Butterfly Network Inc (BFLY) 2025 Q3 法說會逐字稿

Good morning, everyone and welcome to the Butterfly Network third quarter 2025 earnings conference call. My name is Carla, and I will be coordinating your call today.

各位早安，歡迎參加 Butterfly Network 2025 年第三季財報電話會議。我叫卡拉，今天我將負責協調您的通話。

(Operator Instructions)

（操作說明）

I'd now like to hand you over to the interim Chief Financial Officer, Megan Carlson to begin. Please go ahead when you're ready.

現在我把發言權交給臨時財務長梅根·卡爾森，由她開始發言。準備好了就請開始吧。

Good morning and thank you for joining us.

早安，感謝各位的參與。

Earlier today, Butterfly released financial results for the third quarter ended September 30, 2025, and provided a business update. The release, which includes a reconciliation of management's use of non-GAAP financial measures compared to the most applicable GAAP measures, is currently available on the investors section of the company's website at ir.butterflynetwork.com.

今天早些時候，Butterfly 發布了截至 2025 年 9 月 30 日的第三季財務業績，並提供了業務最新進展。該公告包括管理層使用非GAAP財務指標與最適用的GAAP指標的對比情況，目前可在公司網站ir.butterflynetwork.com的投資者關係部分查閱。

I, Megan Carlson, interim Chief Financial Officer of Butterfly, alongside Joseph DeVivo, Butterfly's Chairman and Chief Executive Officer, will host this morning's call.

我，Megan Carlson，Butterfly 的臨時首席財務官，將與 Butterfly 的董事長兼首席執行官 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 for our products and services, and changes in the nature of our business.

在今天的電話會議中，我們將發表一些前瞻性聲明。這些聲明可能包括（但不限於）對財務業績、未來表現、產品和服務開發和商業化、潛在的監管批准、以及我們產品和服務當前或未來市場的規模和潛在增長的預期，以及我們業務性質的變化。

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.

這些前瞻性陳述是基於當前資訊、假設和預期，但這些資訊、假設和預期可能會發生變化，並且涉及許多已知和未知的風險、不確定性和其他因素，這些因素可能導致實際結果與前瞻性陳述中包含的結果有重大差異。這些風險以及其他風險已在我們向美國證券交易委員會提交的文件中進行了描述。請注意，不要過度依賴這些前瞻性陳述，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. To access the webcast, please visit the event section of our investor website. A replay of the event will also be available on this page following the call. I would now like to turn the call over to Joe.

再次提醒，本次通話將進行網路直播和錄音。如需觀看網路直播，請造訪我們投資者網站的活動版塊。通話結束後，本頁面也將提供活動回放。現在我想把電話交給喬。

So, thanks, Megan. Good morning and thank you for joining us for our third quarter 2025 conference call.

謝謝你，梅根。早安，感謝各位參加我們2025年第三季電話會議。

We're pleased to report the third quarter of '25 results. We're at the higher end of revenue guidance. We continue to consume less and less cash while driving gross margins higher, excluding our non-cash inventory adjustment that we recorded. Please keep in mind that our third quarter of 2025 results compared to last year's third quarter, where we delivered 30% revenue growth on the heels of a very successful iQ3 launch. We were able to keep growing on top of that very strong quarter a year ago.

我們很高興地向大家公佈2025年第三季的業績。我們的營收目標處於預期上限。我們持續減少現金消耗，同時提高毛利率（不包括我們記錄的非現金庫存調整）。請注意，我們 2025 年第三季的業績與去年第三季相比，去年第三季我們憑藉 iQ3 的成功發布實現了 30% 的營收成長。我們得以在去年那個強勁季度的基礎上繼續成長。

We knew coming into 2025 we would have the anniversary of big year and new product launch. In major medical institutions across the United States, there are hundreds of doctors who own to Butterfly. To drive enterprise sales, we developed a strategy that builds on the base of individual support and introduces Butterfly more holistically through the health system.

我們知道，進入 2025 年，我們將迎來重要的周年紀念和新產品發布。在美國各大醫療機構中，有數百名醫生是 Butterfly 的股東。為了推動企業銷售，我們制定了一項策略，該策略以個人支援為基礎，並透過醫療系統更全面地引入 Butterfly。

During the second quarter of this year, we encountered some headwinds in the strategy as hospitals were focused on broader macro issues. Those headwinds remained during the third quarter. Nonetheless, our pipeline opportunities have increased. We believe we're starting to see the cloud lifting. I expect we'll return to the momentum we're used to in 2026 and may even see early signs in the current quarter.

今年第二季度，由於醫院將注意力集中在更廣泛的宏觀問題上，我們的策略遇到了一些阻力。第三季這些不利因素依然存在。儘管如此，我們的專案機會有所增加。我們認為陰霾開始消散了。我預計我們將在 2026 年恢復到我們習慣的發展勢頭，甚至可能在本季度看到一些早期跡象。

When we laid out our 5-year plan in March 2024, we introduced multiple growth pillars. One of those was our core business, going deeper into the POCUS category with higher quality imaging and software that meets the needs of hospital systems. We also said we'd expand into entirely new markets and we'd continue innovating to maintain our differentiated edge. We're seeing that our strategy is working and that our many shots on goal position us for success. We're improving healthcare economics every day and are intent on bringing this innovation directly into the heart of medical care.

我們在 2024 年 3 月制定五年計畫時，引進了多個成長支柱。其中之一是我們的核心業務，即透過更高品質的影像和軟體，更深入地了解 POCUS 類別，以滿足醫院系統的需求。我們也表示，我們將拓展到全新的市場，並將繼續創新以保持我們的差異化優勢。我們看到我們的策略奏效了，我們多次射門讓我們離成功更近了一步。我們每天都在改善醫療保健經濟狀況，並致力於將這項創新直接引入醫療保健的核心領域。

While the third quarter is usually our quietest, we kept busy driving progress across the business and continuing to lay the necessary foundation as we mature in scale. An important part of that foundation is ensuring that we remain a trusted partner to our customers, and information security plays a big role in that.

雖然第三季度通常是我們最清閒的季度，但我們仍然忙於推動業務發展，並隨著規模的擴大繼續奠定必要的基礎。這項基礎的重要組成部分是確保我們始終是客戶值得信賴的合作夥伴，而資訊安全在這方面發揮著重要作用。

We've always had a strong security posture, and we've even now strengthened that further with ISO 27001 and other international certifications announced earlier this week. Each of these reinforces that Butterfly's cloud is safe, trusted, and enterprise ready as we expand globally.

我們一直擁有強大的安全保障，本週稍早宣布的 ISO 27001 和其他國際認證進一步加強了這一點。這些都進一步證明，隨著我們在全球擴張，Butterfly 的雲端平台是安全、值得信賴且適用於企業的。

Our AI strategy is also proving to be a great accelerator for us, and it's really come to life in Q3. A major milestone came in September when the POCUS care trial from Rutgers Robert Wood Johnson Medical School, published in JAMA, highlighted the real-world impact of Butterfly's AI lung tool or Auto B-line Counter on patient care and hospital efficiency. In this evaluation of over 200 patients, integrating Butterfly's tool into workflows, improved clinical management in 35% of the cases, reduced hospital length of stay by 30% and generated more than $750,000 in direct cost savings. This is exactly the type of clinical and economic validation that fuels our enterprise strategy and shows the power of AI to drive real change in healthcare, and our next gen enterprise software, Compass AI is on track to launch before year end, so we expect to take this type of impact further by making large scale hospital use even easier and more effective.

