BFLY - Earnings call 3 2023 | Butterfly Network, Inc.

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Operator

Hello. Thank you for attending the Butterfly Network Q3 2023 Earnings Call. My name is Victoria, and I'll be your moderator today. [Operator Instructions] In the upcoming remarks, there will be references to video clips that will not be animated on the live slides. We anticipate the animated video version of the slides will become available online at ir.butterflynetwork.com, within 24 hours of today's call. to conference like host, to now Getz. Heather would pass over the your I you. Thank

Heather. proceed, may You

Heather Getz

other future for expectations products financial the products on and things, forward-looking commercialization of size to respect current information, Good statements performance, assumptions markets morning third compared are financial both you of update, a released XX, and services, reconciliation thank growth and or among applicable and to potential the approvals, financial today, today. results, XXXX, use and presentation, results the Butterfly release with Earlier future of and and our may regulatory most and services.These for current which a management's development measures include, the provided quarter earnings and based potential the risks September are for change our Securities differ ended business unknown that statements.These made joining and include and number known other us I, non-GAAP the are of Getz, currently the company's and Exchange we Chief and available and host website contained call, Officer uncertainties and Chief other Heather in with risks, cause certain of to call.During that those in from Commission. actual be and statements will results today's Operations may Joseph ir.butterflynetwork.com. measures, subject Financial forward-looking GAAP materially DeVivo, alongside Investors at Executive on Butterfly, are statements. making Officer, will involve today's to described section a These expectations the forward-looking Chairman of filings Butterfly's of factors

of presentation such and section being obligation audio a undue our remarks. to the our over forward-looking between the this would place to any Investor and these with be the access and will the short turn section statements.As a now may in-conjunction cautioned update Events And like presentation event available webcast recorded. the will live the a call.I a Relations of disclaims webcast, company to replay be please is of we be the Joe? reminder, being slide visit To telephone website, statements, You Joe. There are shown. live call to following the delay call and the on referencing not reliance

Joseph DeVivo

you, Heather. Thank

So all joined to our months we've results to speak X with since pleasure it's I'm just transformation made excited about I a the today. our you and business ago. share in progress

platform to execute including at remained number to of EBITDA provide our software. track a accompanying semiconductor guidance. improved Butterfly's point-of-care also of operational and $XX As adjacencies least and result, I technology on last earnings great organic Butterfly expanding made a but noted some the services. our now call, third exciting meet continuing against not company announcements the on on progress guidance in strategy a we ultrasound addressable with solutions, on Network proprietary as our market our And technology products growth.We've best to quarter, the is our providing is We're in return centered XXXX fiscal million focused through plan. while and leading great only to go-to-market revenue

We against could technology sought product to and on positioning to identify did; continue to displace path us we disrupt our and market successfully it, point-of-care a execute that the growth.First, and ultrasound. we

use we're with proprietary that handheld; near-term two, competency through a partner And introducing XXXX focus our application I terms further adoption. our focus development to this handheld are our enhance entrants this that efficient we established on a past large The versatile last strategic is into I'll while the XXXX core evolve, most are focused Butterfly and chip-based, following reduction discuss to our by expense products price X long-term to new co-development structure. of half ecosystem; is steps and strategy our shared growing taking to team part confident areas executing technology and innovation.Importantly, number grow preservation new we on to use awareness transition we'll globally.With and introducing units 'XX, a continue XXXX. through offerings new form the to devices launch education accelerate is our have our significant growth albeit the software of We're growth Garden, our deals. point. with progress as to of and we recent the quarter, competitive August investment that growth. to next took U.S. to in ultrasound our still and out, access footprint as Simultaneously, new to have one successfully and AI we in be meaningful new proven successfully cash few we piezo tools year, on of chip position Namely, from are and of Powered eliminate Operationally, that which not And increase salespeople move which as roadmap, like, and already does ease as cases and AI to the We've of you even on, our identifying the Here focus factors relying iQX also for management growing continue end win we Butterfly growth. to new can.On are: operating but focus players In focused investing continue path team efficiency. through this to to call, wearable numbers. solidify mentioned in invest of our be a and in will develop address.The we crystals. device the support semiconductor and executing market strengthen partnerships.I'm more Butterfly delivering organization, examples no we at on our second and of U.S., Three, leading XXXX accelerating chip to and to upcoming identifying we enterprise and of hired introducing markets our July of that software all report these sold identify development else several business of in million viable quarter. in. last expense ways most $XXX drive made market will share minutes, from contributors while a and to and announcement, build making iQX here four, this to of as partnership move Butterfly our these into In continue we've one, of currently been happy outside product to to these efforts increase Butterfly's in managers new the productivity costs initiatives

