Earnings call transcript Q1 2023

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Operator

Ladies and gentlemen, hello and welcome to the Butterfly Network, Inc. Q1 2023 Earnings Call. My name is Maxin and I will be coordinating the call today. [Operator Instructions]

I will now hand you over to Heather Getz, Executive Vice President, Chief Financial Officer to begin. when ahead go please you're ready. Heather,

Heather Getz

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

Executive Heather Officer Butterfly's this I, and Chairman and of host Butterfly; Vice Shahida, Getz, President and Chief alongside Chief Darius Butterfly's will call. Financial Strategy Officer, Joe DeVivo, morning's CEO;

expectations statements and current These expectations making and known made the forward-looking and unknown factors to described approvals, on results, will our and results today's financial of services, the uncertainties and statements commercialization with are future are macroeconomic for we performance, During on cause in subject impact statements. future differ involve may business. are development things, filings the and products number products with size actual statements. information, that based contained and current and risks, regulatory change assumptions, from respect materially certain of those other factors potential call, or Commission. forward-looking and a forward-looking to These and our that services, Exchange markets in other risks of and to may Securities be growth These potential of the other include the among our

such and obligation undue forward-looking place to any these statements. cautioned update disclaims company statements, You are to the on not reliance

will be delay and slide be is the replay and the recorded referencing and of short live available section in There audio a with may reminder, Events being event visit conjunction call. And between of our of a website. the the this we call To As being the please remarks. shown. our a the the presentation telephone a be webcast, access presentation section webcast Investors will following

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

Joseph DeVivo

you, history. Dr. join the Thank its the for warm want during welcome fortunate weeks, from few Butterfly really meeting Good family potential. been and to I the the in such a quite I'm also and whole Butterfly's I've incredible at to Rothberg I've enjoyed Network critical received first brought the feel who've I've team. a and excited time the the thank I Heather. people much about here success Butterfly and Jonathan opportunity, Board to company so morning. only

quarter, During their thrilled in invasive my an the of with robotics, days digital surgical ride respective and Butterfly's I'm minimally the of a to be disruption the fields. undisputed early part most medical career, interventional they will and that Darius the But hardware seen that to communicate I'd perspective one-of-a-kind opportunities I initial to moment, a AI providers results. Heather treat This empower financial my will will In the and technology see. of by first, a update business imaging oncology, I've It's recently, and caused provide diagnose where patients democratization exciting of will tools. health, the enabled share each on be surgery, disruptors are. help the on through by like

of medical broaden the and not of enabling at images and critical AI couple served adoption spoken the impactful partnering practitioners ultrasound clinicians to past capture to training factors inception ease about of the with in population healthcare the use limiting field, Since the are in of we've imaging. the Butterfly, majority years, importance empowering most how nearly I've access ultrasound. are two-thirds seen practitioners of and democratization I of imaging Butterfly, can worldwide be. Because lacks trained, point-of-care firsthand to the ease world's ultrasound of the use Over and actually medical of with true vast

key Butterfly we've development to invested novel more gestational use. Volume tool now, they is and auto fluid diagnosis the to detect heavily guidance newly This our for This medical imaging tool, it pneumonia, diagnosis it. to Auto technology, interpretation when professionals the empower approved most the essential so in they Ultrasound-on-Chip to frankly, a our giving Foundation; why for of our applications point makes application other has of in at and accessible Auto to many With B-line made practitioners application AI in be. B-line cardiovascular Bladder timely tool. need to lungs our capture Gates to professionals age pulmonary the is and wherever and medical may This easier with diseases. From care, them worldwide, recently, our scans easier cardiac confirmation partnership,

Butterfly for there year per than In development is of AI the fact, at make are alone seek make as possible. will B-line application to million more as pneumonia easy easier. our country, diagnoses and X clearly we it this solution forefront our in as

garnered And of attention, AI and the of DNA beginning importance the since a approach our Butterfly. has the investment while been and the core of and very at M&A lot of this recently, company it's strategy

into image build our Our applications AI world. empowers repository secure the ultrasound in represents largest cloud database, the which customers tapping our our for to developers by

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it's forward algorithms to large intention Going start base. monetizing AI our our across our installed

reach, I Butterfly more deployed software amazing years, nearly market to ability view empower and other ultrasound users with today. three past than deploy, has the the Over virtually. probes a as XXX,XXX has an any technology-empowered company shipped devices Butterfly in Butterfly company.