我們的人工智慧策略也證明是我們發展的一大加速器，並在第三季真正取得了成效。9 月份，羅格斯大學羅伯特·伍德·約翰遜醫學院的 POCUS 護理試驗在 JAMA 上發表，這是一個重要的里程碑。該試驗突顯了 Butterfly 的 AI 肺部工具或自動 B 線計數器對病患照護和醫院效率的實際影響。在對 200 多名患者進行的評估中，將 Butterfly 的工具整合到工作流程中，在 35% 的病例中改善了臨床管理，減少了 30% 的住院時間，並節省了超過 75 萬美元的直接成本。這正是推動我們企業策略的臨床和經濟驗證，也展現了人工智慧在醫療保健領域推動真正改變的力量。我們的下一代企業軟體 Compass AI 預計將在年底前推出，因此我們希望透過讓大規模醫院使用起來更加便捷高效，進一步擴大這種影響。

We've also said time and time again that education is the biggest barrier to mass adoption of point of care ultrasound. Butterflies invested throughout our journey in education from in-person training to advanced AI tools. Butterfly Garden is our ecosystem to deploy AI tools to caregivers, including those who are not classically trained in ultrasound.

我們也曾多次說過，教育是床邊超音波大規模普及的最大障礙。Butterflies 在我們整個教育歷程中都投入了大量資源，從面對面培訓到先進的人工智慧工具。Butterfly Garden 是我們向護理人員（包括那些沒有接受過傳統超音波培訓的護理人員）部署人工智慧工具的生態系統。

During the third quarter, HeartFocus from DESKi became the first FDA cleared Butterfly partner app to launch in the garden. Our focus uses AI to guide echo probe placement, capture quality images, and support faster cardiac scans for any healthcare professional. So, we're excited with this launch, and now it's bringing action into the vision that we've had.

第三季度，DESKi 的 HeartFocus 成為第一個獲得 FDA 批准並在花園中推出的 Butterfly 合作夥伴應用程式。我們專注於利用人工智慧來指導超音波探頭放置、擷取高品質影像，並支援任何醫療保健專業人員進行更快速的心臟掃描。所以，我們對這次發布感到非常興奮，現在它正在將我們一直以來的願景付諸實現。

Echocardiograms are done about 7 million times a year in the US with a wide range of procedural costs from $250 a study and sometimes well over $1000 out of pocket. That's over $1.7 billion to payers on the lower end, most of that happens in a facility, and if the cost isn't the barrier, access is. Now, anyone with a Butterfly can get a HeartFocus license, download the app from the Apple Store, plug in their probe, and perform a limited echo, a scan that's often all you need to get key information fast right at the bedside. It's that easy, and this is why Butterfly Garden is an amplifier. It lets more users practice medicine in ways they couldn't before, improving patient access to timely care.

美國每年大約進行 700 萬次心臟超音波檢查，每次檢查的費用從 250 美元到 1000 美元不等，有時需要自費。對於支付者來說，這相當於超過 17 億美元，其中大部分發生在醫療機構內，如果費用不是障礙，那麼准入就是障礙。現在，任何擁有 Butterfly 設備的人都可以獲得 HeartFocus 許可證，從 Apple Store 下載應用程序，插入探頭，進行有限的心臟超音波檢查，這種掃描通常足以在床邊快速獲取關鍵資訊。就這麼簡單，這就是為什麼 Butterfly Garden 能起到擴大機的作用。它讓更多用戶能夠以以前無法做到的方式行醫，從而改善患者及時獲得醫療服務的機會。

We also have Butterfly Scan lab, in our very own AI powered app that members can use for ultrasound learning at no additional cost. Last October, Kansas City University College of Osteopathic Medicine became the first medical school to use Scan lab in an elective course. This week they joined us for a webinar to share their results which 95% of students committed to independent scanning, over 7,000 scans were reviewed and more than 230 faculty hours were saved. This was made possible because they leveraged AI through Scan lab. In fact, the impact and student enthusiasm was so strong as of this fall, KCU expanded to a 1 to 1 model using our probes and scan lab across all four years of their curriculum.

我們還擁有 Butterfly Scan 實驗室，它整合在我們自主研發的 AI 應用程式中，會員可以免費使用實驗室進行超音波學習。去年十月，堪薩斯城大學骨科醫學院成為第一所將掃描實驗室應用於選修課程的醫學院。本週他們參加了我們的網路研討會，分享了他們的成果：95% 的學生致力於獨立掃描，審查了超過 7,000 份掃描件，節省了超過 230 個教師工時。這得益於他們透過 Scan lab 運用了人工智慧技術。事實上，從今年秋季開始，該計畫的影響和學生的熱情非常高漲，KCU 已將其擴展為 1 對 1 的模式，在其四年的課程中全面使用我們的探針和掃描實驗室。

Continue on AI, for the last several years, Butterfly has been working with the Gates Foundation and the University of North Carolina on an AI powered gestational age calculator. In many low and middle income countries, women often learn they're pregnant late in their term and may not know the date of conception. Yet gestational age is critical in guiding the care and can be life saving for those far from health facilities. This is where the AI steps in. So using a simple set of blind sweeps across the uterus during pregnancy, the tool automatically calculates the age of the baby. No image interpretation or specialized training required. It's a powerful example of technology meeting accessibility and affordability.

繼續談到人工智慧，在過去的幾年裡，Butterfly 一直與蓋茲基金會和北卡羅來納大學合作開發由人工智慧驅動的妊娠年齡計算器。在許多中低收入國家，女性往往在懷孕後期才發現自己懷孕，可能不知道受孕日期。然而，妊娠週數對於指導護理至關重要，對於遠離醫療機構的人來說，妊娠週數甚至可以挽救生命。這時人工智慧就派上用場了。因此，該工具透過在懷孕期間對子宮進行一系列簡單的盲掃，自動計算出胎兒的年齡。無需圖像判讀或專門訓練。這是科技與普及性和經濟性完美結合的有力例證。

Since 2022, more than 1,000 butterfly devices have been deployed in over 1,000 healthcare providers across sub-Saharan Africa, resulting in about 2 million scans to date. What's exciting is as of Q3, caregivers now in Malawi and Uganda can now use the AI calculator directly in the Butterfly app. No additional hardware needed, and with the tool currently under FDA review, we're looking ahead at bringing it to even more settings.

自 2022 年以來，超過 1000 台 Butterfly 設備已在撒哈拉以南非洲的 1000 多家醫療機構部署，迄今為止已進行了約 200 萬次掃描。令人興奮的是，從第三季開始，馬拉威和烏幹達的護理人員現在可以直接在 Butterfly 應用程式中使用 AI 計算器。無需額外硬件，而且該工具目前正在接受 FDA 審查，我們期待將其推廣到更多應用程式場景。

Each of Butterfly's AI initiatives have the opportunity to drive a paradigm shift in how care is delivered and represents exactly what butterfly stands for, using AI and handheld ultrasound to remove barriers, empower more providers, and help improve outcomes. We've built the framework and the platform, and now AI is unlocking massive leverage and bringing our growth strategy to life.

Butterfly 的每項人工智慧計畫都有機會推動醫療服務提供方式的範式轉變，並完全體現了 Butterfly 的理念，即利用人工智慧和手持式超音波技術消除障礙，賦能更多醫護人員，並幫助改善治療效果。我們已經搭建好了框架和平台，現在人工智慧正在釋放巨大的槓桿作用，並將我們的成長策略變為現實。

So, I'll pause here and turn it over to Megan to review the financial results for the quarter. Megan.

那麼，我先暫停一下，把麥克風交給梅根，讓她來回顧一下本季的財務表現。梅根。

Thank you, Joe.

謝謝你，喬。

Revenue for the third quarter of 2025 was $21.5 million, reflecting 5% growth over the prior year period, which was primarily driven by higher average selling prices from a larger percentage of iQ3 sales internationally, as well as increases in volume, mainly in the US.

