Q3 2023 Butterfly Network Inc Earnings Call
Speaker 1: As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking a question.
Your handset before asking a question.
Speaker 1: Our first question comes to the line of Josh Jennings with TD Callan. Your line is now open.
Our first question comes from the line of Josh Jennings with TD Cowen. Your line is now open.
Speaker 2: Hi, good afternoon. Thanks for the questions and congratulations on all the pipeline progress. Appreciate the download on IQ3. Great to see. You know, I wanted to just ask Joe about and Heather about the return to double digit revenue growth in 2024. I know there are a couple moving parts, including the Osborn effect in front of the IQ3 launch, it sounds like at the end of 1Q.
Hi, good afternoon, thanks for the questions.
Congratulations on all the pipeline progress.
The download on <unk> III.
Great to see.
I wanted to just ask Joe about and Heather about.
With a return to double digit revenue growth in 2020 for another there are a couple moving parts, including including the Osborne effect in front of the IQ3 launch it sounds like at the end of <unk>, but.
Speaker 2: maybe just take us through some of the drivers of that return to growth and maybe just remind us of some of the comp setups for next year and as we're forecasting quarterly and for 24th, we'll be thinking about a return to double digit growth in the mid-year second half and maybe if you could take us through the drivers with the US and the international business and give an update on the
Maybe just put us take us through some of the drivers of that return to growth and maybe just remind us of some of the comp set up for next year and as we are forecasting quarterly and for 'twenty for us will be thinking about a return to double digit growth in.
At mid year second half.
And maybe if you could take us through the drivers with the U S and the international business and give an update on the.
Speaker 2: on the kind of restructuring and the commercial infrastructure we build out internationally. Sorry, there's like three questions in one there, but I'll stop there and just take a minute. Sorry about that.
On the restructuring and the commercial infrastructure Buildout rebuild out internationally, sorry, there's like three questions in one there, but I'll stop there.
Thank you.
Sorry about that.
Speaker 2: No problem, Josh. We're happy to answer all of them. The catalyst for us, first of all, you know, we.
No problem jobs.
We're happy to answer all of them.
The catalyst for US first of all.
Speaker 2: We've been spending time since the last restructuring, strengthening our sales and marketing team, both in the US and international. We've been refining our messaging and our direct to consumer marketing. We've been working diligently on our new product launches and understanding where our customers are today and what it is that we need to grow. We have the largest install base.
<unk>.
We've been spending time since the last restructuring.
Strengthening our sales and marketing team both in the U S and international.
We've been refining our messaging and our and our direct to consumer marketing.
We have been.
Working diligently on our new product launches and understanding where our customers are today and what it is that we need to grow we have the largest installed base.
Speaker 2: in the world and we need to help them. We have a lot of people using probes every day. We have people who have moderate utilization and we have people who have low utilization. And we know that it's one thing to sell new probes.
In the world and we need to help them, we have a lot of people using probes every day, we have people who have moderate utilization that we have people who have low utilization and we know that it's one thing to sell new probes.
Speaker 2: But as you start building scale, the more same store sales or the more software that people consume on your base, it also creates a national unnatural growth. So we lost some momentum with all the changes that were made in reorg over the last year. Because with a CEO change and then with all the cost cutting that was done earlier in 2023, I feel we lost some momentum.
As you start building scale.
More same store sales of the more software that people consume on your base. It also creates a national unnatural growth. So we lost some momentum with all the changes that were made and rework over the last year.
Because with a CEO change and then with all the cost cutting that we've done earlier in 2023, I feel we lost momentum and now we're building it up the teams are fired up we have a very clear plan.
Speaker 2: And now we're building it up. The teams are fired up. We have a very clear plan. We know where to sell. We know what levers to pull. And we Billy
We know where to sell we know what levers to pull.
And we believe.
Speaker 2: You know, IQ3 is not, you know, the next iPhone, which is, you know, great incremental improvements. IQ3 is a step function.
IQ3 is not.
The next iPhone.
Great incremental.
Improvements IQ3 is a step function. It is a it is a significant leap.
Speaker 2: It is a significant leap in the evolution of our technology. And by getting and reinforcing the comments that were made, we've done great in individual physician practices and emergency rooms, all the places where the jack of all trades really values all the things that butterfly.
In the evolution of our technology.
And by getting and reinforcing the comments that were made.
We've done great in individual physician practices in our emergency rooms.
All the places where the Jack of all trades really values, all the things that butterfly dose.
