And then ScanLab, we’ve come out with all barrels blazing trying to get and attack this part of education. Now also new advanced AI tools like our bladder scanner or like our new Beeline tool also makes – and that’s why AI is so important. AI is so important because there is ways to capture images in a more – or guide people how to capture images in a more automated fashion. There’s ways to read images in a more automated fashion. And so getting more and more people and health care professionals who don’t have prior experience to use these AI tools is really essential. And so that’s why Butterfly Garden is so powerful because we now allow all these excellent AI tools that other companies have developed to exist in the Butterfly environment.
So our customers and our Butterfly users now will have access to those tools. So in every phase of development of ultrasound, whether it’s early education with AI, whether it’s video in testing, whether it’s in-person education or now using advanced AI tools, Butterfly will be the environment that everyone goes to.
Q – Unidentified Analyst: Great. thanks for that additional color. Just maybe just on the Forest Neurotec agreement. Just curious if you could elaborate more on just kind of next steps there and kind of the brain computer interface market and just kind of how to think about milestones towards commercialization/
Joseph DeVivo: Well, I think I don’t want to speak for Forest. That is really their business and their opportunity. What I will say is Butterfly investors have invested over $500 million in developing an incredibly novel semiconductor technology that has wide application. It has tremendous application within point of care ultrasound and ultrasound imaging, but it has incredible application in other markets. And we’ve identified the markets that Butterfly will go after, and we will partner with other companies so they don’t have to make the $0.5 billion investment, but also our investors get to benefit from those developments. What’s exciting about the Forest particular deal is what they’re looking for is the automatic scanning capability that only a semiconductor can do.
You have to move – you’d have to have a windshield wiper type device at the top of the brain to move a probe back and forth in order to get the type of scan that we provide. Our scanning, we can put the chip at the top and then we’d be able to scan through the entire brain just like in StarTrak, the tri-quarter that bones had, you just put it in front of someone and would scan your body. That’s what our semiconductor can do, and it makes it really easy for them to deliver their technology to do deep brain stimulation and other types of therapies using ultrasound. So we’re going to let them develop their clinical applications, but allows for an innovation that they’re developing to come to market so much quicker because it stands upon a proven platform.
They would have had to go through the 7 years – 10, 11 years of evolution, development and $0.5 billion worth of investment to be able to get to where they don’t have to worry about that process or they can just focus on their therapy. And the beautiful part for Butterfly investors is not only are we getting paid for the work and not only are we getting rewarded and recouping some of our investment. But on their commercial success, we will be a part of their commercial success with them and have revenue on every unit they sell. And if we can continue to develop our Butterfly ecosystem and have revenue pass-through for new way applications and if we can continue to monetize our semiconductor technology in non-competitive markets, it increases the value of Butterfly and helps us get to our goals faster.
Q – Unidentified Analyst: Great. That’s it from me. Thanks.
Heather Getz: Thanks, Neil.
Joseph DeVivo: Thanks, Neil.
Operator: Thank you for your question. There are no additional questions waiting at this time. I would now like to pass the conference back to Joe for further remarks.
Joseph DeVivo: Well, thank you all for joining. We’re very excited about where we are. We know we’re in a transition. We’re mindful as to exactly where the company is. And I’d have to say we’re excited about ’24 in the developments. So stay tuned. We’ll unpack iQ3 and the software and the power of iQ3 at our next quarter’s conference call. So thank you.
Operator: That concludes today’s call. Thank you for your participation, and enjoy the rest of your day.
