Butterfly Network, Inc. (BFLY) 2026 Q2 法說會逐字稿

Good morning, or good afternoon all, and welcome to the Butterfly Network's second-quarter 2026 earnings call. My name is Adam, and I'll be your operator for today. (Operator Instructions)

各位早安或午安，歡迎參加 Butterfly Network 2026 年第二季財報電話會議。我叫 Adam，今天將擔任各位的會議主持人。（接線員指示）

And I will now hand the floor to John Doherty to begin. So John, please go ahead when you are ready.

接下來我將把時間交給 John Doherty 開場。John，您準備好時請開始。

Good morning, and thanks to all of you for joining our call today. Earlier, Butterfly released financial results for the second quarter ended June 30, 2026. We also 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. I, John Doherty, Chief Financial Officer of Butterfly; along with Joseph DeVivo, Butterfly's Chairman and Chief Executive Officer, will host the call this morning.

各位早安，感謝大家今天加入我們的電話會議。稍早，Butterfly 已公布截至 2026 年 6 月 30 日止第二季的財務結果。我們也提供了業務最新進展。該新聞稿包含管理層使用之非 GAAP 財務衡量指標與最適用 GAAP 指標之對照調節表，目前可於公司網站投資人專區 ir.butterflynetwork.com 查閱。我是 Butterfly 的財務長 John Doherty；並將與 Butterfly 董事長兼執行長 Joseph DeVivo 一同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, revenue attributable to Embedded partnerships through revenue share, chip purchases or otherwise and the size and potential growth of current or future markets for our products and services.

在今天的電話會議中，我們將做出若干前瞻性陳述。這些陳述可能包括（但不限於）對財務結果、未來表現、產品與服務的開發與商業化、潛在監管核准、透過分潤、晶片採購或其他方式由 Embedded 合作夥伴關係所帶來之收入，以及我們產品與服務之現有或未來市場的規模與潛在成長等方面的預期。

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.

這些前瞻性陳述係基於目前資訊、假設與預期，可能隨時變動，並涉及多項已知與未知之風險、不確定性及其他因素，可能導致實際結果與前瞻性陳述所述內容出現重大差異。這些及其他風險已於我們向美國證券交易委員會提交的文件中說明。敬請勿過度依賴這些前瞻性陳述，公司亦不承擔更新此等陳述之任何義務。

As a reminder, this call is being webcast live and recorded. To access the webcast, please visit the Events section of our Investor website. A replay of the event will also be available on this page following the call.

提醒各位，本次電話會議將進行線上直播並錄音。如欲收看網路直播，請造訪我們投資人網站的「活動」專區。電話會議結束後，本頁亦將提供重播。

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

接下來我想把電話會議交給 Joe。

Thanks, John. So good morning, everyone, and thank you for joining our second-quarter 2026 earnings call. What a great quarter it was. We closed above the top end of guidance, delivered record revenues, gross margins and adjusted EBITDA, all above where we thought we'd end up. As a result, we are raising our full-year guidance, which John will share in his section.

謝謝你，John。各位早安，感謝大家參加我們 2026 年第二季財報電話會議。這是一個非常出色的季度。我們的表現超越指引區間上緣，創下營收、毛利率與調整後 EBITDA 的新高，且都高於我們原先預期的水準。因此，我們上調全年財測指引，John 會在他的段落中分享。

Last quarter, I shared that three engines of growth were emerging and beginning to reinforce each other: POCUS; Home & Community Care, and Embedded. What's unfolding across our business this quarter shows that that flywheel is now starting to turn. And I want to walk you through each one, starting with the one that's been capturing global attention, Butterfly Embedded.

上個季度我提到，三個成長引擎正在浮現並開始彼此強化：POCUS、居家與社區照護（Home & Community Care），以及 Embedded。本季度我們業務的發展顯示，這個飛輪現在開始轉動了。我想逐一帶各位了解，先從目前最受全球關注的 Butterfly Embedded 談起。

The world now understands why we've been so eager to share details about the Embedded partnerships. We can finally unpack what a couple of our partners have discovered is possible with our technology. Our vision for a new category of chip-based ultrasound is unfolding right before our eyes. Midjourney's groundbreaking announcement to build a whole body scanner shocked the technology world and challenged conventional thinking and medicine.

現在全世界都明白，為什麼我們一直如此迫切想分享 Embedded 合作夥伴關係的細節。我們終於可以深入說明，部分合作夥伴已發現我們的技術能做到哪些可能性。我們對「以晶片為基礎的超音波」這個新類別的願景，正活生生在眼前展開。Midjourney 宣布要打造全身掃描器的突破性消息震撼科技界，也挑戰了傳統思維與醫療。

The promise of semiconductor-based imaging had never truly been appreciated until now. As I've said to you many times, we're entering into an era where ultrasound will be liberated from big imaging and expanding beyond the four walls of the health system and moving to where people are when they need it.

直到現在，半導體式影像的承諾才真正被理解與重視。正如我多次對各位所說，我們正進入一個時代：超音波將從大型影像設備中被解放，走出醫療體系的四面牆，移動到人們需要它的地方。

Butterfly's Embedded actually amplifies Butterfly's core mission of democratizing imaging by partnering with companies who share that same vision. Whether it's a handheld probe, a wearable device, or a whole body imaging system, one constant remains true. Safe, low cost imaging paired with massive data capture in the AI era will transform healthcare. This is a chance to empower patients to better manage their wellbeing while creating one of the most important advances in improving human health.

Butterfly 的 Embedded 其實進一步放大了 Butterfly「影像民主化」的核心使命，因為我們與同樣共享此願景的公司合作。無論是手持式探頭、穿戴式裝置，或是全身影像系統，有一件事始終不變。在 AI 時代，安全、低成本的影像搭配大量資料擷取，將改變醫療照護。這是一次賦能病患更好管理自身健康的機會，同時也將成為改善人類健康最重要的進展之一。

So no patient should be surprised with their health. But six days ago, I received a call from a dear, dear friend of mine telling me that he was just diagnosed with Stage 4 colon cancer, and it had metastasized to his lungs and liver. I mean, just diagnosed? Stage 4? Are you kidding me? Do you know how long it takes for that primary tumor in this colon to develop and metastasize? Could be years. Where was his MRI?

因此，任何病患都不應該對自己的健康感到措手不及。但在六天前，我接到一位非常、非常要好的朋友來電，告訴我他剛被診斷為第四期大腸癌，而且已轉移到肺與肝。我是說，才剛診斷出來？第四期？你在開玩笑嗎？你知道結腸裡的原發腫瘤要發展並轉移需要多久嗎？可能是好幾年。他的 MRI 在哪裡？

One of our employees was diagnosed with Stage 2 pancreatic cancer just by chance. Had she not had a scan for another ailment, it never would've been found, since pancreatic cancer is also asymptomatic and normally found when it's too late. But now with an unusually early diagnosis, she has a chance.

我們有一位員工也是因緣際會才被診斷出第二期胰臟癌。如果她不是因為另一個病症去做掃描，根本不會被發現，因為胰臟癌同樣沒有症狀，通常發現時都已經太晚。但現在因為異常早期的診斷，她有了機會。

These stories, unfortunately, aren't rare. They're happening everywhere, every day to people we know and people we've never met. The recent untimely passing of Senator Lindsey Graham from an undiagnosed aortic aneurysm, something that could be treated with life-saving surgery if caught in time, is a sobering reminder that even people with access to the best resources in the world can fall through the cracks of the system.

不幸的是，這些故事並不罕見。它們每天、在各地發生在我們認識的人，以及我們從未見過的人身上。參議員 Lindsey Graham 近期因未被診斷出的主動脈瘤而英年早逝——若能及時發現，透過救命手術是可以治療的——這令人警醒：即便是能取得全球最優質資源的人，也可能在體系的縫隙中被遺漏。

It's not about the imaging modality. MRI is the best imaging in the world, no question. But it's about the system, the cost, the barriers, the stakeholders, and frankly, the old thinking that screening is too troublesome for the current system.

問題不在於影像檢查的模態。MRI 無疑是世界上最好的影像檢查，毫無疑問。但問題在於體系本身：成本、門檻、利害關係人，以及坦白說，那種認為篩檢對現行體系而言太麻煩的舊思維。

Technology is changing that. Semiconductor-based imaging, mass data processing, storage, and AI will change that paradigm. It'll give you greater awareness of your health journey, help you make better decisions with your life, and be the scribe to your personal story.

科技正在改變這一切。以半導體為基礎的影像、大規模資料處理、儲存與 AI，將改變這個典範。它會讓你更了解自己的健康旅程，幫助你做出更好的人生決策，並成為你個人故事的書記。

Another key learning this quarter is how well-suited Ultrasound-on-Chip is for neurotechnology. Probably one of the most profound uses of our chip will be the ability to image, to map, to understand, and potentially apply therapy to the brain in the future while pushing and pulling information from it.

本季度另一項重要收穫，是我們看到「晶片超音波」（Ultrasound-on-Chip）非常適合神經科技（neurotechnology）。我們晶片最深遠的用途之一，可能是在未來能夠對大腦進行成像、繪製地圖、理解，並潛在地施加治療，同時從大腦推送與拉取資訊。

Aleph Neuro showed us two major breakthroughs in the last two months. First, they demonstrated a remarkably high-resolution 3D transcranial ultrasound of the brain using a contrast agent, showing not only that imaging through the skull is feasible, but that it may ultimately offer diagnostic insights approaching those of functional MRI. Next, they revealed a new way to use ultrasound to track the movements of the tongue to discern speech. Each manifestation of our technology can have global impacts to health and to quality of life. And this is just the beginning, everyone.

Aleph Neuro 在過去兩個月向我們展示了兩項重大突破。首先，他們使用對比劑展示了極高解析度的 3D 經顱腦部超音波，不僅證明穿透顱骨進行成像是可行的，而且最終可能提供接近功能性 MRI 的診斷洞見。接著，他們揭示了一種使用超音波追蹤舌頭運動、以辨識語音的新方法。我們技術的每一種呈現形式，都可能對健康與生活品質帶來全球性的影響。各位，這才剛開始。

Before I move to POCUS updates, I want to mention that we've signed 2 more Embedded partnerships in the second quarter, bringing the total to 11. Two very exciting additions. One, another BCI company developing a novel application, and another pursuing a wearable for one of the most common areas of women's health.

在我轉到 POCUS 的最新進展之前，我想先提到，我們在第二季又簽下 2 個新的 Embedded（嵌入式）合作夥伴關係，使總數達到 11 個。這是兩項非常令人振奮的新增合作。其中一個是另一家 BCI 公司，正在開發一項新穎的應用；另一個則在開發一款可穿戴式產品，聚焦於女性健康中最常見的領域之一。

So shifting to our POCUS business, we had several key accomplishments. We signed six more enterprise software deals deploying our Compass AI software to enable system-wide POCUS management and adherence. Many of these deals were paired with probe sales and we expect as the software is implemented, the growing base of probes will steadily follow into these systems.