2025 年第三季營收為 2,150 萬美元，比上年同期成長 5%，這主要得益於 iQ3 在國際市場的銷售比例提高，從而推高了平均售價，以及銷量成長，尤其是在美國。

Breaking things down between US and international channels, total international revenue increased 4% over the prior year period to $5.4 million. The increase was driven by price, given the international launch of iQ3 in the third quarter last year.

如果將美國通路和國際通路分開來看，國際通路的總收入比去年同期成長了 4%，達到 540 萬美元。此次上漲主要受價格因素驅動，因為 iQ3 去年第三季在國際市場上市。

During the third quarter, US revenue was $16.1 million, which was up slightly from the third quarter of the prior year. The slight gain was due to e-com sales as well as improved performance in our veterinary distribution channel.

第三季度，美國營收為 1,610 萬美元，比上年同期略有成長。此次小幅成長主要歸功於電子商務銷售以及我們在獸藥分銷管道的業績提升。

Breaking our revenue down between product and software and other services, product revenue was $14.6 million, an increase of 8% versus Q3 2024. This increase was largely driven by higher average selling prices in our international markets, as well as increased volume within both e-com and vet.

將我們的收入按產品、軟體和其他服務細分，產品收入為 1,460 萬美元，比 2024 年第三季成長了 8%。這一成長主要得益於國際市場平均售價的上漲，以及電子商務和獸醫業務銷售的增加。

Software and other services revenue was $6.9 million in the third quarter, which was flat to the prior year period.

第三季軟體及其他服務收入為 690 萬美元，與去年同期持平。

During the period we saw increased licensing and services revenue from our partnerships, offset by lower renewals of individual subscriptions and lower revenue from extended warranties as the standard warranty of our iQ3 probe is longer than our prior models.

在此期間，我們的合作夥伴關係帶來的許可和服務收入有所增加，但個人訂閱續訂率下降以及延長保固期的收入減少所抵消了這些增長，因為我們 iQ3 探頭的標準保固期比我們之前的型號更長。

Software and other services mixed with 32% of revenue, which was slightly lower than the third quarter of 2024. The percentage of revenue from software and services has decreased in recent quarters as the product revenue growth outpaced software revenue with the launch of the iQ3 in early 2024, as well as our geographic expansion.

軟體和其他服務佔總收入的 32%，略低於 2024 年第三季的水平。近幾個季度，隨著 iQ3 在 2024 年初的推出以及我們地域的擴張，產品收入增長超過了軟體收入，軟體和服務收入佔比有所下降。

Turning now to gross profits.

接下來我們來看毛利。

Gross margin, including a non-cash write-off of excess inventory of $17.4 million, was negative 17.5% compared with 59.5% in the prior year. Adjusted gross margin, which excludes the impact of the inventory write downs, increased to 63.9% from 60% in the prior year period. The increase in adjusted gross margin was driven by an increase in average selling prices, as well as a reduction in software amortization costs.

毛利率（包括1,740萬美元的非現金庫存減損）為-17.5%，而上年同期為59.5%。剔除存貨減損的影響後，調整後的毛利率從去年同期的 60% 增加至 63.9%。調整後毛利率的成長主要得益於平均售價的上漲以及軟體攤提成本的降低。

To expand on the inventory write-offs during Q3, we recorded a non-cash charge for the write-off of excess quantities of our previous generation chip that are used in the manufacturing of our iQ+ probes. We originally expected iQ+ to continue to be a larger portion of our volume. However, the strong market adoption of iQ3 has outpaced expectations, prompting us to revise our assumptions to reflect the higher proportion of volume attributable to iQ3.

為了進一步說明第三季的庫存減損情況，我們對用於製造 iQ+ 探針的上一代晶片的過量數量提列了非現金減損費用。我們最初預期 iQ+ 將繼續佔據我們銷售的較大比例。然而，iQ3 的強勁市場接受度超出了預期，促使我們修改假設，以反映 iQ3 所佔銷售量的更高比例。

In quarter 3, for example, iQ3 accounted for approximately 85% of our probe volume, and iQ+ represented the remaining 15.

例如，在第三季度，iQ3 占我們探測量的約 85%，而 iQ+ 佔剩餘的 15%。

While iQ+ will continue to serve as the lower cost alternative and address targeted use cases, our earlier forecasts assumed a greater share of demand from iQ+.

雖然 iQ+ 將繼續作為成本較低的替代方案，並滿足特定的使用場景，但我們先前的預測假設 iQ+ 的需求份額會更大。

We've since refined our forecasts to reflect the actual product mix and market trajectory, resulting in the write down.

我們隨後對預測進行了修正，以反映實際的產品組合和市場走向，因此進行了減損。

Moving to adjusted EBITDA and capital resources. For the third quarter of 2025, adjusted EBITDA loss was $8.1 million compared with the loss of $8.4 million for the same period in 2024. The improvement in adjusted EBITDA was driven by the previously mentioned improvement and adjusted gross profit. These reductions and improvements led to a normalized cash burn of $3.9 million.

轉而討論調整後的 EBITDA 和資本資源。2025 年第三季調整後 EBITDA 虧損為 810 萬美元，而 2024 年同期虧損為 840 萬美元。調整後 EBITDA 的改善是由前面提到的改善和調整後毛利所推動的。這些削減和改進措施使正常現金消耗量達到 390 萬美元。

Cash and cash equivalents, including restricted cash at the end of the quarter were $148 million and the trailing 12-month use of cash was $31.5 million.

截至季末，現金及現金等價物（包括受限現金）為 1.48 億美元，過去 12 個月的現金使用量為 3,150 萬美元。

Before turning to guidance, I can update you on some macroeconomic factors.

在給予指導意見之前，我可以先向大家介紹一些宏觀經濟因素。

As of this morning, we are on the 31st day of the federal government shutdown. To date we have not been directly or significantly impacted by this. However, we're keeping our eyes on customers that may be impacted, as well as agencies such as the FDA. A shorter term shutdown is not expected to affect our sales pipeline. But a prolonged closure could delay deal timing for the deals that rely on some degree of government funding. However, this is not currently a significant portion of our pipeline.

截至今天早上，聯邦政府停擺已進入第31天。迄今為止，我們尚未受到此事的直接或重大影響。但是，我們會密切關注可能受到影響的客戶以及 FDA 等機構。短期停工預計不會影響我們的銷售管道。但長期停擺可能會拖延那些依賴某種程度政府資金的交易的完成時間。然而，這目前並不是我們產品線的重要組成部分。

We're also exposed to the indirect more systemic impacts of a prolonged shutdown such as customer cash flow timing as a result of impact payers. As of now we don't see this as a significant risk to our business.

我們也面臨長期停工帶來的間接的、更具系統性的影響，例如由於支付方受到影響而導致的客戶現金流時間安排問題。目前我們認為這不會對我們的業務造成重大風險。

Additionally, at this time, the FDA has paused fee-based submissions during the closure, though they'll continue to review in-flight submissions for the time being.

此外，FDA目前已暫停收取費用，但暫時仍將繼續審查正在進行中的申請。

Again, a short-term shutdown is not expected to impact our submission timeline, however, should it extend significantly, regulatory processing delays could become a factor. We will keep you updated on this matter as it progresses.

再次強調，短期停工預計不會影響我們的提交時間表，但是，如果停工時間大幅延長，監管審批延誤可能會成為一個因素。我們會隨時向您通報此事進度。

Next, we continue to see a trend of some of our customers delaying purchase decisions as they navigate macroeconomic factors, and while Q3 is typically our softest quarter of the year, contributing to this were purchase delays that impacted our US hospital and enterprise channels. While timing remains uncertain, we have several large deals in our pipeline. We expected to close earlier in the year that remain active.