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yourself. for see Let's

they every the are iQX then.We're XXXX the is be approved the At our of demand. by business ACEP possible personally So launch hopeful end when first off sale new this Butterfly. saw of the would for iQX we're love quarter I'll digital and I the a and preparing didn't for will soon on this view you races thought be They to country. previewed also quarter. for we think excitement next they that gearing leaders meeting, the the which for their of image capabilities, advanced around recent the the show phase

you in believe poor life imaging Very times I to turn with be Kodak touch. in unpacking probes digital run XXXX cameras.With say, should equivalent that, and it for the just are Heather? year own to next indulging soon, thank Heather. this the soon.We you iQX So ultrasound probes, becomes why forward demonstration. they higher-end about where I'll this hospitals to to drawer for too me look their to multiple more will all battery hot over the can to them that put handheld

Heather Getz

Gates and repeat the Thank $XX.X The not partially lower was driven prior prior lower subscription quarter This in and to the to declined volume, This XXXX sales of you, was largely of ASPs. last year did compared by lower driven year, prior was down revenue lower year. million. higher the Total in current in higher due to $X.X revenue total Rochester than international $XX.X deals by for large was of driven the is Revenue Africa the probes U.S., in year. higher price. volume In million grant which the X the offset Gates from by that year quarter. Rochester, deployment probe million, offset $XX.X we've by Joe. for sales, partially second third million, by the realized

were quarter, Excluding of by lower $X.X versus software. revenue and million, driven services was volumes, across down decrease I Rochester QX in XXXX. that prior between essentially year was international the $X.X by was spread X% million revenue due revenue XX% the products Engage, This largely international in growing large decrease mentioned.Software and to over a our the period. and U.S. deals Product U.S. and third flat.Breaking the XXXX

the for adjusted XXXX. to the higher software This our compared compares reflecting $XX.X the other quarter led XX% EBITDA to in average revenue.Also in capital million margin is in-period primarily was implementations XXXX.The XX%. services with base to XX higher-margin to recurring in sales. outside users for subscription by was and margin the a was and which strong proportion profit ARR.Turning in versus XX% as third $XX.X benefits software software XX% shift revenue of and This the increased and $XX cost third was of productivity in quarter.Our XX% reported was other contributing percentage completed lower services.Moving profit. Software increase led to of total a XXXX. the on mix, mix compared approximately addition increased by to now these higher was and in existing of QX $X.X Offsetting probe software payroll, reductions, QX increased of loss the to resources. of loss annual to the manufacturing third other was a installed year which software, quarter XX% enterprise compared increase total prior Renewals software was was period. during and grew services as from our selling efficiencies. of driven of which improvement due million which the base the points product higher other to our part and of increase amortization a implemented a profit by million EBITDA quarter, loss due 'XX of higher period in XX% in services, XXXX, price was Gross for higher consulting to adjusted gross same to million Gross This revenue,

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

cash use was quarter.Moving the under million was the $X expenses, $X $XX Our guidance. on in million. total use If monthly cash nonrecurring of third to quarter down exclude of our million third of in to I

reinvested the we As have been FDA, app we Butterfly the our against and executing teams. launched Garden, discussed, out with in August. We in iQX Education sales our Joe laid filed roadmap completed

is In of again a launch EBITDA year also deals XXXX.As our remainder improved onetime once investments FDA. of $XX to at able reorganization to an full of reiterating guide adjusted revenue for been the completed, we that including extends least that addition, we sales provide cash Osborne we the such, are the million in well XXXX temporary are for there conservatively our purchases completed we iQX full based the year occur strong factoring reorganization into launch a of are continue submission will existing guidance $XX run effect the direct our additional and the product.To in million an loss reflects August of and force, this as $XX assuming increasing on to the large is is an as the pending million $X no our of iQ+ launching number.As product may summarize, improvement new our the delayed revenue be a offerings, while million. of announced year.And versus following previous iQX, that the reminder, Garden where This have a guidance rate, market resources and for and Butterfly the ScanLab

a solid runway cash into While have is improved takes plan.Furthermore, to some facing us this that is upside and headwinds, a have maintained guided once our currently overall we again position have we revenue adjusted XXXX. to loss. EBITDA cash Conservatively, there

