Thank you so much for being here. We're so excited to spend time with you today and do a deep dive. Let's see. So again, we're very happy to have you here. You know it's a big effort to travel in, so thank you. What we're going to do today is we're going to take a deeper dive for you into Butterfly. We have discussed our 2023 performance. We've discussed our 2024 guidance. We've discussed the launch of iQ3. So today is about looking into the future. Today is about going deeper. Today is about looking deeper into iQ3, deeper into our software, deeper into our value proposition. And we'll discuss in more detail what we're going to do in 2025, 2026, and beyond. So we'll begin today focusing and discussing our technology roadmap. Here's, first of all, forward-looking statements as we are a public company.
And we're going to talk a lot of futures today. So this is going to be much more than normal. Our agenda is we'll have our leadership team present to you. I want you to see how great my team is. We're going to show you technology first in the first three presentations. Then we're going to break for a half an hour and give you an opportunity to see some of the new technology live. We're then going to come back and do clinical sessions. We'll talk about the marketplace, new opportunities, and a bunch of different applications for the technology. Then we'll have our CFO make some comments and talk about the future financially. And then we'll bring a panel up here of clinicians and also a hospital CEO who's done a large deployment.
Then we'll bring the management team up here to answer any of your questions at the end of the day. I hope we really appreciate you being here. We have a lot in store for you. This is my team. I won't go through and introduce each one of them. Nevada will come right after and talk about our technology. What I'd like you to walk away with are these four things. One, that Butterfly is leading a digital revolution in ultrasound. Now, we've heard about digital imaging before, but that's about how images, after they're captured, are processed. On the actual acquisition of the image, that's where all of the processing power can go. You're going to find that there is a significant roadmap. We are making massive progress in going digital from analog to digital.
The second thing is that point-of-care ultrasound is here to stay. Just this last year, 1,600 papers were published on point-of-care ultrasound. 800 of them had Butterfly in it. This is not a niche. This is not something that is a fad. The genie is out of the bottle. The biggest barrier between getting POCUS to an everyday application and where it is today is education. That's our point three, is that this is inevitable. All the kids coming out of the schools now are learning how to do ultrasound just like they were taught how to use a stethoscope. I think 60% of the programs have Butterfly. 70% of all programs have ultrasound. We're going to drive that. In the next couple of years, we think all medical schools will be teaching on point-of-care ultrasound. This is inevitable.
And then the fourth thing I would love for you to leave today with understanding is that we're ready. This is no longer waiting for this next thing, waiting for that. We have the product at scale. We have the software at scale. We can help institutions institutionalize this. And it's time. So as far as I'm concerned, as far as our team's concerned, POCUS is inevitable. Digital overtaking ultrasound or taking analog is inevitable. And so hence, we think Butterfly is inevitable. So making this possible is the vision of our founder, Dr. Jonathan Rothberg. So he had the foresight to bring the most powerful and fastest evolving component of technology into ultrasound. The mission to bring ultrasound imaging to the patient when and where they need it was just to reduce cost, increase access, and make it imminently easy to use.
Butterfly has succeeded in deploying more devices around the world than any other company since its inception. But it's not been an easy journey. When you're an innovator and you're a disruptor, things are not always up and to the right. Things might go faster, might go slower. You hit roadblocks, et cetera. Look at any one of the evolutions of the major technology companies in its first 10 years, and you'll see very much the same thing, especially when you talk about health care. Early stages of disruption, especially when this disruptive technology comes into health care, is that there's barriers to change. It's a long path, which requires discipline, conviction, and strength. And today, that describes Butterfly. I've learned in health care it takes a decade to become an overnight success. So you have to be focused, and you have to be disciplined. Nothing's easy. It's earned.
