Butterfly Network Inc Q4 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Josh Jennings - TD Cowen (Research) - Analyst : It's been a remarkable path of progress since the Investor Day last year. And at that event, you laid out kind of a long-range target of $500 million in revenue. I mean I think you already answered this question in your presentation here this morning, but would love to just kind of get an update just on your confidence level and where you stand today, almost one year out from that big investor event in 2024 in terms of the progress and confidence in getting to that $500 million revenue base in the out years.

Question: Josh Jennings - TD Cowen (Research) - Analyst : I appreciate that, Joe. And I wanted to ask about the HomeCare channel as well. I mean, I think you've provided a lot of intel here in that last answer and during your prepared remarks. But is there, just maybe help us think through the steps required to go from pilot to a revenue-generating franchise? And any time lines you can share? I know it's, you haven't baked any HomeCare revenues into 2025 guidance, but maybe just help us understand just the next steps and what it will take to turn that HomeCare channel into a revenue-generating franchise.

Question: Josh Jennings - TD Cowen (Research) - Analyst : Excellent. And just one last follow-up on that home channel. We saw the prototype for a wearable, I think, at the Investor Day last year. And I think we talked earlier this year about that pipeline development effort. But maybe just give us an update on where that program stands and when you may see approval and then utilization in the field.

Question: Benjamin Haynor - Lake Street Capital Markets, LLC - Analyst : Appreciate all the commentary that you had so far on the HomeCare opportunity. But I was wondering if you could share maybe a little bit more on, maybe how many residents were involved in these long-term care facilities, how many days they've been kind of followed, if you will, how many readmissions might you have anticipated, things of that nature, anything else that you can provide there? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 28, 2025 / 1:00PM, BFLY.N - Q4 2024 Butterfly Network Inc Earnings Call

Question: Benjamin Haynor - Lake Street Capital Markets, LLC - Analyst : Sure. Got it. And then congrats on the capital raise, by the way. And I was wondering, you mentioned some of the software things that you're working on. Any hardware kind of developments that you might intend to accelerate? It didn't necessarily sound like it. And then if we could get an update on kind of where you're at on the cart-based iQ station?

Question: Benjamin Haynor - Lake Street Capital Markets, LLC - Analyst : Makes sense. And lastly for me, just maybe a point of clarification on what the revenue guidance includes. That does not include any new revenue streams. I mean it doesn't include Octiv, Butterfly Garden, HomeCare, anything like that. It's just traditional iQ+, iQ3, and software and services that are existing, correct?

Question: Benjamin Haynor - Lake Street Capital Markets, LLC - Analyst : So the ones that were detailed in the press release and earlier in the prepared remarks, those are or are not included?

Question: Suraj Kalia - Oppenheimer & Co. Inc. - Analyst : Joe, a couple of questions from my side, and I'll pose them upfront. So in your FY25 guide, how should we think about the same-store new store dynamic as iQ3 contribution picks up? And the second part, or the second question, Joe, you just made comments about your image quality as good as anyone's. Help us understand what is the most objective evidence that we should take as interpreting the image quality is as good as anyone.

Question: Suraj Kalia - Oppenheimer & Co. Inc. - Analyst : No.