Butterfly Network, Inc. — Call Transcript 2026

Hi, everyone. Thank you so much for joining us today. My name is Linna Campbell, and I am an associate with the Healthcare Investment Banking team at JPMorgan. It's my great pleasure to introduce Joe DeVivo, the CEO, President, and Chairman, and John Doherty, EVP Chief Financial Officer, and Megan Carlson, the Chief Accounting Officer of the Butterfly Network team. Please join me in welcoming the team here. All right. Well, first of all, thank you so much for the invitation. It's a great honor for Butterfly to be able to present at this J.P. Morgan Conference, the Super Bowl of healthcare each year. And thank you for all of you being with us on this last day. So we're very honored. But before I get into the presentation, this morning there was some news, a press release where we've had at the SPAC, we issued a bunch of warrants to select shareholders that had helped the company with the SPAC at $11.50. And those warrants are expiring. We knew this would happen. We would, of course, we wish our stock right now was at $11.50, $12.15. We think actually it should be there. But with those warrants expiring, there was some news. And so I think people were confused when they saw that press release. We knew this was going to happen. That actually means it's unfortunate for those warrant holders. For existing shareholders, new shareholders, that's 20 million shares of dilution that won't be happening in the next month. No big deal to us. Again, except for the warrant holders who've actually been very faithful to the company. We're sorry for that. We'll get it up there and we'll get this stock running, which it has. Butterfly is such an exciting opportunity. I have a lot to share with you today. I'm just going to get right into it. We will have forward-looking statements as a public company, so please beware. Just a little bit of a history lesson. We started this company in 2011. The first ultrasound on semiconductor was developed in 2015. That was our first version of Poseidon, our Poseidon family. I will talk about our family a little bit later. That first one was 2015. That's how long we've been working at this. We've launched several probes since then. We've been following Moore's Law. As our semiconductors get more powerful, we launch new probes with greater and greater imaging. We did go public in 2021. We now have launched Compass AI, an incredible software that I'm going to detail for you in a moment. What that does for us is that in ultrasound, there are different frequencies. There are different arrays for different parts of the body. Semiconductors used to be huge, or supercomputers, I'm sorry, used to be huge. Now you all carry one in your pocket. Ultrasound devices are huge. But every doctor and every nurse in the world in the future will have access to be able to have an ultrasound device in their pocket. We are the stethoscope salespeople 40 years ago when they were convincing people to look inside or listen to the heart sounds inside the body when you're with a patient. We are now convincing doctors and nurses that they can look inside the body when they're with a patient to try to find earlier diagnosis, to be able to find things sooner. And then if they do, they confirm it with radiology. This is not in conflict with radiology. This amplifies radiology by increasing the funnel at the front end. But having one device that can do everything is so powerful. We have 1,000 of these in Ukraine. Most of the medics in Ukraine have these when they encounter a soldier. We have these in conflict zones. We have these in Africa and rural countries where two-thirds of the world doesn't have access to medical imaging. This is a tenth the cost of an ultrasound cart. It's AI-driven. It's cloud-driven. It's semiconductor-driven. It's just awesome, and so we've been building a brand. We have the largest install base in the world. People understand what Butterfly are, what Butterfly is. About 80% of the medical schools teach kids on Butterfly. These medical schools want to learn ultrasound. They want to have this as a core competency, and it's not lost on our pop culture. This is the number one TV show in the United States right now, and just watch. Butterfly ultrasound works off a cell phone. Ooh, that's cool. If you can't feel a pulse, check for Doppler flow with this. It's a mini ultrasound. If all the screen pops. but a yellow can change to a red if they go south. You got to stay on top of them even if they seem stable. Okay, Sylvia, I'm Dr. King. Oh. Looks like closed-tip distal fractures. Strong pedal pulses, great flow with the Butterfly. Sylvia? What occurred? Sylvia. Sylvia, can you hear me? Sylvia, can you hear me? I lost a radial pulse. From a broken leg? What do we miss? I don't know. Heart attack, another injury from the car crash? That's for pulses. It has an eFAST mode. Diagnosis made? Blood in Morison's, liver laceration. Car hit the belly. Leg was a distracting injury. Drill in an IO. I'm going to get some blood, and then we'll move her to pink. Matteo, MTI 29, going to the status reports and anyone who's not. What's this? What's this? Unresponsive even to pain. No GSW. Strong pulse, but tachycardic and diaphoretic, looking for internal hemorrhage. eFAST negative. Help me roll it. Okay, where'd this guy go? Which patient? Perfect. Oh, and I borrowed your Butterfly from the gurney. Did you butterfly the patient? Grab the Butterfly. Let's butterfly that patient. That's developing. When your brand starts to become a verb, you're doing something right. And we did not pay for this placement. They called us and said, "Can we have a new probe? How does it work?" And we taught them the medical. Someone on the medical team is a big Butterfly fan. And The Pitt is famous for asking emergency room doctors what they go through, what they experience. Tell me about a case or a situation when you had to deal with X, Y, and Z. And those are those situations that you're seeing on TV. It's why it's the number one show, because it's authentic and it's representative of what's happening in healthcare. And it's also why Butterfly is so awesome. And we can do virtually all these different specialties. You simply have a Butterfly. You plug it into a phone or a tablet. You say, "I want to do a cardiac. I want to do pulmonary. I want to do a carotid. I want to be able to do MSK." And the device, because the semiconductor on chip or the ultrasound on chip, it changes the settings the second you say what you want to do. And then you go. That's why in the emergency room, you don't know what you're going to encounter. And so you have the ability to toggle it. But if you're a specialist with a certain part of care, that's great. And you want to focus on cardiac, that's great. But people also want to have the opportunity to look elsewhere in the body. We are an award-winning company, not just popular on TV, but the Prix Galien Award was the number one. It's like the Oscars of the best medical technology, and we're also, at least to date, as far as I know, unless anything else has been announced, the only medical technology company to have an Apple Design Award, so for those of you that follow Butterfly, as Butterfly gets more and more popular, doctors, of course, use it in their practices. They use it outside the hospital, but now there are doctors where there's 50, there's 100 doctors in a health system that all have their own Butterflies, and when they go into health system, that data is not captured, and that's not a good thing. We should have that record in the patient data. The images should be in the DICOM, and they should also be filing for reimbursement. About 35% of all the point-of-care ultrasound scans that are done in hospitals actually make it all the way to being reimbursed, so they're leaving about 65% of those scans on the table, which is, those ghost scans are dead revenue, and so we've been selling. We launched this a couple of years ago, a Compass software. We've been selling it to hundreds of health systems throughout the United States and different departments, and then several health systems where it's enterprise and in every department, but we've recently now made a major update, and that major update is by making it easier. Because while hospitals like capturing those additional images, doctors are like, "Ugh, this is another thing I got to do. It's another step I have to take," so with all these advanced AI tools, we've wanted to make this easier for them. They have to fill out a document with 15-20 different fields in order for that document to be complete. So instead of them having to fill out each of those fields, what does a doctor do after a consult? They do a dictation, right? So right now, this doctor is doing a dictation. And our AI tool is listening to that dictation. And oh, okay, great. So now we have speech to text. So in that text are all the individual data points that you would need to fill out the document. So instead of the doctor now having to go and fill out the document, our AI tool goes through the dictation, pulls out each of the data, and bam, populates it all into that file. Pretty cool, huh? I mean, it's something that allows for the doctors to win. So they get the document, but they don't have to sit there and toil through it. So what they do then is make sure it's accurate, it's complete. The file won't go through unless all fields are there. And so it'll be in red. They fill it out, and then they're done. So we are continuing to innovate. And when we talk about, we believe that every doctor that's applicable for ultrasound should have their own probe. Just like every doctor has a stethoscope. They should be able to listen inside the body. They should be able to see inside the body. And because there are diagnoses and things that happen that if you have to wait months for or you miss it, disease doesn't wait. It progresses. And capturing them sooner is the essence. And so Butterfly is the company that has the greatest scale in all of point-of-care ultrasound because we have the software, we have the devices, we're cloud connected. And all of this works in a seamless ecosystem into the EMR, into the DICOM, and into revenue cycle management. So when we now, as we mature and hospitals start saying, "Instead of all these doctors just buying them on their own, we're going to now buy them and give them to everybody," Butterfly is that enterprise company that will win. And so what we've done now is we've started to open up our platform because we realize that there are a lot of other capabilities that can come through Butterfly. We have the largest installed base of point-of-care devices in the world. And there's a lot of people who'd want to access them. So we've started to compartmentalize our technology and then open our technology to third parties. Now, let me just, there's a lot of young people here, but some of you are old enough to remember this. Who here has ever had a BlackBerry? Yes? All right. Well, where are the BlackBerries today? We initially had to have a BlackBerry. And our institutions told us that those BlackBerries were the institutional lockdown device. This is what you have to use. What killed the BlackBerry? Not just the iPhone apps. All of a sudden, every day, another app would come out onto the marketplace, another application, and now, wait a minute. You mean I can do GPS on my iPhone? I can get the TomTom off my dashboard, and I can now follow myself on the phone with a GPS app, so we have 27 companies today that are developing AI tools that'll link into our software development kit that our install base can purchase, put on their phone, pay them for that license, and now that application, whether it's a cardiac echo or whether it's a pulmonary congestion scan or whether it's for deep vein thromboses, a lower-level clinician who's not classically trained in ultrasound can open an app, and an AI tool can help them capture an image, a nurse in a home, or a doctor in their practice who wasn't classically trained. About 80% of medical students today are being trained on Butterfly iQ's. So this is done. The die is cast. We've already won the game, right? But it's probably that 15- to 20-year victory waiting for all these kids who are in school now to be out in medical practice and changing the market. So how do we compress that sooner? We make it easier. Because ultrasound is the hardest technology to do a read and capture than all the others because they're much more automated. But with AI tools, it's going to explode. So we are very excited about this part. We've opened this. This is called Butterfly Garden. And it's happening. The first FDA-approved app came out last quarter. And that was HeartFocus from a company called Deski. And if you are a lower-level nurse, you can just simply grab the probe, download the app, place the probe on the chest, and then the device starts, the app starts telling you, "Wait a minute, move it here for a better image. Twist it. Push down. Go at an angle." And the quality score gets higher. And then bam, it takes a picture. And it walks you through that protocol. So now a nurse in the home can take a cardiac echo, which is a $500 scan that you have to wait months for in the hospital. They can take the echo. They can send it to the cardiology clinic, and they can make a diagnosis. This is changing healthcare major velocity, and it's happening. And these are some other education apps that are available today. But now, every quarter, more and more apps are going to come out. Those BlackBerries in the hospital are going to be obsolete. We're also not only devices, not only platform, but we're also services. We are working on home care and coming up with new models that will take the risk. We will work to educate those nurses. We will use these AI tools, and we'll show at-risk providers how to be able to care for these patients at an accelerated pace. We're really, really excited about where we are. Guys, something else is happening out there in the world. AI, we all know the explosion of AI. There's also some people out there with some fantasies. Those fantasies have to do with a convergence of AI into the human body. As AI wants to communicate to the human body, there has to be a portal. There has to be a language. There has to be something digital that can communicate. Now, we've heard of brain-computer interface devices from Neuralink and other companies where they place wires in the brain. Well, the biggest issue with those wires is something called the Butcher Factor. How many neurons do I have to kill before I can get to the neuron I want to talk to? With ultrasound, we do something very unique. We have a chip, and that chip can actually move and steer the beam. So if you implanted it into the brain, that chip can scan the brain and see 25% of it just with one chip. And so other companies are starting to come to us and say, "You've spent $300 million developing this chip. You have 600 patents. We want to use your chip inside of our product." And in the past, we kind of pushed these companies away. We had some non-healthcare companies that came to us, and we were like, "Oh, well, we're too busy building point-of-care ultrasound." Well, guys, I think we have a whole new business opportunity for this company. There have been companies in the past that have solved major technical problems for themselves. And then when they allowed other people to use it, built massive businesses that they never intended to build. Anyone remember a company called Amazon? Do you think that they went out there and built cloud computing to be a cloud computing company? They built cloud computing because they didn't think anyone else could do it at the scale they needed. And after they spent hundreds of millions of dollars in data centers, they were at 1% capacity. And they said, "Let's go sell some of this capacity." And today, AWS is the biggest profit contributor for Amazon. Sometimes you solve problems that everyone else has. We have a unique semiconductor that has 9,000 sensors on it, each sensor like a pixel on a TV screen. Each sensor can be operated independently. So you change the color of that pixel, and then you change the color of the next pixel, change the color of the next pixel, you sit back, and you have a picture. Well, what if we allow people to be able to use this to program for their own methods of communicating for whatever product they have? It's a massive opportunity. We use this for ultrasound for our purposes. We can do all the different arrays. We can also do things that the competitive devices or the legacy analog devices can't. Ultrasound legacy uses a piezoelectric crystal. That crystal is a physically cut crystal. Imagine having a camera that's tuned for near-sighted to see close, right? No matter what I do with the software behind that lens, that image, that beam is going through a lens that's going to only allow it to see near. So I got to go pick up another lens, and then I got to go pick up another lens. That's why legacy ultrasound, 40 years old, you have to have all these crystals. And companies who say that they have all-in-one devices now just pack it with a bunch of toxic lead. So we have this infinitely programmable chip that we've solved a foundational problem. And the programming of it is very exciting. And so what's happening now? We're all aware of cloud compute, but compute is getting now closer to those who want the intelligence. So now we're hearing about edge compute for AI. We're talking about bringing AI's compute nearer to the use case. And that is the next wave of AI. And so we're seeing devices in the home where there'll be some type of computer in the home with the AI, and everything will compute off of