其次，我們持續看到一些客戶因宏觀經濟因素而推遲購買決策的趨勢，雖然第三季度通常是我們一年中最淡的季度，但購買延遲影響了我們的美國醫院和企業管道，也加劇了這種情況。雖然具體時間仍不確定，但我們目前有幾筆大交易正在籌備中。我們原本預計今年稍早會關閉一些仍在營運的房產。

From an opportunity perspective, in addition to unlocking the active pipeline, we're working on several deals within our active business and continue to negotiate an agreement with a large insurance company to reduce readmissions. As soon as we have updates on these, we'll let you know.

從機會的角度來看，除了釋放現有業務管道的潛力外，我們還在積極推動現有業務中的幾項交易，並繼續與一家大型保險公司談判達成協議，以減少再入院率。一旦有相關更新，我們會立即通知您。

When we evaluate our headwinds and opportunities together, we are reaffirming our full year revenue guidance in a range of $91 million to $95 million, which implies $25 million to $29 million in revenue for Q4.

當我們綜合評估面臨的不利因素和機會時，我們重申全年營收預期為 9,100 萬美元至 9,500 萬美元，這意味著第四季度營收為 2,500 萬美元至 2,900 萬美元。

In order to get to the higher end of the range, we need to close on some of the larger deals that are in our pipeline.

為了達到更高的目標，我們需要完成一些正在洽談中的大筆交易。

Given the visibility we have into the remainder of the year, we are able to tighten our full year adjusted EBITDA loss guidance to a range of $32 million to $35 million or $9 million to $12 million for Q4.

鑑於我們對今年剩餘時間的可見性，我們可以將全年調整後 EBITDA 虧損預期收緊至 3200 萬美元至 3500 萬美元，或第四季度虧損預期收緊至 900 萬美元至 1200 萬美元。

We have continued to maintain our disciplined approach to expense control while also investing appropriately beyond our growth areas to enhance our delivery capabilities as additional revenue opportunities crystallize.

我們一直堅持嚴格的費用控制方法，同時在成長領域之外進行適當的投資，以增強我們的交付能力，並在出現更多收入機會時抓住這些機會。

To summarize, we delivered on the top and bottom line in Q3, and while uncertainties continue to exist around the impact of the government shutdown or the outcome of policy decisions from the administration, we have strength in the diversification of our business and are excited about the opportunities in front of us.

總而言之，我們在第三季實現了營收和利潤目標。雖然政府停擺的影響或政府政策決定的結果仍然存在不確定性，但我們業務多元化的優勢讓我們對擺在我們面前的機會感到興奮。

Butterfly is extremely well positioned to meet the needs of our customers 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 a long-term winner in ultrasound in any macro environment.

Butterfly 擁有得天獨厚的優勢來滿足客戶的需求，因為我們的技術不僅能夠提供卓越的靈活性和強大的圖像質量，而且與目前基於推車的超音波解決方案相比，它還能以更經濟實惠的價格大規模提供解決方案。此外，我們的半導體研發路徑將隨著每一代產品的迭代，不斷提升此性價比優勢。簡而言之，我們認為蝴蝶是任何宏觀環境下超音波領域的長期贏家。

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

這樣，我就把電話轉回喬了。

So thanks, Megan.

謝謝你，梅根。

As we discuss almost every quarter, we're working on a compelling growth plan that builds first on our market leadership and point of care ultrasound. As I mentioned before, it's coming to life through education, cloud compatibility, incredible technology, and accelerated through our leadership in AI. We're also building on our POCUS business with strategic initiatives that we're getting closer to delivering in a meaningful way.

正如我們幾乎每個季度都會討論的那樣，我們正在製定一個引人注目的成長計劃，該計劃首先建立在我們的市場領導地位和即時超音波技術之上。正如我之前提到的，它正透過教育、雲端相容性、強大的技術變為現實，並透過我們在人工智慧領域的領導地位加速發展。我們也在透過策略性舉措來發展我們的 POCUS 業務，並且我們正在逐步以有意義的方式實現這些舉措。

We're working every day to transition our home care pilot to a commercial agreement, and the moment we have a significant update, we'll let you know. In parallel, we're engaging with additional national risk bearing organizations that are receptive to the model we tested earlier in the year. What we've learned is clear that selling probes isn't enough for large at-risk providers. They need scalable models that educate, manage data and competency, and enable growth through new use cases and AI. I believe a meaningful part of Butterfly's future revenue will come from solutions, not just devices.

我們每天都在努力將家庭護理試點計畫過渡到商業協議，一旦有重大進展，我們會立即通知您。同時，我們正在與更多對我們今年稍早測試的模式表示歡迎的國家風險承擔組織進行接洽。我們已經清楚地認識到，對於大型高風險醫療服務提供者而言，僅僅銷售探針是不夠的。他們需要可擴展的模型，以進行教育、管理數據和能力，並透過新的用例和人工智慧實現成長。我認為 Butterfly 未來收入的重要部分將來自解決方案，而不僅僅是設備。

Selling hardware alone is in the past and pairing it with software, services, and hands-on support is how it will scale. I'm hopeful we'll bring the first of these opportunities across the finish line very soon, signaling the start of a potent next chapter for Butterfly.

光是銷售硬體已經是過去式了，將硬體與軟體、服務和實際支援結合才是實現規模化發展的關鍵。我希望我們很快就能抓住第一個機遇，將其轉化為現實，這標誌著 Butterfly 開啟了強勁的新篇章。

I'm also happy to share that we've officially completed the development of our P5.1 chip. As discussed during our 2024 Investor Day, Butterfly's next gen chip was designed to integrate advanced men's capabilities that significantly increased the mechanical pressure associated with imaging, something critics of CMAT technology long claimed couldn't be done. They said our digital approach would never accomplish harmonics like Piezo-based handhelds. Well, they were wrong. P5.1 is now entering fat production, and we expect that in the second half of next year it'll debut in its new form factor. If butterfly iQ3 established performance parity with other handhelds across key presets, helping fuel our sales growth over the past two years. P5.1 will surpass them entirely with the potential to make Piezo handhelds a thing of the past for nearly all use cases.

我很高興地宣布，我們的 P5.1 晶片的研發工作已經正式完成。正如我們在 2024 年投資者日上所討論的那樣，Butterfly 的下一代晶片旨在整合先進的男性功能，從而顯著增加與成像相關的機械壓力，而 CMAT 技術的批評者長期以來聲稱這是不可能實現的。他們說我們的數位化方法永遠無法像壓電式手持裝置那樣實現諧波。好吧，他們錯了。P5.1 現在正進入脂肪生產階段，我們預計明年下半年它將以新的外形尺寸亮相。如果 butterfly iQ3 在關鍵預設方面實現了與其他手持裝置相同的效能，那麼在過去兩年中，這將有助於推動我們的銷售成長。P5.1 將完全超越它們，並有可能使壓電手持設備在幾乎所有使用場景中成為過去式。

Apple recently launched its 48-megapixel chip, a continued manifestation of Moore's law demonstrating they will never stop innovating. Well, neither will we. Our image quality will continue to make exponential leaps for Butterfly. The only question will be why would anyone buy a Piezo handheld anymore. These competitors are loading their devices with more lead crystals, trying to keep up with what butterflies all in one digital platform already delivers. But Piezo is yesterday's technology. Soon these devices will be in the drawer next to the film cameras. Big Piezo may be well funded, but they fail to invest, and now they no longer deserve the market.