接著談到我們的 POCUS 業務，我們達成了幾項關鍵成果。我們又簽下 6 筆企業級軟體合約，部署我們的 Compass AI 軟體，以實現全系統的 POCUS 管理與依從性（adherence）。其中許多合約也搭配探頭銷售；我們預期隨著軟體落地導入，探頭的裝機基礎將會穩定地在這些系統中持續擴大。

Since last year, our Compass AI software pipeline has increased 5 times and we are seeing the benefits of that now. Compass AI is how POCUS becomes part of the healthcare workflow, driving adoption, utilization, and earlier diagnosis. I'm very happy with the team's progress. And I'm equally excited about our opportunity in government sales, including VA, DoD, HHS, and other federal agencies.

自去年以來，我們的 Compass AI 軟體銷售管線已成長 5 倍，而我們現在正看到其帶來的效益。Compass AI 是讓 POCUS 成為醫療照護工作流程一部分的關鍵，推動採用、使用率以及更早期的診斷。我對團隊的進展非常滿意。同時，我也對我們在政府銷售方面的機會感到同樣興奮，包括退伍軍人事務部（VA）、國防部（DoD）、衛生與公共服務部（HHS）以及其他聯邦機構。

In the second quarter, we received provisional authorization to sell to the full VA, and we anticipate full FedRAMP certification in the third quarter, which will make us one of only 500 companies certified. The largest purchaser of US healthcare is the US government. And this channel will soon be open to us. Our government pipeline has grown in anticipation of this accomplishment and we are ready to execute on the significant opportunity ahead.

在第二季，我們獲得了向整個 VA 體系銷售的臨時授權（provisional authorization），並預期在第三季取得完整的 FedRAMP 認證，屆時我們將成為僅約 500 家獲認證公司之一。美國醫療照護最大的採購者是美國政府。而這個通路很快就會對我們開放。我們的政府端銷售管線已因應這項里程碑而成長，我們也已準備好把握前方重大的機會並落實執行。

Medical schools also continue to be an important area of strategic growth for Butterfly. Today, we have a presence in more than 80% of the US medical schools, and we are increasingly seeing institutions move from purchasing a handful of devices to implementing a one-to-one ultrasound curriculum. Schools like Kansas City University are leading the way with first-year students now completing their entire ultrasound curriculum on Butterfly ScanLab platform.

醫學院也持續是 Butterfly 策略性成長的重要領域。目前，我們已進入超過 80% 的美國醫學院，而且我們愈來愈常看到各校從採購少量設備，轉向推行一人一機（one-to-one）的超音波課程。像堪薩斯城大學（Kansas City University）這樣的學校正引領潮流，現在一年級學生已在 Butterfly ScanLab 平台上完成其完整的超音波課程。

As that inaugural class completes its first year, we're already seeing insights that are helping other institutions build similar programs. In Q1, we told you we placed nearly 1,000 probes in the six medical schools. In Q2, we more than doubled that through four additional institutional partnerships. As these programs have expanded, we've started asking a bigger question. So what happens after graduation?

隨著那屆首批學生完成第一學年，我們已經獲得一些洞見，正在協助其他機構建立類似的計畫。在第一季，我們曾告訴各位，我們在 6 所醫學院部署了將近 1,000 支探頭。在第二季，我們透過另外 4 個機構合作夥伴關係，將這個數量增加到兩倍以上。隨著這些計畫擴大，我們開始提出一個更大的問題。那麼，畢業之後會發生什麼？

A recent survey we conducted across our medical school accounts found that while more than half say graduates frequently continue using POCUS in practice, nearly three-fourths have no pathway for graduates to keep a device into residency, and nearly 60% don't track their graduates at all. That reinforced our belief that there's an opportunity to better understand and better support new physicians as they transition from POCUS training into clinical practice.

我們近期在醫學院客戶中進行的一項調查發現，雖然超過一半的受訪者表示畢業生在臨床實務中經常持續使用 POCUS，但將近四分之三的學校沒有讓畢業生在住院醫師訓練（residency）期間保留設備的途徑，而將近 60% 的學校完全不追蹤其畢業生。這進一步強化了我們的看法：我們有機會更深入理解並更好地支持新進醫師，協助他們從 POCUS 訓練順利過渡到臨床實務。

So that brings me to some exciting news this quarter. We entered a new partnership with the Edward Via College of Osteopathic Medicine or VCOM. It's a novel partnership model in which not only will every VCOM student have a probe to train with, but we will partner on a long-term longitudinal insights program.

因此，這也帶來本季一些令人振奮的消息。我們與愛德華・維亞整骨醫學院（Edward Via College of Osteopathic Medicine，VCOM）建立了新的合作夥伴關係。這是一種新穎的合作模式：不僅每位 VCOM 學生都將配備一支探頭用於訓練，我們也將合作推動一項長期、縱向（longitudinal）的洞見計畫。

As all of you know, Butterfly devices are connected to a cloud which stores image data much like your iPhone does with iCloud. We gather performance metrics on all users that help us understand usage patterns, locations, and the types of scans being performed. We're not quite ready to share the detailed logistics of the program yet, but we have an exciting plan to track and learn from the ultrasound journey that follows a one-to-one medical school program.

各位都知道，Butterfly 裝置連接到雲端，會儲存影像資料，就像你的 iPhone 透過 iCloud 儲存資料一樣。我們會蒐集所有使用者的效能指標，幫助我們了解使用模式、地點以及所執行掃描的類型。我們目前還未準備好分享該計畫的詳細執行細節，但我們有一個令人期待的方案，將追蹤並學習一人一機醫學院計畫之後的超音波使用旅程。

VCOM made the investment to provide every incoming student with iQ3 devices, while Butterfly subsidized the initial distribution of iQ+ devices to get the program going. You'll see our investment reflected in the lower ASPs we've reported this quarter. We believe that's exactly the right investment to make as we establish what we think is a groundbreaking new model for medical education. This partnership represents the potential for more than $10 million in total contract value over the next four years.

VCOM 投資為每位新生提供 iQ3 裝置，而 Butterfly 則補貼了 iQ+ 裝置的初始發放，以啟動該計畫。你們會在我們本季所報告的較低 ASP（平均銷售單價）中看到這項投資的反映。我們相信，當我們建立一個我們認為具有突破性的醫學教育新模式時，這正是最正確的投資。這項合作夥伴關係在未來四年內的合約總價值（total contract value）潛力超過 1,000 萬美元。

So regarding international, you'll see that our team had a down quarter. We believe it's really no big deal as our distribution sell-through is up meaningfully year over year. We had a handful of larger orders shift into quarter three, so we expect a much stronger third quarter ahead. So John will say more about this when he covers the financial results.

接著談國際市場，你們會看到我們團隊本季表現較弱。我們認為這其實不是什麼大問題，因為我們的通路出貨後銷售（distribution sell-through）年增幅度顯著。有少數較大的訂單延後到第三季，因此我們預期第三季將明顯更強。John 在說明財務結果時會再補充更多。

One highlight we're particularly excited about is Brazil, where we recently achieved regulatory authorization. Brazil is the largest medical device market in Latin America and one of the fastest-growing ultrasound markets in the world. Meeting Brazil's regulatory requirements is a great validation of our technology and opens the door to a significant long-term growth opportunity for Butterfly in the region.

其中一個我們特別興奮的亮點是巴西，我們近期已取得當地的法規核准（regulatory authorization）。巴西是拉丁美洲最大的醫療器材市場，也是全球成長最快的超音波市場之一。符合巴西的法規要求，是對我們技術的重大驗證，也為 Butterfly 在該地區開啟了可觀的長期成長機會。

So I'll close out POCUS with Butterfly Garden. As planned, we've officially released our proprietary beam steering capabilities, including iQ Slice and Fan, to both our Garden and Embedded partners, furthering their development opportunities. In the second quarter, we added a new Garden partner focused on precision needle-guidance with AI, and we expect three of our existing partner tools to become commercially available by year-end.

最後我以 Butterfly Garden 來結束 POCUS 的部分。依照計畫，我們已正式釋出自有的波束轉向（beam steering）能力，包括 iQ Slice 與 Fan，提供給我們的 Garden 與 Embedded 合作夥伴，進一步擴大他們的開發機會。在第二季，我們新增了一位新的 Garden 合作夥伴，聚焦於以 AI 進行精準的針具導引（precision needle-guidance），並且我們預期現有合作夥伴中的 3 項工具將在年底前達到商業化上市。

Importantly, those three partners will launch with direct access into Butterfly's cloud, allowing their AI results to flow right into our users' existing clinical workflows without toggling to a separate application. It's an exciting milestone as Garden evolves from a developer ecosystem into a commercial AI platform.

重要的是，這三位合作夥伴將在推出時就能直接存取 Butterfly 的雲端，使其 AI 結果可直接流入使用者既有的臨床工作流程，而無需切換到另一個獨立應用程式。這是一個令人振奮的里程碑，因為 Garden 正從開發者生態系演進為商業化的 AI 平台。

So before I turn it to John, I want to comment on our Home & Community Care business. We are ready to begin managing our first commercial state on October 1. Over the third quarter, we'll be training all the participating nurses in the state while we finish setting up the necessary infrastructure. We are excited for this to transition from a pilot to finally implementation. We will do everything in our power to support the success of this commercial execution and plan to discuss extending this offering to other states in the first half of 2027.

在我把時間交給 John 之前，我想談談我們的居家與社區照護（Home & Community Care）業務。我們已準備好在 10 月 1 日開始管理我們第一個商業化州別（commercial state）。在第三季期間，我們將在完成必要基礎設施建置的同時，訓練該州所有參與的護理人員。我們很期待這項計畫能從試點（pilot）最終轉為正式落地實施。我們將盡一切努力支持這次商業化執行的成功，並計畫在 2027 年上半年討論將此服務延伸至其他州。

We're also now in conversations to expand this service to other key partners. So Butterfly Home & Community Care is finally here, and we expect the revenue in the fourth quarter of 2026.

我們也正在與其他關鍵合作夥伴洽談，以擴大這項服務。因此，Butterfly 居家與社區照護終於正式到來，我們預期相關營收將在 2026 年第四季開始反映。

With that, I'd like to turn it over to John to discuss the financial details. John?

接下來，我想把時間交給 John，請他說明財務細節。John？

Thanks, Joe. Butterfly continued its strong and focused execution in the second quarter of 2026 with an increase in revenue driven by strong growth in our Embedded business. Core POCUS is also solid, with performance reflecting our increased and expanding focus on the enterprise market. Gross margin increased, and we saw continued improvement in operating performance with further reallocation of resources towards higher ROI opportunities and markets.

謝謝你，Joe。Butterfly 在 2026 年第二季持續展現強勁且聚焦的執行力，營收成長主要由我們 Embedded（嵌入式）業務的強勁成長所帶動。核心 POCUS 也表現穩健，其表現反映出我們對企業市場更強且持續擴大的聚焦。毛利率提升，同時我們也看到營運表現持續改善，透過進一步將資源重新配置到 ROI（投資報酬率）更高的機會與市場。

Building on the operational highlights Joe just outlined, including the large TCV contracts for Compass AI and medical education and progress towards commercializing Home & Community Care, let me translate these into the financial highlights in the quarter.