And about outcome a transition to are call organizational Joe Butterfly.And is for that that, strong we plan. our that to we company technological are invest this who right-sized has have to are energized will in the excited its of executing turn we against over I the remarks. closing future the accomplish assets year, continuing and While with and goals.With a and of a the base been Joe? back people

Joseph DeVivo

Heather. Thanks,

a year. and you is resetting, sustained for success. execution repairing recharging, transition We're reinvesting and mentioned, As XXXX

our and very to focused leadership, and plan will XXXX a clear good year. will new technology be market. take that have We

thank AI efficiency store best the improve are to double-digit cash candy access The we'll players to becoming our ultrasound to helping shelves an market AI in where further.So with there. And customers will to come return that unveil and industry, open only expect can up for And Butterfly solutions to look opportunity continue like building management. XXXX, I'd we for to Butterfly time. our more the Day gain markets now, the AI it We forward you Analyst us Garden keep for will ecosystem We for full. your even to Butterfly have the creating out plan, growth, early questions. new expanding marketplace even

Operator

Instructions] from Jennings the of TD comes with Josh Cowen. first [Operator Our question line

Joshua Jennings

all pipeline on progress. congratulations the And

iQX, take the on if update U.S. the both and the of through quarterly the year. we midyear, drivers I there see. that growth.And maybe including out maybe So parts, through Osborne for revenue us Joe, appreciate set effect double-digit comp second think of launch. great -- of iQX the you about But XQ. just kind to download for the take in the to next return to forecasting to the and at us moving the on of remind return wanted return double-digit out couple commercial the it of I are from could give a the drivers about And some -- And growth up of maybe the like internationally. XXXX. It and just international rebuild sounds an just some infrastructure the as Heather ask, end half? restructuring growth 'XX, business and about we're a in of to build know should

but questions one X there, stop like there's there. Sorry, in I'll

Joseph DeVivo

the team, the marketing spending both We're messaging restructuring, Josh. and time all and we've our to strengthening them. The and since international. in problem, our of been last happy No marketing. first refining answer been catalyst our We've all, for direct-to-consumer of us, sales U.S.

our it We product we world. grow.And what and working new understanding need to in base our diligently help is and have been customers that are installed them. largest the to have launches today need on we where we the And

of have a day. people using probes We every lot

one some start the all teams it's with changes more done who that consume moderate to we earlier XXXX, national same-store that probes. in who But have now last unnatural all growth.So people you have your change thing lost cost-cutting utilization.And also as I we momentum have up. building made was over a lost low feel then we CEO up. or with more it And people base, people We because the in it scale, that And that the were software we're know a sales have some the creates building utilization. The year, sell new with fired are the and we on momentum. reorg

a very We know is great not our by know emergency is that get less believe the the Jack to where And have a great get reinforcing step the to pull. get to all iPhone the to different comments those into And as penetrate which It training individual oval iQX to the the made, done on levers practices clear leap ultrasound, customers go we cart-based us. of higher rooms, less. significant next are the upstream, OB; is and into getting physician to We Butterfly the trades cardiac really were and being areas is improvements.IQX in the depend now and into requirements next and that into also we level places where does.But values, that's less all phase able And we've that subspecialties for plan. ultrasound evolution and technology. things sell. We for incremental all in function. what a the

our hardware going on our software. and growth. well are been And as international have inventory. expectations bullish very enterprise focusing enterprise on be fantastic. side software we're selling So to going sell be start going that We've selling our our so, mobile to already based a more.We're on and an able been the side, broad are and doing more to be because as utilization yes, it.And on been system also we going resetting to working expectations with enterprise enterprise sell, partners. education. We've our includes on on return working great enterprise solutions, our start upstream we're our we customers now the doing that with our We're is to software able And to to our

of organic is development true Our in our to second our distributors they're right expectation and now market international leadership not. of responding.And

this many done I've times. So

place are we come. had we've Our think I what's through excited team And some been recently. has a that we're stability to about now have experienced. starting The company to in lot.And get

you about you talk some ask think the him questions do about talked -- or I other you want some So or had to also should we to?

Heather Getz

I Josh, revenue we the think hit on question.

