Butterfly Network, Inc. Morgan Stanley 24th Annual Global Healthcare Conference

Well, first of all, thank you for having us here.

It is really a pleasure, and I appreciate all the work that you have done. We have learned that we have built a very strong technology and patent portfolio to be the leader in semiconductor-based imaging. I think that is a new concept for us. We built our business and our platform around a semiconductor-based ultrasound device that can image the entire body at low cost, that can be used to image anywhere in the body, anywhere in the world. That is our core mission. But the concept of democratizing imaging through a semiconductor, that aperture has grown quite greatly recently. We have learned that our core technology can be leveraged for many different clinical use cases.

Butterfly still is a company that is developing a large market in point of care, but by licensing out our tech, working with partners on new use cases, it brings shareholders into a much larger TAM.

and a much larger opportunity. I think what we have learned is we have solved a major foundational technology problem that serves the point-of-care market, and many others. We are pulling our core technology to the center of our circle, and we are leveraging it for markets, all different types of markets, of which one of them is point-of-care ultrasound that we are developing ourselves.

Well, I really think big imaging made a mistake. Big imaging looked at semiconductor-based imaging as something that can never really go upstream.

that can never get higher image quality, that can never challenge a lot of the core tech. And they are wrong. We are benefiting a lot of the. When I talk about the part of imaging that we are focusing on, it is not the back-end image processing and all the work that could be done. That could be done by anything. It is about being dynamic on the front end on how to capture the image and how to be dynamic about that image capture. And I think they did not think we can get to the higher levels of imaging.

They didn't think we could accomplish harmonics, which is a major threshold of moving sound easier through the body to get that higher image. Our fourth-generation chip that will be out next year will be harmonic.

We will have proved their hypothesis wrong, and when you think about the competitive advantage, it cost us $300 million to make our first chip. We will launch our fourth chip in early 2027, and with the best handheld imaging device on the market. Not the best device, the best imaging device.

With 600 patents, with hundreds of millions of dollars of know-how and supply chain, with a partner with the best chip fab in the world, TSMC is our partner. Standing start, five years for someone else.

They have to figure out how to get around 600 to 700 patents.

Butterfly, to the credit of our founder, Dr. Rothberg, Butterfly was architected with a very modern architecture upfront. What do I mean by that? I've been in healthcare for 35 years, and I've run a lot of businesses in healthcare, and I've had devices that have software in them. It's actually sadly true today. If I wanted to upgrade the software on my devices in hospitals, I'm sending a rep in with a USB stick.