the through enterprise base an submission. people, paved Reaching the provides winning A can tools, hardware FDA helping that based other recent is and user for sold developed our tools more regulatory software for the formula empowering chip Our incremental providing business them queue them medicine clearance software diagnostic intelligent in be growing that us to, for our future. accessible of with software are opportunities. with has way and

disrupter a is presents. I've the fully adoption market the it market our and hard been and times to through before. there employees being in customer investors. the It's many and face timing the always to massive lead Now, capture opportunity of intend predict I journey, easy. of never this Butterfly for our

the to I'll comment with it and over our on to So that, in Darius? progress business turn commercial quarter. Darius

Darius Shahida

for you that Joe. Thank introduction,

on quarterly health path systems, in to across home was expansion, that update, four with our in XXXX are stream team to against medical and earnest have on We democratize progress of the of of our four has of adjacent In across XXXX international pillars: value excited to principles all our imaging. last easy, board. pillars, outcomes path and and progress made you kicked recap these the a shared we with each everywhere economical. driving our off each

into Starting So made scale. more Butterfly with quarter institutions progress said, let's this our we kicked and that at systems, with off the in in this with more Blueprint dive our progress detail. health past solution quarter large deploying embracing

country complement with opportunity another facilitate utilization QA across morning students, and ultrasound courses our as to the share Butterfly across medical are to use in help significant to deploy continuum This and to ultrasound of point-of-care an physicians. we train and existing curriculum. to empower the medical deploy largest important residents This a of Academy have didactic represents specialties, signed and The partnership an education we its tracking to and exemplary program the Butterfly credentialing, to this our institution excited point-of-care fact, education. multiple deal. time school solution that expects In hundreds

are look the to we the deployment meaningful introducing April. sharing in months. While forward details signed more partnership coming in this today, was We

and and our put medical State access internationally Minnesota. education, the part multiyear extensive medical with management airway point-of-care the improve This quality and Foundation the high will all paired rollout deployment was Minnesota. to critical XXX for exceptional hospitals with IQ, an deployment and organization HQ rural recognized Butterfly POCUS training, grants of boost awarded ultrasound Compass software ultimately, of Ed will The partnership over notable access emergency to in Med training throughout to based POCUS in aiming Minnesotans. and by sonography Helmsley probes be treatment as Another

Blueprint underway. across their quarter, this in recall, in progress health announced we Butterfly entire they system. connectivity of The and school has medical first Butterfly and now place, been you'll made later deploying implementation Germany, in are deployment month. with Great last with Bonn this in in the a students the across their arrived University Hospital which as Internationally, model one-to-one is area

progress home. path Moving our to and our clinical to

use of that of continues demonstrate Beyond clinical we to in butterfly the received FDA aforementioned cases key number make and our of QX, value the studies a team in clinical settings. progress multitude with a approval

scale Butterfly is with and months. that team deployed through institutions Our quantifying that front on investment have coming in working are at and compiling meaningful the this is Expect several actively workflow. the return Butterfly on more based updates encounter driving

Three provide and vascular bedside adoption well exam. the as point-of-care exciting a advancement by of an ultrasound, and this in by of POCUS bedside put value routine POCUS quarter Workbook. of ACC Another team to cardiac, cardiologists cardiovascular the enhancing is in Ultrasound Butterfly, clinical developed ACC key partnership are for can addressed the experts the the Inspired cardiologists. tool utilization the enhance lung including as physical release innovation first guidance with and together areas

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announce and of increased for POCUS POCUS large in the amid to that which team benefits of self-driven a in that scores. our XX% the in adjacent paper Education, our during to reported Medical teaching in like it implement Moreover, feasibility implementing have Plus markets, the Veterinary device veterinary of published is was they Butterfly and seminal education applications, Butterfly to demonstrates Journal ultrasound device training, excited students knowledge constraints. program This teaching in lower self-guided materials with time even Butterfly randomized useful by rotations. their digital feasible found IQ+ a the self-driven that equipping all clinical their clinical trial a self-motivated and caseloads hospitals heavy point-of-care use providing control students program large animal simple is animal XX% using Vet, Vet. in found hospitals would and iQ+ students Moving test key