Joseph DeVivo

question. all? hit you to want Do operations on revenue to us the talk We at about ask

Joshua Jennings

Yes.

is to don't Just to multi-layered. to of I admit part the growth. that kick with just that it really growth QX forecasting was the distributor strong to iQX when some then And you growth. I and return just 'XX. I the and international too that should we talk that some in know Could international Or sorry, in. one early had midyear thinking our could aggressive in in you've orders of within and the earlier get timing wanted comps just when than starts to about does in return with want question, guess, launching year revenue about, back tough U.S.? to year this off be growth tail

Heather Getz

cadence launch. I the take that. and we're through iQX be expect that domestic. I'll come XX to would working international into we But And of ultimately sooner of can obviously, dependent some it one. on our Yes, plan than the when will Josh, play still get

stay But can the detail. course you on additional are confident over tuned. some give double-digit of next growth we that year. We So

Operator

comes line question with of Oppenheimer. Kalia from Suraj next The the

Suraj Kalia

the of in the terms and first quarter Joe, on So foremost, business. congrats stabilizing

Joe, many going calls Forgive me, same at time. the on

I of or by, How believe, sales ballpark. redundant was know I the one call last territories XX%, I to churn somewhat if terms of that terms Joe, a things increase of had direct does that ask Any the that you look apologies. direct we again, on that highlighted on rep the XX% So where are? in question, of territories, in update like?

Joseph DeVivo

I in sales those them low. the think did the year, of to churn for team up successfully has in the X to and the And for as now to the mentioned half -- going speed. people we wanted -- brought the to on. in been it's in get I But allocate people it put midpoint rep take the been has put months very it's Yes, that place. We've we've place budgets

additions we at into a I to so about that's part the things here And are lot one some new team of great get of the augment as of I'm to excited people -- the early the have that 'XX.We Butterfly.

have people and are those So there. made the been investments

Suraj Kalia

have about post I X idea sure I so I'll that. clearance. mentioned pending systems backlog, together. about you cart-based at to them Joe, And going an completely other something you follow-up just all us quantified and or least directionally pose not iQX case speak, understood And questions, and upstream. Heather one I'm given in you have for

a us you could kind like seems where complete of the If pretty we unpack thread It were. a about interesting. shift and more just that little strategy, from talk

would commentary be additional greatly appreciated. some Just

Heather Getz

Okay. Yes.

So been We it's sell actually the approval. backlog. FDA one, Suraj. a take approved, don't so permitted the until pending We're first it's have I'll to not product

We'll able receive our some provide we on next approval. additional information tuned. be So stay call to once

Joseph DeVivo

comment able it's the over type our with -- of and to next now X carts, device. a every increase chip image the continue Between on next years, our progress and regarding we're of and double make packed years, XX capabilities And small function going to very say quality, processing just say, get our the a processes. power into we're to our to the

devices. the into device. to calculations them on the we're going create for to themselves dramatically going so continue to and And on increase carts of focusing all of power present to the be that settings exist and ways the We're

in to the going to trained that to one And do But are going And oh, really have going about do that continues there's hospitals go all scan. clinical how and of to are we let's how quality goes me progress this now.And XX% of right or as them. be on, to of ultrasound. medical the expect go at to on in will best I'm and right started they now, to manage Butterfly points to with it's -- care. in because it residency happening have how schools it image as they're And moment. of a And our scan it today care store -- of cart. patient curious so individual on with over a not charge we're at that those a work hey, going the each that what's a around not are reaching ordering or doctor as teaching of ultrasound these having our more you to decade, And the as waiting a all a curriculum.So everything. his to and been someplace them on room doctors grab the devices, device the the part keep them, run I'm So that take this charitable different XX% universal crises people where growth have of time to is running evolution the are workflow devices day get clip. to each clinical their workflows also you can has more become powerful. going into those part to first and Instead as a best going them world, is programs next curriculum, to when of are now device, And here. delivering organizations a the care and Butterfly.And of means a that as, care at them care.The to cart to with needs

You have your world the powerful in ago. today, XX have years supercomputer what hand most in would basically, been the

you why mind to your has camera. small that. phone, to have it's We're cart create years that need a existed is XX terms next in you a ago, cart been such cloud. Why? able you going you to So carry imaging the around have And think in power XX would doubling X most iPhone the that supercomputer the processing processing if now factor.So have If as Because XX, also future the an powerful a XX, over about that years. form your that different exist? on should supercomputer have your open why in that would

exist device, be the size So all that the a of are Butterfly. in imagine carts to going capabilities a in