that. So it doesn't have to go to the cloud, have the latency, get out of a network, etc. It can compute locally. And that actually has benefit for healthcare. So as we have this powerful cloud compute that's creating all this value, the next wave is now having compute closer to the patient. And a lot of medical institutions like that because they don't want to traverse a firewall. They don't want to have latency. They want to make a quick decision. And so in healthcare, edge AI compute and AI compute actually on the device is going to be a very, very big market. And people believe AI in computer vision in its own is going to see billions and billions of additional market growth and market value. So today, Butterfly is a point-of-care ultrasound company. I showed you this slide. We are in all these medical departments. We are in all these different locations around the world. But we are now opening up our platform further. And that focus is now only one part of a much larger TAM that our company is going to be able to enjoy. Because our chips can be used for patient monitoring, pharmaceutical applications, bone healing, endoluminal applications, HIFU, catheter-based IVUS, robotics, neuromodulation, tomography. And we're having conversations now with all these companies who want to come in and license our chip. Pretty cool. Pretty interesting. And just like the other companies who solved those foundational problems, it creates an entirely new revenue stream, an entirely new investment thesis for the company. And we've been proving this out. So our point-of-care handheld market opportunity itself from analysts is around a $2 billion opportunity. Hospital ultrasound is about $6.5 billion. And then getting ultrasound into long-term care facilities, we believe, is about $1 billion where we can actually the ultrasound device of the future is going to be this size. This is my AirPod case. They're going to send the devices home, put it on the patient, press a button. It's going to do a scan, send it to the cardiac nurse. All digital, all based on semiconductors. But now with that chart I just showed you, these are all the additional market opportunities that Butterfly never had before. So if someone wants to come into our data center, theoretically, for that analogy, we now are going to be able to sell that capacity. Or we sell our chips to non-competitive companies who want to license our technology and who want to benefit from 600 patents, 15 years' worth of work, the best chip fab in the world, TSMC behind us, and a world full of knowledge. So now, many of you have heard of Octiv. We talked about Octiv. We initially talked about Powered by Butterfly, and then it became Octiv because we thought we would spin this business out. We even thought we would sell a part of it to get some non-dilutive financing into the company when we were a little bit more in need of capital than we were today. So we are not going to spin it out. We are not going to have it as a separate company. We are going to become that company. And this program will be branded with our customers, Butterfly Embedded, because it's software, it's devices, and it's our chip. So our Poseidon family, we today are on iQ3, which is our P4.3 chip. And it's been amazingly accepted in the marketplace recently. We just sent to production our 5.1 chip, which would be the last chip from the Poseidon family, which doubles the mechanical pressure and improves harmonics. And what you can see in this image is harmonics. When you have higher pressure, the sound wave flows through the body better and gets a better image. Every big ultrasound company walked away from semiconductors because they said they will never get to harmonics. Well, you were wrong. Now that our 5.1 chip is sent into production, and that'll be out in the next platform in the beginning of 2027, we've started developing on an entirely new family of semiconductors that will have 20 times the processing power of the current chips that we have today. And we have a roadmap for Apollo 1, Apollo 2, Apollo 3, and Apollo 4, and something that we'll introduce at some point in time as the superchip. But this chip will have the capability of not just edge AI, but running AI on the chip, on the device, having complex algorithms, providing value to clinicians. So as I mentioned, AWS, there is another analogy. I don't think we'll ever be as big as NVIDIA. But you got to remember, from 1993 to 2005, NVIDIA was a video game company, guys. They made CPUs and GPUs, and they focused on what's the best gaming they can do. And in 2006, they launched a developer software called CUDA. And that developer software allowed them to open the platform to that third-party development. These are things that have been done before. And these are things that now we think we can do again. We think this market opportunity is huge. And we have already partnered with up to three different brain-computer interface companies. One of them that we've talked about publicly, Forest Neurotech, a vascular robotics company, Mendaera, a fatty liver company called Sonic Incytes. And many of you who've been searching the case have seen this announcement we made with Midjourney, which is a GenAI company, which is a text-to-image GenAI company, who, within the terms of the agreement, this is about a $74 million deal that we signed with them for them to have exclusive license to our chip to a certain specific domain. I can't tell you what it's for because that's their opportunity to communicate this publicly. But it's a big, wonderful opportunity consistent with everything I just mentioned. They're an incredibly innovative company. And I think you guys will be thrilled when they choose to unveil it. Last thing I'll say, and I know I'm a minute or two over. I'm sorry about that. But Butterfly has been through a lot. I came here in 2023 when our revenues were declining and we were consuming hundreds of millions of dollars of cash. Within the last 24 months, we have accelerated our top-line growth. We have improved our gross margins, and we've dramatically reduced our requirement to consume cash. We've raised money and are now, even within these licensing deals, bringing in more non-dilutive capital now into the business. We are completely poised and completely strong on our own balance sheet. We are executing as a company, and it's just going to be a great time forward. So I just wanted to thank you for your time and attention today. This is a great time for Butterfly. The restructuring, the questions are all in the past. It's now go, go, go. Thank you all. Thank you very much, Joe. First, I want to say huge congratulations to you and your team for all the achievements today. Definitely very impressive technology and development. Thank you. I do have some questions for you from the audience here. Sure. The first question we have is, as we look ahead at your next generation of semiconductor chip, what should the stakeholders expect in terms of performance, capabilities, and strategic focus? The next chip is our Poseidon 5.1. The 5.1 delivers double the mechanical pressure of all the other chips that we put together in the past. That mechanical pressure, by increasing the voltage through our MEMS, has allowed us to get to something called harmonics. And my analogy for harmonics, which would make an engineer cringe, is if any of you have been on a boat and you just hit the accelerator, the first thing that happens is the bow goes up, right? And then you just wait for a little bit, and then it starts to glide, and then it planes over the water, and it flows with less and less effort. When you increase the mechanical pressure at that site, it actually allows the sound wave to flow easier through tissue. And when that happens, the image quality is dramatically higher. This is the big miscalculation of big ultrasound, why they didn't take a chip to market, and why our founder was so visionary to not only get into this, but believe that we would accomplish this goal. Now that we're at harmonics, everything is about processing power, and you saw what will happen with our next generation, but this is now in production over at TSMC. We will then put it into a device at the end of middle to the end of 2026 and have something in 2027. Thank you. Thank you, Joe. That's super insightful. I do have more questions for you here, but also wanted to make sure we take questions if there's any from the live audience. If you have any questions, please let us know, and we will have a mic pass around to you. Cool. I actually have more for you. Okay. Thank you. So could you tell us more about the Apollo chip? What are the key benefits it brings in areas like compute efficiency or AI enablement? Thank you. Apollo is a completely different architecture from the initial Poseidon family. There are some things we were able to take out of the chip, which created space that can be done on other components in the handheld, which allows us to have much more room for an additional level of compute. That's a 20x compute on top of that, which will translate into the ability to run AI locally, but also the ability to continue to march up our image quality. We believe there's opportunities to make ultrasound look easier and get to 3D and to do other things, but you have to have that compute power at the place. A lot of the reason why these ultrasound machines are big is because they're taking analog signal in. Then they have to go through all this compute to convert analog into digital. They represent digital on a screen. We don't have to go through that compute because we're acquiring it in a digital format. The other thing about Apollo is it'll use a lot less energy. It's much, quote unquote, "cooler." And so by using less energy, it means it's more and more amenable for implantation. It's more amenable for longer battery life, for smaller form factor. The gigahertz in a when Kodak launched their first digital camera, it was only one megabyte. It was only one. And the pixelation was not as great. And so they jettisoned the program. But once they got to three, five, seven megapixels in 2003, next thing you know, the image quality was as good as film, and digital took over analog. Well, everything has to do with the ability of having those increased megabytes. And now you look at the iPhone, not only did they launch a 48-megapixel image recently, but the camera is only taking about 10% of the real estate of the phone. So everything and Apollo is a major leap to not only increase compute, but have the ability to be smaller and to take less resources. And so it's completely the next and the right chip for the next wave of AI and the next wave of not only ultrasound, but a lot of the things that we talked about that third parties very much are looking for. Thank you, Joe. We also have a question here for you related to the HeartFocus business. Yeah. Could you tell us more about what should we expect in your focus business in the near-term strategy and looking forward? How do you see chip advance influencing the future of the core business? Absolutely. So thank you so much. So we've put out about 150,000 units since our inception, and there are 27 million doctors and nurses around the world. So that's a massive market opportunity. We haven't even gotten started yet. And what's wonderful about our product line is that we've kept our second-generation product on the market, which is still very viable. And now we have our third generation. Our second generation is priced close to just a bit above $2,000. So that device has a lot of popularity in our global health initiatives. We partner with over 1,000 now NGOs who do medical missions and all different types of care for people around the world. And so we have the lowest priced device in the world. And we're also moving up the curve. So our next generation iQ3 is $3,899. So it's more expensive. It has more processing. But we kept both on the market because we have the lowest price, and then we have the next version. And I think we're going to continue to look at what our portfolio looks like across the board. Probably one of the most important numbers on the slide I didn't talk about was we pre-announced our fourth quarter a few days ago. And we grew 17% year over year. And that's off of a quarter that grew 35% the year before. So our core business is, well, we started off a little slow because of some macroeconomic things that held some of our biggest projects down. But we had told the street that our fourth quarter was going to be a lot better and that we saw things coming back. And that number indicates it did. So we're very bullish about our point-of-care ultrasound business. Just like I said before, there's going to be a killer app out there. One of these companies with one of these AI tools is going to be something that everyone absolutely has to have, and when that happens, we're ready. We have an incredibly scalable supply chain. We can go, we sell between 25,000 and 30,000 devices a year. We can go to 100,000, 200,000, 300,000 like that, so when the market's ready, we're ready. We're also all cloud connected. We have 25 million images in the cloud, and those grow 30,000 to 40,000 new images a day. So what's the most difficult part of developing AI? It's not the algorithm. It's having the data to run the models on, and we have the largest private database of medical ultrasound images in the world, and so we are the AI developer for ultrasound. We have all of our partnerships, and we're developing our own AI tools as well. We are the device company that has the ultrasound chip with the different form factors. We are actively looking to develop our home care business and ultimately a wearable device of a size like this that patients have. We spent the first part of our evolution as a company trying to become equivalent to everybody else, which means you might think you're inferior. Oh, our image quality is not good enough. Yeah. In the beginning, when you're starting off with these semiconductors, it's a lot to get out in that first version and first generation. Now, as we're marching up Moore's Law, we have put more new innovation out in the marketplace than on the transducer side, than 40 years of legacy analog ultrasound. We are no longer worried about being as good as everybody else. Our focus as a company is we're going to change the world. We're going to change the way images are acquired. We're going to change where they're acquired. We're going to change who's acquiring them. We're going to increase access to care for patients who need it. Two-thirds of the world don't have access to medical imaging. They will now with Butterfly. We will keep our prices of those generations low. We will work with NGOs. We will work with governments in need. We have an app right now in two African countries that you can, for many pregnant women in Africa, don't know the exact date of their conception. And if you don't know your date of your conception, as you look at each of the phases of a woman going through having a child, they need different types of care at different stages. And if you don't know the age of your child, how do you know you can be given the best care? So there's an effort at a university in North Carolina. We built the app directly into our device. And we've now launched it into two African countries where you can simply take the probe over the pregnant uterus and scan it, and it'll tell you the age of the child. Is that insane? Yes, it's insane. That will change the world. Butterfly is in the process of changing the world. Having a mechanism to deliver this intelligence in a small, cost-effective, durable, mobile way is the gateway to all of this intelligence getting to everyone in need in the world. Thank you,Joe. It's very strong momentum with the business. I know we're close on time, but I'm going to squeeze in one more question. Okay. Thanks. We have one more question here related to your co-development opportunities. Could you tell us more about how do your future generation chip shape the evolution of co-development opportunities to a new possibility and along from a partnership standpoint with Butterfly Embedded? 100%. So what's happening now is we're having conversations with people who want to use the chips, but they're using them, of course, for different applications. And one of the things we do when we get the material from TSMC is we can get it in a wafer form. So instead of just having the chip come in its cut predetermined form, we can get the wafer, and we can cut that wafer then in different sizes. Or you want a small one for a catheter. You want to be able to have something very small to put on a lens. You want something round, oval, et cetera, et cetera. So we are now working with these partners to identify how to meet their needs. How do we take our core technology, our core hardware? And it's not just the hardware. It's the hardware. It's the MEMS. It's the AI. It's the software. It's everything that we've developed in order to make this platform amplify. And so when we meet with our partners, we create the roadmap, and we develop with them. And so far, the partners pay for that development. So if the partner pays for development that's not on our roadmap, that's incremental to Butterfly, and that's also incremental knowledge and additional capabilities that Butterfly brings in. This is a new era for the business. I could not be any more excited and proud of my team. I can't be any more excited about the technology, the executives I have with me, Steve Cashman in the back room who's driving our commercial business and our vision. We have an unbelievable opportunity here, guys. And you just keep watching and pay attention. Thank you. Thank you, Joe. Thank you.

