幾年擔任財務長期間提供的所有幫助。祝你在接下來的篇章中好運，並祝賀梅根擔任臨時職務。我希望一開始就列出指導修訂的驅動因素以及 Butterfly 面臨的一些宏觀不利因素。只是想確保我們觸及了競爭格局。有跡象顯示競爭也正在加劇。您是否看到來自美國或國際上其他手持平台的競爭阻力？

So first of all, and also, we read your report. So that really helped us. No. I mean, anything to do with the revisions have nothing to do with competition. Are we in a competitive market?

首先，我們也閱讀了您的報告。這確實對我們有幫助。不。我的意思是，與修訂有關的任何事情都與競爭無關。我們處在一個競爭激烈的市場嗎？

Yes. Are there good competitors out there? Yes. But what we've seen, we think, more is just a function of a big part of our strategy going forward is doing larger deals. And we think we -- there's -- for handheld ultrasound, there's not a hospital budget that says, okay, here's my annual Butterfly purchases.

是的。那裡有好的競爭對手嗎？是的。但我們認為，我們所看到的更多只是我們未來策略的一個重要組成部分，即開展更大規模的交易。我們認為，對於掌上超音波，醫院的預算中並沒有說，好吧，這是我每年購買的 Butterfly 設備。

So we are -- every deal we do is new, is -- it gets carved into a new part of a budget and is something that has to do with us blazing really a new trail. Our -- we are specifically citing the larger deals just getting delayed. Those larger deals, no one else is doing. No one. We're the first ones engaging hospitals at this scale, first one engaging medical schools at this scale, and we're blazing trails.

所以，我們做的每筆交易都是新的，它被劃分到預算的新部分，與我們開闢一條新的道路有關。我們—我們特別提到那些被延後的大型交易。那些較大的交易，沒有其他人在做。沒有人。我們是第一批以這種規模與醫院合作的公司，也是第一批以這種規模與醫學院合作的公司，我們正在開闢道路。

There's a bunch of handheld companies who sell online like we do. But that is -- and that will always be competitive. But in general, no. In the environments where we are moving, we are building a market for the first time. We are creating users for the first time.

有很多手持設備公司像我們一樣在網路上銷售。但那是——而且那將永遠具有競爭力。但總體來說，不是。在我們所處的環境中，我們第一次建立了一個市場。我們正在首次創建用戶。

We're building workflow into institutions on one-to-one for the first time. And when anyone is going through a change or they're calibrating, it's easy to delay something that's brand new versus reordering or existing businesses, et cetera. So no, the revision is simply -- we're being cautious because we saw signs. We moderated when we gave guidance in the second quarter to include that because at the end of the first was a little lighter than we would have expected, and that perpetuated into the end of the second. And so, we're just being cautious.

我們首次以一對一的方式在機構內建立工作流程。當任何人經歷變化或調整時，很容易推遲全新事物，而不是重新排序現有業務等等。所以不，修改只是——我們很謹慎，因為我們看到了跡象。我們在第二季度給出指引時進行了調整，將這一部分納入其中，因為第一季末的業績比我們預期的要輕一些，而且這種情況一直持續到第二季​​末。所以，我們只是保持謹慎。

We have not missed guidance yet since Heather and I have been here. And we're not going to miss it in the future. We're going to give our investors a very clear line of sight, and we want to continue to earn the confidence.

自從希瑟和我來到這裡以來，我們還沒有錯過任何指導。我們將來也不會錯過它。我們將為投資者提供非常清晰的視野，並希望繼續贏得他們的信任。

That's helpful. And a little bit of a similar question, just geared towards the software subscription revenue line item and Compass AI sounds like you're bolstering your enterprise software offering. I would love to just hear more about -- and any help you can give to help us to think through forecasting that those revenues on a go-forward basis just from an enterprise software positioning here with Compass AI coming on board, any trends in the enterprise software channel in the first half that could improve in the second half? And then just also on the individual subscription revenues, what's happening there? And how can Butterfly drive higher subscription levels?

這很有幫助。這是一個類似的問題，只是針對軟體訂閱收入項目，Compass AI 聽起來像是在加強企業軟體產品。我很想聽到更多相關資訊——您能否幫助我們預測未來的收入，僅從企業軟體定位來看，隨著 Compass AI 的加入，上半年企業軟體管道有哪些趨勢可以在下半年得到改善？那麼就個人訂閱收入而言，情況如何？Butterfly 如何才能提高訂閱量？

No problem, Josh. So first of all, the software line is kind of like a tale of two stories. So on one side, on the individual subscriptions, when we get to renewals, we do have a pretty good churn from an individual subscription. And that is a quarter to quarter headwind for us. It is harder for us to get people to re-up after three years or after five years or if they're on year-to-year.