蘋果最近推出了 4,800 萬像素晶片，這是摩爾定律的又一例證，表明他們永遠不會停止創新。我們也不會。Butterfly的影像品質將持續呈指數級增長。唯一的問題是，為什麼還會有人購買壓電手持設備。這些競爭對手正在他們的設備中塞入更多的鉛晶體，試圖跟上 Butterfly 一體化數位平台已經提供的功能。但壓電技術已經是過時的技術了。不久之後，這些設備就會和底片相機一起放在抽屜裡了。Big Piezo 可能資金雄厚，但他們卻不進行投資，現在他們已經不再配得上這個市場了。

I'm equally excited to share that with P5.1's release to fat production, we transition into the beginning of our sixth generation Apollo AI chip development. Apollo AI is designed to deliver not only lightning fast ultrasound processing, but also a local AI capability at the edge. The upcoming Apollo AI chip introduces a scalable architecture that seamlessly fuses Butterfly's proprietary ultrasound front end with the advanced digital processing, achieving a much smaller chip size and greater power efficiency in order to deliver even better image quality and capability across a broad range of clinical applications. It's intended to support both on device and edge AI acceleration, providing flexible compute expansion and integration with leading AI platforms.

我同樣興奮地宣布，隨著 P5.1 正式發布並投入量產，我們正式進入第六代 Apollo AI 晶片研發的初期階段。Apollo AI 的設計目標不僅是提供閃電般的超音波處理速度，還提供邊緣本地 AI 功能。即將推出的 Apollo AI 晶片引入了一種可擴展的架構，將 Butterfly 專有的超音波前端與先進的數位處理無縫融合，從而實現了更小的晶片尺寸和更高的能效，以便在廣泛的臨床應用中提供更好的圖像品質和功能。它旨在支援設備端和邊緣 AI 加速，提供靈活的運算擴展和與領先 AI 平台的整合。

With its intelligent architecture and future ready design, Apollo AI will serve as the foundation of butterfly's next wave of innovation, advancing diagnostic imaging performance and enabling a new era of AI-driven medical insights.

憑藉其智慧架構和麵向未來的設計，Apollo AI 將成為 butterfly 下一波創新浪潮的基礎，提升診斷成像效能，開啟人工智慧驅動的醫學洞察新時代。

So finally, Octave. There are several large ultrasound on chip partnership discussions that we are continuing having, and while I'm still not at liberty to unpack them for you, I hope you can sense my enthusiasm. Progress is happening, and the timeline that allows us to share news with you is largely driven by our partners. What I can share is this. If these opportunities play out the way we see them shaping up. Butterfly may over time transition from a POCUS company with an ultrasound chip. Through an ultrasound ship company with a POCUS business.

最後，八度音階。我們正在繼續進行幾個大型晶片超音波合作洽談，雖然我現在還不方便向您詳細說明，但我希望您能感受到我的熱情。進展正在發生，而我們能夠與您分享訊息的時間安排很大程度上取決於我們的合作夥伴。我可以分享的是這個。如果這些機會能夠像我們預見的那樣發展。Butterfly公司可能會逐漸從一家擁有超音波晶片的床邊超音波公司轉型為產品。透過一家提供床邊超音波（POCUS）服務的超音波船公司。

That's a step change in how our core technology will scale and how our total addressable market will multiply, with POCUS becoming just one of many ways, ultrasound on semiconductors can be deployed across some of the largest medical applications in the world. I am looking forward to providing more information as it becomes available and when our partners are ready.

這將徹底改變我們核心技術的規模化方式以及我們潛在市場規模的倍增方式，POCUS 將成為半導體超音波技術在全球一些最大的醫療應用中部署的眾多方式之一。我期待在獲得更多資訊以及我們的合作夥伴準備好後，向大家提供更多資訊。

As I close, it's worth remembering. Just a year and a half ago we set out to transform this business. Today I can see the vision now coming to life. Soon we'll be swimming in a big, beautiful sea of blue ocean.

最後，我想提醒大家一點。就在一年半前，我們著手改造這家企業。今天，我看到了願景一步步變成現實。不久之後，我們將暢遊在浩瀚美麗的藍色海洋中。

So, with that operator, let's move to Q&A.

那麼，接下來我們進入問答環節。

Thank you, Joe. We will now begin the question-and-answer session.

謝謝你，喬。現在我們將開始問答環節。

(Operator Instructions)

（操作說明）

Chase Knickerbocker, Craig-Hallum.

蔡斯·尼克博克，克雷格-哈勒姆。

Good morning. Thanks for taking the questions. Maybe just first, there's any way you can help us kind of quantify the size of some of these deals that have pushed because of the macro and kind of what you're seeing from an activity perspective in October, as far as it relates to those and the rest of your pipeline, as if we, as when we look at kind of guidance what it implies for Q4, it does imply, a nice step up and so maybe just speak to kind of your confidence in that pipeline and the activity so far in October.

早安.謝謝您回答問題。首先，您能否幫我們量化一下由於宏觀經濟形勢而推進的一些交易的規模，以及您從10月份的業務活動角度觀察到的情況，特別是這些交易與您其他待完成項目之間的關係？因為我們從業績指引的角度來看，第四季確實出現了一個不錯的成長，所以能否請您談談您對這些待完成專案以及10月份至今的業務活動的信心？

Well, yeah, we've been seeing through the year, deals just simply push and we just, haven't been able to get them close.

是的，我們這一年來一直看到，交易進展緩慢，我們始終無法達成協議。

So, you know, those can be in a size of 100 to 200 probes. We have some, pretty large medical school deals also. So, it's kind of across the board when it comes to anything over 100 probes.

所以，你知道，這些探針的規格可以是 100 到 200 個。我們也和一些規模相當大的醫學院達成了合作協議。所以，對於超過 100 個探針的情況來說，這基本上是普遍存在的。

And then just as far as I, yeah--

至於我，是的——

Regarding my confidence, we really, the beautiful thing is that we're not losing deals. This is not a competitive issue. This is not an issue where, and I think people and especially as we ingratiate ourselves with hospital administrators very much for the first time. There's an inevitability to this.

至於我的信心，我們真的，最棒的是我們沒有丟掉任何訂單。這不是競爭問題。這不是一個問題，我認為人們，尤其是我們第一次非常努力地討好醫院管理人員。這是不可避免的。

As I said earlier in my comments, doctors are purchasing butterflies on their own. And when we tell administrators how many people in their institution own a butterfly, they're shocked. So, and not only that, but there's such a preponderance of ghost scans that are not being reimbursed because it's not a part of the ecosystem.

正如我之前評論中所說，醫生們正在自行購買蝴蝶。當我們告訴學校管理人員，他們機構裡有多少人養蝴蝶時，他們都感到很震驚。不僅如此，還有大量的幽靈掃描沒有得到賠償，因為它不屬於生態系統的一部分。

So, we definitely feel there's inevitability, and we see a lot of activity and people, going into the end of the year, I think, when we get into a whole new 2026 budget cycle.

所以，我們確實感覺到這是不可避免的，而且我們看到，到了年底，隨著我們進入全新的 2026 年預算週期，將會有許多活動和人們參與其中。

I think people will feel more comfortable about spending on like brand-new projects. And I've been seeing other companies where people are saying, okay, well, CapEx is fine. That's because it's budgeted CapEx and they're getting reorders to do a whole new project to carve out time from the from the from the IT department because everyone has some major EMR project, but the carve out time in the in the IT department and carve out time for a big project, that that's been just the easiest thing from the delay, so. We're definitely seeing that the opportunities.

我認為人們會更樂意在新項目上花錢。我還看到其他一些公司的人說，好吧，資本支出沒問題。這是因為這是預算內的資本支出，他們正在重新訂購以開展一個全新的項目，從而從 IT 部門抽出時間，因為每個人都有一些重要的 EMR 項目，但是從 IT 部門抽出時間開展一個大項目，這是造成延誤的最簡單方法。我們確實看到了這些機會。

We're stacking up, which is good, and we're very hopeful, we wouldn't guide to the quarter if we didn't feel confident with what we put out there.