Speaker 2: Hi, everyone. Thank you so much for joining us today. My name is Linna Campbell, and I am an associate with the Healthcare Investment Banking team at JPMorgan. It's my great pleasure to introduce Joe DeVivo, the CEO, President, and Chairman, and John Doherty, EVP Chief Financial Officer, and Megan Carlson, the Chief Accounting Officer of the Butterfly Network team. Please join me in welcoming the team here. Hi, everyone. hi everyone Thank you so much for joining us today. thank you so much for joining us today My name is Linna Campbell, and I am an associate with the Healthcare Investment Banking team at JPMorgan. my name is linna campbell and i am an associate with the healthcare investment banking team at jpmorgan It's my great pleasure to introduce Joe DeVivo, the CEO, President, and Chairman, and John Doherty, EVP Chief Financial Officer, and Megan Carlson, the Chief Accounting Officer of the Butterfly Network team. it's my great pleasure to introduce joe devivo the ceo president and chairman and john doherty evp chief financial officer and megan carlson the chief accounting officer of the butterfly network team Please join me in welcoming the team here. please join me in welcoming the team here

Speaker 1: All right. Well, first of all, thank you so much for the invitation. It's a great honor for Butterfly to be able to present at this J.P. Morgan Conference, the Super Bowl of healthcare each year. And thank you for all of you being with us on this last day. So we're very honored. But before I get into the presentation, this morning there was some news, a press release where we've had at the SPAC, we issued a bunch of warrants to select shareholders that had helped the company with the SPAC at $11.50. And those warrants are expiring. We knew this would happen. We would, of course, we wish our stock right now was at $11.50, $12.15. We think actually it should be there. But with those warrants expiring, there was some news. And so I think people were confused when they saw that press release. All right. all right Well, first of all, thank you so much for the invitation. well first of all thank you so much for the invitation It's a great honor for Butterfly to be able to present at this J.P. it's a great honor for butterfly to be able to present at this j.p Morgan Conference, the Super Bowl of healthcare each year. morgan conference the super bowl of healthcare each year And thank you for all of you being with us on this last day. and thank you for all of you being with us on this last day So we're very honored. so we're very honored But before I get into the presentation, this morning there was some news, a press release where we've had at the SPAC, we issued a bunch of warrants to select shareholders that had helped the company with the SPAC at $11.50. but before i get into the presentation this morning there was some news a press release where we've had at the spac we issued a bunch of warrants to select shareholders that had helped the company with the spac at $11.50 And those warrants are expiring. and those warrants are expiring We knew this would happen. we knew this would happen We would, of course, we wish our stock right now was at $11.50, $12.15. we would of course we wish our stock right now was at $11.50 $12.15 We think actually it should be there. we think actually it should be there But with those warrants expiring, there was some news. but with those warrants expiring there was some news And so I think people were confused when they saw that press release. and so i think people were confused when they saw that press release We knew this was going to happen. That actually means it's unfortunate for those warrant holders. For existing shareholders, new shareholders, that's 20 million shares of dilution that won't be happening in the next month. No big deal to us. Again, except for the warrant holders who've actually been very faithful to the company. We're sorry for that. We'll get it up there and we'll get this stock running, which it has. Butterfly is such an exciting opportunity. I have a lot to share with you today. I'm just going to get right into it. We will have forward-looking statements as a public company, so please beware. Just a little bit of a history lesson. We started this company in 2011. The first ultrasound on semiconductor was developed in 2015. We knew this was going to happen. we knew this was going to happen That actually means it's unfortunate for those warrant holders. that actually means it's unfortunate for those warrant holders For existing shareholders, new shareholders, that's 20 million shares of dilution that won't be happening in the next month. for existing shareholders new shareholders that's 20 million shares of dilution that won't be happening in the next month No big deal to us. no big deal to us Again, except for the warrant holders who've actually been very faithful to the company. again except for the warrant holders who've actually been very faithful to the company We're sorry for that. we're sorry for that We'll get it up there and we'll get this stock running, which it has. we'll get it up there and we'll get this stock running which it has Butterfly is such an exciting opportunity. butterfly is such an exciting opportunity I have a lot to share with you today. i have a lot to share with you today I'm just going to get right into it. i'm just going to get right into it We will have forward-looking statements as a public company, so please beware. we will have forward-looking statements as a public company so please beware Just a little bit of a history lesson. just a little bit of a history lesson We started this company in 2011. we started this company in 2011 The first ultrasound on semiconductor was developed in 2015. the first ultrasound on semiconductor was developed in 2015 That was our first version of Poseidon, our Poseidon family. I will talk about our family a little bit later. That first one was 2015. That's how long we've been working at this. We've launched several probes since then. We've been following Moore's Law. As our semiconductors get more powerful, we launch new probes with greater and greater imaging. We did go public in 2021. We now have launched Compass AI, an incredible software that I'm going to detail for you in a moment. What that does for us is that in ultrasound, there are different frequencies. There are different arrays for different parts of the body. Semiconductors used to be huge, or supercomputers, I'm sorry, used to be huge. Now you all carry one in your pocket. Ultrasound devices are huge. That was our first version of Poseidon, our Poseidon family. that was our first version of poseidon our poseidon family I will talk about our family a little bit later. i will talk about our family a little bit later That first one was 2015. that first one was 2015 That's how long we've been working at this. that's how long we've been working at this We've launched several probes since then. we've launched several probes since then We've been following Moore's Law. we've been following moore's law As our semiconductors get more powerful, we launch new probes with greater and greater imaging. as our semiconductors get more powerful we launch new probes with greater and greater imaging We did go public in 2021. we did go public in 2021 We now have launched Compass AI, an incredible software that I'm going to detail for you in a moment. we now have launched compass ai an incredible software that i'm going to detail for you in a moment What that does for us is that in ultrasound, there are different frequencies. what that does for us is that in ultrasound there are different frequencies There are different arrays for different parts of the body. there are different arrays for different parts of the body Semiconductors used to be huge, or supercomputers, I'm sorry, used to be huge. semiconductors used to be huge or supercomputers i'm sorry used to be huge Now you all carry one in your pocket. now you all carry one in your pocket Ultrasound devices are huge. ultrasound devices are huge But every doctor and every nurse in the world in the future will have access to be able to have an ultrasound device in their pocket. We are the stethoscope salespeople 40 years ago when they were convincing people to look inside or listen to the heart sounds inside the body when you're with a patient. We are now convincing doctors and nurses that they can look inside the body when they're with a patient to try to find earlier diagnosis, to be able to find things sooner. And then if they do, they confirm it with radiology. This is not in conflict with radiology. This amplifies radiology by increasing the funnel at the front end. But having one device that can do everything is so powerful. We have 1,000 of these in Ukraine. Most of the medics in Ukraine have these when they encounter a soldier. But every doctor and every nurse in the world in the future will have access to be able to have an ultrasound device in their pocket. but every doctor and every nurse in the world in the future will have access to be able to have an ultrasound device in their pocket We are the stethoscope salespeople 40 years ago when they were convincing people to look inside or listen to the heart sounds inside the body when you're with a patient. we are the stethoscope salespeople 40 years ago when they were convincing people to look inside or listen to the heart sounds inside the body when you're with a patient We are now convincing doctors and nurses that they can look inside the body when they're with a patient to try to find earlier diagnosis, to be able to find things sooner. we are now convincing doctors and nurses that they can look inside the body when they're with a patient to try to find earlier diagnosis to be able to find things sooner And then if they do, they confirm it with radiology. and then if they do they confirm it with radiology This is not in conflict with radiology. this is not in conflict with radiology This amplifies radiology by increasing the funnel at the front end. this amplifies radiology by increasing the funnel at the front end But having one device that can do everything is so powerful. but having one device that can do everything is so powerful We have 1,000 of these in Ukraine. we have 1,000 of these in ukraine Most of the medics in Ukraine have these when they encounter a soldier. most of the medics in ukraine have these when they encounter a soldier We have these in conflict zones. We have these in Africa and rural countries where two-thirds of the world doesn't have access to medical imaging. This is a tenth the cost of an ultrasound cart. It's AI-driven. It's cloud-driven. It's semiconductor-driven. It's just awesome, and so we've been building a brand. We have the largest install base in the world. People understand what Butterfly are, what Butterfly is. About 80% of the medical schools teach kids on Butterfly. These medical schools want to learn ultrasound. They want to have this as a core competency, and it's not lost on our pop culture. This is the number one TV show in the United States right now, and just watch. We have these in conflict zones. we have these in conflict zones We have these in Africa and rural countries where two-thirds of the world doesn't have access to medical imaging. we have these in africa and rural countries where two-thirds of the world doesn't have access to medical imaging This is a tenth the cost of an ultrasound cart. this is a tenth the cost of an ultrasound cart It's AI-driven. it's ai-driven It's cloud-driven. it's cloud-driven It's semiconductor-driven. it's semiconductor-driven It's just awesome, and so we've been building a brand. it's just awesome and so we've been building a brand We have the largest install base in the world. we have the largest install base in the world People understand what Butterfly are, what Butterfly is. people understand what butterfly are what butterfly is About 80% of the medical schools teach kids on Butterfly. about 80% of the medical schools teach kids on butterfly These medical schools want to learn ultrasound. these medical schools want to learn ultrasound They want to have this as a core competency, and it's not lost on our pop culture. they want to have this as a core competency and it's not lost on our pop culture This is the number one TV show in the United States right now, and just watch. this is the number one tv show in the united states right now and just watch

Speaker 4: Butterfly ultrasound works off a cell phone. Butterfly ultrasound works off a cell phone. butterfly ultrasound works off a cell phone

Speaker 5: Ooh, that's cool. Ooh, that's cool. ooh that's cool

Speaker 4: If you can't feel a pulse, check for Doppler flow with this. It's a mini ultrasound. If you can't feel a pulse, check for Doppler flow with this. if you can't feel a pulse check for doppler flow with this It's a mini ultrasound. it's a mini ultrasound

Speaker 5: If all the screen pops. If all the screen pops. if all the screen pops

Speaker 4: but a yellow can change to a red if they go south. You got to stay on top of them even if they seem stable. but a yellow can change to a red if they go south. but a yellow can change to a red if they go south You got to stay on top of them even if they seem stable. you got to stay on top of them even if they seem stable

Speaker 6: Okay, Sylvia, I'm Dr. King. Okay, Sylvia, I'm Dr. King. okay sylvia i'm dr king

Speaker 3: Oh. Oh. oh

Speaker 6: Looks like closed-tip distal fractures. Looks like closed-tip distal fractures. looks like closed-tip distal fractures

Speaker 3: Strong pedal pulses, great flow with the Butterfly. Strong pedal pulses, great flow with the Butterfly. strong pedal pulses great flow with the butterfly

Speaker 6: Sylvia? Sylvia? sylvia

Speaker 3: What occurred? What occurred? what occurred

Speaker 6: Sylvia. Sylvia. sylvia

Speaker 3: Sylvia, can you hear me? Sylvia, can you hear me? I lost a radial pulse. Sylvia, can you hear me? sylvia can you hear me Sylvia, can you hear me? sylvia can you hear me I lost a radial pulse. i lost a radial pulse

Speaker 4: From a broken leg? From a broken leg? from a broken leg

Speaker 3: What do we miss? What do we miss? what do we miss

Speaker 4: I don't know. Heart attack, another injury from the car crash? I don't know. i don't know Heart attack, another injury from the car crash? heart attack another injury from the car crash

Speaker 3: That's for pulses. That's for pulses. that's for pulses

Speaker 4: It has an eFAST mode. It has an eFAST mode. it has an efast mode

Speaker 6: Diagnosis made? Diagnosis made? diagnosis made

Speaker 3: Blood in Morison's, liver laceration. Blood in Morison's, liver laceration. blood in morison's liver laceration

Speaker 4: Car hit the belly. Leg was a distracting injury. Car hit the belly. car hit the belly Leg was a distracting injury. leg was a distracting injury

Speaker 6: Drill in an IO. I'm going to get some blood, and then we'll move her to pink. Drill in an IO. drill in an io I'm going to get some blood, and then we'll move her to pink. i'm going to get some blood and then we'll move her to pink

Speaker 3: Matteo, MTI 29, going to the status reports and anyone who's not. Matteo, MTI 29, going to the status reports and anyone who's not. matteo mti 29 going to the status reports and anyone who's not

Speaker 6: What's this? What's this? what's this

Speaker 3: What's this? What's this? what's this

Speaker 4: Unresponsive even to pain. No GSW. Strong pulse, but tachycardic and diaphoretic, looking for internal hemorrhage. eFAST negative. Unresponsive even to pain. unresponsive even to pain No GSW. no gsw Strong pulse, but tachycardic and diaphoretic, looking for internal hemorrhage. eFAST negative. strong pulse but tachycardic and diaphoretic looking for internal hemorrhage efast negative