在 Joe 剛才概述的營運亮點基礎上，包括 Compass AI 與醫學教育的大型 TCV 合約，以及在推動 Home & Community Care 商業化方面的進展，讓我把這些轉化為本季的財務亮點。

Record revenue attainment above the high end of consensus and above the top end of our guidance, the highest gross margin for Butterfly in its history. Adjusted EBITDA, that was above consensus and our guidance range, with improvement driven by our revenue performance, higher gross margin, and continued financial discipline and growth in probe unit sales of 23%. With that, let me move on to our results.

營收創下新高，達成水準高於市場共識的高端，也高於我們指引區間的上緣，並且是 Butterfly 歷史上最高的毛利率。調整後 EBITDA 高於市場共識與我們的指引區間，改善主要來自營收表現、更高的毛利率、持續的財務紀律，以及探頭（probe）出貨量成長 23%。接下來我將進入我們的業績結果。

Second-quarter revenue was a record $32.6 million, an increase of 39% year over year. Our growth was primarily driven by Butterfly Embedded. In addition, in core, we had strong performance in US health systems and medical schools, including a large sale to VCOM, which helped to drive strong year-over-year unit volume growth, along with Compass AI sales gaining traction.

第二季營收創紀錄達 3,260 萬美元，年增 39%。成長主要由 Butterfly Embedded 帶動。此外，在核心業務方面，我們在美國醫療體系與醫學院表現強勁，包括對 VCOM 的一筆大型銷售，帶動強勁的年對年單位出貨量成長，同時 Compass AI 的銷售也逐步取得動能。

Breaking things down between the US and international channels. During the second quarter, US revenue was $27.6 million, which was 57% higher year over year, driven by revenue from Embedded as well as solid demand in the core business with unit sales up 23%. As Joe mentioned, international was down year over year. Total international revenue decreased by 14% year over year to $5 million in the quarter.

將美國與國際通路拆開來看。第二季美國營收為 2,760 萬美元，年增 57%，主要由 Embedded 的營收以及核心業務的穩健需求所帶動，單位銷量成長 23%。如 Joe 所提，國際業務年對年下滑。本季國際總營收年減 14% 至 500 萬美元。

We faced a tough Q2 comp against last year's record international second quarter, aided by tailwinds from the iQ3 launch. We also had a few deals expected to close in the second quarter move out into the third quarter. We expect improving performance for the balance of the year and we are excited about our recent launch into the Brazil market and continuing to expand our global footprint.

我們面臨去年國際第二季創紀錄高基期的比較壓力，當時受惠於 iQ3 上市帶來的順風。此外，原預期在第二季結案的幾筆交易延後至第三季。我們預期今年剩餘期間表現將改善，並對近期進入巴西市場以及持續擴大全球版圖感到振奮。

As I did last quarter and will continue to do going forward, I want to provide you with the revenue split between our core POCUS business and Butterfly Embedded. We have also included this split in our 10-Q. As a reminder, the core business includes probe sales and related software, Compass AI, other services, and in the future, Home.

如同上季、且未來也將持續，我想提供核心 POCUS 業務與 Butterfly Embedded 之間的營收拆分。我們也已在 10-Q 中納入此拆分。提醒一下，核心業務包含探頭銷售及相關軟體、Compass AI、其他服務，以及未來的 Home。

Embedded revenue currently includes one-time NRE payments, annual license fees, revenue from SOW-driven development work, and chip sales to Embedded partners. With that, revenue for the second quarter was $21.9 million, an increase of 2% versus the second quarter of 2025. This increase was driven primarily by growth in volume in US health and medical schools.

Embedded 營收目前包含一次性的 NRE 付款、年度授權費、由 SOW 驅動的開發工作收入，以及向 Embedded 合作夥伴銷售晶片的收入。因此，第二季核心業務營收為 2,190 萬美元，較 2025 年第二季成長 2%。此增長主要由美國醫療體系與醫學院的出貨量成長所帶動。

Of note, and as Joe mentioned earlier, the core result includes the execution of a new strategic agreement with VCOM. This agreement is for four years with a potential TCV exceeding $10 million. This also included preferred pricing for the iQ+ to help secure the larger multi-year commitment to the iQ3.

值得注意的是，如 Joe 先前提到，核心業務結果包含與 VCOM 簽署新的策略協議的執行。該協議為期四年，潛在 TCV 可超過 1,000 萬美元。協議亦包含 iQ+ 的優惠定價，以協助取得對 iQ3 更大規模的多年期承諾。

This investment in the alliance with VCOM is a template for Butterfly going forward to help deplete our existing iQ+ inventory, while enabling broader and deeper penetration of the medical school market ahead of the launch of our next-generation probe in 2027. Sales of the iQ3 and iQ+ in the quarter were up 17% and 33% respectively year over year. The higher year-over-year mix of the iQ+ in the quarter and the VCOM deal result in a 12% decrease in the ASP.

對與 VCOM 聯盟的這項投資，將成為 Butterfly 未來的範本：一方面協助去化現有 iQ+ 庫存，另一方面在 2027 年推出下一代探頭之前，讓我們能在醫學院市場取得更廣、更深的滲透。本季 iQ3 與 iQ+ 的銷售分別年增 17% 與 33%。由於本季 iQ+ 的年對年組合占比提高，加上 VCOM 交易影響，ASP 下降 12%。

Butterfly Embedded revenue was $10.8 million, an increase of 439% versus the second quarter of 2025. This increase was primarily driven by the Midjourney partnership.

Butterfly Embedded 營收為 1,080 萬美元，較 2025 年第二季成長 439%。此增長主要由與 Midjourney 的合作夥伴關係所帶動。

Moving on to gross profit. Gross profit was also a record at $23.3 million in the second quarter of 2026, a 56% increase as compared to the prior-year gross profit of $14.9 million. Gross profit margin percentage increased to 71% from 64% in the prior-year period, a 7.7 point increase. Gross margin percentage was positively impacted by the increased mix and higher margin of Butterfly Embedded revenue.

接著談毛利。2026 年第二季毛利同樣創紀錄達 2,330 萬美元，較去年同期毛利 1,490 萬美元成長 56%。毛利率提升至 71%，高於去年同期的 64%，增加 7.7 個百分點。毛利率的提升主要受惠於 Butterfly Embedded 營收占比提高及其較高的毛利率。

Moving to EBITDA and cash. For the second quarter of 2026, adjusted EBITDA loss was $1.4 million, compared with a loss of $6.2 million for the same period in 2025, an improvement of 78%. The improvement in adjusted EBITDA loss in the second quarter was driven by contribution from higher margin revenue and continued financial discipline.

接下來談 EBITDA 與現金。2026 年第二季調整後 EBITDA 虧損為 140 萬美元，相較 2025 年同期虧損 620 萬美元，改善 78%。第二季調整後 EBITDA 虧損的改善，主要來自較高毛利營收的貢獻以及持續的財務紀律。

Our cash and cash equivalent balance, excluding restricted cash at the end of the second quarter, was $125 million, and the use of cash in the quarter was $13.3 million. This compares to use of cash of $7 million in the prior-year quarter.

第二季末（不含受限制現金）的現金及約當現金餘額為 1.25 億美元，本季現金使用額為 1,330 萬美元。相較之下，去年同期的現金使用額為 700 萬美元。

We are well-positioned, as we move forward, to continue to invest in our business in areas where we see significant opportunities for additional growth and disruption, which includes: scaling our POCUS business through global market and market segment expansion; continued penetration of Compass AI as a core operating system for health systems; app releases in Butterfly Garden and 2027 new product launches; continued AI and semiconductor innovation with the development of our fourth-generation chip; broadening Butterfly Embedded partnerships; and moving Home & Community Care to the commercial phase.

展望未來，我們具備良好條件，將持續在我們看到具顯著額外成長與顛覆機會的領域投資，包括：透過全球市場與市場區隔擴張來擴大我們的 POCUS 業務；持續推進 Compass AI 作為醫療體系核心作業系統的滲透；Butterfly Garden 的 App 發布與 2027 年新產品上市；持續 AI 與半導體創新並開發第四代晶片；擴大 Butterfly Embedded 的合作夥伴關係；以及推動 Home & Community Care 進入商業化階段。

Before turning to guidance, I want to update you on the general global macroeconomic environment relative to Butterfly. We continue to monitor the conflict in the Middle East and the ripple effects on the global economy, as well as pressure from tariffs in certain markets and AI-driven supply chain shortages.

在進入財測指引之前，我想就與 Butterfly 相關的全球總體經濟環境提供最新情況。我們持續關注中東衝突及其對全球經濟的連鎖影響，以及特定市場的關稅壓力與 AI 驅動的供應鏈短缺。

We have mentioned in the past that there are some impacts to our business. However, they have been minor and we continue to manage through it and make the appropriate adjustments. Our second-quarter 2026 results are indicative of this, and our third-quarter and full-year 2026 guidance include any expected impacts.

我們過去曾提到，這些因素對我們的業務有一些影響。不過影響幅度不大，我們仍持續加以管理並進行適當調整。2026 年第二季的結果反映了這一點，而我們對第三季與 2026 全年的指引也已納入任何預期影響。

I would now like to turn to our outlook for the third quarter of 2026 and for the calendar year ending December 31, 2026.

現在我想談談我們對 2026 年第三季以及截至 2026 年 12 月 31 日止曆年的展望。

In the third quarter, we expect revenue in the range of $26 million to $30 million for a year-over-year increase of 30% at the midpoint. We expect an adjusted EBITDA loss in the range of $6 million to $9 million. For the full-year 2026, we are increasing our guidance for both revenue and adjusted EBITDA. We expect revenue to be between $119 million and $123 million, an increase of approximately 22% to 26% over 2025.

第三季我們預期營收介於 2,600 萬至 3,000 萬美元，中位數對應年對年成長 30%。我們預期調整後 EBITDA 虧損介於 600 萬至 900 萬美元。對於 2026 全年，我們上調營收與調整後 EBITDA 的指引。我們預期營收介於 1.19 億至 1.23 億美元，較 2025 年約成長 22% 至 26%。

We expect our adjusted EBITDA loss to be between $19 million and $23 million. Our guidance for adjusted EBITDA in the third quarter and full year includes increased investment in key areas to support continued innovation and revenue growth in our core business and our emerging Embedded business for 2026 and beyond.

我們預期調整後 EBITDA 虧損介於 1,900 萬至 2,300 萬美元。我們對第三季與全年調整後 EBITDA 的指引，包含在關鍵領域增加投資，以支持 2026 年及其後核心業務與新興 Embedded 業務的持續創新與營收成長。

In summary, we had a record quarter. We had our highest revenue for a quarter ever, and we beat both our revenue and adjusted EBITDA guidance. We are very well-positioned as we head into the second half of 2026, and as the raise to our full-year guidance reflects, we look forward to continued growth this year and beyond.

總結來說，我們創下了破紀錄的一季。我們達成了公司史上單季最高營收，且營收與調整後 EBITDA 皆優於我們的指引。展望 2026 年下半年，我們的布局非常到位；正如我們上調全年指引所反映的，我們期待今年以及未來持續成長。

We remain focused on gaining share through deeper penetration of existing customers and adding new customers in our core POCUS business and expanding our Ultrasound-on-Chip partnerships. The business continues to get stronger across core POCUS and Embedded. This is happening while we continue our intense focus on driving operating efficiency across the business and return on investment.