And we intend to do just that. There's no better time than now because the world needs Butterfly. Only two-thirds of the world does not have access to medical imaging. Just think about that. And 80% of maladies benefit from imaging. So it's not just a business. It's a purpose. And we intend to grow and succeed and meet all of those particular goals. And all in digital device, which costs a fraction of the old guard's technology, helps us go a long way to making a difference in the world. Moreover, developed countries reward imaging with billion-dollar markets, which will be served more and more by Butterfly. So we're not all immune. A couple of months ago, my son wasn't feeling well. He went to his pediatrician. And she said, look, you guys need to go to the emergency room right away.
So we went to the emergency room. He had some soreness and sensitivity to touch. We went to the children's hospital, waited in the waiting room, went into the room where a doctor came, and said to us, look, I think it's this particular thing, but I need to get it confirmed on ultrasound. So this either was going to be we're taking him directly into surgery sorry about that. We're either taking him directly into surgery, or he's going to have an easier course. And so we were pretty nervous. I mean, I don't know how you'd feel, but I had an 11-year-old boy just about thinking about surgery. And all I could think about was, if this doctor had a Butterfly, if the doctor was trained in point-of-care ultrasound, how would that be different? But it took us 3 hours. We had to wait for the wheelchair.
We had to wait for the ultrasonography to be ready. We had to wait for the radiologist to make the read. We had to wait for it to get into the record for then the emergency room doctor to finally come in and tell us what that decision was. Thank God he's fine. He had the easier course than the harder course. But not only as a parent was my anxiety pretty high. And I was telling her, hey, I'm CEO of Butterfly. Can't you guys let's you do this and that? And like, hey, help us get trained. We don't know how to use this. So we know where that particular barrier is. But if a Butterfly was present, we would have been home much sooner. And not only that, the hospital wouldn't have had a family waiting for a test for three hours in the emergency room.
That costs the hospital money. That costs the health care system money. And on top of that, imagine if his primary care doctor had a Butterfly in the first place. We wouldn't even have gone to the hospital. So that's what point-of-care ultrasound is if you don't know what point-of-care ultrasound is. That's that experience. It's about doctors having the capability to make the decision right then and there. Today, we've launched iQ3. And Butterfly's iQ3 is more capable, faster, smaller, more powerful than ever before. For the first time now, and you go back to digital imaging not being equivalent to film. But once that imaging was equivalent, everything changed. For the first time now, our iQ3 is equivalent to any other handheld, any other analog handheld device, although they're all analog, any one of those devices.
And not only that, but it is much less than the four devices the big companies make you pay for, which is basically the same cost as a cart. So it's funny how that works. But we also have new feature sets. We have new feature sets where I believe the first phase of Butterfly was showing equivalence. And now this is where, from today forward, we start changing ultrasound for the better. So we're going to spend the next several years commercializing our iQ3, as this is a seminal technology that we are going to bring to every corner of health care. We're going to sell it through all of our channels and commit to training and partner with new AI companies, joining the overall industry's mission to make ultrasound easier, simpler, more cost-effective. As I've said, Butterfly in 2024 is going to have a good year.
I'm excited about where we are and all the things that we are doing. We're going to return to growth. We're going to see more one-to-one models where medical schools don't just train on ultrasound. They give every student their own because that's how you learn. We're going to see hospitals go more one-to-one as well. We'll focus on execution, revenue growth, cash management. And we'll drive the company closer and closer to financial independence while not losing sight of our North Star. So simply put, if we maintain the investment in semiconductors, stay focused on our core technology, we'll deliver exponential innovation, which is currently not available and is not possible with analog piezo handhelds. So we must continue to push into the future. So today's, as I said before, Butterfly's offering is complete.
We'll speak a lot about how our chips and our new hardware are improving in the future. But what's more important is that we have an operating system today to help the deployments of ultrasound throughout hospitals. We have the workflows. We have billing tools. We have the ability to store and forward in a secure fashion. We're interoperable. We have telehealth. We're interoperable into the EMRs, into the DICOMs. We've done all this work. And we've brought another 120 hospitals into our platform and into this operating system in the last year. We can help manage the governance of ultrasound. As doctors are improving their capabilities, we can help manage that with scan review, education, all within our Compass platform. We're completely integrated into the cloud as well as our devices. Butterfly represents a seamless solution for large and small systems looking to go big with POCUS.