Speaker 2: But being able to now penetrate into the sub-specialties, to get into cardiac, to get into OB, to get into all the different areas that depend on higher level ultrasound and also car-based ultrasound, that's the next phase for us. And as we go upstream, the training requirements for those customers are less and less and less.
But being able to now penetrate into the sub specialties to get into cardiac to get into <unk> to get into all the different areas that depend on higher level of ultrasound and also a cart based ultrasound. That's the next phase for us and as we go upstream.
The training requirements for that for those customers are less and less and less so we're going to we're going to be able to start selling upstream more we're going to be able to start selling broad base more on the enterprise side, because our software is already doing great and our enterprise software and our enterprise customers are doing fantastic we're going to.
Speaker 2: So we're going to be able to start selling upstream more. We're going to be able to start selling broad base more on the enterprise side because our software is already doing great. And our enterprise software and our enterprise customers are doing fantastic.
Speaker 2: We're going to be focusing now on a system cell, an enterprise cell that includes our mobile solutions, our hardware, as well as
Focusing now on a.
Our system sell an enterprise sell that includes our mobile solutions, our hardware as well as.
Speaker 2: our enterprise software and we're very bullish.
Our enterprise software and we're very bullish on it.
Speaker 2: And so, yes, we are going to return to that growth and also on the international side.
So yes, we are going to return to that growth and also on the international side.
Speaker 2: We have been working with our partners, we've been working with inventory, we've been resetting our expectations on utilization and our expectations on education, our expectation of our distributors of true organic market development, and they're responding, and our leadership in international
We have been working with our partners, we've been working with inventory, we've been resetting our expectations on utilization and our expectations on education, our expectation of our distributors are true organic market development, and they're responding and our leadership in international.
Speaker 2: Right now a second to not so I've done this many times our team that we have in place our experience
Right now our second to none so.
<unk>.
I've done this many times.
Our team that we have in place are experienced the.
Speaker 2: The company's been through a lot, and now we've had some stability recently, and I think we're starting to get excited about what's to come.
The company has been through a lot.
And now we've had we've had some stability recently and I think we're starting to get excited about what's to come.
Speaker 2: Um, so I think you also talked about some. You want to talk about some of the other questions he had, or should we ask them to. Yeah, Josh, I think we hit on the revenue questions. You want to ask us to talk about operations at all.
So I think you also talked about some you want to talk about some of the other questions you had.
Should we ask them to yes, Josh.
I think we hit.
Revenue quite a hit on the revenue questions.
Let's talk about operations at all.
Speaker 2: Yeah, great. I just, I was just, within that question, sorry, and it was multi-layered. Wanted to just talk about, I guess the time and of that return to growth could just don't admit too aggressive in our forecasting the early part of the year with I Q3 launching at U1 and then, and just one is international. Get back to Jordan, you've had some tough comms this year with some strong distributor orders in 22. And when does that tail off and could international return to growth earlier than the U.S. or should we do?
Yes.
And I would just just within that question sorry, it was multi layered.
Wanted to just talk about I guess, the timing of that return to growth could you just don't want to get too aggressive in our forecasting and the early part of the year.
IQ3 launching in Q1, and then just one is international give back to Jos I know you've had some tough comps this year with some strong distributor orders in 'twenty two.
And when does that tail off and could international returned to growth earlier than the U S are to be.
Speaker 2: thinking about mid-year when that revenue goes really starts to kick in. Thanks for taking a...
If you're thinking about midyear when when that revenue growth really starts to kick in and thanks for taking the questions.
Speaker 3: Hi, Josh, I'll take that 1. yeah, I would expect international to come into play sooner than than domestic, but we're still working through our 24 plan and and the cadence of that. And obviously, some of it will be dependent on ultimately when we can get the 3 launch to stay tuned. We can give you some additional detail, but we are confident on that double digit growth over the course of next year. Great great.
Hi, Josh I'll take I'll take that one.
Yes, I would expect international to come into place sooner than domestic but we're still working through our 2004 plan and the cadence of that and obviously some of it will be dependent on ultimately when we can get the IQ3 launch so stay tuned we can give you some additional detail but.
We are confident on that double digit growth over the course of next year.
Great great. Thanks, so much.
Thank you for your question.
Speaker 4: The next question, can someone learn a Zerash, Paulia with OpenHymn? Your line is now open. Good afternoon, Joe. Heather.
The next question comes from the line its Ross power with Oklahoma.
Your line open.
Good afternoon, Joe Heather can you hear me all right.
Yes, yes sure.