我們仍專注於透過更深度滲透既有客戶、在核心 POCUS 業務中新增客戶，並擴大我們的 Ultrasound-on-Chip 合作夥伴關係，以提升市占。核心 POCUS 與 Embedded 兩大業務持續轉強。同時，我們也持續高度聚焦於推動全公司營運效率與投資報酬。

I continue to be excited about what is ahead for the company in 2026 and beyond. Now, let me hand it back to Joe for some closing comments.

我對公司在 2026 年及之後的發展仍感到非常振奮。接下來我把時間交還給 Joe，請他做一些結語。

Thanks, John. Looking ahead, we are making progress on all fronts in our mission to democratize medical imaging. The Midjourney announcement was captivating. Millions of people have viewed the announcement, and it was a trending topic on X for more than a week.

謝謝，John。展望未來，我們在「讓醫學影像普及化」的使命上正全面取得進展。Midjourney 的公告非常吸睛。數百萬人觀看了該公告，且在 X 上連續超過一週成為熱門話題。

Technology companies of all sizes have taken notice, and while we've always believed Butterfly was key to these conversations, we now have a spotlight in the discussions around AI, compute, and the many applications of Ultrasound-on-Chip technology. It's been an exciting last 60 days, and we finally can communicate with investors and partners about the future our technology can open.

各種規模的科技公司都注意到了；雖然我們一直相信 Butterfly 是這些對話中的關鍵角色，但現在我們在 AI、運算，以及 Ultrasound-on-Chip 技術多元應用的討論中，已成為焦點。過去 60 天令人振奮，而我們也終於能與投資人與合作夥伴溝通：我們的技術將開啟怎樣的未來。

What's especially exciting is that our semiconductor roadmap is advancing not only in image quality, but also the ability to generate large data sets with our high-speed Apollo chip and push data directly into GPUs for large-scale AI processing. As new compute architectures emerge, our partners envision converging image acquisition with AI-driven data interpretation, and this vision is becoming increasingly achievable.

特別令人興奮的是，我們的半導體路線圖不僅在影像品質上持續推進，也在資料生成能力上大幅提升：透過高速 Apollo 晶片產生大型資料集，並將資料直接推送至 GPU 以進行大規模 AI 處理。隨著新的運算架構出現，我們的合作夥伴設想把影像擷取與 AI 驅動的資料解讀融合，而這個願景正變得愈來愈可實現。

Our Apollo platform is moving forward on schedule. We've been investing in our chip to meet the demands of both our Embedded partners and the POCUS business. We've now completed our primary design and are transitioning beyond research and into the development phase. We're on track with our scheduled commitments to deliver Apollo chips to Midjourney on time, by the end of 2027, beginning of 2028.

我們的 Apollo 平台正按計畫推進。我們持續投資晶片，以滿足 Embedded 合作夥伴與 POCUS 業務的需求。我們已完成主要設計，正從研究階段轉入開發階段。我們也正按既定承諾推進，將於 2027 年底、2028 年初如期向 Midjourney 交付 Apollo 晶片。

Just as exciting, we're continuing to make excellent progress on our next-generation probe that'll be built on our P5.1 chip. The first full prototype images are outstanding, and we're on track for our first-quarter 2027 launch.

同樣令人振奮的是，我們在下一代探頭（將採用 P5.1 晶片）方面也持續取得極佳進展。第一批完整原型影像表現非常出色，我們也按計畫在 2027 年第一季推出。

iQ3 already delivers best-in-class image quality and will remain our workhorse, while the P5.1 builds on that foundation with the first CMUT chip to deliver harmonic imaging. This allows an even higher level of performance that's important to certain specialties like cardiology. What we've seen so far gives us tremendous confidence in what's ahead.

iQ3 已提供同級最佳的影像品質，並將持續作為我們的主力產品；而 P5.1 則在此基礎上更進一步，成為首款可提供諧波成像的 CMUT 晶片。這能帶來更高層級的效能，對心臟科等特定專科尤其重要。目前我們看到的成果，讓我們對未來充滿信心。

Our P5.1 chip is showing us better images, specifically in cardiology, than we see from our PZT handheld competitors. If this holds true, with better imaging in a handheld than our competitors, both big and small, why would anyone buy anything other than a CMUT? We are preparing for a big launch in 2027, and we'll continue that momentum by entering the cart business with iQ Station later in the same year.

我們的 P5.1 晶片所呈現的影像，特別是在心臟科領域，比我們看到的 PZT 手持式競品更好。如果這點持續成立——在手持式裝置上就能提供比大小競爭對手更好的成像——那為什麼還有人會買 CMUT 以外的產品？我們正為 2027 年的大型上市做準備，並將在同年稍晚以 iQ Station 進軍推車式（cart）業務，延續這股動能。

The flywheel is turning. We've increased our guidance for 2026. We're adding Embedded partners more frequently, and we'll be launching some key Garden partners' AI tools in the second half of the year. By early 2027, we are planning for our sales force to have what's expected to be the best handheld imaging in the world, Compass AI, Garden AI apps, and then we'll march upstream into the health systems with the most holistic ,integrated POCUS platform to begin tapping into the existing multi-billion dollar global ultrasound cart market in health systems.

飛輪正在轉動。我們已上調 2026 年指引。我們更頻繁地新增 Embedded 合作夥伴，並將在今年下半年推出部分關鍵 Garden 合作夥伴的 AI 工具。到 2027 年初，我們規劃讓銷售團隊具備預期為全球最佳的手持式成像、Compass AI、Garden AI 應用，接著我們將向上游推進至醫療體系，以最完整、整合度最高的 POCUS 平台，開始切入醫療體系既有的、全球數十億美元規模的超音波推車市場。

On top of that, the Home & Community Care will be going commercial. It's all coming together. I cannot be any more excited about our future.

此外，Home & Community Care 也將進入商業化。一切正在到位。我對我們的未來再也無法更興奮了。

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

那麼，接下來請接線員開放提問。

(Operator Instructions) Josh Jennings, TD Cowen.

(接線員指示) TD Cowen 的 Josh Jennings。

Congratulations on a strong quarter. Continue to add layers of revenue opportunities onto the story. That flywheel seems to be turning, as you called out. Wanted to touch on Embedded and then also just the POCUS core growth.

恭喜你們交出強勁的一季。你們持續在這個故事上疊加更多營收機會。正如你們提到的，那個飛輪似乎正在轉動。我想先談 Embedded，然後也談一下 POCUS 核心成長。

Just on Embedded and just revenue visibility with the Midjourney and Aleph announcements, how should we be thinking about the cadence of Embedded revenue over the next 12 to 24 months? And should we expect meaningful contribution from additional partners beyond Midjourney before the larger chip and revenue-sharing opportunities materialize with that agreement?

就 Embedded 而言，隨著 Midjourney 與 Aleph 的公告，在營收能見度方面，我們應該如何看待未來 12 到 24 個月 Embedded 營收的節奏？另外，在更大型晶片與分潤機會依該協議實現之前，我們是否應預期 Midjourney 以外的其他合作夥伴會帶來有意義的貢獻？

Yeah, Josh, I'll take the beginning of that one. As we've said in the past, we expected Embedded to be somewhere around $7 million to $8 million per quarter, and that would fluctuate a bit up or down $1 million or $2 million here or there. It was down a bit in the first quarter from that. Obviously, it was up in the second quarter. And we expect to kind of maintain that cadence.

好的，Josh，我先回答前半段。如同我們過去所說，我們預期 Embedded 每季大約在 700 萬到 800 萬美元左右，並可能在此基礎上上下波動 100 萬到 200 萬美元。第一季略低於這個水準。顯然第二季則有所回升。而我們預期大致會維持這樣的節奏。

Obviously, as we add additional partners and we go broader across Embedded, I would expect that to increase, but that's where we are right now.

當然，隨著我們新增更多合作夥伴、並在 Embedded 領域拓展得更廣，我預期這個數字會上升，但目前大致就是這樣。

Yeah. I mean, all I'd add is we added two additional partners, and each of these are -- have a lot of upside to them. And so they're all research programs. They're programs where people are looking at building new businesses, and at any point in time, they can reach a milestone and want to go commercial, and that's a second bite of the apple for us.

對。我補充的是，我們新增了兩個合作夥伴，而每一個都具有很大的上行空間。因此這些目前都是研究計畫。這些計畫是人們在探索建立新業務；在任何時間點，他們都可能達成里程碑並希望商業化，而那對我們而言就是第二次機會。

So our revenue in Embedded includes all of our partners, not just Midjourney, and so when we add people, there are revenue in the numbers. But it's when they go commercial that we can get the big pops.

因此，我們 Embedded 的營收包含所有合作夥伴，不僅是 Midjourney；所以當我們新增合作夥伴時，營收就會反映在數字裡。但當他們走向商業化時，我們才會看到更大的跳升。

And there'll be some stuff coming up in the future. We'll be adding more partners, and I'd anticipate some of our current partners going commercial. So this is just going to layer on top of itself. It's going to grow. And the Midjourney announcement has also opened a lot of new conversations that are very, very exciting.

而未來還會有一些進展。我們會新增更多合作夥伴，也預期部分現有合作夥伴會走向商業化。所以這會一層一層疊加。它會成長。而 Midjourney 的公告也開啟了許多新的對話，令人非常、非常興奮。

Yeah, I wanted to touch on that. Just the level of inbound interest accelerating following the Midjourney public demonstration, the Aleph announcement, 11 Embedded partners. How many additional partnerships can the organization realistically support simultaneously? Embedded is -- if maybe just help us understand, can you get out to 20 partnerships-plus over time and support all of those efforts?

對，我也想談談這點。在 Midjourney 公開展示、Aleph 公告，以及 11 個 Embedded 合作夥伴之後，外部主動洽詢的興趣加速到什麼程度？組織在同一時間實際上能支援多少額外的合作關係？Embedded——也許請幫我們理解一下，隨著時間推進，你們能否擴展到 20 個以上的合作夥伴並支援所有這些工作？

Yeah. I think -- I don't see in my mind at the moment a limit to the partnerships. Because I think -- the beautiful part about this is that there is commonality. There is a flywheel. So we're not developing new chips for each person and then taking on all this cost and supply chain and CapEx. It's the same chip.

是的。我想——我目前腦中看不出合作夥伴關係的上限。因為我認為——這件事美妙之處在於它具有共通性。它有一個飛輪效應。所以我們不是為每一個客戶開發新的晶片，然後承擔所有這些成本、供應鏈以及資本支出（CapEx）。用的是同一顆晶片。

What we're doing is building a software platform that allows them to do the work for themselves. And so -- and then sometimes they'll ask us to do specific work that's right on the fringe, and then we'll do it for them. But I see this evolving into something that's pretty standardized. People come in, they license our technology, they purchase our hardware. And then at some point in time, they buy chips and get licenses for software. And then if they wish some market protection and wish to purchase exclusivities, then that's when those deals get bigger.