and efficiencies our corroborates system, training POCUS and programs. students that this by education knowledge research to academic academic existing in portable training empowering their is Penn outcomes institutions and team ultrasound Vet The our easy-to-use to This belief greatly will team Encoding Butterfly's with company relationships quarter. strategy. as is strategy institutions veterinary strategic with partners core past broader it with expand our enhance continued

a and for Butterfly expanded with you'll veterinary that XXXX, a real As into offer in sonographers third-party customers. QX package In using Butterfly all with of program more they collaboration IQ+ training we and entered professional their device. with in platform that recall, offerings Vet time year, the this educational a relationship, tablets announced includes now hospitals QX comprehensive Butterfly this connects

in turn financial results. call mind, over this progress all for to the will now Heather? Heather the With I

Heather Getz

was the compared call. and year-end XXXX and the of flat the period you, essentially guidance year quarter million, communicated our Thank Joe Revenue earnings on $XX.X Darius. to within for prior first

and business, at and sales by our revenue subscription in deployment This includes by Looking Gates in which driven with channel, our increases a XX% saw our direct increase our was other international including the e-commerce, distribution offset U.S. business we health higher our Foundation. softness growth channels, across global Africa in vet.

between revenue This exception by million, decrease revenue and XX% lower segments, $X.X the global versus was products products of was of Breaking decrease XXXX. volume QX software, down all health. driven with our a across

revenue the in the first $X.X over was growing services XX% prior and year Software quarter period. million by

by software increased higher a versus of and installed software subscription This revenue due of to XX completed software, on QX renewals with the percentage accompanying during XX% points base quarter. of increase was implementations was products approximately mix services and users and base the the Software XXXX. existing

to efficiencies. XXXX, was $X.X margin quarter, addition was year in Gross compared period. average Turning reduced reflecting now higher Offsetting selling contributing QX a million XXX and these QX XXXX. compares proportion for primarily amortization margin profit subscription product to points. price, the basis XX% in internal Gross to improved was increase was increase by productivity to revenues. profit. XX% the margin the benefits to due of profit in other gross software, to prior in manufacturing million Also which a higher first of higher mix, $X.X which used This was

was adjusted cost EBITDA services. by XXXX, and first the to million of the reductions, of as compared consulting as for quarter margin in XXXX. For $XX.X loss period adjusted improvement in which same a lower the $XX.X EBITDA payroll, implemented loss gross loss increased other to was the outside driven dollars, led The million, well

Moving to our capital resources.

of As cash and cash XXXX, million. were restricted March equivalents including cash XX, $XXX

the and of per of half to monthly first first Our use severance in quarter cash of compared the bonus $XX $XX XXXX, excluding month XXXX. million was million in

joined give on and XXXX the to has the Joe, call guidance. the less It him evaluate to need a Joe turn team an company Butterfly strategy. month than I Before back to since would been to opportunity we like I touch

full time. at we such, cannot As affirm this your guidance

the distribution longer our on the QX we're second providing call. with much Considering but flattish expected to as revenue as We than and time increase being first change our in greater the we year. partners, quarter be we earnings said, our the expected force sequentially, are in guidance expecting to from quarter reduction revisit disruption experienced still near-term will possible. resulting committed last direction as as to well in That than leadership launch

to medical to Breaking a in channel near and we will the country it as our down. strength future. schools We U.S. with have in the signed visibility direct another and one of believe the continue largest deal recently show

We distribution gain the progress quarter. to also we through expect partners as our traction

vet see at a Our pace slower channel albeit will expected. expansion than

health our the anniversary Foundation We distribution as expecting global continued are, however, softness international lower we in revenue Gates well as deployment. as

force. first year and As EBITDA, are revenue for of with this higher of improvement realization versus in sequential our full we expecting quarter some the the reduction

and in we realizing the direct We a have expected disruption and can channels. than navigate To all we in believe solid we we invest growth, pick will Meanwhile, our opportunities in evaluate carefully scrutinizing projects position, will future to the global and of and for seeing, scenarios, our our current we continue to to the opportunity strength and saw evaluate that still closely efficiencies close, health the we Butterfly. continue our tradeoffs. are give cash our we channels, we U.S. softness while while higher experienced while and strategy. we ROI ensure disruption find assess investments and this maximum vision Joe Under to other mission

closing will I for call to the that, with turn And back over Joe remarks.