Raj.
Speaker 4: Doing well, hope all is well on your end. So Joe, first of all, I'm gonna go ahead and grab some on the quarter and just stabilizing the business. Forgive me, Joe. Many calls going on at the same time, so if I ask a redundant question, again, apologies. June .
Doing well, so cobalt as well on your end.
First of all foremost congrats on the quarter in terms of stabilizing the business.
Forgive me too 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 what that was one of the things that you had highlighted on the last call too.
To increase direct territories by I believe 40 or 50% somewhere in that ballpark.
Any update on that in terms of ABR.
How does the sales rep churn look like.
Speaker 2: Yeah, it's been the sales rep, Churns been very low. We've put the people in place that we've wanted to put in place. And now I think, you know, it's going to take...
Yes, it's been the sales rep churn has been very low.
We've put the people in place that we wanted to put in place and now I think it's going to take.
Speaker 2: you know, six months for them to get up to speed. But as I mentioned in the in the past, in the midpoint of the year, you know, we did allocate the budgets for it and the team has successfully brought those people on. And so that's one of the things I'm excited about as we get into the early part of 24. We have, you know, some new additions to the team to augment, you know, a lot of the great people that are here at Butterfly. So those investments have been made and the people are there.
Six months for them to get up to speed, but as I mentioned.
In the half and the midpoint of the year.
We did allocate the budget for it and the team has successfully brought those people off and so that's one of the things I'm excited about as we get into the early part of 'twenty four.
We have some new additions to the team to augment a lot of the great people that are here at butterfly. So.
These investments have been made and the people are there.
Got it.
I have two other follow up questions and I'll just pose them.
Speaker 4: Heather, one for you in case y'all have quantified or at least directionally given us.
Together, they're one for you in case Youll have quantified.
Or at least Directionally, given us an idea about it.
Backlog so to speak post IQ3 clearance and you you mentioned something about cart based systems and going upstream.
I'm not sure I completely understood that.
You could just kind of spooked.
<unk> the thread a little more and talk us about that strategy.
Pretty interesting it seems like a complete shift from where we were.
Just some additional commentary would be greatly appreciate it. Thank you for taking my questions.
Speaker 3: Okay, so I'll take the 1st 1 storage up. We don't have a backlog. We're actually not permitted to sell the product until it's been FDA approved. So it's pending approval to stay tuned. We'll be able to provide some additional information on our next call once once we receive approval.
Okay. So I'll take the first one suraj.
We don't have a backlog and we're actually not permitted to sell the product until it's been FDA approved and with pending approval.
So stay tuned we will be able to provide some additional information on our next call.
We received approval.
Speaker 2: And regarding regarding the comment on courts, it's just a function of the type of progress we're able to make with our with our chip in our process.
And regarding <unk>.
Regarding the comment on parts, it's just a function of.
The type of progress, we're able to make with our with our chip and our processes.
Speaker 2: You know, between now and say the next 10, you know, say we're the next 10 years. Every two years, we're going to continue to double our process.
Between now and say the next 10 say over the next 10 years every two years, we're going to continue to double our processing power.
Speaker 2: and increase our capabilities to get image quality packed into a very small device.
And increase our capabilities to get image quality packed into a very small device.
Speaker 2: And so we're going to be focusing on all the calculations and settings that exist on carts and create ways for them to present themselves into the devices. We're going to continue to dramatically increase the power of the device so the image quality continues to progress at this clip.
So we're going to be focusing on all of the calculations in settings that exist on carts and create ways for them to present themselves into the into the devices.
We're going to continue to.
Dramatically increase the power of the device. So the image quality continues to progress at this clip.
Speaker 2: And we're also going to work on our workflows in each of the hospitals as to how to manage individual devices, how to store them, charge them, and how to keep them into the workflow. Because the best clinical care is not running to grab a cart or going to a room when a patient needs care. The best clinical care is delivering it to them where they're at at that moment. And that means that each doctor will have a butterfly with them.
And we're also going to work on our workflows and each of the hospitals as the hydro manage individual devices hotter store them charge them and how to keep them into the workflow because the best clinical care is not running to grab a cart are going through a room when a patient needs care the best clinical care.
Is delivering it to them where they're at at that moment.
And that means that each doctor will have a butterfly with them.
Speaker 2: And as time goes on, there's 60% of medical schools today are teaching ultrasound as a part of their curriculum. 42% of residency programs has it in this curriculum. So, over the next.