我們正在做的是打造一個軟體平台，讓他們能夠自行完成工作。因此——然後有時他們會請我們做一些位於邊緣地帶的特定工作，我們就會替他們完成。但我看到這會演變成相當標準化的模式。人們進來，授權我們的技術，購買我們的硬體。然後在某個時間點，他們會購買晶片並取得軟體授權。接著如果他們希望有一些市場保護並想購買獨家權利，那就是這些交易變得更大的時候。

But when I look at companies that we emulate, they have standard pricing and standard business operating procedure. And it's all into our current semiconductor platform. So I don't see a limit to this. I don't -- we're not a job shop. I see this as a scalable, core part of the future of imaging technology.

但當我看我們效法的公司時，他們都有標準定價與標準的業務作業流程。而且一切都建立在我們現有的半導體平台之上。所以我不認為這有上限。我不——我們不是接案工廠。我把這視為影像技術未來中一個可擴展、核心的組成部分。

Yeah. And one thing there, all the development work we're also getting compensated for, so it's not as if we're doing that for free.

是的。另外一點是，我們所有的開發工作也都會獲得報酬，所以並不是我們在免費做這些事。

Yeah. And I think -- Thank you for saying that, because I think what we've done now is up until, I think the end of 2025, we were multitasking. We would go into our core development teams and have them do things for partners. What we've done since the end of 2025 is kind of firewall off and build an organization that are dealing with our partners, and we're going to continue to do that, and it'll scale based upon our partner revenue.

是的。而且我想——謝謝你提到這點，因為我認為我們之前一直到我想是2025年底為止，都在多工處理。我們會讓核心開發團隊去替合作夥伴做事情。自2025年底以來，我們做的是把它某種程度上隔離開來，建立一個專門對接合作夥伴的組織；我們會持續這麼做，而且會依據合作夥伴帶來的營收來擴編。

So it doesn't affect our core business. We're continuing to make sure that Embedded grows at Embedded's pace and POCUS grows at its own pace, and Home will grow at its own pace. So we're becoming more mature and sophisticated, and we're focusing on scaling ourselves to -- I think we're going to see years and years of growth. This is a highly, highly scalable opportunity.

所以這不會影響我們的核心業務。我們會持續確保 Embedded 以 Embedded 的節奏成長，POCUS 以它自己的節奏成長，而 Home 也會以它自己的節奏成長。因此我們正變得更成熟、更精細，我們也專注於擴大自身規模——我認為我們將看到多年、多年的成長。這是一個非常、非常可擴展的機會。

Outstanding, and sorry to ask one last question. I was talking about, I think POCUS core growth in my initial inquiry, but I wanted to actually touch on the Home transition and moving through commercialization. I know you've talked in the past about that being a big revenue opportunity.

太棒了，也抱歉再問最後一個問題。我在一開始提問時談的是 POCUS 的核心成長，但我其實想觸及 Home 的轉換以及推進商業化的進程。我知道你們過去談過那是一個很大的營收機會。

I'm not sure if you reiterated anything, if I missed it on the call earlier, but how should we be thinking about revenue contributions once you launch in 4Q? Is that baked into guidance -- the updated guidance that you put on the tape today? And just how can that build out, and then maybe, what is the TAM there? I think it's pretty large.

我不確定你是否有再重申什麼，或是我在先前的電話會議中漏聽了，但我們應該如何看待你們在第四季（4Q）推出後的營收貢獻？這是否已經反映在你們今天更新並對外發布的財測指引中？以及它會如何逐步擴大，另外那裡的 TAM（總可服務市場）大概是多少？我認為應該相當大。

So yeah, Home is built into our guidance, and obviously, it's relatively small launching and expected to launch in October and it will build from there. We have multiple millions in 2027, but for this year, it'll be certainly short of that since it's only two months.

所以是的，Home 已經納入我們的指引中；當然，剛推出時規模相對小，預計在10月上市，之後會逐步成長。我們在2027年會有數百萬美元的規模，但就今年而言，因為只有兩個月，所以肯定達不到那個水準。

But it is a very large opportunity, and it's a function of how successful we are. If the success in our pilot continues in our first commercial implementation, why would anyone not bring it everywhere else in the country? Because we're helping patients stay in these skilled nursing facilities, reduce the revolving door into health systems, reduce the overall cost of care of these patients. And I think there's a whole flywheel on its own sense as it becomes understood how impactful it is to empower nurses with AI at the bedside to keep patients properly diagnosed and properly medicated as to where they are in their condition.

但這確實是一個非常大的機會，而且取決於我們有多成功。如果我們在試點中的成功能延續到首次商業化落地，為什麼有人不把它推廣到全國其他地方呢？因為我們正在幫助病人留在這些專業護理機構中，減少反覆進出醫療體系的「旋轉門」現象，降低這些病人的整體照護成本。而且我認為，當大家理解到在床邊用 AI 賦能護理師、讓病人能被正確診斷並依其病況得到適當用藥有多大的影響時，這本身也會形成一個完整的飛輪效應。

I think it'll not just be congestive heart failure, it'll be a lot of other modalities. And again, this whole thing ties together because as new Garden apps come out, like right now with HeartFocus, they not only can do a B-line scan, but they'll be able to do a cardiac echo at the bedside. And then in the future, they'll be able to do other types of things like deep vein thrombosis or bladder or others. And so it's not just about expanding it to more and more at-risk providers. It's also about expanding the use case within those providers and building this out as a whole modality that allows people to help patients where they are.

我認為不會只侷限於充血性心衰竭，還會涵蓋許多其他模態。而且再說一次，這整件事是串在一起的，因為隨著新的 Garden 應用推出——例如現在的 HeartFocus——他們不僅能做 B-line 掃描，也能在床邊做心臟超音波（echo）。未來他們還能做其他類型的檢查，例如深部靜脈栓塞、膀胱或其他。因此這不只是把它擴展到越來越多的高風險照護提供者。也是在這些提供者內部擴大使用情境，並把它建構成一整套模態，讓人們能在病人所在之處提供協助。

And again, that's a part of our overall mission. So this is a flywheel. This does compound on top of itself. And the center of that bullseye is our Ultrasound-on-Chip technology. And then as we build out new AI capabilities, that grows the user base, and as we grow the user base and we have all these new outcomes, then it grows the customers to do more and more things.

而且再說一次，這也是我們整體使命的一部分。所以這是一個飛輪。它會在自身之上持續複利成長。而那個靶心的中心就是我們的 Ultrasound-on-Chip（晶片式超音波）技術。接著當我們擴展新的 AI 能力時，使用者基礎就會成長；而當使用者基礎成長、並產生所有這些新的成果時，就會推動客戶去做越來越多的事情。

So again, this is just the beginning, and it's -- all the things that we've been working on, we're kind of executing across the board, and it's going to build into something meaningful. So if -- we don't like to commit on deals that we don't have signed, but the opportunity in 2027, I think, is real. But we have to execute now. We have to delight everyone. We have to show that this works and that it's scalable for them. And if that happens, it gets real big, real quick.

所以再說一次，這只是開始，而且——我們一直在做的所有事情，現在算是在各方面同步執行，並且會累積成為有意義的成果。所以如果——我們不喜歡對尚未簽署的交易做承諾，但我認為2027年的機會是真實存在的。但我們現在必須執行到位。我們必須讓每個人都非常滿意。我們必須證明這是可行的，而且對他們而言是可擴展的。如果做到這些，它就會很快變得非常大。

Chase Knickerbocker, Craig-Hallum.

Chase Knickerbocker，Craig-Hallum。

Just a few questions from us. On the VCOM partnership, can you speak to how the partnership with VCOM works in terms of revenue recognition, how that flows into the Embedded business? And going forward, is there an opportunity to sign more of this type of deal?

我們這邊有幾個問題。關於 VCOM 的合作夥伴關係，你能談談與 VCOM 的合作在營收認列方面是如何運作的、以及它如何流入 Embedded 業務嗎？另外往前看，是否有機會簽下更多這類型的交易？

Yeah, let me just take the very first part of that. So the VCOM deal was purely core. It had nothing to do with Embedded. It was really the sale of iQ+, iQ3 and related software over an extended period of time.

是的，我先回答第一部分。所以 VCOM 這筆交易純粹是核心業務。它與 Embedded 完全無關。它實際上是在較長一段期間內銷售 iQ+、iQ3 以及相關軟體。

Did that answer the question, Chase?

Chase，這樣有回答到你的問題嗎？

Yeah (multiple speakers)

對(多位講者)

Yeah, absolutely. So VCOM has a desire for all their students to be able to learn ultrasound and have their own probe. I think there's a growing general consensus that when you have your own probe, you can scan yourself, scan your friends. You have opportunities to really acclimate and become educated.

對，完全同意。所以 VCOM 希望他們所有學生都能學會超音波，並且擁有自己的探頭。我認為目前有一種日益增長的普遍共識：當你有自己的探頭時，你可以掃描自己、掃描朋友。你就有機會真正熟悉並受教育。

And so, VCOM has made a long-term commitment on an annual basis to now stock the first-year students with the state-of-the-art technology and brand-new probes. And in order to help with their objectives of having more of the upper classmen have access, we've used our iQ+ platform, and we've subsidized those sales into those upper classmen.

因此，VCOM 現在已經做出長期承諾，每年都會為一年級學生配備最先進的技術與全新的探頭。而為了協助他們達成讓更多高年級學生也能取得使用權的目標，我們使用了 iQ+ 平台，並對這些高年級學生的銷售提供補貼。

So we make it easier for them to onboard into this model. They didn't just want to have a part of the school in it, they wanted to have the whole school in it. And so, we've made that available. And then what happens on an annual basis is, they keep on staffing or supplying the next or the first class with the most recent technology. So it's a great, great, great signal to the overall education market. It's a great validation of our mission -- our joint mission.

所以我們讓他們更容易導入並加入這個模式。他們不只是想讓學校的一部分參與，而是希望整個學校都參與。因此，我們已經讓這件事成為可能。接著每年會發生的是，他們會持續為下一屆、也就是新入學的那一班，配置最新的技術。所以這對整體教育市場而言是一個非常、非常、非常強的訊號。這也對我們的使命——我們共同的使命——是一個很好的驗證。

And there'll be another announcement in the future. They have a very novel idea that we've agreed with fundamentally and that we will be supporting, but we're going to allow them to announce it to their constituents and to their students. And then when they announce it, we'll educate you all on what they're doing. But because of our subsidy of the iQ+ probes, that's what kind of was reflected in the accounting of our ASP, which is, again, for us, it's the best way to make an investment, which is to put more devices into more students' hands.

而未來還會有另一項公告。他們有一個非常新穎的想法，我們在根本上也同意並會支持，但我們會讓他們先向其利害關係人與學生宣布。等他們宣布後，我們會再向各位說明他們在做什麼。不過，由於我們對 iQ+ 探頭提供補貼，這在我們 ASP 的會計呈現上有所反映；而這對我們來說，再次強調，最好的投資方式就是把更多設備交到更多學生手上。

Thank you for that additional detail. Just one more follow-up. Going back to Embedded, could you give us some color on the components of the rev rec in the second quarter? I just think that would be helpful for modeling going forward.