So I'd love to play this slide for this video for a moment. It was insatiable. It was insatiable that if I made something twice as good every year, even if the customer never asked for it, even if the customer told us it was too expensive, even if the customer, when you went to float that product specification to them, told you that they're not interested and, in fact, that was the case, I took our products back to Dell and HP and IBM and Gateway. They all told me it was too much money. You're well outside of the boundaries of what they were willing to pay for. When your customers all tell you not to do something, the question is, then what do you do?
In our case, because we had this unique perspective, that 3D graphics was insatiable, and Moore's Law was our friend, therefore, we should make our graphics processors twice as good every year. And so for the first five years of our company, we just turned off our blinders and said, we're going to ignore customers. Now, which one of you guys are going to go through your marketing courses? And the lesson that it teaches you is ignore your customers. Well, sometimes you have to ignore your customers. And the reason for that is because they don't know the nature of your business. And while the industry is being created, before there's common sense about the rules of that business, there is no way they can possibly know. So I love that clip. It's not just 3D graphics that are insatiable, but also health care innovation is insatiable.
The cost is too high. Aside from the repeated not listening to the customer, sorry, Dr. Rotondo , I didn't mean to go there on that, but just joking. But aside from that component of it, staying focused on innovation, committing to the development, committing to the ability of investing in your technology because sometimes you see exactly what's created. And then when you get there, you see this whole other myriad of capabilities. It's just amazing. And his speech that he delivered in 2009 was just a fantastic North Star to technology companies who are committed to continue to innovate. So you just push through, and you just continue that innovation. And iQ3 is just the beginning of that power of that innovation that will deliver over the next five years. So we're a semiconductor company. And the first product we launched was called iQ.
iQ had our P2 chip in it. You look at supercomputers or computers, talk a lot about the chip and that processor. Butterfly has been rapidly developing our technology and improving that performance and imaging. iQ+ was our P4.1 chip, which had the same data rate. It was a very similar but a software-enhanced product. iQ3 came out. iQ3 doubled our processing power with 9.6 GB/s. 2 times at 600 MHz has improved our processing power and the ability for us to now add very novel digital tools, which make this even more capable and easier for novice users, which is the key. This is rapid innovation. This is a leap forward. Now what does the future hold? We're excited about iQ3.
We think iQ3 is an equivalent image with many of the low-end carts that are in the hospital. Our next innovation is P5. P5 will follow a different path. P5 will stand on top of P4.3. Analog ultrasound depends on acoustic pressure to generate the image. This generates Tissue Harmonic Imaging, which is how carts get their depth and their sensitivity. Historically, digital ultrasound has had less acoustic pressure but uses digital processing to enhance the image, just like your iPhones do today. It's not been a one-to-one ratio. Well, our P5 chip uses the computational power of our P4.3 chip and marries it with a new step function in MEMS technology, whereby improvement and increasing the voltage through the MEMS processor, we double that mechanical index.
Doubling the mechanical index coupled with enhanced processing power will deliver true equality to most low and medium-end carts on the market. Now, can you imagine having the power of a hospital cart in your hand? Not like it hasn't happened before, right? I mean, have you seen what supercomputers used to look like? It'd be a room. It'd be a massive thing. And every single one of you right now have them in your pocket. Carts will be a part of the past. But we don't stop there because we have a new innovation following it just after our P5.0 chip. So we mark the name X because we don't know exactly what the form factor will be in about 4 years when this comes out.
But the Apollo 1.0 chip is no normal Moore's Law progression where you double the amount of transistors on the chip every 18 months to double the power. Apollo is a next-generation chip architecture in partnership with TSMC to deliver 24 times the data rate and increase the compute power by 80x. So said differently, if our iQ+ was a 1-lane highway and iQ3 was a 3-lane highway, Apollo is a 50-lane speedway. That's the level of rapid innovation that we are bringing into digital ultrasound. So with Apollo, our image quality improves by being able to reconstruct more pieces or lines of the image with each transmit. We will now have an extremely powerful 3D processor. We'll be able to reconstruct large volumes at a much higher frame rate than we can today.