沒問題，喬希。首先，軟體系列有點像是兩個故事的故事。因此，一方面，就個人訂閱而言，當我們進行續訂時，我們確實從個人訂閱中獲得了相當不錯的流失率。這對我們來說是一個季度又一個的逆風。對我們來說，讓人們在三年或五年後重新加入，或者如果他們是逐年加入的話，會更加困難。

That's just something we're trying to get better, make our software more sticky to those individual users. The enterprise software is growing. And that's where we are not only growing new accounts, but Compass AI is going to give us the opportunity to also take a little more price because of the impact the software has, the capabilities of the software. And so, while the line itself doesn't look like it's growing as fast, it's dealing with that type of shift in product. I think the enterprise software will become and continue to become a more and more meaningful part of our overall revenue.

這只是我們正在努力改進的事情，讓我們的軟體對個人用戶更有吸引力。企業軟體正在不斷發展。這就是我們不僅能增加新帳戶的地方，而且 Compass AI 也將讓我們有機會憑藉該軟體的影響力和功能獲得更高的價格。因此，雖然生產線本身看起來成長速度沒有那麼快，但它正在應對這種產品轉變。我認為企業軟體將會成為並將繼續成為我們整體收入中越來越重要的一部分。

And it's absolutely key to our enterprise strategy because as we've been selling into the hospitals, we've been selling department to department. And then as we stitch together multiple departments, we start talking enterprise. And when you talk enterprise and you talk scaling over a lot of people, efficiency, ease of use, integration to their workflow is literally life or death for software. And it has to be easy. It has to be easy to document.

這對我們的企業策略來說絕對是關鍵，因為當我們向醫院銷售產品時，我們一直在向各部門銷售產品。然後，當我們將多個部門整合在一起時，我們開始談論企業。當你談論企業並談論擴大規模時，效率、易用性、與工作流程的整合實際上就是軟體的生死攸關因素。而且它必須很容易。它必須易於記錄。

It has to have a few steps. And now with all of the incredible AI tools that are out there, we are able to stitch steps together for one step, and we are able to do things in an automated fashion that makes it quick. So for example, getting this one large top health system to just go system-wide, it wouldn't happen if it wasn't for the improvements to Compass AI, where we showed them how this can be automated, how this could be faster. And we've pioneered this whole market with Compass with really our first-generation software. We've learned a ton.

它必須有幾個步驟。現在，借助各種令人難以置信的人工智慧工具，我們可以將各個步驟拼接在一起，以自動化的方式快速完成任務。舉例來說，如果沒有 Compass AI 的改進，讓這個大型頂級醫療系統推廣到全系統範圍是不可能實現的，我們向他們展示瞭如何實現自動化，如何加快速度。我們利用第一代軟體 Compass 開拓了整個市場。我們學到了很多。

We've done a bunch of revs to improve it, but this is a generational shift in the platform, which is, I think, key to crossing the chasm and getting the not enthusiasts into using it every day because it's just easy to use. So I think it's going to be not only a catalyst for our software sales, but our enterprise sales, as we show -- how it gets easier and easier and more and more automated, and you capture that enterprise, then the pull-through on hardware is just natural. And that one large customer that I mentioned before that we had closed today has upwards of 700 probes. And that was organically sold. That wasn't one order.

我們做了大量的改進，但這是平台的一次世代轉變，我認為這是跨越鴻溝並讓非愛好者每天使用它的關鍵，因為它很容易使用。因此，我認為這不僅會成為我們軟體銷售的催化劑，還會成為我們企業銷售的催化劑，正如我們所展示的——它變得越來越容易，越來越自動化，當你抓住了那個企業，那麼硬體上的拉動就是自然而然的。我之前提到的今天我們剛完成交易的一位大客戶有超過 700 個探測器。這些都是有機銷售的。那不是一個訂單。

That was just as it's getting more and more penetrated and the software is getting more and more used, they buy more and more hardware. And I think that's the enterprise sale of the future, and we're very excited about our future.

隨著它的滲透率越來越高，軟體的使用也越來越多，他們購買的硬體也越來越多。我認為這就是未來的企業銷售，我們對我們的未來感到非常興奮。

Chuck Knickerbocker, Craig-Hallum.

查克·尼克博克、克雷格·哈勒姆。

Maybe just to dig in a little bit more on guidance again, sorry. Can you talk kind of a little bit more about kind of the change in assumptions between prior guidance and this as far as was it kind of impact through Q2, and now it's kind of impact through the rest of the year? And then can you talk about kind of the mix of -- kind of impact on the enterprise side, med schools and then DTC as far as kind of where you're seeing a little bit of a difference relative to previous expectations?