And as time goes on there's 60% of medical schools today are teaching ultrasound as a part of their curriculum, 42% of residency programs has it been this curriculum so over the next decade.
Speaker 2: people, doctors are going to are going to be trained on ultrasound.
The doctors are going to are going to be trained on ultrasound and then youre going to expect to have it not as Oh, let's go do that one scan, but hey.
Speaker 2: And then I'm gonna expect to have it not as old. Let's go do that one scan, but hey.
Speaker 2: I'm really curious about what's going on here. Instead of you waiting a day and now ordering a scan and having to go someplace or me have to run and get a cart, I'm gonna take care of you right now.
I'm really curious about what's going on here instead of you waiting a day and now ordering a scan and having to go someplace, where we have to run and get a card I'm going to take care of you right now and so.
Speaker 2: You know, we started with this universal device that can do everything.
We started with this universal device that can do everything.
Speaker 2: And it's been in all of these different points of cares. And, you know, right now, with all the crises that are happening around the world, the first device.
And it's been in all of these different points of cares.
Right now we have all the processes that are happening around the world the first device.
Speaker 2: You know, those charitable organizations are reaching to a butterfly. And as a part of our growth evolution, is those devices become more and more powerful. You have in your hand today basically what would have been the most powerful supercomputer in the world 20 years.
Those charitable organizations are reaching to a butterfly.
And as a part of our growth evolution is those devices become more and more powerful you have in your hand today basically what would have been the most powerful supercomputer in the world 20 years ago.
Speaker 2: So think about, you know, open your mind to that. And on that supercomputer that you have that you carry around as your phone, it's also your camera. Why? Because the processing power has been able to now create imaging in such a small form factor. So why should a cardic...
So think about open your mind to that and on that supercomputer that you have that you carry around as your phone. It's also your camera.
Why because the processing power has been able to now create imaging in such a small form factor. So why should a card exist if.
Speaker 5: If you have an iPhone that is the most powerful supercomputer that would have existed, you know, 10, 15, 20 years ago, why would you need a cart in the future if over the next 10 years we're going to have five, you know, we're going to have five different doubling terms in processing cloud? So all the, imagine all the capabilities that exist in carts are going to be in a device the size of a butterfly. Thank you. Thank you.
If you have an iPhone that is the most powerful supercomputer that would've existed.
At 10, 15, 20 years ago, why would you need a card in the future if over the next 10 years, we're going to have five we're going to have five different doubling turns and processing cloud. So all the imagine all the capabilities of existing cards are going to be in a device the size of a butterfly.
Thank you.
Yeah.
Thank you for your question.
Okay.
<unk>.
Your line is now open.
Hey, guys. Good afternoon, thanks for taking our questions.
First off just now.
Speaker 6: How are you guys? Uh, just maybe first off, just on the, the, the educational side, just curious, you know, if you can maybe just elaborate a little bit on, you know, any, any barriers or concerns you've seen, seen on that side with, with educating users. And, you know, how the additional offerings would say scan lab may, may help pull, pull through more probe sales.
How are you guys just maybe first off just on the.
The educational side, just curious if you can do.
Maybe just elaborate a little bit on.
Any barriers or concerns you've seen it seen on that side with educating users and how.
The additional offerings would say scan lab may help pull pull through more probe sales.
Speaker 2: Well, yeah, I mean, historically, you know, the barrier to education is time and money. You know, we have the time to walk away and prep from our practice and learn something new. And if it's, you know, the best training is when you can actually use your hands and do something, it's hard to just watch videos.
Well, yeah, I mean, historically the barrier to education as time and money.
We have the time to walk away from our practice and learn something new.
And <unk>.
And if it's the best training is when you can actually use your hands and do something it's hard to just watch videos and so having that didactic training and then being able to take scans.
Speaker 2: And so having that didactic training and then being able to take scans with yourself and then comparing it and learning as you're using is the best way to train. And so our first bull ray has been butterfly academy, which is a series of tests and a series of videos that walk you through how to do it. And it's very, very popular. We have very high utilization and it's been a great success that our clinical team and education team launch.
Yourself and in comparing it and learning as you're you're using.
Is the best way to train and so our first foray is been butterfly Academy, which is a series of tests and a series of videos that walk you through how to do it and it's a very very popular we have very high utilization and it's been a great success that our clinical team in education team launched in order to get People's comp.
Speaker 2: in order to get people's competency even further, we've now entered into a live training where we can remotely help someone with their didactics, we can remotely help them with their scans with live training, but also we can have instructors come to their site and either educate them individually or educate groups. And the only thing that our barrier is in that scenario is time and money.