我們正在穩步推進，這是好事，我們充滿希望，如果我們對自己公佈的資訊沒有信心，我們就不會對本季業績做出預測。

Understood and maybe just on the substance software side of the business, sounds like there's a little bit of some lower renewal rates. Can you just maybe discuss kind of drivers there and and kind of how you think you can kind of improve some of those metrics, particularly with Compass on the horizon here.

明白了，也許只是在軟體業務方面，續訂率似乎略低一些。您能否談談這方面的驅動因素，以及您認為如何才能改進其中的一些指標，尤其是在 Compass 即將推出的情況下？

Yeah, sure, thank you for the question.

好的，謝謝你的提問。

So, we continue to see churn in our individual subscription as we've seen over the past couple quarters and also year-to-date, we've seen an uptick in our enterprise subscription.

因此，正如過去幾個季度和今年以來我們所看到的，我們的個人訂閱用戶持續流失，而我們的企業訂閱用戶則有所成長。

With in terms of timing of subscription as a percentage of revenue, a lot of it is just that timing because the software and the hardware have different revenue recognition patterns, but as you mentioned, we are very excited about the rollout of Compass AI later in Q4.

就訂閱收入佔總收入的百分比而言，很大程度上取決於時間安排，因為軟體和硬體的收入確認模式不同，但正如您所提到的，我們對 Compass AI 在第四季度稍後的推出感到非常興奮。

Got it. Thanks for taking my question.

知道了。謝謝您回答我的問題。

Thanks Chase.

謝謝 Chase。

Joshua Jennings, TD Cowen.

Joshua Jennings，TD Cowen。

Hi, good morning. Thanks for taking the questions, Joan and Megan. I wanted to just follow-up on this sales funnel or pipeline and just ask about maybe remind us of the sales cycle and timing and just how the pipeline is shaping up for 2026 in terms of an outlook for growth sounds like with some of the delays with some of the concerns or just tightening of capital spending for new projects that the sales pipeline may be more full heading to '26 than what you're experiencing heading into 2025, but maybe just help us think through that as well.

您好，早安。謝謝瓊和梅根回答問題。我想跟進這個銷售管道或流程，問問能否提醒我們一下銷售週期和時間安排，以及 2026 年的銷售管道在成長前景方面的情況。聽起來，由於一些延誤、一些擔憂，或者只是新項目的資本支出收緊，到 2026 年的銷售管道可能會比 2025 年更加繁忙，但或許也能幫我們理清一下思路。

Yeah, Josh, well, clearly, the time to close has extended.

是的，喬什，很明顯，截止日期已經延長了。

We, so we have we definitely have a lot of deals that have aged beyond what we would normally have in age, so if anything, we're stacking up more and more deals, but we haven't been, close and fast enough.

所以，我們確實有很多交易的期限超過了我們通常擁有的期限，所以如果說有什麼變化的話，那就是我們積累了越來越多的交易，但我們還沒有足夠接近和快速地完成交易。

So, again, I think that's going to, that'll lift in '26. I think, there was a bit of a shock to the system in '25, and then people have been mitigating and managing it, but whenever we get to the end.

所以，我再次認為，這種情況會在 2026 年得到改善。我認為，1925 年對整個系統造成了一定的衝擊，之後人們一直在努力緩解和應對，但無論何時我們最終都會走到盡頭。

Of the year there's always dollars that People have to spend and we'll be fighting for those dollars.

一年到頭，人們總要花錢，我們會為這些錢奮鬥。

Thanks Joe. Just tell me, just the Robert Wood Johnson and the cost savings, the cost effectiveness, I think that cost effectiveness data is accruing nicely for butterfly iQ platform, but I mean, how powerful can that be in terms of driving stronger interest in closing of deals as we get into 2026 as your team is able to market that Robert Johnson study published in JAMA and others.

謝謝喬。請告訴我，就羅伯特·伍德·約翰遜研究所的研究以及成本節約和成本效益而言，我認為Butterfly iQ平台的成本效益數據正在穩步增長，但我的意思是，隨著你們團隊能夠推廣發表在《美國醫學會雜誌》（JAMA）和其他期刊上的羅伯特·伍德·約翰遜研究所的研究，到2026年，這在達成交易方面能發揮多大的交易？

It's really important for a bunch of different reasons.

這非常重要，原因有很多。

The first is that it establishes that that pulmonary congestion is a very key endpoint for congestive heart failure. So from a pure clinical standpoint, in which whether we go in home, we go in outpatient.

首先，它證實了肺部充血是充血性心臟衰竭的一個非常關鍵的終點。所以從純粹的臨床角度來看，無論是居家治療還是門診治療。

Where we go in inpatient, you're using ultrasound and using it as a marker for for congestive heart failure progression or lack of progression is really important.

在住院部，我們使用超音波檢查，並將其作為充血性心臟衰竭進展或不進展的標誌，這非常重要。

Excuse me, I'm dealing with a chest cold here.

不好意思，我得了重感冒。

So, also, when we have our enterprise conversations, the primary place that we start from an economic side is go scans. 35% of the scans in the hospital are in point of care ultrasound, make it all the way through to reimbursement.

所以，當我們進行企業層面的討論時，從經濟角度來看，我們首先關注的是掃描。醫院裡35%的掃描都是床邊超音波檢查，最後都能獲得報銷。

When they put Compass in place, that goes to 70% to 80%.

安裝 Compass 系統後，成功率可達 70% 到 80%。

So we have that great economic benefit, but that's also something that, they capture that benefit in the 1st year of the software in and then going forward, excuse me, and then going forward, they can say that, they're anniversary that benefit, but where's the next benefit? So the next big economic piece of evidence that we have.

因此，我們獲得了巨大的經濟效益，但這也是他們只能在軟體的第一年獲得這種效益，然後，抱歉，然後，他們可以說，他們在周年紀念日獲得了這種效益，但下一個效益在哪裡呢？所以，我們掌握的下一個重要的經濟證據是…

Identifies the fact that by using point of care in the intensive care unit, by every day a doctor just pulling out a probe very quickly.

指出在加護病房使用床邊檢測，每天醫生只需快速拔出探針即可。

Doing a pulmonary scan and using a pulmonary scan with our AI shows significant economic benefits.

進行肺部掃描以及將肺部掃描與我們的人工智慧結合使用，可以帶來顯著的經濟效益。

In the ability of managing patients in the hospital, so it's not just about early diagnosis, it's about Taking care of the patient's wellness at the moment that the doctor sees that, giving them the tools to see something instead of having to order a scan. So when we sit with administrators now, we have a second big indisputable set of evidence around the economic value of doing this. And when we sit with administrators, it's not necessarily people saying, should we do this? I think actually with this next piece of economic evidence, people believe they need to do it's when am I going to take on this project, when can I stack it in with IT, when should we move forward, and so it's just such a wonderful piece of evidence that helps our economic argument when we think about our enterprise level.

在醫院管理病人的能力方面，不僅僅是早期診斷，而是在醫生發現病人病情時，及時關注病人的健康，並為他們提供工具來發現問題，而不是必須進行掃描。所以，現在當我們與管理人員坐下來討論時，我們有了第二套無可辯駁的證據，證明這樣做的經濟價值。當我們與管理人員坐在一起時，他們不一定會問，我們應該這樣做嗎？我認為，有了下一條經濟證據，人們就會思考：我什麼時候才能著手這個計畫？我什麼時候才能把它整合到 IT 部門？我們什麼時候才能推進這個專案？所以，當我們從企業層級思考問題時，這項證據就成了我們經濟論證的絕佳依據。

I got to sync in one more, I mean, it sounds, I know there's no update on the home program today, but he did it.