也許只是為了再次深入一點指導，抱歉。您能否再多談談先前指導和此次指導之間的假設變化，以及它對第二季度的影響，以及它對今年剩餘時間的影響？然後，您能否談談對企業方面、醫學院和 DTC 的影響，以及您認為與先前的預期相比有哪些不同？

Well, sure. So I don't know if I have anything incredibly novel to add. But the -- when we initially looked at the second quarter guidance based upon how things had closed in the first, we started to see our -- first of all, our global health business, our public global health business, those that work with NGOs that then do work in countries with us, we definitely saw that pause. We saw -- and there were deals that there was a material impact in our second quarter based upon things that we thought would close. Now those things didn't go away.

嗯，當然。所以我不知道是否有任何非常新穎的東西可以補充。但是，當我們根據第一季的收尾情況初步審視第二季度指引時，我們開始看到——首先，我們的全球衛生業務、我們的公共全球衛生業務，以及那些與非政府組織合作、然後與我們一起在各個國家開展工作的業務，我們確實看到了這種停頓。我們看到——有些交易對我們的第二季產生了重大影響，這是基於我們認為會完成的事情。現在這些事情並沒有消失。

We didn't lose them to a competitor. It was a delay to just ensure that sources of funding in the future would persist. And so I don't think there's a need for anything to be too permanent. And I think things are adjusting. And we just think that, that over the near term is something that we have to keep an eye on because we believe, especially with global health, that if the changes weren't made, our revenue in the second quarter just would have been higher.

我們並沒有將他們輸給競爭對手。這是一種拖延，只是為了確保未來的資金來源能持續下去。因此我認為沒有必要將任何事情定為永久的。我認為事情正在調整。我們只是認為，在短期內我們必須密切關注這一點，因為我們相信，尤其是在全球健康方面，如果沒有做出這些改變，我們第二季的收入只會更高。

And we think that would have persisted through the year. When it comes to enterprise and medical school, we have -- I wish I could just share with you the numbers, but we have a pretty good pipeline, and a smaller part of the pipeline closed on those deals. And we didn't lose the deals. They didn't go anywhere. They're pushed out into an out quarter.

我們認為這種狀況會持續全年。當談到企業和醫學院時，我們有——我希望我可以與你們分享這些數字，但我們有一個相當不錯的管道，而且只有一小部分管道完成了這些交易。我們並沒有失去交易。他們哪裡也沒去。他們被趕到外面的街區。

But now our line of sight and our ability to predict them are just not as certain as they were from a timing perspective in the past. So we are taking a very conservative -- the original guidance had contemplated a continuing of the momentum that we felt at the end of the year. And we definitely felt within the enterprise, within the medical schools and within global health that things have changed. And again, I don't think it's permanent because when we do get into a competitive environment, we have cost as our advantage. We have cloud and AI as our advantage.

但現在我們的視線和預測能力並不像過去從時間角度那樣確定。因此，我們採取了非常保守的態度——最初的指導方針是考慮到我們在年底感受到的勢頭能夠持續下去。我們確實感覺到，在企業內部、醫學院內部以及全球衛生領域，情況已經改變了。而且，我不認為這是永久的，因為當我們進入競爭環境時，成本就是我們的優勢。我們的優勢是雲端和人工智慧。

We have all-in as our advantage. We're not losing the competitors. But we clearly felt that we wanted to be cautious going into the second half of the year, and that's what we've expressed.

我們的優勢是全押。我們並沒有失去競爭對手。但我們清楚地感覺到，我們希望在進入下半年時保持謹慎，我們也表達了同樣的看法。

And Joe, anything you're hearing from your customers as far as kind of the visibility they need to maybe move time lines along as normal or just faster in general from kind of how they are today? Is it just a little bit -- do you think they just need a couple more quarters kind of in the current environment to kind of get comfortable that things are stable, or a little bit more visibility like on the international side, obviously, just maybe a little bit more visibility into how funding is stabilizing. Just a little bit more thought as far as kind of the driver to things returning to normal?

喬，您從客戶那裡聽到了什麼關於他們需要什麼樣的可見性的信息，以便可以像現在這樣正常或總體上更快地推進時間表？只是一點點——您是否認為在當前環境下他們只需要再過幾個季度就能確信情況穩定，或者在國際方面有更多可見性，顯然，也許只是對資金如何穩定有更多可見性。您再想一想，事情恢復正常的驅動因素是什麼？

Yes. So on the global health side, that's -- that will take time to see. I think the needs are out there. People have big hearts, and there's a lot of opportunity to make a significant impact on people's lives where imaging is not readily available. So I think that will recover, but I think that is something where real funding was cut and now those projects that wish to be funded are in the process of looking for different funding.