Apollo's digital signal processing rivals the capabilities of the biggest ultrasound machine GPUs that are in today's high-end carts. Even though the GPUs have more general compute power, the specialized beam-forming circuits in Apollo can be more efficient than a GPU, which must string together multiple general math operations to produce the same result. Again, all in the palm of your hand, it's not like it hasn't been done before. Dr. Rothberg put ultrasound onto the digital superhighway. Now hospitals are going to have to reimagine what they do for their ultrasonographers. The ultrasonographers no longer are going to be tethered to a machine in a room. They could be wherever they are needed at low cost. Based on Signify Research, here is the revenue for each of the ultrasound segments. We compete today in the point-of-care ultrasound segment.
As our imaging and our calculations get more and more sophisticated, our handheld will be able to deliver similar capabilities, increasing the market opportunity for Butterfly. Because within point-of-care ultrasound, we have to train everybody. We have to develop new AI tools. It's about market development. But as our devices get more and more capable, we're actually selling them to people who already know ultrasound, which increases our market opportunity dramatically. So in the next five years, the capability of all these carts will sit in the palm of your hand. So will hospitals buy them? Will they change their workflow? And will ultrasonographers around the world now be able to freely practice their craft anywhere they want and not be tethered, as I said, to a hospital, a room, or a cart? That's the future, guys.
Hospital workflows will change to reduce costs, make quicker diagnoses, and deliver better care. It's inevitable. The genie's out of the bottle. This is happening. And POCUS is inevitable. So now Butterfly replacing carts, in our view, is also inevitable. Hospitals changing their imaging workflows, in our view, is also inevitable. So with our powerful chip advancements, we now not are just focusing on building cart capability into a portable and effective device. Our processors allow us to miniaturize and the intelligence to use its advanced digital capabilities to capture the image easier. We have to capture the image easier. We have to capture the image easier. So in the patient homes, helping a remote caregiver be able to capture an image and send it to a doctor who can analyze that remotely. Direct scans are captured, uploaded, and sent automatically to that caregiver.
In this instance, our iQ Slice mode can take 40 images in a second, allowing a clinician a broad view taken by someone other than an ultrasonographer in the patient's home. This automated capture capability can be used to perform and is specifically a capability that is enabled by our ultrasound-on-chip. And it's working today. You go to the station right there on the right at the break. This is not pie in the sky. This is not futures. This is today. So in 2024, we're going to continue to compete in the POCUS market and vigorously grow and work to take share. We'll take the best probe coupled with the best software platform in the world and grow the market and deliver on our commitments to you.
We also believe that iQ3 marks, as I mentioned, the beginning of the one-to-one models where some departments will simply choose to give each doctor a Butterfly instead of reordering a cart. Our P5 chip will produce image quality, which will rival low- and medium-end carts. Our Apollo chip will give us the power to introduce feature sets of high-end carts at a fraction of the cost while delivering one-of-a-kind digital tools for performance. And last, we will enter over the next several years the home market. And you'll learn today that we're going to build a home care business. We'll enter the home market, making it easier to manage chronic care patients in the home. The person who will deliver that message to you is our newest executive, Paula LeClair, who is a Senior Vice President of Home Care. And right after the break, you'll hear her talk.
Right now, I'd like to turn it over to Nevada Sanchez, our co-founder of our core technology, to go through our technology roadmap. Thank you, guys. Thank you, Joe. I'm Nevada Sanchez, co-founder of Butterfly Network. I lead the development of our core technology, both internal and external to Butterfly. You'll understand a little bit later exactly what that means. Right now, I want to talk to you about the most exciting part of Butterfly, our technology. There's no longer any debate about the importance of early clinical imaging. It's a profound impact to the quality of patient care. New point-of-care ultrasound programs are established every single day in hospitals and universities. Existing programs are growing at increasing rates. The need is there. However, we are still far away from our dream of having ultrasound as ubiquitous as the stethoscope.