Joseph DeVivo

you, My prepared will on Thank Ultrasound-on-Chip be remark incredible the opportunity provides. Heather. last technology

As I company. software are a I believe technology-enabled earlier, mentioned we

Butterfly empower you. I'm new end our year. excited I'll to We Thank it And even believe it more hardware the before growing leveraged be patients operator opportunities this and more vision software with many have you our applications. I factors to in the form intelligent monetize be broad ways. turn automated of questions. don't more believe and over I base to for of with treated in there. proprietary share can ends to now the to chip But

Operator

Jennings Our Instructions] today [Operator question Cowen Co. comes Joshua first from from &

Joshua Jennings

Joe -- sales on joining I team. just just to to U.S. Congratulations just guess And the maybe details of Butterfly maybe team. on infrastructure. remind Wanted the the us U.S. the commercial review,

be globally. could and and course a of But reevaluating over Anything combination just understand distributors. team handle Sounds reps of how you commercial share the kind the where sales sort better to XXXX? that of on the the in can incremental just like of strategy be helpful evolve U.S. sits or detail Joe may and commercial you that have would direct

Heather Getz

hi, Josh. Yes,

force, which year-end it, when our them mentioned focused direct force sales call, direct systems some as restructured in been did the we we at successful specifically the on on So, if we of you our reduce look sales has QX. and hospital

I year-over-year, result were is with reduction. XX% a we As up mentioned, which great that

at as that strategy start and go-to-market we a to and third-party evaluating And benefit and onboard will be will it QX On Joe did had we that call. rate you mentioned, in to on not see will expected that the side, the we distributors occur distribution faster revisit QX.

Joshua Jennings

hoping Understood. of anything in get be initiatives, capabilities, understanding next of terms should And software of in then. what expecting Butterfly also System? and the was software you investors to features IQ just pipe an can share Thanks hardware new XXXX to or the for the gen

Joseph DeVivo

is This Joe, Josh.

a package. first subscription all, sell it bundle, sell would in in of would we So historically, when a we software,

a monetize in to come capabilities be we're we're of process up strategy. -- being of coming new to as doing with what and with them able is out So different different the able levels bundles, pricing

that on or of year new the near to year the working we're monetize able customers I'd to to capabilities and them. So with in expect the going and be today end start

that, we when do let So you we'll know.

in we of be are releasing base to And B-line going the upsell. ultimately I and that'll think to reinvigorate the subscriber to find be sometime our algorithm ways an quarter. ability kind second

the to think And that software, some of is update a bit see I where and going a also lot XXXX specifically you're little later. more year, come we'll certainly out. hardware incremental

yet. But team like And a learning has pipeline, coming so this as have and kid much new come what's I done. stunned. the I'm It to candy CEO, say, store. I a hasn't in actually feel There's a in to in market

so applications are improvements, there And software AI hardware. or

So it's fun. be going of to a lot

Joshua Jennings

that kind FDA the terms will of home. with pathway ask to team then think you have even the be I work in the when going from done, indication to timeline, share required? could to what's and just defined up in anything you be pathways home and or a with patient on that the the FDA your of there forward scanning provider working you do about the has progress wanted for and home Any been opportunity know I open regulatory self-scanning

Joseph DeVivo

That's are a things that part revisiting. of we

I about as the it be thought sooner, past. get not think complicated there may in there may as opportunities and to we be

a just you. me thrilled What I time is to dates is now. and to little The right opportunity so be deliverables. I'm going tell update give Just And right for massive, you massive I wish, together a want piece for know I home you. could what and it can offsite I I us. now

this important tell have business, when So when in, can outside But with I -- the you at I've tell timing. I certainty strong from on looked I going incredible to with hospital It's market tooth the and for seed us a are fight strong. nail they some very incumbents business Butterfly. you desire very although also very been who share, filled is fortunately and to have

the And larger trying There's I see can a even from tiny hospital and opportunity reduce be InTouch create given to to lens all outside and connecting my in we've internally, I'm in how value digital -- the their way it see employers And maintain going providers, I of virtual seen packaging project. to patients that enormous bringing time as manage ways it health are treat there's and the think cost all a help Teladoc, that care as hospitals as and home. some opportunity. find things science my I payers, and an dots this in or don't company. for

dots for connect soon wait can't a So until to I And I those can. too for do you. it's little to me