Speaker 6: Help me roll it. Help me roll it. help me roll it

Speaker 3: Okay, where'd this guy go? Okay, where'd this guy go? okay where'd this guy go

Speaker 6: Which patient? Which patient? which patient

Speaker 4: Perfect. Oh, and I borrowed your Butterfly from the gurney. Perfect. perfect Oh, and I borrowed your Butterfly from the gurney. oh and i borrowed your butterfly from the gurney

Speaker 1: Did you butterfly the patient? Grab the Butterfly. Let's butterfly that patient. That's developing. When your brand starts to become a verb, you're doing something right. And we did not pay for this placement. They called us and said, "Can we have a new probe? How does it work?" And we taught them the medical. Someone on the medical team is a big Butterfly fan. And The Pitt is famous for asking emergency room doctors what they go through, what they experience. Tell me about a case or a situation when you had to deal with X, Y, and Z. And those are those situations that you're seeing on TV. It's why it's the number one show, because it's authentic and it's representative of what's happening in healthcare. And it's also why Butterfly is so awesome. And we can do virtually all these different specialties. You simply have a Butterfly. Did you butterfly the patient? did you butterfly the patient Grab the Butterfly. grab the butterfly Let's butterfly that patient. let's butterfly that patient That's developing. that's developing When your brand starts to become a verb, you're doing something right. when your brand starts to become a verb you're doing something right And we did not pay for this placement. and we did not pay for this placement They called us and said, "Can we have a new probe? they called us and said "can we have a new probe How does it work?" And we taught them the medical. how does it work?" and we taught them the medical Someone on the medical team is a big Butterfly fan. someone on the medical team is a big butterfly fan And The Pitt is famous for asking emergency room doctors what they go through, what they experience. and the pitt is famous for asking emergency room doctors what they go through what they experience Tell me about a case or a situation when you had to deal with X, Y, and Z. tell me about a case or a situation when you had to deal with x y and z And those are those situations that you're seeing on TV. and those are those situations that you're seeing on tv It's why it's the number one show, because it's authentic and it's representative of what's happening in healthcare. it's why it's the number one show because it's authentic and it's representative of what's happening in healthcare And it's also why Butterfly is so awesome. and it's also why butterfly is so awesome And we can do virtually all these different specialties. and we can do virtually all these different specialties You simply have a Butterfly. you simply have a butterfly You plug it into a phone or a tablet. You say, "I want to do a cardiac. I want to do pulmonary. I want to do a carotid. I want to be able to do MSK." And the device, because the semiconductor on chip or the ultrasound on chip, it changes the settings the second you say what you want to do. And then you go. That's why in the emergency room, you don't know what you're going to encounter. And so you have the ability to toggle it. But if you're a specialist with a certain part of care, that's great. And you want to focus on cardiac, that's great. But people also want to have the opportunity to look elsewhere in the body. We are an award-winning company, not just popular on TV, but the Prix Galien Award was the number one. You plug it into a phone or a tablet. you plug it into a phone or a tablet You say, "I want to do a cardiac. you say "i want to do a cardiac I want to do pulmonary. i want to do pulmonary I want to do a carotid. i want to do a carotid I want to be able to do MSK." And the device, because the semiconductor on chip or the ultrasound on chip, it changes the settings the second you say what you want to do. i want to be able to do msk." and the device because the semiconductor on chip or the ultrasound on chip it changes the settings the second you say what you want to do And then you go. and then you go That's why in the emergency room, you don't know what you're going to encounter. that's why in the emergency room you don't know what you're going to encounter And so you have the ability to toggle it. and so you have the ability to toggle it But if you're a specialist with a certain part of care, that's great. but if you're a specialist with a certain part of care that's great And you want to focus on cardiac, that's great. and you want to focus on cardiac that's great But people also want to have the opportunity to look elsewhere in the body. but people also want to have the opportunity to look elsewhere in the body We are an award-winning company, not just popular on TV, but the Prix Galien Award was the number one. we are an award-winning company not just popular on tv but the prix galien award was the number one It's like the Oscars of the best medical technology, and we're also, at least to date, as far as I know, unless anything else has been announced, the only medical technology company to have an Apple Design Award, so for those of you that follow Butterfly, as Butterfly gets more and more popular, doctors, of course, use it in their practices. They use it outside the hospital, but now there are doctors where there's 50, there's 100 doctors in a health system that all have their own Butterflies, and when they go into health system, that data is not captured, and that's not a good thing. We should have that record in the patient data. The images should be in the DICOM, and they should also be filing for reimbursement. It's like the Oscars of the best medical technology, and we're also, at least to date, as far as I know, unless anything else has been announced, the only medical technology company to have an Apple Design Award, so for those of you that follow Butterfly, as Butterfly gets more and more popular, doctors, of course, use it in their practices. it's like the oscars of the best medical technology and we're also at least to date as far as i know unless anything else has been announced the only medical technology company to have an apple design award so for those of you that follow butterfly as butterfly gets more and more popular doctors of course use it in their practices They use it outside the hospital, but now there are doctors where there's 50, there's 100 doctors in a health system that all have their own Butterflies, and when they go into health system, that data is not captured, and that's not a good thing. they use it outside the hospital but now there are doctors where there's 50 there's 100 doctors in a health system that all have their own butterflies and when they go into health system that data is not captured and that's not a good thing We should have that record in the patient data. we should have that record in the patient data The images should be in the DICOM, and they should also be filing for reimbursement. the images should be in the dicom and they should also be filing for reimbursement About 35% of all the point-of-care ultrasound scans that are done in hospitals actually make it all the way to being reimbursed, so they're leaving about 65% of those scans on the table, which is, those ghost scans are dead revenue, and so we've been selling. We launched this a couple of years ago, a Compass software. We've been selling it to hundreds of health systems throughout the United States and different departments, and then several health systems where it's enterprise and in every department, but we've recently now made a major update, and that major update is by making it easier. Because while hospitals like capturing those additional images, doctors are like, "Ugh, this is another thing I got to do. It's another step I have to take," so with all these advanced AI tools, we've wanted to make this easier for them. About 35% of all the point-of-care ultrasound scans that are done in hospitals actually make it all the way to being reimbursed, so they're leaving about 65% of those scans on the table, which is, those ghost scans are dead revenue, and so we've been selling. about 35% of all the point-of-care ultrasound scans that are done in hospitals actually make it all the way to being reimbursed so they're leaving about 65% of those scans on the table which is those ghost scans are dead revenue and so we've been selling We launched this a couple of years ago, a Compass software. we launched this a couple of years ago a compass software We've been selling it to hundreds of health systems throughout the United States and different departments, and then several health systems where it's enterprise and in every department, but we've recently now made a major update, and that major update is by making it easier. we've been selling it to hundreds of health systems throughout the united states and different departments and then several health systems where it's enterprise and in every department but we've recently now made a major update and that major update is by making it easier Because while hospitals like capturing those additional images, doctors are like, "Ugh, this is another thing I got to do. because while hospitals like capturing those additional images doctors are like "ugh this is another thing i got to do It's another step I have to take," so with all these advanced AI tools, we've wanted to make this easier for them. it's another step i have to take," so with all these advanced ai tools we've wanted to make this easier for them They have to fill out a document with 15-20 different fields in order for that document to be complete. So instead of them having to fill out each of those fields, what does a doctor do after a consult? They do a dictation, right? So right now, this doctor is doing a dictation. And our AI tool is listening to that dictation. And oh, okay, great. So now we have speech to text. So in that text are all the individual data points that you would need to fill out the document. They have to fill out a document with 15-20 different fields in order for that document to be complete. they have to fill out a document with 15-20 different fields in order for that document to be complete So instead of them having to fill out each of those fields, what does a doctor do after a consult? so instead of them having to fill out each of those fields what does a doctor do after a consult They do a dictation, right? they do a dictation right So right now, this doctor is doing a dictation. so right now this doctor is doing a dictation And our AI tool is listening to that dictation. and our ai tool is listening to that dictation And oh, okay, great. and oh okay great So now we have speech to text. so now we have speech to text So in that text are all the individual data points that you would need to fill out the document. so in that text are all the individual data points that you would need to fill out the document So instead of the doctor now having to go and fill out the document, our AI tool goes through the dictation, pulls out each of the data, and bam, populates it all into that file. Pretty cool, huh? I mean, it's something that allows for the doctors to win. So they get the document, but they don't have to sit there and toil through it. So what they do then is make sure it's accurate, it's complete. The file won't go through unless all fields are there. And so it'll be in red. They fill it out, and then they're done. So we are continuing to innovate. And when we talk about, we believe that every doctor that's applicable for ultrasound should have their own probe. Just like every doctor has a stethoscope. So instead of the doctor now having to go and fill out the document, our AI tool goes through the dictation, pulls out each of the data, and bam, populates it all into that file. so instead of the doctor now having to go and fill out the document our ai tool goes through the dictation pulls out each of the data and bam populates it all into that file Pretty cool, huh? pretty cool huh I mean, it's something that allows for the doctors to win. i mean it's something that allows for the doctors to win So they get the document, but they don't have to sit there and toil through it. so they get the document but they don't have to sit there and toil through it So what they do then is make sure it's accurate, it's complete. so what they do then is make sure it's accurate it's complete The file won't go through unless all fields are there. the file won't go through unless all fields are there And so it'll be in red. and so it'll be in red They fill it out, and then they're done. they fill it out and then they're done So we are continuing to innovate. so we are continuing to innovate And when we talk about, we believe that every doctor that's applicable for ultrasound should have their own probe. and when we talk about we believe that every doctor that's applicable for ultrasound should have their own probe Just like every doctor has a stethoscope. just like every doctor has a stethoscope They should be able to listen inside the body. They should be able to see inside the body. They should be able to listen inside the body. they should be able to listen inside the body They should be able to see inside the body. they should be able to see inside the body And because there are diagnoses and things that happen that if you have to wait months for or you miss it, disease doesn't wait. It progresses. And capturing them sooner is the essence. And so Butterfly is the company that has the greatest scale in all of point-of-care ultrasound because we have the software, we have the devices, we're cloud connected. And all of this works in a seamless ecosystem into the EMR, into the DICOM, and into revenue cycle management. So when we now, as we mature and hospitals start saying, "Instead of all these doctors just buying them on their own, we're going to now buy them and give them to everybody," Butterfly is that enterprise company that will win. And because there are diagnoses and things that happen that if you have to wait months for or you miss it, disease doesn't wait. and because there are diagnoses and things that happen that if you have to wait months for or you miss it disease doesn't wait It progresses. it progresses And capturing them sooner is the essence. and capturing them sooner is the essence And so Butterfly is the company that has the greatest scale in all of point-of-care ultrasound because we have the software, we have the devices, we're cloud connected. and so butterfly is the company that has the greatest scale in all of point-of-care ultrasound because we have the software we have the devices we're cloud connected And all of this works in a seamless ecosystem into the EMR, into the DICOM, and into revenue cycle management. and all of this works in a seamless ecosystem into the emr into the dicom and into revenue cycle management So when we now, as we mature and hospitals start saying, "Instead of all these doctors just buying them on their own, we're going to now buy them and give them to everybody," Butterfly is that enterprise company that will win. so when we now as we mature and hospitals start saying "instead of all these doctors just buying them on their own we're going to now buy them and give them to everybody," butterfly is that enterprise company that will win And so what we've done now is we've started to open up our platform because we realize that there are a lot of other capabilities that can come through Butterfly. We have the largest installed base of point-of-care devices in the world. And there's a lot of people who'd want to access them. So we've started to compartmentalize our technology and then open our technology to third parties. Now, let me just, there's a lot of young people here, but some of you are old enough to remember this. Who here has ever had a BlackBerry? Yes? All right. Well, where are the BlackBerries today? We initially had to have a BlackBerry. And our institutions told us that those BlackBerries were the institutional lockdown device. This is what you have to use. What killed the BlackBerry? Not just the iPhone apps. And so what we've done now is we've started to open up our platform because we realize that there are a lot of other capabilities that can come through Butterfly. and so what we've done now is we've started to open up our platform because we realize that there are a lot of other capabilities that can come through butterfly We have the largest installed base of point-of-care devices in the world. we have the largest installed base of point-of-care devices in the world And there's a lot of people who'd want to access them. and there's a lot of people who'd want to access them So we've started to compartmentalize our technology and then open our technology to third parties. so we've started to compartmentalize our technology and then open our technology to third parties Now, let me just, there's a lot of young people here, but some of you are old enough to remember this. now let me just there's a lot of young people here but some of you are old enough to remember this Who here has ever had a BlackBerry? who here has ever had a blackberry Yes? yes All right. all right Well, where are the BlackBerries today? well where are the blackberries today We initially had to have a BlackBerry. we initially had to have a blackberry And our institutions told us that those BlackBerries were the institutional lockdown device. and our institutions told us that those blackberries were the institutional lockdown device This is what you have to use. this is what you have to use What killed the BlackBerry? what killed the blackberry Not just the iPhone apps. not just the iphone apps All of a sudden, every day, another app would come out onto the marketplace, another application, and now, wait a minute. You mean I can do GPS on my iPhone? I can get the TomTom off my dashboard, and I can now follow myself on the phone with a GPS app, so we have 27 companies today that are developing AI tools that'll link into our software development kit that our install base can purchase, put on their phone, pay them for that license, and now that application, whether it's a cardiac echo or whether it's a pulmonary congestion scan or whether it's for deep vein thromboses, a lower-level clinician who's not classically trained in ultrasound can open an app, and an AI tool can help them capture an image, a nurse in a home, or a doctor in their practice who wasn't classically trained. All of a sudden, every day, another app would come out onto the marketplace, another application, and now, wait a minute. all of a sudden every day another app would come out onto the marketplace another application and now wait a minute You mean I can do GPS on my iPhone? you mean i can do gps on my iphone I can get