Let's see even further.
Now entered into a live training, where we can remotely help someone with their tactics. We can remotely helped will help them with their scans with live training, but also we can have instructors come to their site and either educate them individually for educate groups and the only thing that our barrier is in that scenario.
Time and money.
Speaker 2: GAN Lab is a whole different generation because it's an education only application.
And lab is a whole different generation, because it's an education only application.
Speaker 2: which is designed to help people build their comfort while they're scanning.
Which is designed to help people build their comfort while their scanning where do you put the probe what am I looking at and then being able to see sample videos from net orientation, what it should look at and then when they get that orientation to be able to have.
Speaker 2: Where do you put the probe? What am I looking at? And then being able to see sample videos from that orientation, what it should look at. And then when they get that orientation to be able to have AI labels that tell them what's the anatomy they're looking at.
Hi labels that tell them whats the anatomy, they're looking at.
Speaker 2: So it takes it one level further where they can practice as if they're being instructed by an expert and they can modify their images, they can see what they're doing and be told dynamically in a virtual environment. So the time and money aspect, AI really compresses dramatic.
It takes it one level further where they can practice as if theyre being instructed by an expert and they can modify their images. They can see what theyre doing and be told dynamically in a virtual environment. So the time and money aspect AI really compresses dramatically.
Of course in person side by side education is the best.
And that is the most expensive and the most time consuming and Thats why butterfly certified exists because we think it's absolutely essential but scan lab will allow med students to start scanning and immediately getting comfortable almost like a video game being able to start scanning and then understanding what theyre looking at and we believe we.
Speaker 2: being able to start scanning and then understanding what they're looking at. And we believe we'll give a lot of comfort in the early development and the early getting over the fear of that initial imaging will create a significant level of comfort. So between butterfly academy looking at videos and understanding and then taking tests between certified and doing it in person and then scan lab.
We'll give a lot of comfort in the early development and the early getting over the fear of that initial imaging.
We'll create a significant level of comfort so between.
Butterfly Academy looking at videos and understanding and then taking tests between certified and doing it in person and then scan lab.
Speaker 2: We've come out with all barrels blazing.
We've we've come out with all barrels blazing trying to get an attack. This part of education now also new advanced AI tools like our bladder scanner or like our new Beeline tool also mix and Thats why AI is so important.
Speaker 2: trying to get an attack, you know, this part of education. Now, also, you know, new advanced AI tools like our bladder scanner or like our new beeline tool also makes, and that's why AI is so important.
Speaker 2: AI is so important because there's ways to capture images in a more or or guide people how to capture images in a more automated fashion. There's ways to read images in a more automated fashion. And so getting more and more people and and healthcare professionals who don't have prior experience to use these AI tools is really essential. And so that's why butterfly garden is so powerful.
AI is so important because there is ways to capture images in a more or guide people how to capture images in a more automated fashion theres ways to read images in a more automated fashion and so getting more and more people and health care professionals, who don't have prior experience to use these AI tools is real.
Essential and so that's why butterfly garden is so powerful because we now allow all of these excellent AI tools that other companies have developed that exist in the.
Speaker 2: because we now allow all of these excellent AI tools that other companies have developed.
Speaker 2: that exist in the Butterfly environment, so our customers and our Butterfly users now will have access to those tools. So, you know, in every phase of development of ultrasound, whether it's early education with AI, whether it's video and testing, whether it's in-person education, or now using advanced AI tools, Butterfly will be the environment that everyone goes to.
Butterfly environment, so our customers and our butterfly users now will have access to those tools. So.
Every phase of development of ultrasound, whether it's early education with AI, whether it's video in testing, whether it's in person education or now using advanced AI tools butterfly will be the environment that everyone goes to.
Speaker 6: Great, thanks for that additional color. Just maybe just on the forest neurotech agreement, just curious if you could elaborate more on just kind of next steps there and kind of the brain computer interface, market and just kind of had to take about miles going towards commercialization.
Great Thanks for that.
Additional color just maybe just on the forest in Aerotech agreements.
Curious if you could.
<unk> more on just kind of next steps, there and kind of the brain computer interface market and just kind of have to think about milestone towards commercialization.
Speaker 2: Well, I think I don't want to speak for forest. That is really their business and their opportunity. What I will say is
Well I think I don't want to speak for for forest that is really their business and their opportunity.
I will say is butterfly investors have invested over $500 million in developing it.