Operator

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

Neil Chatterji

maybe off, first just the side. Just on educational

how maybe a or bit elaborate barriers educating offerings sales. with seen more would you concerns the probe on users little you've Just and curious additional if may can just through say on that pull help ScanLab side any

Joseph DeVivo

Well, yes. historically, the money. education and mean, is barrier I time to

do new. have time We best training the hands you our and can and actually it's practice just when watch if to learn walk to It's is hard from And away something. a your something use videos.

very so training then to that a learning series train.And Academy, of as do then series very, scans it and Butterfly doctor able being been and yourself through to you best how by has comparing way using first is And so having take to the foray with is a walk tests and it, and you're and which our of videos popular. it's that

at?And from able the to at. get it's and can thing designed our groups. can have our the high also individually even you order We be because can or it's And them we should anatomy a what's we've them to time instructors put only that help I it being into to whole when that live to They comfort sample that What then generation someone is which that looking scenario didactic. their been people competency we to And remotely is that educate orientation different have money.ScanLab have entered live build with a that very team do help their able their the in is they're application, But see tell looking barrier help while site what team videos scanning. either a educate utilization. education now probe? they launched.In AI am And training. great is they're at? remotely with come where scans them training orientation, with and education-only an success look to peoples' clinical get then and further, Where labels their

as they're can virtual practice an it dramatically. being modify They images. dynamically the instructed So in if takes further aspect, they they're their one they and where by it doing can AI a what they see level can money really compresses told environment.So time and And expert.

lot exists Butterfly is course, And allow because the ScanLab scanning development imaging almost to it's best they're Of getting the initial why immediately able we of will in Butterfly like and to the of most most absolutely comfortable, Certified we Med comfort.So And time comfort start side-by-side believe create that's looking level scanning early it early in give like video barrels -- images consuming. in that significant makes think the understanding tool that Academy AI person, a and capture is fear person and a that's more doing then because expensive capture at how students in between being to so new blazing essential.But of come advanced images fashion. a the part then will understanding start and AI education ways will and and at. getting guide and important. a also in There's why is new or of AI get videos game, is a then, what to more the automated out and over more so fashion. read is and between also -- people or to our bladder images important ways our and a trying all there automated tests Beeline scanner like tools Certified we've in this education.Now attack taking with and ScanLab, looking to

people getting and professionals more really experience prior don't these essential. is have to health AI use more tools care who And so and

tools our customers that And developed excellent have will other AI so the to now Butterfly access why exist that's Butterfly so Garden allow we environment.So to Butterfly those companies and in our now is tools. these powerful users because all have

environment phase of it's whether to. in early be education whether every of everyone now tools, advanced it's So goes that in education will AI testing, in-person development ultrasound, Butterfly video the whether with it's using AI, or

Neil Chatterji

Just maybe agreement. on Forest Neurotech the just

and milestones could kind of about you interface elaborate just think brain market kind and if just curious of kind computer steps towards to there next of commercialization? the on Just how more

Joseph DeVivo

And investors say invested want technology over speak will developing Well, and incredibly Forest. for application. Butterfly other wide to million has I in market partner will $XXX And with think go other ultrasound I It application have semiconductor I don't and their incredible that within really will we've an tremendous their What identified novel business is Butterfly is companies. in that it opportunity. has imaging. markets. after. But application ultrasound point-of-care That the has we

get billion the automatic make also particular our the is semiconductor but $X.X those that to from So the looking capability deal developments.What's what a is investors only to they're Forest about scanning exciting can they benefit for don't have do. investment,

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Operator

conference at would additional waiting back this There like to time. further questions to remarks. for now I the pass Joe are no

Joseph DeVivo

joining. the about transition. in We're is. say we're have a are. 'XX we to We're exactly developments. about excited company Well, in as you for all excited mindful to very where we're where the thank I'd know We And

iQX We'll software conference iQX unpack next So the quarter's our stay and power and at call. of the tuned.

So thank you.

Operator

enjoy your concludes That today's for rest your call. of participation, Thank you day. the and

Butterfly Network (BFLY) 2 Nov 232023 Q3 Earnings call transcript