the TomTom off my dashboard, and I can now follow myself on the phone with a GPS app, so we have 27 companies today that are developing AI tools that'll link into our software development kit that our install base can purchase, put on their phone, pay them for that license, and now that application, whether it's a cardiac echo or whether it's a pulmonary congestion scan or whether it's for deep vein thromboses, a lower-level clinician who's not classically trained in ultrasound can open an app, and an AI tool can help them capture an image, a nurse in a home, or a doctor in their practice who wasn't classically trained. i can get the tomtom off my dashboard and i can now follow myself on the phone with a gps app so we have 27 companies today that are developing ai tools that'll link into our software development kit that our install base can purchase put on their phone pay them for that license and now that application whether it's a cardiac echo or whether it's a pulmonary congestion scan or whether it's for deep vein thromboses a lower-level clinician who's not classically trained in ultrasound can open an app and an ai tool can help them capture an image a nurse in a home or a doctor in their practice who wasn't classically trained About 80% of medical students today are being trained on Butterfly iQ's. So this is done. The die is cast. We've already won the game, right? But it's probably that 15- to 20-year victory waiting for all these kids who are in school now to be out in medical practice and changing the market. So how do we compress that sooner? We make it easier. Because ultrasound is the hardest technology to do a read and capture than all the others because they're much more automated. But with AI tools, it's going to explode. So we are very excited about this part. We've opened this. This is called Butterfly Garden. And it's happening. The first FDA-approved app came out last quarter. And that was HeartFocus from a company called Deski. About 80% of medical students today are being trained on Butterfly iQ's. about 80% of medical students today are being trained on butterfly iq's So this is done. so this is done The die is cast. the die is cast We've already won the game, right? we've already won the game right But it's probably that 15- to 20-year victory waiting for all these kids who are in school now to be out in medical practice and changing the market. but it's probably that 15- to 20-year victory waiting for all these kids who are in school now to be out in medical practice and changing the market So how do we compress that sooner? so how do we compress that sooner We make it easier. we make it easier Because ultrasound is the hardest technology to do a read and capture than all the others because they're much more automated. because ultrasound is the hardest technology to do a read and capture than all the others because they're much more automated But with AI tools, it's going to explode. but with ai tools it's going to explode So we are very excited about this part. so we are very excited about this part We've opened this. we've opened this This is called Butterfly Garden. this is called butterfly garden And it's happening. and it's happening The first FDA-approved app came out last quarter. the first fda-approved app came out last quarter And that was HeartFocus from a company called Deski. and that was heartfocus from a company called deski And if you are a lower-level nurse, you can just simply grab the probe, download the app, place the probe on the chest, and then the device starts, the app starts telling you, "Wait a minute, move it here for a better image. Twist it. Push down. Go at an angle." And the quality score gets higher. And then bam, it takes a picture. And it walks you through that protocol. So now a nurse in the home can take a cardiac echo, which is a $500 scan that you have to wait months for in the hospital. They can take the echo. They can send it to the cardiology clinic, and they can make a diagnosis. This is changing healthcare major velocity, and it's happening. And these are some other education apps that are available today. But now, every quarter, more and more apps are going to come out. And if you are a lower-level nurse, you can just simply grab the probe, download the app, place the probe on the chest, and then the device starts, the app starts telling you, "Wait a minute, move it here for a better image. and if you are a lower-level nurse you can just simply grab the probe download the app place the probe on the chest and then the device starts the app starts telling you "wait a minute move it here for a better image Twist it. twist it Push down. push down Go at an angle." And the quality score gets higher. go at an angle." and the quality score gets higher And then bam, it takes a picture. and then bam it takes a picture And it walks you through that protocol. and it walks you through that protocol So now a nurse in the home can take a cardiac echo, which is a $500 scan that you have to wait months for in the hospital. so now a nurse in the home can take a cardiac echo which is a $500 scan that you have to wait months for in the hospital They can take the echo. they can take the echo They can send it to the cardiology clinic, and they can make a diagnosis. they can send it to the cardiology clinic and they can make a diagnosis This is changing healthcare major velocity, and it's happening. this is changing healthcare major velocity and it's happening And these are some other education apps that are available today. and these are some other education apps that are available today But now, every quarter, more and more apps are going to come out. but now every quarter more and more apps are going to come out Those BlackBerries in the hospital are going to be obsolete. We're also not only devices, not only platform, but we're also services. We are working on home care and coming up with new models that will take the risk. We will work to educate those nurses. We will use these AI tools, and we'll show at-risk providers how to be able to care for these patients at an accelerated pace. We're really, really excited about where we are. Guys, something else is happening out there in the world. AI, we all know the explosion of AI. There's also some people out there with some fantasies. Those fantasies have to do with a convergence of AI into the human body. As AI wants to communicate to the human body, there has to be a portal. There has to be a language. Those BlackBerries in the hospital are going to be obsolete. those blackberries in the hospital are going to be obsolete We're also not only devices, not only platform, but we're also services. we're also not only devices not only platform but we're also services We are working on home care and coming up with new models that will take the risk. we are working on home care and coming up with new models that will take the risk We will work to educate those nurses. we will work to educate those nurses We will use these AI tools, and we'll show at-risk providers how to be able to care for these patients at an accelerated pace. we will use these ai tools and we'll show at-risk providers how to be able to care for these patients at an accelerated pace We're really, really excited about where we are. we're really really excited about where we are Guys, something else is happening out there in the world. guys something else is happening out there in the world AI, we all know the explosion of AI. ai we all know the explosion of ai There's also some people out there with some fantasies. there's also some people out there with some fantasies Those fantasies have to do with a convergence of AI into the human body. those fantasies have to do with a convergence of ai into the human body As AI wants to communicate to the human body, there has to be a portal. as ai wants to communicate to the human body there has to be a portal There has to be a language. there has to be a language There has to be something digital that can communicate. Now, we've heard of brain-computer interface devices from Neuralink and other companies where they place wires in the brain. Well, the biggest issue with those wires is something called the Butcher Factor. How many neurons do I have to kill before I can get to the neuron I want to talk to? With ultrasound, we do something very unique. We have a chip, and that chip can actually move and steer the beam. So if you implanted it into the brain, that chip can scan the brain and see 25% of it just with one chip. And so other companies are starting to come to us and say, "You've spent $300 million developing this chip. You have 600 patents. We want to use your chip inside of our product." And in the past, we kind of pushed these companies away. There has to be something digital that can communicate. there has to be something digital that can communicate Now, we've heard of brain-computer interface devices from Neuralink and other companies where they place wires in the brain. now we've heard of brain-computer interface devices from neuralink and other companies where they place wires in the brain Well, the biggest issue with those wires is something called the Butcher Factor. well the biggest issue with those wires is something called the butcher factor How many neurons do I have to kill before I can get to the neuron I want to talk to? how many neurons do i have to kill before i can get to the neuron i want to talk to With ultrasound, we do something very unique. with ultrasound we do something very unique We have a chip, and that chip can actually move and steer the beam. we have a chip and that chip can actually move and steer the beam So if you implanted it into the brain, that chip can scan the brain and see 25% of it just with one chip. so if you implanted it into the brain that chip can scan the brain and see 25% of it just with one chip And so other companies are starting to come to us and say, "You've spent $300 million developing this chip. and so other companies are starting to come to us and say "you've spent $300 million developing this chip You have 600 patents. you have 600 patents We want to use your chip inside of our product." And in the past, we kind of pushed these companies away. we want to use your chip inside of our product." and in the past we kind of pushed these companies away We had some non-healthcare companies that came to us, and we were like, "Oh, well, we're too busy building point-of-care ultrasound." Well, guys, I think we have a whole new business opportunity for this company. There have been companies in the past that have solved major technical problems for themselves. And then when they allowed other people to use it, built massive businesses that they never intended to build. Anyone remember a company called Amazon? Do you think that they went out there and built cloud computing to be a cloud computing company? They built cloud computing because they didn't think anyone else could do it at the scale they needed. And after they spent hundreds of millions of dollars in data centers, they were at 1% capacity. And they said, "Let's go sell some of this capacity." And today, AWS is the biggest profit contributor for Amazon. We had some non-healthcare companies that came to us, and we were like, "Oh, well, we're too busy building point-of-care ultrasound." Well, guys, I think we have a whole new business opportunity for this company. we had some non-healthcare companies that came to us and we were like "oh well we're too busy building point-of-care ultrasound." well guys i think we have a whole new business opportunity for this company There have been companies in the past that have solved major technical problems for themselves. there have been companies in the past that have solved major technical problems for themselves And then when they allowed other people to use it, built massive businesses that they never intended to build. and then when they allowed other people to use it built massive businesses that they never intended to build Anyone remember a company called Amazon? anyone remember a company called amazon Do you think that they went out there and built cloud computing to be a cloud computing company? do you think that they went out there and built cloud computing to be a cloud computing company They built cloud computing because they didn't think anyone else could do it at the scale they needed. they built cloud computing because they didn't think anyone else could do it at the scale they needed And after they spent hundreds of millions of dollars in data centers, they were at 1% capacity. and after they spent hundreds of millions of dollars in data centers they were at 1% capacity And they said, "Let's go sell some of this capacity." And today, AWS is the biggest profit contributor for Amazon. and they said "let's go sell some of this capacity." and today aws is the biggest profit contributor for amazon Sometimes you solve problems that everyone else has. We have a unique semiconductor that has 9,000 sensors on it, each sensor like a pixel on a TV screen. Each sensor can be operated independently. So you change the color of that pixel, and then you change the color of the next pixel, change the color of the next pixel, you sit back, and you have a picture. Well, what if we allow people to be able to use this to program for their own methods of communicating for whatever product they have? It's a massive opportunity. We use this for ultrasound for our purposes. We can do all the different arrays. We can also do things that the competitive devices or the legacy analog devices can't. Ultrasound legacy uses a piezoelectric crystal. That crystal is a physically cut crystal. Sometimes you solve problems that everyone else has. sometimes you solve problems that everyone else has We have a unique semiconductor that has 9,000 sensors on it, each sensor like a pixel on a TV screen. we have a unique semiconductor that has 9,000 sensors on it each sensor like a pixel on a tv screen Each sensor can be operated independently. each sensor can be operated independently So you change the color of that pixel, and then you change the color of the next pixel, change the color of the next pixel, you sit back, and you have a picture. so you change the color of that pixel and then you change the color of the next pixel change the color of the next pixel you sit back and you have a picture Well, what if we allow people to be able to use this to program for their own methods of communicating for whatever product they have? well what if we allow people to be able to use this to program for their own methods of communicating for whatever product they have It's a massive opportunity. it's a massive opportunity We use this for ultrasound for our purposes. we use this for ultrasound for our purposes We can do all the different arrays. we can do all the different arrays We can also do things that the competitive devices or the legacy analog devices can't. we can also do things that the competitive devices or the legacy analog devices can't Ultrasound legacy uses a piezoelectric crystal. ultrasound legacy uses a piezoelectric crystal That crystal is a physically cut crystal. that crystal is a physically cut crystal Imagine having a camera that's tuned for near-sighted to see close, right? No matter what I do with the software behind that lens, that image, that beam is going through a lens that's going to only allow it to see near. So I got to go pick up another lens, and then I got to go pick up another lens. That's why legacy ultrasound, 40 years old, you have to have all these crystals. And companies who say that they have all-in-one devices now just pack it with a bunch of toxic lead. So we have this infinitely programmable chip that we've solved a foundational problem. And the programming of it is very exciting. And so what's happening now? We're all aware of cloud compute, but compute is getting now closer to those who want the intelligence. So now we're hearing about edge compute for AI. Imagine having a camera that's tuned for near-sighted to see close, right? imagine having a camera that's tuned for near-sighted to see close right No matter what I do with the software behind that lens, that image, that beam is going through a lens that's going to only allow it to see near. no matter what i do with the software behind that lens that image that beam is going through a lens that's going to only allow it to see near So I got to go pick up another lens, and then I got to go pick up another lens. so i got to go pick up another lens and then i got to go pick up another lens That's why legacy ultrasound, 40 years old, you have to have all these crystals. that's why legacy ultrasound 40 years old you have to have all these crystals And companies who say that they have all-in-one devices now just pack it with a bunch of toxic lead. and companies who say that they have all-in-one devices now just pack it with a bunch of toxic lead So we have this infinitely programmable chip that we've solved a foundational problem. so we have this infinitely programmable chip that we've solved a foundational problem And the programming of it is very exciting. and the programming of it is very exciting And so what's happening now? and so what's happening now We're all aware of cloud compute, but compute is getting now closer to those who want the intelligence. we're all aware of cloud compute but compute is getting now closer to those who want the intelligence So now we're hearing about edge compute for AI. so now we're hearing about edge compute for ai We're talking about bringing AI's compute nearer to the use case. And that is the next wave of AI. And so we're seeing devices in the home where there'll be some type of computer in the home with the AI, and everything will compute off of that. So it doesn't have to go to the cloud, have the latency, get out of a network, etc. It can compute locally. And that actually has benefit for healthcare. So as we have this powerful cloud compute that's creating all this value, the next wave is now having compute closer to the patient. And a lot of medical institutions like that because they don't want to traverse a firewall. They don't want to have latency. They want to make a quick decision. We're talking about bringing AI's compute nearer to the use case. we're talking about bringing ai's compute nearer to the use case And that is the next wave of AI. and that is the next wave of ai And so we're seeing devices in the home where there'll be some type of computer in the home with the AI, and everything will compute off of that. and so we're seeing devices in the home where there'll be some type of computer in the home with the ai and everything will compute off of that So it doesn't have to go to the cloud, have the latency, get out of a network, etc. It can compute locally. so it doesn't have to go to the cloud have the latency get out of a network etc it can compute