For decades, the medical device industry has not responded to the barriers impeding the widespread adoption of ultrasound technology: affordability, accessibility, and ease of use. A large percentage of ultrasound exams are still, to this day, performed using complicated and expensive cart-based machines that take years of training to master. It's not enough to try to take a BlackBerry and turn it into an iPhone. We need a fresh start, a new way of developing a solution that leverages the technology that we have available today and addresses the needs of today's patients and health care workers. Let's start with a brief history of ultrasound technology. For over 50 years, ultrasound probes were built using rows of about 100 or so piezoelectric crystals. These crystals operate within a narrow range of frequencies, which make them good at imaging just one part of the body.
If I need to image your heart, I need a different probe than if I'm going to look at your shoulder. They're fragile and expensive to manufacture. They have lead in them. They are one of the only lead-based electronic devices that are allowed to be sold in Europe. They made an exception for piezos because there was no alternative. That was, of course, until Butterfly. We do not simply take this antiquated technology and try to make it smaller and cheaper. We built ourselves from the ground up as a digital-first, mobile-first, and cloud-first solution. We replace those piezoelectric crystals with ultrasonic transducers fabricated directly on a silicon wafer using a microelectromechanical process, also known as MEMS. We directly fabricated those transducers atop a uniquely powerful ultrasound processing chip with a two-dimensional array of almost 9,000 individual elements.
All of the large and expensive electronics that would previously fill an entire cabinet on a cart now fit on a single chip the size of two Post-it stamps. That tight integration of electronics and transducers means that this single chip has the ability to perform the scans that a dozen piezo probes can do. The two-dimensional matrix array means that Butterfly's chip can see in three dimensions, a capability that is entirely unheard of in point-of-care ultrasound. This is why we're the only ones that can produce CT-style slice-based imagery with a device small enough to fit in your pocket. It means that we're uniquely positioned to enable the most sophisticated and intelligent AI algorithms that you can imagine. When we released the iQ and the iQ+, we captured the handheld market almost overnight. We had an incumbent advantage. But we did not stop there.
Our latest generation, iQ3, represents a step function improvement in the quality of handheld ultrasound. We developed a new chip architecture with improved microbeam forming that allows us to see faster and sharper imagery and significantly improves our 3D imaging capabilities. We doubled our data rates, quadrupled our processing power, and we significantly improved the range of acoustic frequencies that we can operate at, allowing us to go all the way up to 12 megahertz so that we can see incredible detail at the shallowest imaging depths. We listened closely to the voice of our customers and made several improvements to the ergonomics and usability of the device. We made a probe shorter. We made the probe face smaller, added programmable buttons, and improved the charging experience. Although it's only been out for a month, the response from our customers has been extremely positive.
In the past, there were pockets of the market that held back from handheld ultrasound because the image quality just wasn't there yet. What we're hearing from our customers today is that the iQ3 has everything our customers want to support their clinical and diagnostic needs. Now, analog ultrasound was a fantastic innovation that dramatically altered the standard of health care for more than half a century. But like any great innovation, it must evolve. And iQ3 is the inflection point in that evolution of ultrasound imaging, when digital matches analog. If history is any guide, the digital platforms will advance faster and further than their analog predecessors. And ultrasound will be no exception. Like film cameras and vacuum tubes, analog ultrasound will be relegated to niche markets outside of the mainstream digital-only market of the future.
Now, we knew from the very beginning that building an ultrasound device was not going to be enough. We needed to think about how our customers were actually going to use that device. Where are they going to store their images? How is it going to connect to the patient's medical records? How would hospital staff become trained and credentialed so that they can use and bill for ultrasound? Butterfly has invested heavily in providing a solution that will support our customers from end to end. That solution is called Compass. Compass is a best-in-class, cloud-native enterprise workflow management solution. It provides everything our users need, whether they're a small family practice or a large hospital network. Our users will upload images from the mobile apps seamlessly into the Butterfly Cloud. We even integrate with devices from other manufacturers.