謝謝你補充這些細節。再追問一個問題。回到 Embedded（嵌入式）這塊，你能否提供一些關於第二季收入認列（rev rec）組成的說明？我覺得這會有助於我們對未來做模型推估。

Yeah. Just -- we've kind of laid this out before. There's multiple parts of this. There is the initial upfront payment, which was for $15 million. There was $10 million per annum for license fees, and then there was the development work with chip sales and revenue share to follow once they commercialize. We recognize that revenue as we do work against certain milestones. So as we progress against work that's related to the project, we recognize the different pieces of that.

可以。我們之前其實已經大致說明過。這裡面有好幾個部分。有一筆最初的預付款，金額是 1,500 萬美元。每年有 1,000 萬美元的授權費，另外還有開發工作，之後在他們商業化後會有晶片銷售與分潤。我們會在達成特定里程碑、並依據工作進度來認列收入。因此，隨著我們推進與專案相關的工作，我們就會認列其中不同的收入部分。

So in the fourth quarter of last year, when we initially signed the deal, we didn't recognize all the $15 million upfront. Obviously, we got the cash, but we released that as we do work against the overall project, the overall program. We made a good amount of progress against some of the milestones in the second quarter, so that resulted in the Embedded number being higher than, say, it was in the first quarter.

所以在去年第四季、我們剛簽下合約時，我們並沒有一次把那 1,500 萬美元的預付款全部認列為收入。當然，我們收到了現金，但我們會隨著整體專案、整體計畫的工作進度逐步釋放（認列）那筆收入。我們在第二季於部分里程碑上取得了相當不錯的進展，因此 Embedded 的數字就比第一季更高。

The other thing I want to highlight on this, so the overall contract that we announced back in November of last year for $74 million. I wouldn't say, that's not it in total. We talked about some of this in mid-June after Midjourney had their event out in California.

另外我想強調的是，我們去年 11 月宣布的整體合約金額為 7,400 萬美元。但我不會說那就是全部的總額。我們在 6 月中旬也談到過一些，當時 Midjourney 在加州舉辦了活動。

There is opportunity for us to certainly make additional revenue on top of that $74 million over time, but subject to the amount of work we're doing, if we do additional work related to our next-generation chip, and of course, when they commercialize the chip sales and revenue share. But for now, it's effectively us doing work against requirements for working towards commercialization with them. And that allows us, as we look at that and measure the work that we're doing, to release revenue in the respective quarters that we do it in.

隨著時間推進，我們確實有機會在那 7,400 萬美元之上再取得額外收入，但這取決於我們投入的工作量——例如若我們針對下一代晶片做額外工作——以及當然，等他們商業化後的晶片銷售與分潤。但就目前而言，基本上是我們依照需求進行工作，並與他們一起朝商業化推進。這也讓我們能夠在檢視並衡量我們所做的工作後，在相應的季度中釋放（認列）收入。

And then just to add on that, we have 11 partners. That's one. All the other 11 are -- there's revenue on software licenses. There's revenue on hardware purchases. There's revenue on semiconductor purchases, and that grows as we grow our partners. And also, as our partners are in different phases, they will then buy more and do different things.

再補充一下，我們有 11 個合作夥伴。那只是其中一個。其他 11 個——會有軟體授權的收入。會有硬體採購的收入。會有半導體採購的收入，而這些會隨著我們合作夥伴的成長而增加。同時，因為合作夥伴所處階段不同，他們也會購買更多並做不同的事情。

Also, we have -- of our other 10 partners, we do work for them also, and that revenue rolls into the number. So -- and that grows based upon where they are in their development cycle and also as we add new partners.

另外，我們其餘 10 個合作夥伴中，我們也會為他們提供工作服務，而這些收入也會併入該數字。因此——這會依他們在開發週期中的位置而成長，也會隨著我們新增合作夥伴而成長。

(Operator Instructions) Ben Haynor, Lake Street Capital Markets.

(接線員指示) Ben Haynor，Lake Street Capital Markets。

First off for me, on the training and Community Care commercial launch here coming up, how large is the group that you need to train? How many patients does this plan to touch in the initial commercial state?

我這邊首先想問，關於即將到來的訓練以及 Community Care 的商業化上線，你們需要訓練的群體規模有多大？在初期商業化階段，這個計畫預計會觸及多少名病患？

So in the first state, I think we're training between 15 and 30 nurses. I don't know the exact number, but it's something within that scope and size. And right now, until the program gets bigger, I don't think we're going to disclose the number of patients under management. I think we want to get a little more mature and a little bit more consistent before we do that. And when revenue becomes meaningful, we'll translate where our revenue model is and what the scope is.

在第一個州，我想我們會訓練大約 15 到 30 位護理師。我不確定確切數字，但大概就在這個範圍與規模。而目前在計畫變得更大之前，我們不打算披露納管病患的人數。我想我們希望在披露前，先讓它更成熟、也更一致一些。等到營收變得有意義時，我們會說明我們的營收模式以及規模範圍。

But right now, I think the first state is between -- these are nurses who work in skilled nursing facilities full time. And I think it's between 15 and 30, I think is the right number.

但就目前而言，我認為第一個州是——這些護理師是在專業護理機構（skilled nursing facilities）全職工作的。我想 15 到 30 位應該是正確的數字。

So it doesn't sound like a situation where you need to add sort of immense training capacity, and this is something that could go nationwide or much broader without too much on the cost side for training purposes?

所以聽起來不像是你們需要新增非常龐大的訓練產能；而這件事可以在不需要在訓練成本端投入太多的情況下，推向全國或更大範圍？

Yeah, well, I mean, training is a core competency of us and we're very fortunate that one of our best internal ultrasonographers has taken on the role of going full time into Home and Embedded, and she's going to do a great job. And as we scale, we have actually one of the -- we have a great partner.

對，我的意思是，訓練是我們的核心能力之一；我們也很幸運，我們內部最優秀的超音波技師之一已經承擔起這個角色，並全職投入 Home 和 Embedded，她會做得非常出色。而隨著我們擴張，我們其實也有——我們有一個很棒的合作夥伴。

We have several great partners in education and medical education. We leverage our internal team for as much as we can do. But if we also had the wonderful opportunity to go into many states quickly, we have partnerships with state-based education organizations that would be -- and this is only one use case and one AI tool. So the bar is much lower than what a normal training would be.

我們在教育與醫學教育方面有好幾個很棒的合作夥伴。我們會盡可能運用內部團隊來完成我們能做的部分。但如果我們也有很好的機會能快速進入多個州，我們也與各州的教育機構建立合作關係——而這只是其中一個使用情境與一個 AI 工具。因此門檻比一般訓練要低得多。

So the ability for us to scale quickly based upon all the nationwide partnerships we have with individual training organizations, and some of those organizations are national and global. We're very confident that we could do this deployment. And then once the deployment is done, we would make sure that we have the staff and the team in place to be able to maintain that, because training is not a one-time thing.

因此，基於我們與全國各地各個培訓機構所建立的合作夥伴關係（其中一些機構具備全國性乃至全球性規模），我們能夠快速擴張。我們非常有信心可以完成這次部署。而且一旦部署完成，我們會確保配置到位的人員與團隊能夠維持運作，因為培訓不是一次性的事情。

This -- The value of this program is that we are with our partners every step of the way for their journey, for training new people, managing their data, managing data transfer, managing the clinical assessments and the whole thing. And so we're eating our own dog food. We're using our own stuff to deliver value side-by-side with our partners.

這——這個計畫的價值在於，我們會在合作夥伴旅程的每一步都與他們並肩同行：培訓新進人員、管理他們的資料、管理資料傳輸、管理臨床評估以及整個流程。所以我們也在「吃自己的狗糧」。我們用自己的產品與合作夥伴並肩交付價值。

Got it. And then maybe there's not an easy way to characterize this, but on the Butterfly Garden launches that are stated for later this year, is there anything you can share on kind of the commercialization efforts that you expect from these partners? I mean are they going to be making big splashes? Do they have large commercial organizations behind them? Any color there would be very helpful.

了解。接著也許不太容易描述，但關於今年稍晚預計推出的 Butterfly Garden 上線案，你能否分享一下你預期這些合作夥伴在商業化推進上的作為？我的意思是，他們會不會大張旗鼓地推廣？他們背後是否有大型商業組織支援？任何補充說明都會很有幫助。

Well, I do -- I think each of these companies are smaller, growth-oriented companies. They're not these large companies as of yet. But we are going to help them become larger companies, we hope. And I think what we've been waiting for is their FDA approvals, and also they've made a lot of requests of us to integrate more into the platform.

嗯，我確實——我認為這些公司各自都是規模較小、以成長為導向的公司。他們目前還不是那種大型公司。但我們希望能協助他們成長為更大的公司。而我認為我們一直在等待的是他們的 FDA 核准，同時他們也向我們提出了許多要求，希望能更深度地整合到平台中。

For example, while we've built an SDK that allows them to pull data for their AI models, we've had people say, well, we want to use your cloud to store the -- our own data, and we want to be able to do other types of scans and whatnot. And so we've been building out the robustness of our Garden platform in concert with where our partners wish it to be, and a lot of that now is kind of intersecting on the second half of the year.

例如，雖然我們已經建立了一套 SDK，讓他們可以為其 AI 模型拉取資料，但也有人說：我們想使用你們的雲端來儲存——我們自己的資料，並且希望能做其他類型的掃描等等。因此，我們一直在依照合作夥伴希望的平台樣貌，協同強化 Garden 平台的健全性，而其中很多工作現在大致會在下半年交會落地。

And I think we're going to have three partners who will come online, and we are going to have -- I think that's going to become a cadence now because there's a lot of work happening. And I think it's -- there's -- what's not present in the marketplace with the consumers of the technology is how impactful AI will be for them. And so, I think each new app points to the entirety of the apps. And as you get two companies, three companies, five companies, 10 companies out there marketing their capabilities, it builds consumer awareness. It builds an identity that this exists, then there's more proof cases, and I think Garden creates its own flywheel.

我認為我們將會有三個合作夥伴上線，而我們也會——我想這將會成為一種節奏，因為目前有大量工作正在進行。而我認為——市場上、對於技術的使用者而言，尚未充分意識到 AI 對他們會有多大的影響。因此，我認為每一個新 app 都會指向整體 app 生態。當有兩家公司、三家公司、五家公司、十家公司在市場上行銷他們的能力時，就會提升使用者認知。它會建立一種「這確實存在」的身份認同，接著會有更多成功案例，而我認為 Garden 會形成自己的飛輪效應。

And I've mentioned in the past that I think this is the key to crossing the chasm, to really getting the user base of ultrasound, of point-of-care ultrasound to increase because the learning curve is so high for standard ultrasound. But as there's more AI capabilities, people get more and more comfortable in using this every day. So I think that whole Garden flywheel as far as getting more partners in the marketplace, it turning into revenue, it turning into increased utilization, is now on the cusp of starting, and we'll have exciting launches now each quarter going forward into '27 and '28.

