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| Statement |
|---|
| We discussed 2024 guidance of low double-digit top-line growth with an opportunity for upsides |
| Furthermore, we have maintained a solid cash position and have extended our cash runway into 2026, while continuing to invest in the business |
| I was pleased to see each one of our channels performing well as we headed into 2024 |
| In fact, our Q4 and full year direct sale revenues grew 10% and 11% year-over-year |
| Moving forward, we have every opportunity to realize growth across all of our channels and grow the company double digits in 2024, while investing efficiently |
| They go up because they feel more comfortable, they go up because it's easy, it's integrated into the phone where they're looking at the image, and the whole process allows hospitals to grow their revenue |
| Big ultrasound's lobby is quite powerful |
| We're very excited about now having 20 -- we had a lot of accomplishments in '23 |
| So we all know Butterfly had tremendous success building relationships with doctors directly around the world |
| And four, introduced more products from our roadmap to drive top line growth |
| We've done very well in other specialties, critical care, and of course in the emergency room |
| Compass is the best ultrasound management software in the market |
| And we did a very good job penetrating the ER |
| So we're very, very, very excited about what this means |
| I believe aside from tough comps in Q2, we will deliver accelerating revenue growth each quarter throughout the year |
| Not only do we have a world-class ultrasound device, we will continue to deliver the best ultrasound middleware in the market, our Compass Software, bolstering our health system strategy, user proficiency, quality assurance, automatic data transfer into the EMR and packs for billing and storage, reimbursement automation and more benefits |
| We have a great team, a great strategy, a market that's growing and a wonderful product that allows us to be very excited about our future |
| Butterfly is set up to accomplish its goals with a strong base of technological and organizational assets that we are continuing to invest in, and a team who is energized to capitalize on this attractive market opportunity |
| We Butterfly employees are very proud of our accomplishments in 2023 |
| So we're excited |
| As you noted, we accomplished a lot in 2023 to right-size and reset the company and are now on what we believe to be a solid path for growth in 2024 and beyond |
| While we were forecasting low double-digit revenue growth for 2024, as mentioned, we believe there is upside to this plan and additional efficiencies to realize |
| Our exponential growth in processing power and image capability since the launch in 2018 is not just an exciting fact today, it's the principle for which we can set our sights on capturing the whole ultrasound industry in the future |
| And on top of that, the benefit of our handheld portability could improve diagnostic time and patient care |
| We've done very well in cardiology |
| So a lot of very good activity |
| So we are so pleased to offer these new features |
| On average, the majority of blinded participants responded that Butterfly's iQ3 had a better image quality than GE's Vscan CL |
| We've seen a lot of deals come into the pipeline, a lot of opportunities that we didn't have before and so we're very excited about that |
| I'm very pleased to say that we've completed each of these commitments |
| Statement |
|---|
| When looking at the full year 2023, versus '22, while total revenue declined 10% to 65.9 million due to lower sales in the e-commerce and distribution channel from the non-recurrence of the previously mentioned large orders in 2022 |
| Revenue for the fourth quarter was $16.5 million, down compared to 2022 revenue of $19 million, driven by lower volume, partially offset by higher price |
| To put this into context, EU MDR certification has been and is one of the biggest regulatory milestones for numerous medical device manufacturers looking to enter the EU market and remains a struggle for many companies in search of EU MDR certification |
| Higher amortization, reduced margin by 150 basis points |
| Breaking our revenue down between product and software, product revenue was $10.2 million, a decrease of 20% versus Q4 2022 |
| The lower volume was mostly due to lower e-commerce, as well as large orders, including the deployment of Gates in Africa and others from international distributors, and to a lesser extent, the vet market |
| Total international declined, 24% over the prior year to 4.6 million |
| Our forecast was adjusted down as a result of the newly launched iQ3 |
| This decrease was driven by lower volume, spread largely across e-commerce, international distribution, and VET due to the large deals in '22 that I mentioned |
| To expand on the inventory write-off, during Q4 of 2023, we took a 21.9 million non-cash charge to our cost of sales for the write-off of excess quantities of our previous generation chip that are used in the manufacturing of our iQ+ probes |
| As such, we are taking a prudent and conservative approach to guiding for the full year 2024 with low double-digit top-line growth and an EBITDA loss of $60 million to $50 million |
| While individual doctors were way ahead in embracing POCUS, hospitals were slower to adopt |
| You know, the legacy piezo crystals, you know, they have not proven to scientifically meet the threshold of that directive |
| Suraj Kalia Sorry, I was having technical difficulties |
| In the beginning, there's obviously a lot of noise |
| If you look, I think, we can debate numbers, but handheld ultrasound in Europe has to be a fraction of the overall, [Technical Difficulty] ultrasound and overall revenue, the political blow back for the European Commission, I believe would be very low |
| Moving to EBITDA and capital resources, for the fourth quarter of 2023, adjusted EBITDA loss was $15.7 million, compared with a loss of $27.7 million for the same period in 2022 |
| For Q1 adjusted EBITDA, with expenses related to the launch of iQ3 and payroll tax and the 401k reset, we expect slightly higher expenses and lower EBITDA in the first quarter relative to the remainder of the year |
| Then the regulations changed to EU MDR and we've waited a few years for this approval and launching features, our customers need |
| For example, our vet business continued pursuing use in the feedlot cattle market for detection of interstitial pneumonia, a primary cause of mortality in the feedlot cattle industry by using our custom AI auto B-line tool for cattle |
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