Butterfly Network, Inc. (NYSE:BFLY) Q4 2023 Earnings Call Transcript

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Joe DeVivo: Yes. Thank you. It’s a very good question. I personally, I believe by the end of the second quarter, when we have a full quarter, it’ll give us the opportunity to see how much our pipeline has grown, how many of those deals we were actually able to convert into revenue. And it’ll also be a full cycle. In the beginning, there’s obviously a lot of noise. And it takes time. I think the difference with iQ3 is we’re pricing it at $38.99. And so it is more of a hospital product. And it’s a product that, as I had mentioned, is still far less expensive than any of the handheld platforms that are in the hospitals today with Piso crystals. But it is a higher price point. So it is a sale that we don’t believe is as robust an online sale and one that will be a very robust hospital sale.

But there are, we know how long those sales cycles are. I’m hopeful that we can see in — through the second quarter how that ferrets out. We have already seen our pipeline grow a lot. 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. And so we’ll see over time, how quickly do they convert? What is the process? And as you know, as you’re getting into larger and larger numbers, there’s more people who have to sign off and make that happen. But I think, by mid-year, we’re going to know what we have.

Operator: Thank you. There are no further questions waiting in queue. [Operator Instructions] There are no further questions in queue. I’d like to turn the call back over to Joe DeVivo for concluding remarks.

Joe DeVivo: So thank you very much everybody for joining. We’re very excited about now having 20 — we had a lot of accomplishments in ’23. And ’23 was the year where we went through a lot of changes and a lot of restructuring and we’re just in such a good place right now. We have a leading team, we have a very clear strategy and our conversations on a daily basis, our execution, revenue, opportunity, not restructuring and all other types of things that are really a significant amount of effort. 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. And then on March 18th, we’re going to get together. We’re going to unpack a little bit more of our roadmap. We’re going to talk more about the longer-term strategy. And it’s just a very exciting time. So thank you for your attention. And I hope you all come to our Investor Day. So thank you so much everybody.

Operator: That concludes today’s conference call. Thank you for joining. You may now disconnect your line.

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