From there, our cloud can integrate with any of the infrastructure that a particular hospital needs to adopt our full solution, including their PACS, electronic medical records, their work list. They've asked, and we've delivered. Being mobile-first and cloud-first, we are designed to scale. In fact, our users upload more than 30,000 images every single day to the Butterfly Cloud. Since I started talking, we've captured at least 100 new images in our cloud. Here's a closer look at some of the things that Compass provides. A hospital can implement a full end-to-end ultrasound training and proficiency management program, complete with quality assurance, custom worksheets, custom curricula, and customized dashboards to track learning progress. We provide fleet management and user analytics so our customers can understand the detailed operations of their clinical ultrasound program.
Our pioneering and counter-based workflow, our beautiful and intuitive UI, and unprecedented feature set puts us ahead of the pack in enterprise ultrasound workflow management. We have customers that insist on buying our software even before they have a single Butterfly ultrasound device to use it with. Between Compass and our award-winning mobile application, Butterfly has a software ecosystem that we can truly be proud of. Ease of use continues to be a major hurdle for the broad adoption of ultrasound. While there are certain procedures that a novice can perform, in general, it can take years to become proficient at acquiring diagnostic images and years more to be able to interpret those images. This is where artificial intelligence can have a profound impact. Butterfly has one of the most advanced AI infrastructures in the ultrasound industry.
We have what is likely the largest repository of ultrasound images on the planet: over 1 billion frames, 3.5 million CNAs, all in our Butterfly Cloud and available for us to train AI models on. This is just the beginning. We have proprietary tools to streamline the annotation of these images by experts so that we can train new AI algorithms. Shown here is one of our algorithms that takes an image of a lung and computes artifacts called B-lines to determine if there's fluid in the lung. While we train this AI model on massive data sets in the cloud, the algorithm itself must run at the bedside and without connectivity. And so what you see on the right is our automated B-line counter running in real time on a mobile device while the user is scanning.
This is not an extra step to burden our users with in their workflow, but a tool that effortlessly provides live assistance. Our digital-first, mobile-first, and cloud-first approach has provided us with a unique advantage in the race to develop new AI technologies. This is an advantage that is unmatched by the legacy platforms. It gets better. One of the things that makes ultrasound so difficult to use is that you only get a single slice of the image with the 1D piezoelectric arrays of yesterday. This makes navigating to a meaningful image quite challenging. Butterfly's 2D MEMS array allows us to automatically scan in three dimensions, providing a full volumetric view. This is critical for applications like automated bladder volume measurement. More so, this capability provides the foundation for an entirely new category of AI models that are able to leverage this higher-dimensional data.
This same technology underlies the recently released iQ Slice and iQ Fan features. Gone are the days where users have to search by trial and error to find the right view. Once the user places the probe in the vicinity of the right anatomy, iQ Slice will automatically acquire and save images at all angles, providing a collection of imagery that the user can scroll through after the fact to find the image they need and to be confident that they haven't missed anything. Now, just imagine what an AI can do with that level of information. It will be a very long time, if ever, before analog ultrasound can reproduce that capability in a device that can fit in your pocket. Artificial intelligence can not only just help with diagnosis and acquisition of images, it can greatly enhance the training experience for new uses of ultrasound.
What you see here is an app that we released earlier this year called ScanLab. It is capturing the attention of educators across the globe with resounding accolades. Starting out, you see tips and reference images for how to position the probe. But once you start scanning, that's where the magic begins. Quality indicator tells you in real time the quality of the image that you're acquiring so that you can find that perfect image. And we recognize that people are visual learners. Here you see AI models running in real time on ScanLab that are actively identifying, isolating, and visualizing key parts of anatomy. Butterfly is your personal AI tutor, guiding you along as you learn some of the trickiest imaging procedures.
