The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Josh Jennings - TD Cowen - Analyst
: Hi, good afternoon. Thanks for the questions and congratulations on all the pipeline progress and appreciate the download on iQ3, great to see. I
wanted to just ask Joe and Heather about the return to double-digit revenue growth in 2024. I know there are a couple of moving parts, including
the Osborne effect and probably iQ3, sounds like at the end of 1Q. Maybe just -- take us through some of the drivers of that return to growth and
maybe just remind us of some of the comp setup for next year.
And as we're forecasting quarterly for '24, should we think about a return to double-digit growth in midyear, second-half? And maybe if you could
take us through the drivers with the US and international business and give an update on the kind of restructuring in the commercial infrastructure
rebuild out internationally? Sorry, there's like three questions in one there, but I'll stop there and thank you. Sorry about that.
Question: Josh Jennings - TD Cowen - Analyst
: Yeah, -- just within that question survey, sorry, it was multilayered. I wanted to just talk about, I guess, the timing of that return to growth. Could
you don't want to get too aggressive in our forecasting the early part of the year, iQ3 launching. And just one when is international get back to
that. I know you've had some tough comps this year with some strong distributor orders in '22.
And when does that tail off and could international returned to growth earlier than the US? Or should we be thinking about mid-year when that
revenue growth really starts to kick in? Thanks for taking the questions.
Question: Josh Jennings - TD Cowen - Analyst
: Great. Thanks so much.
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NOVEMBER 02, 2023 / 8:30PM, BFLY.N - Q3 2023 Butterfly Network Inc Earnings Call
Question: Suraj Kalia - Oppenheimer Co., Inc. - Analyst
: Good morning, Joe. Heather, can you hear me alright?
Question: Suraj Kalia - Oppenheimer Co., Inc. - Analyst
: I'm doing well, I hope all is well on your end. So Joe, first and foremost, congrats on the quarter in terms of stabilizing the business. Forgive me,
Joe, many calls going on at the same time. So if I ask a redundant question, again, apologies. Joe, in terms of direct territories, I know that was one
of the things that you had highlighted on the last call to increased direct territories by, I believe 40% or 50%, somewhere in that ballpark. Any
update on that in terms of where we are, how does the sales churn rep look like?
Question: Suraj Kalia - Oppenheimer Co., Inc. - Analyst
: Got it. I have two other follow-up questions, and I'll just pose them together. Heather, one for you, in case you'll have quantified or at least directionally
given us an idea about a pending backlog, so to speak, post iQ3 clearance? And Joe, you mentioned something about cart-based systems and
going upstream, and I'm not sure I completely understood that. If you could just unspoon the thread a little more and talk us about that strategy.
Pretty interesting, it seems like a complete shift from where we were. Just to some additional commentary would be greatly appreciated. Thank
you for taking my questions.
Question: Suraj Kalia - Oppenheimer Co., Inc. - Analyst
: Thank you.
Question: Neil Chatterji - B. Riley Securities - Analyst
: Hey, guys, good afternoon, thanks for taking our questions. First off, --.
Question: Neil Chatterji - B. Riley Securities - Analyst
: Hello, how are you guys? First off, just on the educational side, just curious, can you maybe just elaborate a little bit on any barriers or concerns
you've seen on that side, with educating users and how the additional offerings, let's say it's gamma, may help pull through more probe sales?
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NOVEMBER 02, 2023 / 8:30PM, BFLY.N - Q3 2023 Butterfly Network Inc Earnings Call
Question: Neil Chatterji - B. Riley Securities - Analyst
: Great. Thanks for that additional color. Just maybe just on the Forest Neurotech agreement, just curious if you could elaborate more on just next
steps there and the brain computer interface market, and how to think about milestones towards that commercialization?
Question: Neil Chatterji - B. Riley Securities - Analyst
: Great that's it for me. Thanks.
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