Joshua Jennings

introduced, the help is are ask last line hospital some you Can revenue for the the services year. of the exclusive performing the Trojan United how horse, could nicely question, I there. over of enterprise that about it's better since front and capabilities in for think in Blueprint just I systems in just software the questions. devices taking that And and IQ handheld hospital know there's to a of -- devices? The just of as systems, a us quarters? then on act software. been this understand package, to help growth software and other Maybe last part contributing And deployment. wanted all just us Also, software understand is just Thanks Blueprint facilitating software the standalone adopting -- couple Butterfly as was the States last very revenue Blueprint Blueprint opportunity solution strategy

Joseph DeVivo

do and help I'll Josh, Sure, have holes, me. I if my team let best any I'll

So our a Compass, And our Compass has iQ+, plus enterprise Blueprint. in is software software meaning the the hardware pleasant software enterprise Compass. been our called a a team. surprise bundle plus And wrapped is to called

do -- in there think, I lot a software. we

we're our of We the and to using get software the tune chip Compass with efficient. We're business medicine appropriate make business of the image software successful, ultrasound more are to more to to create capture then make images. using AI using to algorithms software and

but they're health I those then and take Now, not they they're scans. isn't and And revenue the that don't -- surprise, record those when are scans that billing EMR a the software paid process lot really people isn't scans, that not to for the that's they're then for documenting scan, to bill billing of for scans, of for. and enterprise scans, get those team and And to ties foregoing. there the the systems ensure ID the management an these really there scan to the

approaches so team pretty imaging who of for our fact the are solving as incumbent problem company a all regardless they is excited them. pretty about Butterfly that much And major is, the hospitals,

capture few our the early simply sites seeing more early so of are, then in we're And reimbursement. signs a

being month then the in reimbursement Compass, after for up very literally to seeing So prior able go immediate, is materially. the the up ROI imaging see and that baseline go what and was

to So that But product team everything and the very Blueprint pipeline. it's like did a entire great And bundling feel as have the leadership, a been Compass big -- the job visionary team, priority. I area. think, prior positive that's a in I market our blessed else were think and with continue I for a in to make this to has we're prior of management we us. I going the And solution think

Operator

Oppenheimer question from comes Suraj from The Company. Kalia next &

Suraj Kalia

have you I And of out provided lot just totally feet aboard, over welcome with understand. there. and there of fact phone are getting connect commentary wet. you're a I the pleasure unknowns today. to Joe, your the you that A appreciate lot

company. of had software as enabled AI And is the you I'm technology-enabled think repositioning mentioned or the so I One paraphrasing a said. company things here, something you

advise Moving per the on software? us se, start driver in strategic as the ROI rather ultimate these handhelds whether specifically How of line these would would start onwards the that line business, component forward QX, you of you at software than terms initiatives, an to placed of QX in terms items? the Joe, looking we'd looking advise being of two item,

Joseph DeVivo

not I people. So lucid out while the reason, the thank To been of question. I And peel revenue. before look been it in and you have a question. and But on business from meeting guidance, time, It’s the long, couple have providing in to the manner. a weeks forward inside place The that incredibly that for it the that I I are job. when right business the have I I forecast help afar. I comfortable only healthier took initiatives it's feel thesis we feel and been see And at operation I have the of have about been studying thinking business driving

an And seeing are becoming that what in capabilities about increasing install software our I'm are more we the in And thinking is having our business, base. ever sophisticated.

deemphasizing at software, them additional just shape value any to look that could see we're adding quarter, for for to our way will those way in an see they free, But who in of new it the pay form or increase capabilities as that creating simply we're come so I install for it. capabilities instead a opportunity out every as package And base, into and going hardware. customers customers, those for are value not

enterprise and buy And more and a allows and to customer so a we go increase means that that their capability actually package from software that to to site an system have us. their create

And so of hardware placing by we second, much as placing software possible. -- But breadth or as sorry, as then to as I'm increase as reinvigorating possible and to want the much in is A, our the creating be base to solutions, them new just on sales productive the going selling back the them our that's software. business, new ASP increasing not R&D continues business

we business. to seen margin XX% So really what in and gross seen we've And a I think quarter, see you've an that'll to XX% a we going think it's pivot, exactly higher it's not right. different with increase way this we business but as the the can margins in that's to margin, least monetize on I'd But but profile -- gross we see do, we up, we're or were the gross high our at think of at. if create I at And appropriate hardware that keep an can gross increasing time or at company over price market the than contribution you'll if our do margin, to much can access, monetize profitability execute software very like I strategy.

