Butterfly Network, Inc.

The Butterfly Network Inc Q1 2023 earnings call is due to begin shortly. Thank you for your patience. As a reminder, if you would like to ask a question during the presentation, you may do so by pressing star followed by one on the telephone keypad. ladies and gentlemen hello and welcome to the butterfly network inc q1 2023 earnings call my name is maxine and i'll be coordinating the call today if you would like to ask a question during the presentation you may do so by pressing star followed by one on the telephone keypad i will now hand you over to heather get executive vice president chief financial officer to begin heather please go ahead when you're ready good morning and thank you for joining us today

Earlier this morning, Butterfly released financial results for the first quarter ended March 31st, 2023, and provided a business update. The release and earnings presentation, which include a reconciliation of management's use of non-GAAP financial measures compared to the most applicable GAAP measures, are currently available on the investor section of the company's website at ir.butterflynetwork.com. I, Heather Goetz, Executive Vice President and Chief Financial Officer of Butterfly, alongside Joe DeVivo, Butterfly's Chairman and CEO, and Varia Shahida, Butterfly's Chief Strategy Officer, will host this morning's call. During today's call, we will be making certain forward-looking statements. These statements may include, among other things, expectations with respect to financial results, future performance, development and commercialization of products and services, potential regulatory approvals, the size and potential growth of current or future markets for our products and services, and the impact of macroeconomic factors on our business. These forward-looking statements are based on current information, assumptions, and expectations that are subject to change and involve a number of known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those contained in the forward-looking statement. These and other risks are described in our filings made with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, and the company disclaims any obligation to update such statements. As a reminder, this call is being webcast and recorded, and we will be referencing a slide presentation in conjunction with our remarks. There may be a short delay between the live telephone audio and the presentation being shown. To access the webcast, please visit the event section of the investor section of our website, and a replay of the event will be available following the call. I would now like to turn the call over to Joe DeVivo. Joe?

Thank you, Heather. Good morning. I feel quite fortunate to join the family at Butterfly Network. during such a critical time in its history. I first want to thank Dr. Jonathan Rothberg and the board for the opportunity and also the warm welcome I've received from the whole Butterfly team. I've only been here a few weeks and have enjoyed meeting the incredible people who brought so much success to the company, and I'm really excited about Butterfly's potential. During my career, I've seen the early days of minimally invasive surgery, surgical robotics, interventional oncology, and most recently, digital health, each with the undisputed disruptors in their respective fields. It's an exciting ride, and I'm thrilled to be a part of the disruption that will be caused by the democratization of medical imaging through butterflies, one-of-a-kind hardware enabled by AI tools. This technology will empower providers to help treat and diagnose patients where they are. In a moment, Darius will provide a business update on the quarter, and Heather will communicate the financial results. But first, I'd like to share my initial perspective on the opportunities that I see. Over the past couple of years, I served in the AA ultrasound field, actually partnering with Butterfly, and I've seen firsthand how impactful enabling clinicians to capture images at the point of care can be. Since the inception of Butterfly, we've spoken about the importance of ease of use in empowering practitioners worldwide with ultrasound. Because nearly two-thirds of the world's population lacks access to medical imaging, and the vast majority of healthcare practitioners are not ultrasound trained, ease of use and training are the most critical limiting factors to broaden adoption and true democratization of medical imaging. With our ultrasound-on-chip technology, Butterfly has made imaging more accessible to medical professionals worldwide and, frankly, easier to use. This is why we've invested so heavily in the development of novel AI applications to empower practitioners wherever they may be. From our auto bladder volume tool to our cardiac guidance and interpretation partnerships, to our autogestational age application with the Gates Foundation, and now, most recently, our autobeline tool. This newly approved tool makes it easier for medical professionals to capture key pulmonary scans to detect fluid in the lungs at the point of care, giving them a timely diagnosis when they need it. This beeline application is essential for diagnosis confirmation in pneumonia. and many other cardiovascular diseases. In fact, there are more than 1 million diagnoses per year for pneumonia alone in this country, and our Beeline application will make it easier. Butterfly is clearly at the forefront of AI development as we seek to make our solution as easy as possible. And while this approach and the importance of AI has garnered a lot of attention, investment, and M&A recently, It's been at the core of our DNA and the company strategy since the very beginning of Butterfly. Our secure cloud empowers our AI developers to build applications for our customers by tapping into our database, which represents the largest ultrasound image repository in the world. Importantly, this focus on novel AI tools development in our image repository is not only bearing fruit in the form of FDA approvals, but in driving the commercial adoption of our technology in ways that traditional POCUS is unable to do. Going forward, it's our intention to start monetizing our AI algorithms across our large install base. Over the past three years, Butterfly has deployed more devices in the market than any other company with nearly 100,000 ultrasound probes shipped to date. Butterfly has an amazing ability to reach, deploy, and empower users virtually. I view Butterfly as a technology-empowered software company. Our chip-based hardware provides us an accessible and growing user base that our software can be sold to, providing incremental software opportunities. A recent FDA clearance has paved the way for other developed tools that are in queue for regulatory submission, reaching more people empowering them with intelligent diagnostic tools, and helping them with the business of medicine through enterprise software is the winning formula for our future. Now, being a disruptor is never easy. I've been there many times before. It's always hard to predict the timing of customer and market adoption in the face of the massive opportunity it presents. I fully intend to lead Butterfly through this journey, and capture the market for our employees and our investors. So with that, I'll turn it over to Darius to comment on our commercial and business progress in the quarter. Darius?