是的。因此，從全球健康角度來看，這還需要時間來觀察。我認為有這種需求。人們的心胸寬廣，在成像技術尚不發達的地區，有很多機會可以對人們的生活產生重大影響。所以我認為這會恢復，但我認為這是實際資金被削減的，現在那些希望獲得資助的項目正在尋找不同的資金。

And the private sector still has hearts of gold and are still funding and who knows, maybe they'll step into a bit of a short-term void. But again, I think that will all correct. On the medical school and the health system side, it's just timing. It's just timing. It's -- we save cost.

而私部門仍然心地善良，仍在提供資金，誰知道呢，也許他們會填補短期的空白。但我再次認為這一切都會被糾正。從醫學院和衛生系統方面來說，這只是時機問題。這只是時間問題。這——我們節省了成本。

We are a cost saver in imaging. We make outcomes better. So on any analysis, like those dynamics haven't changed. It's just people are like, okay, well, this might take a little longer or we're going to prioritize this or that or it's -- the hospitals have just -- have made their funding decisions -- and I think it's purely temporary. So no, I don't think there is a structural permanent change for hospitals and health systems and medical schools.

我們在成像方面節省了成本。我們力求成果更佳。因此，無論從哪種分析來看，這些動態都沒有改變。人們只是覺得，好吧，這可能需要更長的時間，或者我們要優先考慮這個或那個，或者醫院剛剛做出了資金決定，我認為這純粹是暫時的。所以，我不認為醫院、衛生系統和醫學院會發生結構性的永久性改變。

I just think there's a calibration. And we had expected to go hot through '25 like we did '24, and we've just seen a bit of a change. So again, as I mentioned in the prepared remarks, we might be overly conservative. I don't know. But I think we would rather deal with it, communicate it and give investors a great lens than just hit a wall or something, or guide you in the wrong direction.

我只是認為有一個校準。我們原本預計 25 年會像 24 年一樣火爆，但現在我們看到了一些變化。所以，正如我在準備好的發言中提到的那樣，我們可能過於保守了。我不知道。但我認為我們寧願處理它、溝通它並為投資者提供一個很好的視角，而不是碰壁或遇到其他什麼，或引導你走向錯誤的方向。

That's helpful, Joe. Heather, sorry to see you go out here. Wish you the best.

這很有幫助，喬。希瑟，很遺憾看到你離開這裡。祝你一切順利。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Andrew Brackmann, William Blair.

安德魯布拉克曼、威廉布萊爾。

Joe, your commentary on the pilot program for CHS, it sounds like that's going very well. Any additional color you can maybe provide with respect to the timing, size or structure for expectations for how an agreement like that might shape up? Should it be sort of per click? How to probe sales fit into that? Any color around that might be -- would be appreciated.

喬，你對 CHS 試點計畫的評論聽起來進展非常順利。您能否就此類協議的達成協議、規模或結構提供一些補充資訊？應該是按點擊計算嗎？探測銷售如何適應這種情況？任何周圍的顏色都可能——將受到讚賞。

Sure, no problem. So the way it works is -- and I can't give specific numbers yet because the commercial agreement is not finalized. But the way it works is there'll be a program fee. And that program fee will be based upon the number of patients or members enrolled in the program. And that gives us the ability to train the nurses on site.

當然，沒問題。所以它的工作方式是——我還不能給出具體的數字，因為商業協議還沒有最終確定。但其運作方式是需要支付專案費。該計劃的費用將根據參加該計劃的患者或會員人數計算。這使我們能夠在現場培訓護士。

That gives us the ability to provide all the technology needed in that scalable fee based upon the number of people who are enrolled in the program. And so that then provides kind of the consistent revenue and the consistent coverage of the cost that it takes to get the program going. And then there's going to be revenue per scan. So as each scan is done, we will then have it professionally read by a clinician, we will route it, we will quality check it and manage that. So the revenue stream is based upon how large is the population, and then how active is the scanning activity.

這使我們能夠根據參加該計劃的人數以可伸縮的費用提供所需的所有技術。這樣，這就提供了持續的收入和持續的成本覆蓋，以確保專案順利進行。然後每次掃描就會產生收入。因此，每次掃描完成後，我們都會讓臨床醫生進行專業閱讀，進行路由、品質檢查和管理。因此，收入來源取決於人口規模以及掃描活動的活躍程度。

And we -- when we get to the first agreement, I'll try to give a little bit more color on it, and it's something that will just scale with the number of patients, the number of states that come on. So we do believe it's highly probable that before the end of the year. Butterfly will have its first state signed up. I mean we'll be managing with the teams on site, these patients. And what's beautiful about this model is that this isn't about Butterfly getting into some new business.