We will continue to deliver new clinical applications and new capabilities into the app so that Butterfly ScanLab becomes the first tool that every ultrasound learner will use in their path to proficiency. So you've seen what excites us. Now, let's talk a little bit about the roadmap. Starting with the first iQ that was released in 2018 to the recently released iQ3, our revolutionary semiconductor ultrasound platform has enabled us to develop and launch hardware programs very rapidly. Along with ever-improving image capabilities, we are also continuing to research new form factors that are uniquely enabled by ultrasound on a chip. These concepts beyond iQ3 are not current official launches, but we are exploring wearables, miniaturized probes, and use-case-specific probes, such as those that might be used for patient self-scanning. These aren't just pretty pictures.
They are working prototypes that you can see and touch right here today, right there in the back. As I mentioned, wearables and home care, I do have to say one more very important thing about the significance of 3D imaging. When you fix an imaging device on the body, the ability to scan in three dimensions instead of just a slice, it changes everything. Put this into perspective, at our deepest presets, for example, cardiac, our field of view spans nearly 30 centimeters. That's about a square foot of area at the bottom of the deepest point of our image. That means that we can image anatomy larger than the size of a football in any 3D orientation.
So the challenge of placing a fixed device in a particular location and angling it in precisely the right way, that's no longer a concern when you can see in 3D. Our R&D efforts continue to be focused heavily on unlocking opportunities that are uniquely enabled by our Ultrasound-on-Chip and our digital advantage, things that we can do that no one else in the world can do. Our continued investment in R&D ensures that we maintain and grow this technology lead. I want to talk a little bit more about that chip roadmap that Joe shared earlier. Since we released the iQ and iQ+ on our Gen 1 and Gen 2 chip platforms and recently our iQ3 on our latest chip platform, we've become the top-selling ultrasound device year after year. Now, let's look into the future.
It's no secret that piezoelectric crystals can produce more acoustic pressure at low frequencies, the frequencies that you typically use to scan the heart or the abdomen. In our next-generation Poseidon 5 chip, we are advancing the performance of our MEMS transducers to nearly double the acoustic output that we can produce at these low frequencies. This is no small feat. Being able to engineer a new MEMS design and semiconductor process to realize this level of performance improvement without sacrificing the reliability of our devices is a result of Butterfly's deep and proprietary domain knowledge partnered with TSMC's world-leading semiconductor fabrication expertise. Looking even further into the future, we will significantly improve our data transfer and processing power with a brand new chip architecture called Apollo. By following Moore's Law into deep submicron technologies, we will see enhancements in our capability spanning nearly two orders of magnitude.
This will allow us to unlock the capabilities of the most advanced premium ultrasound carts on the market today. This ultrasound processing unit will usher in a new era in medical ultrasound in much the same way that graphical processing units changed computer graphics and are now a driving force behind AI. Butterfly is powered by innovation at all levels of our technology stack, from our chips to our hardware, our software, our imaging algorithms, and our AI models. To protect this expansive range of intellectual property that we've developed for over a decade, we've built a broad and deep multi-layered patent portfolio. We protect our crown jewel, the ultrasound on chip, with foundational MEMS and semiconductor patents. We build upon them with patents covering the rest of our technology stack and the use cases enabled by that technology.
There is not a single portion of our end-to-end solution that relies on a single patent, making our IP moat deep and prohibitively expensive to cross. I hope that after everything I've shared with you today, you come away with an understanding for why Butterfly is such a powerful and formidable force for driving meaningful change in healthcare. And now, I will invite our Chief Strategy Officer, Darius Shahida, to the podium. Good morning, everyone. So today, I have the exciting privilege of being able to share more about the great work we've been doing across our Butterfly Garden and Powered by Butterfly efforts as we expand and scale Butterfly's impact beyond just the point-of-care market. Now, less than a year ago, we announced the launch of Butterfly Garden with the goal of creating the premier destination for artificial intelligence development in ultrasound.