Speaker 2: Butterfly investors have invested over $500 million in developing an incredibly novel semiconductor technology that has wide application. It has tremendous application within point of care, ultrasound and ultrasound imaging. But it has incredible application in other markets.
And incredibly novel semiconductor technology that has wide application. It has tremendous application within point of care ultrasound and ultrasound imaging.
But it has incredible application in other markets and we've identified the market that butterfly, we will go after and we will partner with other companies. So they don't have to make the $5 billion investment, but also our investors get to benefit from those developments, what's exciting about the forest.
Speaker 2: And we've identified the market that butterfly will go after and we will partner with other companies so they don't have to make the half billion dollar investment but also our investors get to benefit from those developed.
Speaker 2: What's exciting about the forest particular deal is what they're looking for is the automatic scanning capability that only a semi conductor can do. You'd have to move. You'd have to have a windshield wipe or type device at the top of the brain. The move will prove back and forth in order to get the type of scan that we'd provide. You know our our scanning we can put the chip at the top and then we'd be able to scan through the entire brain just like.
<unk> deal is what they're looking for is the automatic scanning capability that only a semiconductor can do you have to move you'd have to have a windshield wiper type device at the top of the brain the move of pro back and forth.
In order to get the type of scan that we'd provide our scanning and we can put the chip at the top and then we'd be able to scan through the entire brain just like in Star Trek try quarter that bones had you just put it in front of someone and with scan your body. That's what our semiconductor can do and it makes it really.
Speaker 2: in Star Trek, you know, the Tri-Corter, that bone had, you just put it in front of someone and would scan your body. That's what our semiconductor can do. And it makes it really easy for them to deliver their technology to deep brain stimulation and other types of therapies using ultrasound. So, you know, we're gonna let them develop their clinical applications, but allow for an innovation that they're developing.
<unk> for them to deliver their technology to do deep brain stimulation and other types of therapies using ultrasound. So.
We're going to let them develop their clinical applications, but allow for an innovation that they are developing to come to market. So much quicker because it stands upon a proven platform. They would have had to go through.
Speaker 2: to come to market so much quicker because it stands upon a proven platform. They would have had to go through, the seven years, 10, 11 years of evolution, development and, you know,
Seven years 10 years 11 years of evolution.
Development and.
Speaker 2: half a billion dollars worth of investment to be able to get to where, they don't have to worry about that process or they can just focus on their therapy.
We have a $1 billion worth of investment to be able to get to where they don't have to worry about that process or they can just focus on their therapy and the beautiful part for four <unk>.
Speaker 2: And the beautiful part for butterfly investors is not only are we getting paid for the work and not only are we getting rewarded and recouping some of our investments.
<unk> butterfly investors is not only are we getting paid for the work and not only are we getting rewarded and recouping some of our investment.
Speaker 2: But on their commercial success, we'll be a part of their commercial success with them and have revenue on every unit they sell. And if we can continue to develop our butterfly ecosystem and have revenue pass through for new applications, and if we can continue to monetize our semiconductor technology in non-competitive markets,
But on their commercial success will be a part of their commercial success with them and have revenue on every unit they sell.
And if we can continue to develop our butterfly ecosystem and have revenue pass through for new applications and if we can continue to monetize our semiconductor technology in noncompetitive markets.
Speaker 2: it increases the value of butterfly and helps us get to our goals faster.
Increases the value of butterfly and helps us get to our goals faster.
Great that's it for me thanks.
Thanks, Neil Thanks Neal.
Speaker 1: Thank you for your question. There are no additional questions waiting at this time. I would now like to pass the conference back to Joe for further remarks.
Thank you for your question there are no additional questions waiting at this time I would now like to pass the conference back to Joe for further remarks.
Speaker 2: Well, thank you all for joining. We're very excited about where we are. We know we're in a transition. We're mindful as to exactly where the company is. And I'd have to say, you know, we're excited about 24 and the developments. So, stay tuned. We'll unpack IQ3 and the software and the power of IQ3 at our next quarters conference call. So, thank you.
Well. Thank you all for joining we're very excited about where we are we know we are in a transition we're mindful as to exactly where the company is in.
And I'd have to say, we're excited about <unk> 24 in the developments. So stay tuned we'll unpack IQ3 and the software and the power of IQ3 at our next quarter's conference call. So thank you.
Speaker 1: That concludes today's call. Thank you for your participation and enjoy the rest of your day.
That concludes today's call. Thank you for your participation and enjoy the rest of your day.
And our next quarter's conference call. So thank you.