我過去也提過，我認為這是跨越鴻溝的關鍵，能真正擴大超音波、特別是床邊超音波（point-of-care ultrasound）的使用者基礎，因為傳統超音波的學習曲線非常陡峭。但隨著 AI 能力越來越多，人們會越來越習慣每天使用它。所以我認為，這整個 Garden 的飛輪——包括吸引更多合作夥伴進入市場、轉化為營收、帶動使用量提升——現在正處於即將啟動的臨界點，接下來每一季都會有令人興奮的上線，並一路延續到 2027 年與 2028 年。

Steve Lichtman, William Blair.

Steve Lichtman，William Blair。

Couple questions for me, Joe. On Embedded, you've been laying out in your investor decks the many potential application areas and use cases with your current and potential partners. As you look at those buckets, those different categories, are there some that you see as generally sort of earlier in the pipeline potential or sooner and others that might take more time in general, or is it pretty even across the board as you look out over the next few years?

我有幾個問題，Joe。關於 Embedded，你在投資人簡報中一直在說明，與現有及潛在合作夥伴在許多潛在應用領域與使用情境上的機會。當你看這些「桶」——這些不同的類別——你是否看到有些通常在管線中更早、或更可能較快落地，而另一些一般而言需要更長時間？還是說，展望未來幾年，各類別大致上都差不多？

Well, there are a few partners where it is a relatively low fruit. So our -- first of our two partners that we've announced publicly, one was Mendaera, which is a vascular robotics company. They were more interested in using our current sub-assembly of what we have in our tech to help create the type of image they need and using some capabilities that only exist within semiconductor-based ultrasound. And so they will actually be commercial soon with Butterfly.

嗯，有幾個合作夥伴屬於相對容易摘取的低垂果實。所以我們——我們已公開宣布的兩個合作夥伴中的第一個是 Mendaera，一家血管機器人公司。他們更有興趣使用我們現有技術中的某個子組件，來協助產生他們所需的影像，並利用一些只有在半導體式超音波中才存在的能力。因此，他們實際上很快就會與 Butterfly 一起進入商業化。

And over the next, I don't know, within the next six months, maybe sooner than that. I'll let them make their announcements, and I don't want to get too far ahead. But that is more about using our core technology to help amplify some really exciting novel things that they are bringing into the medical market.

大概在接下來——我不知道——六個月內，甚至可能更快。我會讓他們自己發布公告，我也不想講得太超前。但這更像是運用我們的核心技術，去放大他們帶入醫療市場的一些非常令人興奮、全新的事物。

And then we also have another partner, Sonic Incytes, that does fatty liver diagnosis. That is -- will be commercial, where the bar, again, is lower because they're using existing capabilities and implementing it into their systems.

然後我們也有另一個合作夥伴 Sonic Incytes，做脂肪肝診斷。那個——也會商業化；同樣地，門檻較低，因為他們是在使用既有能力並把它導入他們的系統中。

We then have a set of partners that are doing a lot of primary research. And that -- I would say, the -- I think it's four neurotechnology BCI companies now in the Garden, that they're doing work that is nuts. They're doing work where they are looking at ways of understanding the brain that have never been done before. And I think that has a longer timeline to seeing something in the clinical -- in the marketplace. Because there's not only the technology of feasibility, but then there'll be, I'm sure, a long regulatory path in order to get there.

接著我們有一組合作夥伴正在做大量的基礎研究。而那——我會說——我想目前 Garden 裡大概有四家神經科技 BCI 公司，他們做的事情非常瘋狂。他們在研究以前從未做過的理解大腦的方法。我認為那要在臨床——在市場上看到成果，時間軸會更長。因為不僅要驗證技術可行性，之後我相信還會有一段很長的法規審查路徑才能到達。

Now, I will say a couple of people have more consumer-based ideas. Some are focused on chronic diseases, but some are focused on behavioral. And so the bar might be a lot lower, but we'll see. And then some of them have really novel clinical applications that I think are probably easier to prove than the brain. They just have to be done.

不過我會說，有幾個團隊的想法更偏向消費者端。有些聚焦慢性疾病，但也有些聚焦行為面。因此門檻可能低很多，但我們再看看。另外也有一些非常新穎的臨床應用，我認為可能比大腦相關更容易證明；只是必須把它做出來。

So I think there is for -- just like in any portfolio, we have some things that are pretty near, we have some things that are probably medium-term, and things are way out. And the stuff that's way out is, I think the opportunities are -- the markets are so large, it's hard to calculate. So it's a whole portfolio of things.

所以我認為——就像任何投資組合一樣——我們有一些相當近期的項目，有一些可能是中期的，還有一些是很遠期的。而那些很遠期的項目，我認為機會——市場規模非常大，大到很難估算。所以這是一整個組合。

And then on top of that, we're talking to a lot of new companies in the last 60 days that we hadn't talked to before, that are very heavily resourced. And you never know if one of those catches on, it could be a Midjourney type of hit the ground running hard, and that can happen at any time.

此外，在過去 60 天裡，我們也在和許多以前沒談過、資源非常充足的新公司洽談。而你永遠不知道其中某一家是否會一拍即合，像 Midjourney 那樣一開始就強勢起跑，這種事隨時都可能發生。

The Midjourney announcement definitely woke up or built awareness of our capabilities in the large healthcare community and also the big tech community. And while a lot of our partnerships so far have been with earlier stage companies, obviously Midjourney is a medium-stage company with a lot of revenue. We're talking to a lot of very well-funded companies and you never know, one of those can kind of change the calculus like Midjourney did.

Midjourney 的公告確實喚醒了、或說提升了大型醫療社群以及大型科技社群對我們能力的認知。而且雖然我們目前多數合作夥伴都屬於較早期的公司，但顯然 Midjourney 是一家中期公司，且有相當可觀的營收。我們正在與許多資金非常充裕的公司洽談，而你永遠不知道其中某一家是否會像 Midjourney 一樣改變整體盤算。

And just secondly, on Home Care, I think you've talked in the past about the business model being different for Butterfly in that channel. How are you thinking about that revenue model and what it'll look like with these customers?

另外第二點，關於居家照護（Home Care），我記得你過去提到過，在那個通路中 Butterfly 的商業模式會有所不同。你們如何看待那個營收模式，以及它在這些客戶身上會呈現什麼樣子？

And then just secondly, what milestones are you looking for with this first customer to get you comfortable to kind of put the foot down on expanding to additional customers?

然後再第二點，你們希望從這第一位客戶身上看到哪些里程碑，才會讓你們更有信心把油門踩下去、擴展到更多客戶？

Two great questions. So the first question is simple. We will charge a fee for the size of the population we manage. We won't go into the mechanisms of that fee, but there will be -- as the patient population increases, the amount that we charge to manage that population will increase with it. So that's one set of consistent revenue.

兩個很好的問題。第一個問題很簡單。我們會依我們所管理的人口規模收取費用。我們不會深入費用的機制，但會是——隨著病患人口增加，我們為管理該人口所收取的金額也會隨之增加。所以這是一組穩定且一致的營收來源。

And then there will be a charge for every scan that's done, because there's a read associated to it and work that we have to do. So there'll be kind of a fixed component based upon the size of the population, and then there'll be a variable component based upon how many of the scans that are done.

另外，每做一次掃描也會收費，因為每次掃描都伴隨判讀以及我們必須投入的工作。因此會有一個依人口規模而定的固定組成，然後會有一個依完成掃描次數而定的變動組成。

And as that matures -- that model is just very simple. You add patients, then your fixed kind of revenue goes up. And then of course, as you're adding patients, your variable scan revenue goes up. And as we -- as that matures, we'll be able to kind of unpack that for you.

而隨著它逐步成熟——這個模型其實非常簡單。你增加病患，你的固定型營收就上升。當然，隨著你增加病患，你的變動掃描營收也會上升。等我們——等它更成熟之後，我們就能把細節再為你拆解說明。

What was the second half, the second question? First was the revenue. What was the second question?

第二部分、第二個問題是什麼？第一個是營收。第二個問題是什麼？

The milestones. Just in terms of the milestones --

里程碑。就里程碑而言——

Yeah. 100%. So within this patient population, we're focusing on congestive heart failure patients. Over the last decade, it's become really aware to fee-for-service payers that there's a revolving door between nursing homes and health institutions. And so someone goes in a nursing home, they -- their care might not necessarily be consistent with their disease progression. They then have to be put in an ambulance, sent to the hospital and cared for, have their diuretic managed, and then they get sent back to the nursing home only three to six months later to have that occur again and again and again.

對。完全同意。所以在這個病患族群中，我們聚焦在充血性心衰竭（congestive heart failure）患者。過去十年，按次計費（fee-for-service）的支付方已經非常清楚地意識到，護理之家與醫療機構之間存在一個「旋轉門」現象。也就是有人進了護理之家，他們——其照護未必能與疾病進程一致。接著他們必須被送上救護車、送到醫院接受照護、調整利尿劑，然後又被送回護理之家，三到六個月後同樣的情況又一再發生。

And so there have been now capitated payments, there have been penalties, and there have been incentives on reducing the cost of care for those patients. And so what we are targeting is a reduction in admissions and readmissions for congestive heart failure patients. And nationwide, if you're a diagnosed congestive heart failure patient in a skilled nursing facility, you're going -- you're probably getting admitted or readmitted. In 25% to 35%, you'll see a readmission rate or admission rate for that population.

因此現在出現了按人頭計酬（capitated payments）、也有罰則、也有誘因，目的都是降低這些病患的照護成本。所以我們鎖定的目標，是降低充血性心衰竭患者的住院與再住院（readmissions）。在全美，如果你是住在專業護理機構（skilled nursing facility）的已診斷充血性心衰竭患者，你——很可能會被收治住院或再住院。在 25% 到 35% 的區間，你會看到這個族群的再住院率或住院率。

So what we are targeting is a reduction of that readmission rate. So we've set goals. We were very productive in the pilot, but it was a smaller, of course, population. What they want to see is, are we able to maintain the type of success of keeping patients healthier and in the bed and stable longer? And if those results translate -- I mean, I forget the absolute number, but when you look at how much at-risk providers have to pay for readmissions, it's pretty astronomical.

所以我們的目標是降低那個再住院率。我們已經設定了目標。我們在試點（pilot）中非常有成效，但當然那是較小的族群。他們想看到的是：我們是否能維持那種成功——讓病患更健康、在床位上、且更長時間保持穩定？如果這些結果能夠轉化——我的意思是，我忘了絕對數字，但當你去看風險承擔型（at-risk）提供者為再住院必須支付的金額時，真的相當驚人。

I think our chronic care is, I don't know, 70%, 80% of our healthcare costs. It's -- the lion's share of healthcare is managing these chronic illnesses. And when you reduce an admission or a readmission of these patients, it goes right to -- it goes -- I don't want to say it goes right to the bottom line because I don't fully understand, I don't want to profess their economics, but by reducing the readmission rate by 5%, by 10%, the economic impact to these at-risk providers is significant.

我想慢性照護大概占了我們醫療成本的——我不知道——70%、80%。醫療支出的最大宗，就是管理這些慢性疾病。當你降低這些病患的一次住院或再住院，它會直接反映到——我不想說直接反映到最終利潤（bottom line），因為我並不完全了解、也不想自稱了解他們的經濟模型；但把再住院率降低 5%、10%，對這些承擔風險的提供者而言，其經濟影響是顯著的。

And so that's where we think -- as we sit back and we look at the macro picture of democratizing medical imaging and bringing medical imaging to the patient's bedside, we think that earlier diagnosis and managing patients where they are probably going to be one of the largest reductions in overall healthcare costs by simply democratizing earlier diagnosis.