locally And that actually has benefit for healthcare. and that actually has benefit for healthcare So as we have this powerful cloud compute that's creating all this value, the next wave is now having compute closer to the patient. so as we have this powerful cloud compute that's creating all this value the next wave is now having compute closer to the patient And a lot of medical institutions like that because they don't want to traverse a firewall. and a lot of medical institutions like that because they don't want to traverse a firewall They don't want to have latency. they don't want to have latency They want to make a quick decision. they want to make a quick decision And so in healthcare, edge AI compute and AI compute actually on the device is going to be a very, very big market. And people believe AI in computer vision in its own is going to see billions and billions of additional market growth and market value. So today, Butterfly is a point-of-care ultrasound company. I showed you this slide. We are in all these medical departments. We are in all these different locations around the world. But we are now opening up our platform further. And that focus is now only one part of a much larger TAM that our company is going to be able to enjoy. Because our chips can be used for patient monitoring, pharmaceutical applications, bone healing, endoluminal applications, HIFU, catheter-based IVUS, robotics, neuromodulation, tomography. And we're having conversations now with all these companies who want to come in and license our chip. Pretty cool. And so in healthcare, edge AI compute and AI compute actually on the device is going to be a very, very big market. and so in healthcare edge ai compute and ai compute actually on the device is going to be a very very big market And people believe AI in computer vision in its own is going to see billions and billions of additional market growth and market value. and people believe ai in computer vision in its own is going to see billions and billions of additional market growth and market value So today, Butterfly is a point-of-care ultrasound company. so today butterfly is a point-of-care ultrasound company I showed you this slide. i showed you this slide We are in all these medical departments. we are in all these medical departments We are in all these different locations around the world. we are in all these different locations around the world But we are now opening up our platform further. but we are now opening up our platform further And that focus is now only one part of a much larger TAM that our company is going to be able to enjoy. and that focus is now only one part of a much larger tam that our company is going to be able to enjoy Because our chips can be used for patient monitoring, pharmaceutical applications, bone healing, endoluminal applications, HIFU, catheter-based IVUS, robotics, neuromodulation, tomography. because our chips can be used for patient monitoring pharmaceutical applications bone healing endoluminal applications hifu catheter-based ivus robotics neuromodulation tomography And we're having conversations now with all these companies who want to come in and license our chip. and we're having conversations now with all these companies who want to come in and license our chip Pretty cool. pretty cool Pretty interesting. And just like the other companies who solved those foundational problems, it creates an entirely new revenue stream, an entirely new investment thesis for the company. And we've been proving this out. So our point-of-care handheld market opportunity itself from analysts is around a $2 billion opportunity. Hospital ultrasound is about $6.5 billion. And then getting ultrasound into long-term care facilities, we believe, is about $1 billion where we can actually the ultrasound device of the future is going to be this size. This is my AirPod case. They're going to send the devices home, put it on the patient, press a button. It's going to do a scan, send it to the cardiac nurse. All digital, all based on semiconductors. But now with that chart I just showed you, these are all the additional market opportunities that Butterfly never had before. Pretty interesting. pretty interesting And just like the other companies who solved those foundational problems, it creates an entirely new revenue stream, an entirely new investment thesis for the company. and just like the other companies who solved those foundational problems it creates an entirely new revenue stream an entirely new investment thesis for the company And we've been proving this out. and we've been proving this out So our point-of-care handheld market opportunity itself from analysts is around a $2 billion opportunity. so our point-of-care handheld market opportunity itself from analysts is around a $2 billion opportunity Hospital ultrasound is about $6.5 billion. hospital ultrasound is about $6.5 billion And then getting ultrasound into long-term care facilities, we believe, is about $1 billion where we can actually the ultrasound device of the future is going to be this size. and then getting ultrasound into long-term care facilities we believe is about $1 billion where we can actually the ultrasound device of the future is going to be this size This is my AirPod case. this is my airpod case They're going to send the devices home, put it on the patient, press a button. they're going to send the devices home put it on the patient press a button It's going to do a scan, send it to the cardiac nurse. it's going to do a scan send it to the cardiac nurse All digital, all based on semiconductors. all digital all based on semiconductors But now with that chart I just showed you, these are all the additional market opportunities that Butterfly never had before. but now with that chart i just showed you these are all the additional market opportunities that butterfly never had before So if someone wants to come into our data center, theoretically, for that analogy, we now are going to be able to sell that capacity. Or we sell our chips to non-competitive companies who want to license our technology and who want to benefit from 600 patents, 15 years' worth of work, the best chip fab in the world, TSMC behind us, and a world full of knowledge. So now, many of you have heard of Octiv. We talked about Octiv. We initially talked about Powered by Butterfly, and then it became Octiv because we thought we would spin this business out. We even thought we would sell a part of it to get some non-dilutive financing into the company when we were a little bit more in need of capital than we were today. So we are not going to spin it out. So if someone wants to come into our data center, theoretically, for that analogy, we now are going to be able to sell that capacity. so if someone wants to come into our data center theoretically for that analogy we now are going to be able to sell that capacity Or we sell our chips to non-competitive companies who want to license our technology and who want to benefit from 600 patents, 15 years' worth of work, the best chip fab in the world, TSMC behind us, and a world full of knowledge. or we sell our chips to non-competitive companies who want to license our technology and who want to benefit from 600 patents 15 years' worth of work the best chip fab in the world tsmc behind us and a world full of knowledge So now, many of you have heard of Octiv. so now many of you have heard of octiv We talked about Octiv. we talked about octiv We initially talked about Powered by Butterfly, and then it became Octiv because we thought we would spin this business out. we initially talked about powered by butterfly and then it became octiv because we thought we would spin this business out We even thought we would sell a part of it to get some non-dilutive financing into the company when we were a little bit more in need of capital than we were today. we even thought we would sell a part of it to get some non-dilutive financing into the company when we were a little bit more in need of capital than we were today So we are not going to spin it out. so we are not going to spin it out We are not going to have it as a separate company. We are going to become that company. And this program will be branded with our customers, Butterfly Embedded, because it's software, it's devices, and it's our chip. So our Poseidon family, we today are on iQ3, which is our P4.3 chip. And it's been amazingly accepted in the marketplace recently. We just sent to production our 5.1 chip, which would be the last chip from the Poseidon family, which doubles the mechanical pressure and improves harmonics. And what you can see in this image is harmonics. When you have higher pressure, the sound wave flows through the body better and gets a better image. Every big ultrasound company walked away from semiconductors because they said they will never get to harmonics. Well, you were wrong. We are not going to have it as a separate company. we are not going to have it as a separate company We are going to become that company. we are going to become that company And this program will be branded with our customers, Butterfly Embedded, because it's software, it's devices, and it's our chip. and this program will be branded with our customers butterfly embedded because it's software it's devices and it's our chip So our Poseidon family, we today are on iQ3, which is our P4.3 chip. so our poseidon family we today are on iq3 which is our p4.3 chip And it's been amazingly accepted in the marketplace recently. and it's been amazingly accepted in the marketplace recently We just sent to production our 5.1 chip, which would be the last chip from the Poseidon family, which doubles the mechanical pressure and improves harmonics. we just sent to production our 5.1 chip which would be the last chip from the poseidon family which doubles the mechanical pressure and improves harmonics And what you can see in this image is harmonics. and what you can see in this image is harmonics When you have higher pressure, the sound wave flows through the body better and gets a better image. when you have higher pressure the sound wave flows through the body better and gets a better image Every big ultrasound company walked away from semiconductors because they said they will never get to harmonics. every big ultrasound company walked away from semiconductors because they said they will never get to harmonics Well, you were wrong. well you were wrong Now that our 5.1 chip is sent into production, and that'll be out in the next platform in the beginning of 2027, we've started developing on an entirely new family of semiconductors that will have 20 times the processing power of the current chips that we have today. And we have a roadmap for Apollo 1, Apollo 2, Apollo 3, and Apollo 4, and something that we'll introduce at some point in time as the superchip. But this chip will have the capability of not just edge AI, but running AI on the chip, on the device, having complex algorithms, providing value to clinicians. So as I mentioned, AWS, there is another analogy. I don't think we'll ever be as big as NVIDIA. But you got to remember, from 1993 to 2005, NVIDIA was a video game company, guys. Now that our 5.1 chip is sent into production, and that'll be out in the next platform in the beginning of 2027, we've started developing on an entirely new family of semiconductors that will have 20 times the processing power of the current chips that we have today. now that our 5.1 chip is sent into production and that'll be out in the next platform in the beginning of 2027 we've started developing on an entirely new family of semiconductors that will have 20 times the processing power of the current chips that we have today And we have a roadmap for Apollo 1, Apollo 2, Apollo 3, and Apollo 4, and something that we'll introduce at some point in time as the superchip. and we have a roadmap for apollo 1 apollo 2 apollo 3 and apollo 4 and something that we'll introduce at some point in time as the superchip But this chip will have the capability of not just edge AI, but running AI on the chip, on the device, having complex algorithms, providing value to clinicians. but this chip will have the capability of not just edge ai but running ai on the chip on the device having complex algorithms providing value to clinicians So as I mentioned, AWS, there is another analogy. so as i mentioned aws there is another analogy I don't think we'll ever be as big as NVIDIA. i don't think we'll ever be as big as nvidia But you got to remember, from 1993 to 2005, NVIDIA was a video game company, guys. but you got to remember from 1993 to 2005 nvidia was a video game company guys They made CPUs and GPUs, and they focused on what's the best gaming they can do. And in 2006, they launched a developer software called CUDA. And that developer software allowed them to open the platform to that third-party development. These are things that have been done before. And these are things that now we think we can do again. We think this market opportunity is huge. And we have already partnered with up to three different brain-computer interface companies. One of them that we've talked about publicly, Forest Neurotech, a vascular robotics company, Mendaera, a fatty liver company called Sonic Incytes. They made CPUs and GPUs, and they focused on what's the best gaming they can do. they made cpus and gpus and they focused on what's the best gaming they can do And in 2006, they launched a developer software called CUDA. and in 2006 they launched a developer software called cuda And that developer software allowed them to open the platform to that third-party development. and that developer software allowed them to open the platform to that third-party development These are things that have been done before. these are things that have been done before And these are things that now we think we can do again. and these are things that now we think we can do again We think this market opportunity is huge. we think this market opportunity is huge And we have already partnered with up to three different brain-computer interface companies. and we have already partnered with up to three different brain-computer interface companies One of them that we've talked about publicly, Forest Neurotech, a vascular robotics company, Mendaera, a fatty liver company called Sonic Incytes. one of them that we've talked about publicly forest neurotech a vascular robotics company mendaera a fatty liver company called sonic incytes And many of you who've been searching the case have seen this announcement we made with Midjourney, which is a GenAI company, which is a text-to-image GenAI company, who, within the terms of the agreement, this is about a $74 million deal that we signed with them for them to have exclusive license to our chip to a certain specific domain. I can't tell you what it's for because that's their opportunity to communicate this publicly. But it's a big, wonderful opportunity consistent with everything I just mentioned. They're an incredibly innovative company. And I think you guys will be thrilled when they choose to unveil it. Last thing I'll say, and I know I'm a minute or two over. I'm sorry about that. But Butterfly has been through a lot. And many of you who've been searching the case have seen this announcement we made with Midjourney, which is a GenAI company, which is a text-to-image GenAI company, who, within the terms of the agreement, this is about a $74 million deal that we signed with them for them to have exclusive license to our chip to a certain specific domain. and many of you who've been searching the case have seen this announcement we made with midjourney which is a genai company which is a text-to-image genai company who within the terms of the agreement this is about a $74 million deal that we signed with them for them to have exclusive license to our chip to a certain specific domain I can't tell you what it's for because that's their opportunity to communicate this publicly. i can't tell you what it's for because that's their opportunity to communicate this publicly But it's a big, wonderful opportunity consistent with everything I just mentioned. but it's a big wonderful opportunity consistent with everything i just mentioned They're an incredibly innovative company. they're an incredibly innovative company And I think you guys will be thrilled when they choose to unveil it. and i think you guys will be thrilled when they choose to unveil it Last thing I'll say, and I know I'm a minute or two over. last thing i'll say and i know i'm a minute or two over I'm sorry about that. i'm sorry about that But Butterfly has been through a lot. but butterfly has been through a lot I came here in 2023 when our revenues were declining and we were consuming hundreds of millions of dollars of cash. Within the last 24 months, we have accelerated our top-line growth. We have improved our gross margins, and we've dramatically reduced our requirement to consume cash. We've raised money and are now, even within these licensing deals, bringing in more non-dilutive capital now into the business. We are completely poised and completely strong on our own balance sheet. We are executing as a company, and it's just going to be a great time forward. So I just wanted to thank you for your time and attention today. This is a great time for Butterfly. The restructuring, the questions are all in the past. It's now go, go, go. Thank you all. I came here in 2023 when our revenues were declining and we were consuming hundreds of millions of dollars of cash. i came here in 2023 when our revenues were declining and we were consuming hundreds of millions of dollars of cash Within the last 24 months, we have accelerated our top-line growth. within the last 24 months we have accelerated our top-line growth We have improved our gross margins, and we've dramatically reduced our requirement to consume cash. we have improved our gross margins and we've dramatically reduced our requirement to consume cash We've raised money and are now, even within these licensing deals, bringing in more non-dilutive capital now into the business. we've raised money and are now even within these licensing deals bringing in more non-dilutive capital now into the business We are completely poised and completely strong on our own balance sheet. we are completely poised and completely strong on our own balance sheet We are executing as a company, and it's just going to be a great time forward. we are executing as a company and it's just going to be a great time forward So I just wanted to thank you for your time and attention today. so i just wanted to thank you for your time and attention today This is a great time for Butterfly. this is a great time for butterfly The restructuring, the questions are all in the past. the restructuring the questions are all in the past It's now go, go, go. it's now go go go Thank you all. thank you all