我還要再同步一次，我的意思是，聽起來，我知道今天家庭節目沒有更新，但他做到了。

Complete a pilot program with a major partner and payer just to make just check the box. It's not a matter of if but when it sounds like and you'll just provide an update when when that partnership kind of finalizes and no diminished kind of optimism or enthusiasm about that channel and that opportunity is my understanding, but I just wanted to clarify that.

與主要合作夥伴和付款方完成試點項目，只是為了完成任務。聽起來這不是會不會發生的問題，而是何時發生的問題。當合作關係最終敲定時，你會提供最新消息。據我了解，你對該管道和這個機會的樂觀和熱情絲毫未減，但我只是想澄清一下。

Well, not so about the channel, but until you have ink on something, it, it's not real. So, I would have liked to have had it done by now, it'll be done when it's done. I just don't control it.

嗯，頻道本身倒不是這樣，但是除非你把墨水印在什麼東西上，否則它就不是真的。所以，我本來希望現在已經完成了，但完成的時候自然就完成了。我控制不了它。

Understood. Thank you.

明白了。謝謝。

(Operator Instructions)

（操作說明）

Andrew Brackmann, William Blair.

安德魯·布拉克曼，威廉·布萊爾。

Hi guys, good morning. Thanks for taking the questions.

大家好，早安。謝謝您回答問題。

Joe, you very confident on the P5.1 chip and new form factor launching next year. Can you maybe just sort of talk to us about what's needed to get to the point of launch sort of between now and then what you're going to be working on to sort of de-risk that launch, and then when you get there, anything you can share on just sort of the product build ahead of that launch or anything on pricing that you might expect for P5.1. Thanks.

Joe，你對明年即將推出的 P5.1 晶片和新外形設計非常有信心。您能否跟我們談談從現在到發布這段時間需要做些什麼，以及您將如何降低發布風險？發佈時，您能否分享一些關於產品建置方面的信息，或關於P5.1的定價預期？謝謝。

Well, thank you. So P5.1 will, that will certainly be a highly specialized product. We haven't identified pricing yet. We'll get to that closer as you saw with iQ3.

謝謝。所以 P5.1 肯定會是一款高度專業化的產品。我們尚未確定價格。我們會像你在 iQ3 中看到的那樣，更深入地探討這個問題。

We've been able to establish a new price watermark. We've been able to improve our overall corporate growth margins. We've been able to maintain not only higher blended ASP but the, but at that higher ASP.

我們已經樹立了新的價格標竿。我們提高了公司整體成長利潤率。我們不僅能夠保持較高的混合平均售價，而且能夠保持較高的平均售價。

iQ3 has outsold IQ plus to a pretty significant magnitude, more than we expected.

iQ3 的銷售量已經遠遠超過了 IQ plus，超出了我們的預期。

So we, it's not implausible to think those trends would continue with the next version, putting a chip in a probe, tuning the chip to our software and AI, getting that probe, completely these every year we launch a new technology or develop it.

因此，我們有理由相信，這些趨勢會在下一個版本中繼續下去，例如在探針中放入晶片，根據我們的軟體和人工智慧調整晶片，使探針完全符合我們每年推出或開發新技術的要求。

It's a great coalescing effort for our company because there's not a team in the business that's not touching that new product. So, iQ3 was a very successful launch, very successful effort on getting.

這對公司來說是一項巨大的凝聚力舉措，因為公司裡沒有哪個團隊不參與這款新產品的研發。所以，iQ3 的發布非常成功，在獲取用戶方面也取得了非常成功的成果。

Excuse me, the technology to market, and I don't think there's any different. There's the beautiful part of when we're bringing in new processors, because we're not having to reinvent every wheel. We bring a new processor and we tune all the components and all the software to the edge capability of that processor.

恕我直言，這項技術要推向市場，我認為兩者之間並沒有什麼不同。引進新處理器最棒的地方在於，我們不必重新發明每個輪子。我們引進一款新的處理器，並對所有組件和軟體進行調整，使其發揮出該處理器的極限效能。

And then we roll it out. So I think the risk to execution on launching a new product is pretty low. I think, there's always risk they call it research for that for that purpose, but I think right now we look really good.

然後我們就把它推出來。所以我認為推出新產​​品的執行風險很低。我認為，他們把某種目的稱為研究總是存在風險，但我認為目前我們的情況看起來非常好。

That's perfect. Thanks for all that color. And then just on the info security piece, you had the pressure they said earlier this week and then obviously touch on this call, maybe just in practical terms, how does this help you win business and as you sort of think about sort of what you've achieved here, do you think that this is sort of table stakes for the entire market, or is it sort of meaningful differentiator for butterfly things.

那很完美。謝謝你帶來的繽紛色彩。然後，關於資訊安全方面，他們本週早些時候提到了壓力，顯然，這次通話也涉及到了這一點，也許只是從實際角度來看，這如何幫助你贏得業務，當你思考你在這裡取得的成就時，你認為這對於整個市場來說是基本要求，還是對於Butterfly Things來說是一個有意義的差異化因素？

It's an interesting dynamic because, aside from, one other independent com competitor, and I could be wrong maybe by one, but in general, the industry is on prem. The industry is software that they'll connect to a Wi-Fi and they'll push an image into DICOM, but they're not cloud connected.

這是一個有趣的動態，因為除了另一個獨立的公司競爭對手之外（我可能錯了，也許少了一家），但總的來說，該行業是本地化的。該行業的軟體可以透過 Wi-Fi 連接並將影像推送到 DICOM，但它們沒有連接到雲端。

And so, when you're not cloud connected and you're on prem, you don't really have to worry about security because people don't, can't get into your device, but our competitors have clearly communicated that they really want to follow in our footsteps and finally catch up to where we've been for a while. And so the industry is going to cloud connectivity on imaging devices. And so historically our competitors would use it as a selling disadvantage for butterfly. They would say, oh well, you have to connect it to the cloud, so you have to now have all this, security concerns, which is kind of garbage because every single hospital has an AWS cloud, interface and so. And so we have, by being the first company that's mass commercial in the cloud, we've had to kind of set the bar on security and make sure that, we deal with data compartmentalization, we deal with, the HIPAA requirements proper, we deal with.

因此，當您沒有連接到雲端並且使用本地部署時，您不必擔心安全性問題，因為其他人無法進入您的裝置。但是，我們的競爭對手已經明確表示，他們真的想追隨我們的腳步，最終趕上我們已經取得的成就。因此，成像設備產業正朝著雲端連接方向發展。因此，從歷史上看，我們的競爭對手會利用這一點作為蝴蝶產品的銷售劣勢。他們會說，哦，你必須把它連接到雲端，所以你現在必須考慮所有這些安全問題，這簡直是胡說八道，因為每家醫院都有 AWS 雲端、介面等等。因此，作為第一家在雲端進行大規模商業化的公司，我們必須在安全性方面樹立標桿，並確保我們妥善處理資料隔離、妥善處理 HIPAA 要求等問題。

All the different multiple layers to ensure that the data is secure because remember we have 25 million images in our cloud growing 30,000 a day, keeping that data secure, making it available to our customers, porting it into their systems for the EMR for DICOM for reimbursement is essential. And so, you know we expect in 2026 that we'll have our high trust certification and FedRAMP, which is the highest certification of any of any of any security, basically, worldwide it's the most complex and so to have a cloud environment, have that level of security is insane. So it is always been our competitive advantage to have cloud. It's always been our competitive advantage to be there. All others, will say bad things about us and say until they finally get there and then they'll say how great it is, which I think is absolutely hilarious, but. We absolutely believe that cloud is the way to be able to manage large fleets, to be able to manage data, push and pull, large complex models, create, overall connectivity, and and we have literally the best cloud security posture in the industry.