因此我們認為——當我們退一步看「讓醫學影像普及化（democratizing medical imaging）」並把醫學影像帶到病患床邊的宏觀圖景時，我們認為更早的診斷、以及在病患所在之處管理病患，可能會是降低整體醫療成本的最大槓桿之一——只要把更早期診斷普及化即可。

And -- but the learning curve is high, the bar has been high, and it's a complete shift of behavior. That's why we are doing Home, because we've developed the skills and the capabilities of deploying this technology. So again, we're eating our own dog food. We're going to do it ourselves. We're going to take risks with our -- with these at-risk providers, and we're going to show them that we can reduce these readmissions. And when we do, we are -- there is a component where if we're successful in reducing it by a certain factor, then we are going to actually also be rewarded by a percentage of those savings.

但是——學習曲線很陡、門檻一直很高，而且這是行為模式的全面轉變。這就是為什麼我們在做居家（Home），因為我們已經建立了部署這項技術的技能與能力。所以再說一次，我們是在用自己的產品來驗證自己（we're eating our own dog food）。我們會自己來做。我們會和這些承擔風險的提供者一起承擔風險，並向他們證明我們能降低這些再住院。而當我們做到時——其中有一個組成是：如果我們成功把它降低到某個幅度，我們也會以節省金額的一定比例獲得獎勵。

So -- and of course, if we don't, then we will -- it goes the other way, and we bear more cost of it too. So we are going with some risk, and we're doing it gladly because we understand what this technology is capable of doing.

所以——當然，如果我們做不到，那就——會往相反方向走，我們也會承擔更多成本。因此我們是帶著一定風險在推進，而且我們很樂意這麼做，因為我們了解這項技術能做到什麼。

So the moment these pilots and the early implementation actually starts showing the real cost savings, that's when these at-risk providers are going to jump in with both feet because that's just a lot of money that'll hit their bottom line by doing what we want to do and everyone wants, and that's everyone live healthier, better lives, be able to deal with things when they occur, empower caregivers where the patients are, and not have to have these significantly recurrent high-cost incidences.

所以一旦這些試點與早期導入開始真正展現實際的成本節省，那些承擔風險的提供者就會全力投入，因為這會有一大筆錢直接影響他們的最終利潤——透過做我們想做、也就是大家都想要的事：讓每個人活得更健康、更好；在事情發生時能夠處理；在病患所在之處賦能照護者；而不必承受這些高度重複、成本極高的事件。

So this is a very big deal, because it's not just what it means in revenue to Butterfly, but I think we can reduce the market development time, and we can educate people on the power that this can have a lot sooner.

所以這是一件非常重大的事，因為它不只是對 Butterfly 的營收意義，我也認為我們可以縮短市場開發時間，並更早教育大家了解這件事能帶來的力量。

Raylin Konakuty, Freedom Brokers.

Raylin Konakuty，Freedom Brokers。

It was a great quarter, I can see. I have multiple questions as well. First question is about the next generation probe and the cart market entry. You have talked about the harmonics chip, its introduction at (inaudible) and we are expecting the first launch in early 2027. And we can see that iQ Station is also targeting cart markets later that year.

看得出來這是一個很棒的季度。我也有好幾個問題。第一個問題是關於下一代探頭以及推車式（cart）市場的切入。你們談到諧波（harmonics）晶片、它在（聽不清）時的導入，而我們預期首次上市會在 2027 年初。我們也看到 iQ Station 也在瞄準同年稍晚的推車式市場。

You said that once Butterfly achieves that harmonic imaging, there will be no reason to buy a single-dimension handheld device. This is a very, very great claim that essentially argues for market share capture across the entire central system. And my question is about the quantification of that. Can you please quantify the addressable market you are targeting with the new probe versus the current iQ3, and give us a sense of expected price point?

你說一旦 Butterfly 達成諧波成像（harmonic imaging），就沒有理由再去買單一維度的手持裝置。這是一個非常、非常重大的主張，基本上是在論證你們能在整個中央系統市場中取得市占。我的問題是關於量化。你能否量化：相較於目前的 iQ3，新探頭所鎖定的可服務市場（addressable market）有多大，並讓我們了解預期的價格帶（price point）？

Well, I have to tip the hat to my other analyst friends. That was the best question today. So fabulous question. A lot there to unpack, I'll do the best that I can.

嗯，我得向我其他分析師朋友致敬。那是今天最棒的問題。真是精彩的提問。裡面有很多可以拆解的地方，我會盡我所能回答。

So first of all, when the digital camera reached 5 and 7 megapixels and had an equivalent image to film, what happened to the film market? How -- why would people still use an analog device from a handheld standpoint? We've asked ourselves, once our image quality is better than other handheld PZT devices, like literally, why would you use them? If they're -- whether they're three-in-one or they're specific to a certain application, they're not networked. They don't have the networked AI. They don't have 21 different presets. They have to have multiple other things that have to occur for them. And they're also expensive.

首先，當數位相機達到 5 與 7 百萬畫素、影像品質可與底片相當時，底片市場發生了什麼事？從手持的角度來看，人們為什麼還會使用類比裝置？我們也問過自己，一旦我們的影像品質優於其他手持式 PZT 裝置，說真的，為什麼還要用它們？如果它們——不論是三合一或是針對特定應用——都不是連網的。它們沒有連網的 AI。它們沒有 21 種不同的預設。它們還得搭配許多其他條件才能運作。而且它們也很昂貴。

It's like, well, if our image quality is better, why would they ever use them? So I mean, we'll see what the market says, but in my extrapolation of where we're at, our next probe is just going to be better. And it'll be like, okay, I think we've reached to that point now, and that's why image quality is not going to be the factor after our next probe. It'll be AI processing and delivering more value at that bedside.

就像是，如果我們的影像品質更好，他們為什麼還會用那些？所以我的意思是，我們會看市場怎麼說，但以我對我們目前位置的推演，我們的下一代探頭只會更好。而且會變成，好吧，我想我們現在已經到達那個點了，這也是為什麼在我們下一代探頭之後，影像品質不會再是決定因素。而會是 AI 處理，以及在床邊提供更多價值。

Now, today, the point-of-care ultrasound market in actual revenue is only $300 million, $350 million based upon a Signify report that just came out just a month ago. And we're the fastest-growing handheld company in the world based on that report. And so how much more -- and so now we know the overall market for handhelds is, we think upwards of $20 billion if everyone gets a probe, but the existing market today is a $300 million market.

現在，就實際營收而言，床旁超音波（point-of-care ultrasound）市場只有 3 億美元、3.5 億美元左右，這是根據 Signify 一份大約一個月前才剛出爐的報告。而根據那份報告，我們是全球成長最快的手持式公司。所以還能有多少——而且現在我們知道，手持式的整體市場，我們認為如果每個人都配一支探頭，規模可能上看 200 億美元，但現有市場今天只有 3 億美元。

Now, the existing market for small compact carts and POCUS carts is about $1.6 billion to $2 billion. And that's how many -- what the cart existing market is. And that -- for a small company like ourselves to take the burden of market development, it's a lot of cost, a lot of effort, a lot of education, et cetera.

目前小型緊湊推車與 POCUS 推車的既有市場大約是 16 億到 20 億美元。這就是推車既有市場的規模。而對像我們這樣的小公司來說，要扛起市場開發的負擔，成本很高、需要很大努力、還要做很多教育等等。

But now to enter a market where we're just going to have a better product, it's an existing market. They -- the dollars are in the hospital's capital budgets. They want to do it. We're just going to walk in with a better product, and we're going to take market share. And that's what happens with iQ Station.

但現在要進入一個我們只要提供更好產品的市場，這是一個既有市場。他們——這些預算金額已經在醫院的資本預算裡了。他們想做這件事。我們只要帶著更好的產品走進去，就能拿下市占。這就是 iQ Station 會發生的事。

So the first phase was making sure that we get our image quality to a certain phase. And then the second phase is we're going to have a better product offering than existing POCUS carts that are out there because those POCUS carts are kind of de-featured carts. They're not the type of network carts, and they're also certainly not networked on a one-to-one basis, too.

所以第一階段是確保我們的影像品質達到某個水準。接著第二階段是，我們將提供比市面上既有 POCUS 推車更好的產品組合，因為那些 POCUS 推車有點像是功能被削減的推車。它們不是那種連網型推車，而且當然也不是以一對一的方式連網。

So our next product, I think, is going to generate a lot of revenue for us because we won't have the burden of developing a market. We'll have the benefit of coming in with a better product into an existing market.

所以我認為我們的下一個產品會為我們帶來大量營收，因為我們不必承擔開發市場的負擔。我們將受益於以更好的產品切入既有市場。

I think the other upside revenue opportunity with the next phase of our imaging is we believe that our next probe is going to have a better cardiac image than the largest imaging companies have for their handhelds. And when people see it side-by-side, again, to have one probe that can do the whole body, that's networked, that has AI, that can merge into the health system's EMRs and all their data, and have a better image, before you'd have to have -- before you would have to give up something when you had something that did everything. Now, this probe is just going to have a better image, and so you can do everything and have the best image. Why buy anything else?

我認為下一階段影像能力的另一個上行營收機會在於，我們相信我們的下一代探頭在心臟影像上，會比那些最大影像公司在其手持式產品上的表現更好。當人們把它們並排比較時，再次強調，一支能做全身、可連網、具備 AI、能整合進醫療體系的 EMR 與所有資料、而且影像更好的探頭——過去你若要一個什麼都能做的產品，往往必須犧牲某些東西。現在，這支探頭就是會有更好的影像，所以你可以什麼都做，還能擁有最好的影像。那為什麼還要買別的？

This was an answer that I didn't expect. Congrats again.

這是我沒預期會聽到的回答。再次恭喜。

All right, everyone. That's the last -- operator, that was the last question?

好，各位。那是最後——接線員，那是最後一個問題嗎？

Indeed.

是的。

Okay. Well, sorry, we're about seven minutes over on the call. Just a lot. Thanks for all the questions for our analysts. Please excuse my enthusiasm, but the -- my first few years here were a pretty hard road getting things situated.

好的。嗯，抱歉，我們這通電話超時大約七分鐘。內容很多。感謝我們分析師提出的所有問題。也請見諒我的熱情，因為我在這裡的頭幾年，為了把事情安頓好，走過一段相當艱難的路。

But Butterfly has had a vision of democratizing imaging, of having every doctor, every nurse with their own probe, and that vision has increased, and our execution is right on. And so I'm very excited about what we'll deliver into the future and just very much appreciate everyone's support. Thank you.

但 Butterfly 一直有一個願景：讓影像檢查普及化，讓每位醫師、每位護理師都能擁有自己的探頭；這個願景愈發強烈，而我們的執行也完全到位。因此我非常期待我們未來將交付的成果，也非常感謝大家的支持。謝謝。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝各位的出席。您現在可以掛斷電話線。