Speaker 2: Thank you very much, Joe. Thank you very much, Joe. thank you very much joe First, I want to say huge congratulations to you and your team for all the achievements today. Definitely very impressive technology and development. First, I want to say huge congratulations to you and your team for all the achievements today. first i want to say huge congratulations to you and your team for all the achievements today Definitely very impressive technology and development. definitely very impressive technology and development

Speaker 1: Thank you. Thank you. thank you

Speaker 2: I do have some questions for you from the audience here. I do have some questions for you from the audience here. i do have some questions for you from the audience here

Speaker 1: Sure. Sure. sure

Speaker 2: The first question we have is, as we look ahead at your next generation of semiconductor chip, what should the stakeholders expect in terms of performance, capabilities, and strategic focus? The first question we have is, as we look ahead at your next generation of semiconductor chip, what should the stakeholders expect in terms of performance, capabilities, and strategic focus? the first question we have is as we look ahead at your next generation of semiconductor chip what should the stakeholders expect in terms of performance capabilities and strategic focus

Speaker 1: The next chip is our Poseidon 5.1. The 5.1 delivers double the mechanical pressure of all the other chips that we put together in the past. That mechanical pressure, by increasing the voltage through our MEMS, has allowed us to get to something called harmonics. And my analogy for harmonics, which would make an engineer cringe, is if any of you have been on a boat and you just hit the accelerator, the first thing that happens is the bow goes up, right? And then you just wait for a little bit, and then it starts to glide, and then it planes over the water, and it flows with less and less effort. When you increase the mechanical pressure at that site, it actually allows the sound wave to flow easier through tissue. And when that happens, the image quality is dramatically higher. The next chip is our Poseidon 5.1. the next chip is our poseidon 5.1 The 5.1 delivers double the mechanical pressure of all the other chips that we put together in the past. the 5.1 delivers double the mechanical pressure of all the other chips that we put together in the past That mechanical pressure, by increasing the voltage through our MEMS, has allowed us to get to something called harmonics. that mechanical pressure by increasing the voltage through our mems has allowed us to get to something called harmonics And my analogy for harmonics, which would make an engineer cringe, is if any of you have been on a boat and you just hit the accelerator, the first thing that happens is the bow goes up, right? and my analogy for harmonics which would make an engineer cringe is if any of you have been on a boat and you just hit the accelerator the first thing that happens is the bow goes up right And then you just wait for a little bit, and then it starts to glide, and then it planes over the water, and it flows with less and less effort. and then you just wait for a little bit and then it starts to glide and then it planes over the water and it flows with less and less effort When you increase the mechanical pressure at that site, it actually allows the sound wave to flow easier through tissue. when you increase the mechanical pressure at that site it actually allows the sound wave to flow easier through tissue And when that happens, the image quality is dramatically higher. and when that happens the image quality is dramatically higher This is the big miscalculation of big ultrasound, why they didn't take a chip to market, and why our founder was so visionary to not only get into this, but believe that we would accomplish this goal. Now that we're at harmonics, everything is about processing power, and you saw what will happen with our next generation, but this is now in production over at TSMC. We will then put it into a device at the end of middle to the end of 2026 and have something in 2027. Thank you. This is the big miscalculation of big ultrasound, why they didn't take a chip to market, and why our founder was so visionary to not only get into this, but believe that we would accomplish this goal. this is the big miscalculation of big ultrasound why they didn't take a chip to market and why our founder was so visionary to not only get into this but believe that we would accomplish this goal Now that we're at harmonics, everything is about processing power, and you saw what will happen with our next generation, but this is now in production over at TSMC. now that we're at harmonics everything is about processing power and you saw what will happen with our next generation but this is now in production over at tsmc We will then put it into a device at the end of middle to the end of 2026 and have something in 2027. we will then put it into a device at the end of middle to the end of 2026 and have something in 2027 Thank you. thank you

Speaker 2: Thank you, Joe. That's super insightful. I do have more questions for you here, but also wanted to make sure we take questions if there's any from the live audience. If you have any questions, please let us know, and we will have a mic pass around to you. Cool. I actually have more for you. Thank you, Joe. thank you joe That's super insightful. that's super insightful I do have more questions for you here, but also wanted to make sure we take questions if there's any from the live audience. i do have more questions for you here but also wanted to make sure we take questions if there's any from the live audience If you have any questions, please let us know, and we will have a mic pass around to you. if you have any questions please let us know and we will have a mic pass around to you Cool. cool I actually have more for you. i actually have more for you

Speaker 1: Okay. Thank you. Okay. okay Thank you. thank you

Speaker 2: So could you tell us more about the Apollo chip? What are the key benefits it brings in areas like compute efficiency or AI enablement? So could you tell us more about the Apollo chip? so could you tell us more about the apollo chip What are the key benefits it brings in areas like compute efficiency or AI enablement? what are the key benefits it brings in areas like compute efficiency or ai enablement

Speaker 1: Thank you. Apollo is a completely different architecture from the initial Poseidon family. There are some things we were able to take out of the chip, which created space that can be done on other components in the handheld, which allows us to have much more room for an additional level of compute. That's a 20x compute on top of that, which will translate into the ability to run AI locally, but also the ability to continue to march up our image quality. We believe there's opportunities to make ultrasound look easier and get to 3D and to do other things, but you have to have that compute power at the place. A lot of the reason why these ultrasound machines are big is because they're taking analog signal in. Then they have to go through all this compute to convert analog into digital. Thank you. thank you Apollo is a completely different architecture from the initial Poseidon family. apollo is a completely different architecture from the initial poseidon family There are some things we were able to take out of the chip, which created space that can be done on other components in the handheld, which allows us to have much more room for an additional level of compute. there are some things we were able to take out of the chip which created space that can be done on other components in the handheld which allows us to have much more room for an additional level of compute That's a 20x compute on top of that, which will translate into the ability to run AI locally, but also the ability to continue to march up our image quality. that's a 20x compute on top of that which will translate into the ability to run ai locally but also the ability to continue to march up our image quality We believe there's opportunities to make ultrasound look easier and get to 3D and to do other things, but you have to have that compute power at the place. we believe there's opportunities to make ultrasound look easier and get to 3d and to do other things but you have to have that compute power at the place A lot of the reason why these ultrasound machines are big is because they're taking analog signal in. a lot of the reason why these ultrasound machines are big is because they're taking analog signal in Then they have to go through all this compute to convert analog into digital. then they have to go through all this compute to convert analog into digital They represent digital on a screen. We don't have to go through that compute because we're acquiring it in a digital format. The other thing about Apollo is it'll use a lot less energy. It's much, quote unquote, "cooler." And so by using less energy, it means it's more and more amenable for implantation. It's more amenable for longer battery life, for smaller form factor. The gigahertz in a when Kodak launched their first digital camera, it was only one megabyte. It was only one. And the pixelation was not as great. And so they jettisoned the program. But once they got to three, five, seven megapixels in 2003, next thing you know, the image quality was as good as film, and digital took over analog. Well, everything has to do with the ability of having those increased megabytes. They represent digital on a screen. they represent digital on a screen We don't have to go through that compute because we're acquiring it in a digital format. we don't have to go through that compute because we're acquiring it in a digital format The other thing about Apollo is it'll use a lot less energy. the other thing about apollo is it'll use a lot less energy It's much, quote unquote, "cooler." And so by using less energy, it means it's more and more amenable for implantation. it's much quote unquote "cooler." and so by using less energy it means it's more and more amenable for implantation It's more amenable for longer battery life, for smaller form factor. it's more amenable for longer battery life for smaller form factor The gigahertz in a when Kodak launched their first digital camera, it was only one megabyte. the gigahertz in a when kodak launched their first digital camera it was only one megabyte It was only one. it was only one And the pixelation was not as great. and the pixelation was not as great And so they jettisoned the program. and so they jettisoned the program But once they got to three, five, seven megapixels in 2003, next thing you know, the image quality was as good as film, and digital took over analog. but once they got to three five seven megapixels in 2003 next thing you know the image quality was as good as film and digital took over analog Well, everything has to do with the ability of having those increased megabytes. well everything has to do with the ability of having those increased megabytes And now you look at the iPhone, not only did they launch a 48-megapixel image recently, but the camera is only taking about 10% of the real estate of the phone. So everything and Apollo is a major leap to not only increase compute, but have the ability to be smaller and to take less resources. And so it's completely the next and the right chip for the next wave of AI and the next wave of not only ultrasound, but a lot of the things that we talked about that third parties very much are looking for. And now you look at the iPhone, not only did they launch a 48-megapixel image recently, but the camera is only taking about 10% of the real estate of the phone. and now you look at the iphone not only did they launch a 48-megapixel image recently but the camera is only taking about 10% of the real estate of the phone So everything and Apollo is a major leap to not only increase compute, but have the ability to be smaller and to take less resources. so everything and apollo is a major leap to not only increase compute but have the ability to be smaller and to take less resources And so it's completely the next and the right chip for the next wave of AI and the next wave of not only ultrasound, but a lot of the things that we talked about that third parties very much are looking for. and so it's completely the next and the right chip for the next wave of ai and the next wave of not only ultrasound but a lot of the things that we talked about that third parties very much are looking for

Speaker 2: Thank you, Joe. We also have a question here for you related to the HeartFocus business. Thank you, Joe. thank you joe We also have a question here for you related to the HeartFocus business. we also have a question here for you related to the heartfocus business

Speaker 1: Yeah. Yeah. yeah

Speaker 2: Could you tell us more about what should we expect in your focus business in the near-term strategy and looking forward? How do you see chip advance influencing the future of the core business? Could you tell us more about what should we expect in your focus business in the near-term strategy and looking forward? could you tell us more about what should we expect in your focus business in the near-term strategy and looking forward How do you see chip advance influencing the future of the core business? how do you see chip advance influencing the future of the core business

