Butterfly Network, Inc.

Good morning, everyone, and welcome to the Petrofan Network third quarter 2025 earnings conference call. My name is Carla, and I will be coordinating your call today. During the presentation, you can register to ask questions by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two. I would now like to hand you over to the interim chief financial officer, Megan Carlson, to begin. Please go ahead when you're ready.

Good morning, and thank you for joining us. Earlier today, Butterfly released financial results for the third quarter ended September 30th, 2025, and provided a business update. The release, which includes a reconciliation of management's use of non-GAAP financial measures compared to the most applicable GAAP measures, is currently available on the investor section of the company's website at ir.butterflynetworks.com. I, Megan Carlson, Interim Chief Financial Officer of Butterfly, alongside Joseph DeVivo, Butterfly's Chairman and Chief Executive 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, and the size and potential growth of current or future markets for our products and services and changes in the nature of 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 statements. 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 live and recorded. To access the webcast, please visit the events section of our investor website. A replay of the event will also be available on this page following the call. I would now like to turn the call over to Joe.

So thanks, Megan. Good morning, and thank you for joining us. for our third quarter 2025 conference call. We're pleased to report the third quarter 25 results were at the higher end of revenue guidance. We continue to consume less and less cash while driving gross margins higher, excluding our non-cash inventory adjustment that we recorded. Please keep in mind that our third quarter 2025 results compared to last year's third quarter, where we delivered 30% revenue growth on the heels of a very successful IQ3 launch. We were able to keep growing on top of that very strong quarter a year ago. We knew coming into 2025, we would have the anniversary of Big Year and new product launch. In major medical institutions across the United States, there are hundreds of doctors who own a butterfly. To drive enterprise sales, we developed a strategy that builds on the base of individual support and introduces butterfly more holistically through the health system. During the second quarter of this year, we encountered some headwinds in the strategy as hospitals were focused on broader macro issues. Those headwinds remained during the third quarter. Nonetheless, our pipeline opportunities have increased. We believe we're starting to see the cloud lifting. I expect we'll return to the momentum we're used to in 2026 and may even see early signs in the current quarter. When we laid out our five-year plan in March 2024, we introduced multiple growth pillars. One of those was our core business, going deeper into the POCUS category with higher quality imaging and software that meets the needs of hospital systems. We also said we'd expand into entirely new markets, and we continue innovating to maintain our differentiated edge. We're seeing that our strategy is working and that our many shots on goal position us for success. We're improving healthcare economics every day and our intent on bringing this innovation directly into the heart of medical care. While the third quarter is usually our quietest, we kept busy driving progress across the business and continuing to lay the necessary foundation as we mature and scale. An important part of that foundation is ensuring that we remain a trusted partner to our customers, and information security plays a big role in that. We've always had a strong security posture, and we've even now strengthened that further with ISO 27001 and other international certifications announced earlier this week. Each of these reinforces that Butterfly's cloud is safe, trusted, and enterprise-ready as we expand globally. Our AI strategy is also proving to be a great accelerator for us, and it's really come to life in Q3. A major milestone came in September when the POCUS care trial from Rutgers Robert Wood Johnson Medical School, published in JAMA, highlighted the real-world impact of Butterfly's AI lung tool. or auto beeline counter on patient care and hospital efficiency. In this evaluation of over 200 patients, integrating Butterfly's tool into workflows improved clinical management in 35% of the cases, reduced hospital length of stay by 30%, and generated more than $750,000 in direct cost savings. This is exactly the type of clinical and economic validation that fuels our enterprise strategy and shows the power of AI to drive real change in healthcare. And our next-gen enterprise software, Compass AI, is on track to launch before year-end, so we expect to take this type of impact further by making large-scale hospital use even easier and more effective. We've also said time and time again that education is the biggest barrier to mass adoption of point-of-care ultrasound. Butterfly has invested throughout our journey in education, from in-person training to advanced AI tools. Butterfly Garden is our ecosystem to deploy AI tools to caregivers, including those who are not classically trained in ultrasound. During the third quarter, Heart Focus from Deski became the first FDA-cleared butterfly partner app to launch in the garden. Heart Focus uses AI to guide ECHO probe placement, capture quality images, and support faster cardiac scans for any healthcare professional. So we're excited with this launch, and now it's bringing action into the vision that we've had. Echocardiograms are done about 7 million times a year in the U.S. with a wide range of procedural costs, from $250 a study and sometimes well over $1,000 out of pocket. That's over $1.7 billion to payers on the lower end. Most of that happens in a facility, and if the cost isn't a barrier, access is. Now anyone with a butterfly can get a heart-focused license, download the app from the Apple Store, plug in their probe, and perform a limited echo, a scan that's often all you need to get key information fast right at the bedside. It's that easy, and this is why Butterfly Garden is an amplifier. More users practice medicine in ways they couldn't before, improving patient access to timely care. We also have Butterfly Scan Lab in our very own AI-powered app that members can use for ultrasound learning at no additional cost. Last October, Kansas City University College of Osteopathic Medicine became the first medical school to use Scan Lab in an elective course. This week, they joined us for a webinar to share their results which 95% of students committed to independent scanning. Over 7,000 scans were reviewed and more than 230 faculty hours were saved. This was made possible because they leveraged AI through ScanLab. In fact, the impact and student enthusiasm was so strong as of this fall, KCU expanded to a one-to-one model using our probes in ScanLab across all four years of their curriculum. Continuing on AI, for the last several years, Butterfly has been working with the Gates Foundation and the University of North Carolina on an AI-powered gestational age calculator. In many low and middle income countries, women often learn they're pregnant late in their term and may not know the date of conception. Yet gestational age is critical in guiding the care and can be lifesaving for those far from health facilities. This is where the AI steps in. So using a simple set of blind sweeps across the uterus during pregnancy, the tool automatically calculates the age of the baby. No image interpretation or specialized training required. It's a powerful example of technology meeting accessibility and affordability. Since 2022, more than 1,000 butterfly devices have been deployed in over 1,000 healthcare providers across sub-Saharan Africa, resulting in about 2 million scans to date. What's exciting is as of Q3, caregivers now in Malawi and Uganda can now use the AI calculator directly in the butterfly app. No additional hardware needed. And with the tool currently under FDA review, we're looking ahead at bringing it to even more settings. Each of Butterfly's AI initiatives have the opportunity to drive a paradigm shift in how care is delivered and represents exactly what Butterfly stands for, using AI and handheld ultrasound to remove barriers, empower more providers, and help improve outcomes. We've built the framework and the platform And now AI is unlocking massive leverage and bringing our growth strategy to life. So I'll pause here and turn it over to Megan to review the financial results for the quarter. Megan.