所有這些不同的多層措施都是為了確保資料安全，因為請記住，我們的雲端有 2500 萬張影像，每天增長 3 萬張，因此，確保這些資料的安全，使其可供我們的客戶使用，並將其導入到他們的系統中用於 EMR、DICOM 和報銷，是至關重要的。因此，我們預計到 2026 年，我們將獲得高信任度認證和 FedRAMP 認證，這是所有安全認證中最高的認證，基本上是全球最複雜的認證，因此，在雲端環境中擁有這種等級的安全性是不可思議的。因此，擁有雲端運算一直是我們的競爭優勢。身處此地一直是我們的競爭優勢。其他人都會說我們的壞話，直到他們最終到達那裡，然後他們會說那裡有多棒，我覺得這真是太搞笑了，但是。我們堅信，雲端是管理大型車隊、管理數據、推播和拉取大型複雜模型、創建整體連接的最佳途徑，而且我們擁有業界最優秀的雲端安全態勢。

That's a great color. Take care.

這個顏色真好看。小心。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Ben Haynor, Lake Street Capital Markets.

本·海諾，湖街資本市場。

Good morning, everyone. Thanks for taking the questions.

各位早安。謝謝您回答問題。

Joe, on the commentary on Apollo AI, it's just curious, have there been kind of upgrades to the original design as far as the kind of edge AI aspects to it beyond what was kind of discussed the last year?

Joe，關於 Apollo AI 的評論，我很好奇，除了去年討論過的內容之外，它在邊緣人工智慧方面是否有所升級？

Yes.

是的。

Any more colour on that?

還有更多細節嗎？

So yeah, so we have pushed the boundary of Apollo to include the ability and to make sure that we are capable to do local AI on the chip.

是的，我們已經突破了 Apollo 的界限，使其具備在晶片上進行本地 AI 的能力，並確保我們有能力做到這一點。

That is the next biggest trend in AI instead of having to calculate and process AI in the cloud and then push the devices to be able to do it actually on location is the next biggest processing.

人工智慧的下一個最大趨勢是，無需在雲端進行運算和處理，然後將設備推送到現場執行，而是將運算和處理推送到雲端，這是下一個最大的處理趨勢。

Feet and and and it creates a significant amount of local benefits and speed and capability. Instead of having to take something, push in the cloud processor, wait for it to come back by having that processing power to do it dynamically in your hand is a major step up. So yes, Apollo has 20 times the processing power of of P5.1 and our legacy.

腳，而且，它創造了大量的本地效益、速度和能力。無需再像以前那樣獲取資料、將其推送到雲端處理器、等待其返回，而是能夠動態地將處理能力掌握在手中，這是一個巨大的進步。所以，是的，Apollo 的處理能力是 P5.1 和我們之前的 20 倍。

And and so we're making sure that that processing power is put to the right use.

因此，我們要確保這種處理能力得到正確利用。

And I guess maybe dovetails a little bit with your last comment regarding the cloud and in terms of, kind of pushing and pulling models that you would be pushing and pulling the correct model or maybe not the you know the relevant model to the device, if you're doing XYZ scan.

我想這可能與您上次關於雲的評論有點吻合，就推送和拉取模型而言，如果您正在進行 XYZ 掃描，那麼您推送和拉取的可能是正確的模型，或者可能不是與設備相關的模型。

Well, yeah, I mean today one of the benefits of today one of the benefits of our cloud architecture is we do like it it does work like an ecosystem. You have the device, you have the app, and then there's this dynamic communication with the cloud and we kind of purpose data processing where the assets are available, but as AI models get more and more sophisticated, it's certainly possible that that becomes more of a lag. And and you want to have greater local control. So for the individual device to have that kind of processing power creates, a much faster way of delivering that feedback and that is on literally on the edge of where AI and compute are going today.

嗯，是的，我的意思是，如今我們雲端架構的優勢之一在於，它確實像生態系統一樣運作。你有了設備，有了應用程序，然後就可以與雲端進行動態通信，我們利用可用資源進行數據處理，但隨著人工智慧模型變得越來越複雜，這種延遲肯定會越來越大。而且，你們希望擁有更大的地方控制權。因此，單一設備擁有這種處理能力，就能以更快的速度提供回饋，這實際上代表了人工智慧和運算技術目前的發展方向。

Yeah, so specialized model to push the device eventually.

是的，所以需要專門的型號來最終推廣這款設備。

Got it. And then--

知道了。進而 -

The more and more--

越來越多——

Go ahead, yes--

請繼續，好的——

So more and more AI capabilities can be processed on the device.

因此，越來越多的AI功能可以在設備上處理。

Got it, and then, just curious on any updates to with regard to iQ station or the Ross situation with the European Commission.

明白了，然後，我只是好奇關於 iQ 電台或羅斯與歐盟委員會關係的最新進展。

iQ station is actively in development and when we get closer to a date we'll put it out there, a big part of our our-- excuse me-- a big part of our future strategy, and regarding Ross standards, it's on August 1, they closed the book on any type of submissions from ourselves or our competitors, and it's in the midst of a third-party review. That third-party is reviewing data and then asking questions as they see as they see necessary.

iQ 工作站正在積極開發中，一旦接近發布日期，我們就會將其推出。這是我們未來策略的重要組成部分。至於 Ross 標準，他們已於 8 月 1 日停止接受我們或競爭對手的任何形式的提交，目前正在進行第三方審查。第三方機構會審查數據，然後根據需要提出問題。

And then hopefully sometime next summer, they'll render their decision or their opinion to the governor, to the, sorry-- to the governing body and then we will, they'll make a decision.

然後，希望在明年夏天某個時候，他們會向州長，也就是，抱歉——向管理機構提交他們的決定或意見，然後我們，他們會做出決定。

But it's kind of there, all the data now is sitting there, they're crunching the data and we're in that quiet period unless they ask questions, and we're waiting for, I'm waiting for an answer.

但數據已經到位，所有數據都在那裡，他們正在處理數據，除非他們提出問題，否則我們現在處於平靜期，我們正在等待，我正在等待答案。

Excellent. Well, that's all I have.

出色的。好了，這就是我全部的資料了。

Thank you for picking questions and congrats on the progress.

感謝你挑選問題，也祝賀你的進展。

Thanks, Ben.

謝謝你，本。

And that was our final question, so we'll hand back over to Joe for any final comments.

這是我們的最後一個問題，現在我們把麥克風交還給喬，讓他做最後的總結發言。

So everyone, thank you very much for the support. Sorry about the, my seasonal cough I keep getting.

所以，非常感謝大家的支持。抱歉，我一直有季節性咳嗽。

We're thoroughly excited about the progress that we're making, and we're thoroughly excited about, what's to come. We definitely think we have a slower start to the year, but everything that we're building is very strong, and I just can't wait to be able to unpack a lot of other things. For you, as they mature and also, I'm just very appreciative for Megan Carlson, our interim CFO for doing just such an expert job in this interim. So, thank you, Megan, and thank you everyone for your support.

我們對目前的進展感到非常興奮，也對未來充滿期待。我們確實認為今年的開局會比較慢，但我們正在建立的一切都非常強大，我迫不及待地想要展開許多其他工作。對你們來說，隨著他們的成長，我也非常感謝我們的臨時財務長梅根卡爾森，感謝她在這個過渡時期出色地完成了工作。所以，謝謝你，梅根，也謝謝大家的支持。

Thank you everyone. This concludes today's call. You may not disconnect. Have a great rest of your day.

謝謝大家。今天的電話會議到此結束。您不得斷開連線。祝您今天餘下的時間過得愉快。