I'm for at guidance. So am get very happy to But when it unpack we what least to you that's I closer thinking.

Suraj Kalia

Fair a enough. Joe, again, maybe preemptive question.

So please forgive me for that.

front per I in X that don't somewhere but say XXX-ish. handheld revenue, revenues software have of me, Our the guess ballpark, are in it handheld. rents let's software rough math I like it's is, per

do monetize the to or this have? a shortly? additional is months right, think to metric like it's how Or X.Xx, upsell, X that. the where said, others is target Xx? whether you company, go the get, about, as coming hence, presumably you new we like Joe, remapping think Can with you think to leverage do how basically, B-line assume you much have XX you Let's apps, and the about XX, all the XX, had online these

Joseph DeVivo

going the think so a get I is of direction, you your But not first all, I'll of on lot Well, Butterfly for question is myself table. in leaving thank to ahead the right where, myself. question. caution And price the of

the a of a today. half its entirety, acquisition in today, maybe we're what from total at side, charging our and it look customer If costs market is is you of the market cost charging what of X/X what

pricing parity of just the features, get upside. even enhanced lot have So a to with we

would I though, way to upside look the And software. like is So at hardware price keep I competitive. handhelds see our more selling it, I in

that every Now, we have value the to we're of more going justify to software. sell cost software, time

way. That's algorithm customers. enables bills any as a then like, to can of what it. you we're to So is what on entirely available, capture you does, an value we the do they different it's ROI new net launch would going don't is existing not buy AI do. and be What have or we buy And make people just they it calculate not that software just it prices we software, would to would increasing in that and

may I thing what bowel, and find and of that when be So see then all, those in we increase then we'll and for come specialties cardiac, is, we out something OB might and capability. will be another specialize, we'll so we'll opportunity probably may then something doing then the think first sub sub doing in

not comes to may increase per we up. customer are with the amount it one up us So the value customer. But constantly getting that it allows for stack of software

lot And upside. be So we that something would position, is think a I current price given we I think thing doing selling that values. the our the headwind. have of And customer only there's

Operator

question Chatterji next The Riley. comes from from B. Neil

Neil Chatterji

welcome congratulations the taking Thanks role. and our new for Joe and questions on

ultrasound of various that Enterprise Butterfly potential Generative if platform, curious how ChatGPT with just with with and it's billing? AI, you that your or about workloads whether and could just and maybe reflects diagnostically to leverage or AI the tools, on curious the the any off, talk software and your First just platform

Joseph DeVivo

That’s a great question.

imaging? levels, for of trained easier professional has that it has not been do So that's been so most But it do easier how or cycling of the it's or a on we've this How whether historically. have what date whether for And whether and our new to service, all in focus in it's we looking optimize it's entire medical customer all, in on our business team them? to -- direction. we done we We're reinvention at ways currently development, now is make first with project make a business at all in the of intelligence. whether launching AI it's level

country, the small leads and it's largest digital their of data one learned pretty of it's XX% basic of to XX% the is companies, greatest I've data. and my across frustrations AI. in in health, a to even is the thousands accessible and is actually It in What healthcare I time to encapsulate I it themselves -- healthcare in sits with customers thousands have EMR not databases fact the AI think --

And so from. learn to database there's no mass national

is telehealth correctly to the private and our from able the that's across outputs. And my this it In just the to through then of so able data went -- well about it's on. about dead I enterprises. the create where AI last think, extremely all closed, leveraged transactions we founder's not advantage, our have algorithm, to we architected was to And it's learn, company be was cloud and distinct appropriate vision access had the a secure that to deliver be we company, beginning, a

Butterfly And of way amounts very was in data. massive visionary where architected capture we a

to behaviors. a just allows but what better. interpretation, learn them our us it can not so us image how clinical on customer it using serve learn allows allows And It to we us learn they're to and