當我們達成第一份協議時，我會嘗試對其進行更詳細的說明，它將隨著患者數量和參與的州的數量而變化。因此，我們確實相信，在今年年底前實現這一目標的可能性很高。Butterfly 將迎來其首個簽約州。我的意思是我們將與現場團隊一起管理這些病人。這種模式的美妙之處在於它並不是關於 Butterfly 進入某個新業務。

HomeCare care is about us accelerating adoption. It's about eating our own dog food. It's about using our tech and putting our money where our mouth is, which is we can help you improve. If you use this technology at the bedside, outcomes will improve. Instead of patients being put into an ambulance and sent to a hospital to have an echo or to being dealt with a recurring or continuing progression of congestive heart failure.

HomeCare 護理是我們加速採用的手段。這是關於吃我們自己的狗糧。我們要利用我們的技術，用實際行動來幫助您進步。如果您在床邊使用這項技術，結果將會改善。而不是將患者送上救護車並送往醫院進行超音波心動圖檢查或治療反覆發作或持續進展的充血性心臟衰竭。

We're going to empower a nurse at a skilled nursing facility to take a scan right then and there, and then within 24 hours, get the type of information they need for the attending on-site to make a clinical decision to improve the outcome of that patient. It's a significant reduction in the cost of care, especially for at-risk providers. It's a significant reduction in their cost of care, and it's an immediate ability to improve the clinical outcome of that patient.

我們將授權專業護理機構的護士立即進行掃描，然後在 24 小時內獲取現場主治醫生所需的信息，以便做出臨床決策，改善患者的治療效果。這顯著降低了護理成本，特別是對於高風險的醫療服務提供者。這顯著降低了他們的護理成本，並能立即改善患者的臨床結果。

So by -- for us getting into HomeCare, instead of waiting 10 years for organizations to finally get it that every nurse should have a probe and they should be doing this on site by just stepping up and showing how immediately we can provide these types of clinical and financial benefits, it opens the eyes to those at-risk providers that this can be done. And Butterfly is very uniquely positioned with this because it allows us -- it uses our cloud capabilities.

因此，對我們來說，進入家庭護理領域，我們不需要等待 10 年的時間，讓組織最終認識到每個護士都應該配備探頭，而應該在現場進行這項工作，只需站出來展示我們如何立即提供這些類型的臨床和財務利益，它就讓那些處於危險中的提供者明白這是可以做到的。Butterfly 在這方面具有非常獨特的優勢，因為它允許我們使用我們的雲端功能。

It uses our AI capabilities. It uses our education capabilities, our hardware capabilities and our systemic software capabilities and managing data, it takes the entire offering of Butterfly, and it allows us to deploy it in a very powerful way. So -- and not only that, but you can -- we can turn around and we can sell a doctor a probe for, say, $3,000 or $4,000, and then we won't see that doctor's revenue for another 3 to 5 years, or we can take that probe, and have it used and get revenue for every single patient it touches. And the comparison on the revenue opportunity and scale to the core business is incomparable. And the magnitude of this opportunity, even for this one customer, it can make a significant improvement to Butterfly's overall financial.

它利用了我們的人工智慧能力。它利用我們的教育能力、硬​​體能力、系統軟體能力和管理數據，它採用了 Butterfly 的全部產品，並允許我們以非常強大的方式部署它。所以 — — 不僅如此，你還可以 — — 我們可以反過來，以 3,000 美元或 4,000 美元的價格向醫生出售一個探針，然後我們將在 3 到 5 年內看不到該醫生的收入，或者我們可以拿著這個探針，使用它並從接觸到的每一個病人身上獲得收入。而與核心業務在收入機會和規模上的比較是無法比擬的。即使對這一位客戶來說，這個機會的重要性也能顯著改善 Butterfly 的整體財務狀況。

If we were able to get anywhere near to going nationwide with this program, I think we'd be cash flow neutral pretty quick. So we are placing -- in our five-year plan, we are placing big bets to leverage our core competencies. And we're also doing things to use our basic principles of point of care, helping patients where they're at and making this a major catalyst for cost reduction. So I am extremely bullish about the future of Butterfly. Don't take our caution this year with the environment as anything, but just good, disciplined shepherding of a business in the short term. Butterfly is going to fly.