Speaker 1: Absolutely. So thank you so much. So we've put out about 150,000 units since our inception, and there are 27 million doctors and nurses around the world. So that's a massive market opportunity. We haven't even gotten started yet. And what's wonderful about our product line is that we've kept our second-generation product on the market, which is still very viable. And now we have our third generation. Our second generation is priced close to just a bit above $2,000. So that device has a lot of popularity in our global health initiatives. We partner with over 1,000 now NGOs who do medical missions and all different types of care for people around the world. And so we have the lowest priced device in the world. And we're also moving up the curve. So our next generation iQ3 is $3,899. So it's more expensive. It has more processing. Absolutely. absolutely So thank you so much. so thank you so much So we've put out about 150,000 units since our inception, and there are 27 million doctors and nurses around the world. so we've put out about 150,000 units since our inception and there are 27 million doctors and nurses around the world So that's a massive market opportunity. so that's a massive market opportunity We haven't even gotten started yet. we haven't even gotten started yet And what's wonderful about our product line is that we've kept our second-generation product on the market, which is still very viable. and what's wonderful about our product line is that we've kept our second-generation product on the market which is still very viable And now we have our third generation. and now we have our third generation Our second generation is priced close to just a bit above $2,000. our second generation is priced close to just a bit above $2,000 So that device has a lot of popularity in our global health initiatives. so that device has a lot of popularity in our global health initiatives We partner with over 1,000 now NGOs who do medical missions and all different types of care for people around the world. we partner with over 1,000 now ngos who do medical missions and all different types of care for people around the world And so we have the lowest priced device in the world. and so we have the lowest priced device in the world And we're also moving up the curve. and we're also moving up the curve So our next generation iQ3 is $3,899. so our next generation iq3 is $3,899 So it's more expensive. so it's more expensive It has more processing. it has more processing But we kept both on the market because we have the lowest price, and then we have the next version. And I think we're going to continue to look at what our portfolio looks like across the board. Probably one of the most important numbers on the slide I didn't talk about was we pre-announced our fourth quarter a few days ago. And we grew 17% year over year. And that's off of a quarter that grew 35% the year before. So our core business is, well, we started off a little slow because of some macroeconomic things that held some of our biggest projects down. But we had told the street that our fourth quarter was going to be a lot better and that we saw things coming back. And that number indicates it did. So we're very bullish about our point-of-care ultrasound business. But we kept both on the market because we have the lowest price, and then we have the next version. but we kept both on the market because we have the lowest price and then we have the next version And I think we're going to continue to look at what our portfolio looks like across the board. and i think we're going to continue to look at what our portfolio looks like across the board Probably one of the most important numbers on the slide I didn't talk about was we pre-announced our fourth quarter a few days ago. probably one of the most important numbers on the slide i didn't talk about was we pre-announced our fourth quarter a few days ago And we grew 17% year over year. and we grew 17% year over year And that's off of a quarter that grew 35% the year before. and that's off of a quarter that grew 35% the year before So our core business is, well, we started off a little slow because of some macroeconomic things that held some of our biggest projects down. so our core business is well we started off a little slow because of some macroeconomic things that held some of our biggest projects down But we had told the street that our fourth quarter was going to be a lot better and that we saw things coming back. but we had told the street that our fourth quarter was going to be a lot better and that we saw things coming back And that number indicates it did. and that number indicates it did So we're very bullish about our point-of-care ultrasound business. so we're very bullish about our point-of-care ultrasound business Just like I said before, there's going to be a killer app out there. One of these companies with one of these AI tools is going to be something that everyone absolutely has to have, and when that happens, we're ready. We have an incredibly scalable supply chain. We can go, we sell between 25,000 and 30,000 devices a year. We can go to 100,000, 200,000, 300,000 like that, so when the market's ready, we're ready. We're also all cloud connected. We have 25 million images in the cloud, and those grow 30,000 to 40,000 new images a day. So what's the most difficult part of developing AI? It's not the algorithm. It's having the data to run the models on, and we have the largest private database of medical ultrasound images in the world, and so we are the AI developer for ultrasound. Just like I said before, there's going to be a killer app out there. just like i said before there's going to be a killer app out there One of these companies with one of these AI tools is going to be something that everyone absolutely has to have, and when that happens, we're ready. one of these companies with one of these ai tools is going to be something that everyone absolutely has to have and when that happens we're ready We have an incredibly scalable supply chain. we have an incredibly scalable supply chain We can go, we sell between 25,000 and 30,000 devices a year. we can go we sell between 25,000 and 30,000 devices a year We can go to 100,000, 200,000, 300,000 like that, so when the market's ready, we're ready. we can go to 100,000 200,000 300,000 like that so when the market's ready we're ready We're also all cloud connected. we're also all cloud connected We have 25 million images in the cloud, and those grow 30,000 to 40,000 new images a day. we have 25 million images in the cloud and those grow 30,000 to 40,000 new images a day So what's the most difficult part of developing AI? so what's the most difficult part of developing ai It's not the algorithm. it's not the algorithm It's having the data to run the models on, and we have the largest private database of medical ultrasound images in the world, and so we are the AI developer for ultrasound. it's having the data to run the models on and we have the largest private database of medical ultrasound images in the world and so we are the ai developer for ultrasound We have all of our partnerships, and we're developing our own AI tools as well. We are the device company that has the ultrasound chip with the different form factors. We are actively looking to develop our home care business and ultimately a wearable device of a size like this that patients have. We spent the first part of our evolution as a company trying to become equivalent to everybody else, which means you might think you're inferior. Oh, our image quality is not good enough. Yeah. In the beginning, when you're starting off with these semiconductors, it's a lot to get out in that first version and first generation. Now, as we're marching up Moore's Law, we have put more new innovation out in the marketplace than on the transducer side, than 40 years of legacy analog ultrasound. We have all of our partnerships, and we're developing our own AI tools as well. we have all of our partnerships and we're developing our own ai tools as well We are the device company that has the ultrasound chip with the different form factors. we are the device company that has the ultrasound chip with the different form factors We are actively looking to develop our home care business and ultimately a wearable device of a size like this that patients have. we are actively looking to develop our home care business and ultimately a wearable device of a size like this that patients have We spent the first part of our evolution as a company trying to become equivalent to everybody else, which means you might think you're inferior. we spent the first part of our evolution as a company trying to become equivalent to everybody else which means you might think you're inferior Oh, our image quality is not good enough. oh our image quality is not good enough Yeah. yeah In the beginning, when you're starting off with these semiconductors, it's a lot to get out in that first version and first generation. in the beginning when you're starting off with these semiconductors it's a lot to get out in that first version and first generation Now, as we're marching up Moore's Law, we have put more new innovation out in the marketplace than on the transducer side, than 40 years of legacy analog ultrasound. now as we're marching up moore's law we have put more new innovation out in the marketplace than on the transducer side than 40 years of legacy analog ultrasound We are no longer worried about being as good as everybody else. Our focus as a company is we're going to change the world. We're going to change the way images are acquired. We're going to change where they're acquired. We're going to change who's acquiring them. We're going to increase access to care for patients who need it. Two-thirds of the world don't have access to medical imaging. They will now with Butterfly. We will keep our prices of those generations low. We will work with NGOs. We will work with governments in need. We have an app right now in two African countries that you can, for many pregnant women in Africa, don't know the exact date of their conception. We are no longer worried about being as good as everybody else. we are no longer worried about being as good as everybody else Our focus as a company is we're going to change the world. our focus as a company is we're going to change the world We're going to change the way images are acquired. we're going to change the way images are acquired We're going to change where they're acquired. we're going to change where they're acquired We're going to change who's acquiring them. we're going to change who's acquiring them We're going to increase access to care for patients who need it. we're going to increase access to care for patients who need it Two-thirds of the world don't have access to medical imaging. two-thirds of the world don't have access to medical imaging They will now with Butterfly. they will now with butterfly We will keep our prices of those generations low. we will keep our prices of those generations low We will work with NGOs. we will work with ngos We will work with governments in need. we will work with governments in need We have an app right now in two African countries that you can, for many pregnant women in Africa, don't know the exact date of their conception. we have an app right now in two african countries that you can for many pregnant women in africa don't know the exact date of their conception And if you don't know your date of your conception, as you look at each of the phases of a woman going through having a child, they need different types of care at different stages. And if you don't know the age of your child, how do you know you can be given the best care? So there's an effort at a university in North Carolina. We built the app directly into our device. And we've now launched it into two African countries where you can simply take the probe over the pregnant uterus and scan it, and it'll tell you the age of the child. Is that insane? Yes, it's insane. That will change the world. Butterfly is in the process of changing the world. And if you don't know your date of your conception, as you look at each of the phases of a woman going through having a child, they need different types of care at different stages. and if you don't know your date of your conception as you look at each of the phases of a woman going through having a child they need different types of care at different stages And if you don't know the age of your child, how do you know you can be given the best care? and if you don't know the age of your child how do you know you can be given the best care So there's an effort at a university in North Carolina. so there's an effort at a university in north carolina We built the app directly into our device. we built the app directly into our device And we've now launched it into two African countries where you can simply take the probe over the pregnant uterus and scan it, and it'll tell you the age of the child. and we've now launched it into two african countries where you can simply take the probe over the pregnant uterus and scan it and it'll tell you the age of the child Is that insane? is that insane Yes, it's insane. yes it's insane That will change the world. that will change the world Butterfly is in the process of changing the world. butterfly is in the process of changing the world Having a mechanism to deliver this intelligence in a small, cost-effective, durable, mobile way is the gateway to all of this intelligence getting to everyone in need in the world. Having a mechanism to deliver this intelligence in a small, cost-effective, durable, mobile way is the gateway to all of this intelligence getting to everyone in need in the world. having a mechanism to deliver this intelligence in a small cost-effective durable mobile way is the gateway to all of this intelligence getting to everyone in need in the world

Speaker 2: Thank you,Joe. It's very strong momentum with the business. I know we're close on time, but I'm going to squeeze in one more question. Thank you, Joe. thank you joe It's very strong momentum with the business. it's very strong momentum with the business I know we're close on time, but I'm going to squeeze in one more question. i know we're close on time but i'm going to squeeze in one more question

Speaker 1: Okay. Thanks. Okay. okay Thanks. thanks

Speaker 2: We have one more question here related to your co-development opportunities. Could you tell us more about how do your future generation chip shape the evolution of co-development opportunities to a new possibility and along from a partnership standpoint with Butterfly Embedded? We have one more question here related to your co-development opportunities. we have one more question here related to your co-development opportunities Could you tell us more about how do your future generation chip shape the evolution of co-development opportunities to a new possibility and along from a partnership standpoint with Butterfly Embedded? could you tell us more about how do your future generation chip shape the evolution of co-development opportunities to a new possibility and along from a partnership standpoint with butterfly embedded

Speaker 1: 100%. So what's happening now is we're having conversations with people who want to use the chips, but they're using them, of course, for different applications. And one of the things we do when we get the material from TSMC is we can get it in a wafer form. So instead of just having the chip come in its cut predetermined form, we can get the wafer, and we can cut that wafer then in different sizes. Or you want a small one for a catheter. You want to be able to have something very small to put on a lens. You want something round, oval, et cetera, et cetera. So we are now working with these partners to identify how to meet their needs. How do we take our core technology, our core hardware? And it's not just the hardware. It's the hardware. It's the MEMS. It's the AI. 100%. 100% So what's happening now is we're having conversations with people who want to use the chips, but they're using them, of course, for different applications. so what's happening now is we're having conversations with people who want to use the chips but they're using them of course for different applications And one of the things we do when we get the material from TSMC is we can get it in a wafer form. and one of the things we do when we get the material from tsmc is we can get it in a wafer form So instead of just having the chip come in its cut predetermined form, we can get the wafer, and we can cut that wafer then in different sizes. so instead of just having the chip come in its cut predetermined form we can get the wafer and we can cut that wafer then in different sizes Or you want a small one for a catheter. or you want a small one for a catheter You want to be able to have something very small to put on a lens. you want to be able to have something very small to put on a lens You want something round, oval, et cetera, et cetera. you want something round oval et cetera et cetera So we are now working with these partners to identify how to meet their needs. so we are now working with these partners to identify how to meet their needs How do we take our core technology, our core hardware? how do we take our core technology our core hardware And it's not just the hardware. and it's not just the hardware It's the hardware. it's the hardware It's the MEMS. it's the mems It's the AI. it's the ai It's the software. It's everything that we've developed in order to make this platform amplify. And so when we meet with our partners, we create the roadmap, and we develop with them. And so far, the partners pay for that development. So if the partner pays for development that's not on our roadmap, that's incremental to Butterfly, and that's also incremental knowledge and additional capabilities that Butterfly brings in. This is a new era for the business. I could not be any more excited and proud of my team. I can't be any more excited about the technology, the executives I have with me, Steve Cashman in the back room who's driving our commercial business and our vision. We have an unbelievable opportunity here, guys. And you just keep watching and pay attention. Thank you. It's the software. it's the software It's everything that we've developed in order to make this platform amplify. it's everything that we've developed in order to make this platform amplify And so when we meet with our partners, we create the roadmap, and we develop with them. and so when we meet with our partners we create the roadmap and we develop with them And so far, the partners pay for that development. and so far the partners pay for that development So if the partner pays for development that's not on our roadmap, that's incremental to Butterfly, and that's also incremental knowledge and additional capabilities that Butterfly brings in. so if the partner pays for development that's not on our roadmap that's incremental to butterfly and that's also incremental knowledge and additional capabilities that butterfly brings in This is a new era for the business. this is a new era for the business I could not be any more excited and proud of my team. i could not be any more excited and proud of my team I can't be any more excited about the technology, the executives I have with me, Steve Cashman in the back room who's driving our commercial business and our vision. i can't be any more excited about the technology the executives i have with me steve cashman in the back room who's driving our commercial business and our vision We have an unbelievable opportunity here, guys. we have an unbelievable opportunity here guys And you just keep watching and pay attention. and you just keep watching and pay attention Thank you. thank you

Speaker 2: Thank you, Joe. Thank you. Thank you, Joe. thank you joe Thank you. thank you