And cutting I So using me edge personally at do to these challenged we're you tools. will ensure we that our on can it. assure founder to look reinventions the business

Neil Chatterji

the with just pilot centers. the medical then large And on programs

Just that deployment? a pilots be might champions kind run the to past how and think how replicate? new might be physician to this in just kind of compares Blueprint to you've device past, different that how But that with I model helped strategies in had versus certain curious departments. the of divided

Darius Shahida

the thank and is for Darius you question. This

transforming the us The strategically, because way from they're with for being taught proof go. the on remain is another how schools really Butterfly POCUS very the Butterfly. we next we referring point past. focus students consistent key the school empowering actually the of is the strategy obviously, in generation with that's to medical a you're call, just of And that the prosecuted that medical that mentioned very If medicine it's get

that So does what referring it you're is -- to?

Neil Chatterji

I was the large was talking about talking I medical about projects. clinical initiatives and center.

Darius Shahida

Yes.

our announced health referring to with you're large progress past, if for continued key So URMC which in the example, we've make systems, to on we focus there.

the more our Joe in anesthesia, In continue systems. to on That as at departments including large hardware ED, Heather which ICUs adult mentioned. new XX and past and remains PICU fact, NICU, we we deploy Compass a Blueprint, is and health live this we focus, software And as obviously quarter, and many that others. focus area went

Neil Chatterji

here. one And other then just follow-up

a new the terms of dozen in about you talked Just Blueprint think last I adding -- quarter, accounts.

how kind how of of kind X.X's activity Just forward, curious that going Cloud with the that tracks quarter is recent and including first launch? the in

Heather Getz

add we Yes, to bit little be a tend QX. new to so continue does QX directionally, customers. lighter than

sequentially, was we but lower, So it continue more to add customers.

Operator

from [Operator Instructions] comes Antalffy Danielle UBS. question next from Our

Danielle Antalffy

I'm about eventually Healthcare the given congrats industry, everyone. like by recently Hey, in on GE Health. did here? and the as that, taking much goal and to question. for and how things this entry we role about you barriers -- think homecare good team so Thanks so competitive the there. your joining of morning, curious Joe, Butterfly background the think Caption the

you think where competitive the So competitive and about in how moats just advantage that Butterfly sustain curious a can regard? about

Joseph DeVivo

wish I it question can answer boy, I in you I'll Oh, future. today. answer that the for

up. are think I the tables

will Butterfly believe tangible big hospital think the GE, with friends. able to market. First the them and I all, big of great imaging personally in because a home was be consider I of advantages and I'm I big of And market. four of show Personally, fan Caption advantages I incredible pretty fan team have access Caption. in an some the to in it's people,

with have some are I of home think advantage. their leveraging, think capabilities my we of don't I new have in of I protect software there and the the be is think some our sharing that I and and the to they rest you, I'll business. some channels outside give think can in exists contracting, and the leverage belief away

Danielle Antalffy

is perspective, a the this as pausing guidance for from just you're And sort should Heather, about a needs as about strategy you, the But think Butterfly be for where capital then is models, giving maybe we how here? just thinking we now. question just reevaluating appreciate of

Heather Getz

capital refers it. fundraising to capital So, referring cash specifically to or

mentioned. perspective, cash great cash of to in plenty runway perspective. a figured for we place I from what in We're that's continuing wanted I sure. additional great So efficiencies. shape And a just from to make look you were We're into XXXX.

that. stay tuned so on And

Operator

for Q&A [Operator Instructions] today. This conclude does our session

back I’ll any to team remarks. for additional closing the So management hand over or

Joseph DeVivo

Great.

after the last it's real. And the give excitement, the challenging. So I through six what Please call my have but organization has back this on joining we through me everyone they've it some getting very months, been been up morning. thank for to want to grace get

And in so I'm the we're fun of I then to be going to And it's to this end share focus on these believe getting on. very that with the needs by things because be. you here. telling going working organization we're 'XX, a of to year where around excited you, I'm it to lot

So you thank for your time.

Operator

Ladies and gentlemen, this you. call. today's Thank Thank joining. concludes you for

lines. You now may your disconnect

Butterfly Network (BFLY) 11 May 232023 Q1 Earnings call transcript