如果我們能夠透過該計劃在全國範圍內推廣，我認為我們很快就會實現現金流中性。因此，在我們的五年計劃中，我們將大力投入以增強我們的核心競爭力。我們也在努力運用我們的基本護理原則，為患者提供就地幫助，並使其成為降低成本的主要催化劑。因此，我對 Butterfly 的未來非常看好。請不要將我們今年對環境的謹慎視為什麼，這只是短期內對企業的良好、有紀律的引導。蝴蝶就要飛了。

That's great color. Maybe a similar question on sort of the pipeline and where you're going with the entity. You mentioned Butterfly Garden's getting into the commercial phase here and recognizing the crosswinds here and now for the business. If we just zoom out a bit and more and more of these are added, can you just remind us about your confidence that Garden can sort of help drive the flywheel effect, which you just talked about for HomeCare as well?

顏色真棒。也許關於管道類型以及您要與實體一起去往何處存在類似的問題。您提到蝴蝶園已進入商業化階段，並認識到目前該業務面臨的挑戰。如果我們稍微縮小一點，並添加越來越多的內容，您能否提醒我們，您有信心 Garden 可以幫助推動飛輪效應，您剛才也談到了 HomeCare 的飛輪效應？

Well, sure. So that's -- I mean, I wish I had time to explain to you how good that question that you just asked is because, again, it is the flywheel. So for example, we now with HeartFocus from DESKi, we're going to have a tool that's going to allow a historically uneducated health care professional to be able to get an echo. So that can be now a whole new service that we provide. So we not only help manage the congestive heart failure patient through our current AI tools, but if they want to have an echo done on site instead of having to send them to the hospital for that echo, we can, with HeartFocus, have them do the echo at the bedside for the patient.

嗯，當然。所以那是——我的意思是，我希望我有時間向你解釋你剛才問的那個問題有多好，因為它是飛輪。例如，我們現在有了 DESKi 的 HeartFocus，我們將擁有一個工具，讓以前未受過教育的醫療保健專業人員也能夠獲得超音波心動圖。所以這可以成為我們現在提供的全新服務。因此，我們不僅透過目前的 AI 工具來幫助管理充血性心臟衰竭患者，而且如果他們希望在現場進行超音波檢查而不是送往醫院進行超音波檢查，我們可以透過 HeartFocus 讓他們在患者床邊進行超音波檢查。

Or the same thing with iCardio, or the same thing with Deep Breathe, whereas these new or think Sono, for example, who has a beautiful application for deep vein thrombosis, we could help these nurses also check for DVTs for patients that are bedridden, et cetera. So as each Garden partner comes in, it does so many things for Butterfly; a, it creates a new revenue stream for Butterfly as Butterfly users purchase the software; b, it gives us a new capability in HomeCare that allows us to provide additional services; and c, it allows for an acceleration of adoption of point-of-care ultrasound in the core population, especially in rural areas, in third world countries where the education component of ultrasonography is a major barrier.

或與 iCardio 或 Deep Breathe 有同樣的作用，而這些新產品或例如 Sono 有一個用於治療深部靜脈血栓的絕佳應用，我們可以幫助這些護士檢查臥床不起的患者的 DVT 等等。因此，隨著每個 Garden 合作夥伴的加入，它為 Butterfly 做了很多事情；a，當 Butterfly 用戶購買軟體時，它為 Butterfly 創造了新的收入來源；b，它為我們在 HomeCare 中提供了新的功能，使我們能夠提供額外的服務；c，它可以加速在核心人群中採用即時超聲檢查，特別是在農村和超聲波檢查，特別是在農村地區和超音波

So -- and that's what's going to make Butterfly go completely mainstream. And by us not choosing winners or losers but allowing the marketplace to come into the Butterfly platform and we will have 20 and 30 and 50 and 100 different applications, people are going to choose the winners, and they're going to make great clinical decisions. We are marching down a path of allowing ultrasound to be ubiquitous.

所以——這就是讓 Butterfly 徹底成為主流的原因。我們不會選擇贏家或輸家，而是讓市場進入 Butterfly 平台，我們將擁有 20、30、50 和 100 種不同的應用程序，人們將選擇贏家，並做出重大的臨床決策。我們正在朝著讓超音波無處不在的道路前進。

We've dramatically reduced the cost of ultrasound. We are now dramatically improving the access. We've dramatically improved the education tools. And now we're dramatically improving AI or access to AI tools that are going to allow this to accelerate just so much faster. So again, it's a part of our 5-year plan of creating a flywheel, and it's exactly how you formed your question.

我們大幅降低了超音波的成本。我們現在正在大幅改善訪問方式。我們大大改進了教育工具。現在我們正在大幅改進人工智慧或使用人工智慧工具，這將使這一進程更快。所以，再說一次，這是我們創建飛輪的五年計劃的一部分，這正是您提出這個問題的原因。

Ben Haynor, Lake Street Capital Markets.

Ben Haynor，Lake Street Capital Markets。

First off for me on HomeCare, can you maybe share a little bit more on how meaningful the heart failure reduction or readmission reduction was? Any kind of anecdotal commentary there? And then what does the partner want to see in terms of going from one state to two states? Is that a function of you guys being able to train? Is it something that potentially can go in parallel? What's the right way for investors to think about that?

首先，對於 HomeCare 來說，您能否再分享心臟衰竭減少或再入院減少的意義有多大？那裡有任何軼事評論嗎？那麼，從一種狀態到兩種狀態，合作夥伴希望看到什麼呢？這是你們訓練的功能嗎？它有可能同時進行嗎？投資人應該如何正確看待這個問題？

So as usual, very good questions, Ben. So first of all, I can't share with you the specifics because it's the partner's data. But I can say there was a significant reduction in readmissions. Let's say -- I don't know if I can give you a number, but it definitely -- let's put it this way, it cut the readmission number at least by half. And if you look at those numbers, those numbers scale very quickly.

所以像往常一樣，這是非常好的問題，本。首先，我無法與您分享具體訊息，因為這是合作夥伴的數據。但我可以說，再入院人數明顯減少。比方說——我不知道是否可以給你一個數字，但它肯定——讓我們這樣說吧，它將再入院人數減少了至少一半。如果你看一下這些數字，你會發現它們成長得非常快。

And so of course, going to the first state is to make sure that the pilot results are transferable at scale. And so -- and I think when we show the ability to transfer those results at scale, I think that just opens up the opportunity. And I think that, that would happen quickly. So there's a difference between monitoring, doing a pilot at two sites versus a full state. And so it's purely -- we're going to work really hard to show that those results can continue. And I think when we do, the opportunity just continues to open for us, Ben.

當然，首先要確保試點結果能夠大規模推廣。所以——我認為，當我們展示出大規模轉移這些成果的能力時，我認為這就帶來了機會。我認為那會很快發生。因此，在兩個地點進行監控、試點和全面試點之間存在差異。所以這純粹是──我們將非常努力地證明這些成果能夠持續下去。我認為，當我們這樣做的時候，機會就會繼續向我們敞開，本。

Makes sense. I mean it sounds like with what they saw, there's not really any question that they'll be duplicatable elsewhere?

有道理。我的意思是，聽起來他們所看到的，毫無疑問它們可以在其他地方複製？

No. It's -- I mean the results are great. So it's just -- but as you know, when you scale stuff, you have to -- sometimes the littlest things get you. So you just have to prove that, hey, you can go to these different sites, you can train -- everyone -- it wasn't just an anomaly, blah, blah, blah. So we're going to do that now in -- hopefully, as we get this first day closed.

不。我的意思是——結果非常棒。所以這只是——但正如你所知，當你擴大規模時，你必須——有時最小的事情也會讓你受到影響。所以你只需要證明，嘿，你可以去這些不同的站點，你可以訓練——每個人——這不僅僅是一個異常現象，等等等等。所以我們現在就要這樣做——希望在第一天結束時能夠做到這一點。

Okay. Got it. That's very helpful. And then you mentioned hospitals not having specific handheld ultrasound budgets. Is that something that you think iQ station could potentially help you with, whether it falls into a broader imaging bucket or traditional ultrasound cart budget? And then any updates on kind of the P5 next-generation versions and form factors?

好的。知道了。這非常有幫助。然後您提到醫院沒有專門的掌上超音波預算。您是否認為 iQ station 可以為您提供幫助，無論它屬於更廣泛的成像類別還是傳統的超音波推車預算？那麼有關 P5 下一代版本和外形尺寸有任何更新嗎？

So again, another very good question. And actually, you're kind of dead on. Right now, hospitals have budgets to refresh their ultrasound every three to five years. They have budgets to refresh their point-of-care ultrasound carts every three to five years. Because iQ3 is only a year out, we're still getting penetrated in the hospitals, and we haven't established it enough for it to become like a routine reorder.

這又是一個非常好的問題。事實上，你的判斷已經完全正確了。目前，醫院有預算每三到五年更新一次超音波檢查。他們有預算每三到五年更新一次臨床超音波推車。由於 iQ3 的推出才一年時間，我們仍在醫院中普及它，而且我們還沒有將其建立到足以成為常規重新訂購的程度。

But iQ Station will compete with point-of-care ultrasound carts, and that's exactly correct. And again, this is all tying into our evolution because we rewind the tape a year ago, prior to iQ3, the narrative on Butterfly was it's a great device, but it will never be used in hospitals because the image quality doesn't match up. That's what we dealt with 12 months ago.

但 iQ Station 將與即時診斷超音波推車競爭，這是完全正確的。再說一次，這一切都與我們的進化息息相關，因為我們回顧一年前，在 iQ3 之前，關於 Butterfly 的敘述是，它是一款很棒的設備，但它永遠不會在醫院使用，因為圖像質量不匹配。這就是我們 12 個月前處理的問題。

Now over the last year, we proved that we not only are equivalent, but being an all-in pro, being cost effective, having all of our tools, we are the solution going forward. And so we are building that momentum and a way to get into the core $2 billion, let's say, POCUS cart business or the cart business at the lower level, having a device like an iQ station will access existing market dollars and existing budgets and will allow us to displace existing competitors as we move upstream with our image quality.

在過去的一年裡，我們證明了我們不僅是同等水平，而且是全能專業人士，具有成本效益，擁有所有的工具，我們是未來的解決方案。因此，我們正在建立這種勢頭，並尋找進入核心 20 億美元市場的方法，例如 POCUS 推車業務或較低級別的推車業務，擁有像 iQ 站這樣的設備將可以獲得現有的市場資金和現有預算，並允許我們在圖像質量向上游發展時取代現有的競爭對手。

And then, of course, P5 is going to be a generational step-up in image quality. You're going to start asking yourself a question, when you see how good the image quality of our fourth generation is over the existing devices out there, you're going to have to ask yourself, why am I using these devices? Why? They're not going to be as good as P5. We've seen there be a certain limitation on a technology that's been out there for 30 or 40 years doesn't have the type of generational leaps that a semiconductor that we have has.

當然，P5 將在影像品質上實現跨越式的提升。你會開始問自己一個問題，當你看到我們的第四代產品的影像品質比現有的設備好多少時，你就會問自己，我為什麼要使用這些設備？為什麼？他們不會像 P5 那樣好。我們已經看到，已經存在 30 或 40 年的技術有一定的局限性，沒有像我們現有的半導體那樣實現世代飛躍。

And our fourth generation is going to be so good. I do believe people will be like, okay, well, this is it. And then you add that to a current environment. It creates the workflow when we talk about every doctor and every nurse having their own probe, stepping up to a station and having a sit-down type of quality experience, that's exactly why we've designed this concept. And I think it will allow us to get into the core budgets of the health system. So that's exactly right, Ben.

我們的第四代將會非常優秀。我確實相信人們會覺得，好吧，就是這樣了。然後將其添加到當前環境中。當我們談論每個醫生和每個護士都有自己的探頭、走到一個工作站並坐下來享受優質體驗時，它創建了工作流程，這正是我們設計這個概念的原因。我認為這將使我們能夠進入醫療系統的核心預算。完全正確，本。

Heather, sorry, I didn't have one for you, but it's been a pleasure working with you over the years and best of luck to you.

希瑟，很抱歉，我沒有給你一個，但多年來與你共事很愉快，祝你好運。

Thanks, Ben.

謝謝，本。

Thanks, Ben.

謝謝，本。

(Operator Instructions)

（操作員指示）

And as we have no further questions in the queue, that concludes the Q&A portion of today's call. So I will hand back over to you, Joe, for any final comments.

由於我們沒有其他問題，今天電話會議的問答部分就此結束。因此，喬，我將把最後的發言權交還給你。

All right. Well, everyone, thank you so much for joining us this morning. We remain extremely bullish on Butterfly's future, and we will navigate us through whatever changes. I'm very pleased in our expense management and our ability to continue to grow the business, while being good shepherds of capital. We're making great, great progress.

好的。好吧，各位，非常感謝你們今天早上加入我們。我們仍然對 Butterfly 的未來充滿信心，並且我們將引領我們度過任何變化。我對我們的費用管理以及我​​們繼續發展業務的能力感到非常滿意，同時我們也能很好地管理資本。我們正在取得巨大進步。

And so I just appreciate all of your support as we navigate some change here. And also, I'd just reiterate thanking Heather for all the great work, and she'll go off and do great things and her legacy will continue with a perfect team that we have assembled here in finance. So thank you guys for all your support, and we'll talk to you soon. Thanks.

因此，我非常感謝大家在我們進行一些改變時提供的支持。此外，我還要再次感謝 Heather 所做的一切出色工作，她將繼續做出偉大的事情，她的精神將透過我們在金融領域組建的完美團隊繼續傳承下去。所以感謝大家的支持，我們很快就會與你們聯絡。謝謝。

This concludes today's call. Thank you, everyone, for joining. You may now disconnect.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連線。