As with Apple's App Store, Butterfly Garden has created the space for innumerable new innovations and tools to be deployed to our users, furthering their ability to deliver better care and master their craft. Since the launch of this program, our team has been overwhelmed with the amount of positive inbound and demand from more than 200 prospective partners globally. These partners are working on novel and important clinical problems, from developing tools to detect DVT and aortic stenosis to automatically determining the gestational age of a fetus to evaluating a patient's ejection fraction, the tools and innovations we are seeing from partners touch nearly every clinical specialty and care setting. To date, we've signed over 15 of these partners.
Today, we've invited four of these partners, ThinkSono, iCardio.ai, DeepEcho, and UNC, to showcase the great work they've done and the tools that will be coming soon to Butterfly's customers. Why are so many partners coming to the Butterfly Garden? History tells us that the most successful platforms are those that demonstrate clear value for customers on both sides. It should therefore come as no surprise that artificial intelligence, which represents one of the most powerful and effective tools to overcome the educational and training barriers to widespread ultrasound adoption, is a key to this. By bringing more and more of these tools to our users, we are therefore reducing barriers to adoption and utilization and empowering our users to choose the tools that suit their needs.
As for the value Butterfly delivers to our partners, it is important to note that most are artificial intelligence startups or software companies that have not established a scaled customer base or commercial infrastructure as of yet. Butterfly, therefore, offers the on-ramp to the largest network of point-of-care ultrasound users globally at over 145,000 strong and growing, which gives our partners the ability to achieve global scale instantly by entering the Butterfly Garden. Ultimately, we believe that by creating this ecosystem and platform for AI development and deployment at scale, we will ultimately unlock ultrasound's potential once and for all. Another great example of the extensibility of Butterfly's potential and platform is our Powered by Butterfly strategy. Over the last decade since Butterfly was conceived, we have spent nearly $500 million in research and development creating the most advanced and versatile ultrasound on chip platform in the world.
This platform is protected by over 600 patents and supported by the technology and manufacturing prowess of the world's most sophisticated semiconductor fab, TSMC. Now, while the value of this ultrasound on chip technology is clear and the evidence of what it has unlocked in terms of market access and ease of use is irrefutable, what our Powered by Butterfly strategy is uncovering is the degree to which this technology has applications and extensibility outside of the point-of-care ultrasound space.
The goal of this strategy is therefore to unlock the value of our ultrasound on chip platform for all non-competitive technologies, in the same way that Intel has powered numerous technologies with their Intel Inside chip technology, and in the same way that NVIDIA is powering the next generation of GPU-intensive activities with their chips, so too do we envision a future where Butterfly's chip is powering numerous medical and non-medical technologies. In fact, since announcing this strategy, we've been inundated with demand from global partners looking to leverage Butterfly's ultrasound on chip technology for wearables, implantable devices, interventional and robotic applications, therapeutic applications, and much more. To this end, we thought it would be far more powerful to have our partners show you why they chose to be powered by Butterfly and to demonstrate their technology. Now, we have two incredible partners here today, Forest Neurotech and Menda.
Allow me to turn the stage over to the Forest Neurotech team to share more about what we've been working on together. Sumner?
Well, first of all, thank you, everyone, for being here today. Let's see if we can advance here. It's my pleasure to share a little bit about Forest Neurotech with you. Our mission is to create the first implantable device that's capable of imaging and modulating function throughout the entire brain. And we aim to do this in a non-invasive or less invasive way that doesn't damage a single cell of brain tissue. So this really represents the next generation of neurotechnologies and the first platform where neuroscience and therapeutics for neurological dysfunction can be developed in software. And this really all ties back to a vision that's made possible thanks to advances in ultrasound technology. So when many of us hear neurotech, we tend to think of videos like this one.
So here, my co-founder, Tyson Aflalo , on the top left, demonstrates what electrode-based brain-computer interfaces, or BCIs, can do. This patient's name is Eric. He had a spinal cord injury about 13 years before this video was taken. So if you look closely, you can see these pedestals coming out of his head. These are connected to two implants in his brain. And Eric said, "You know, I live with my mom. On the weekends, I really want to have a beer, but she keeps just giving me a really hard time about it. So if I could just do anything with a BCI, I'd just like to drink a beer on my own." And you can see how happy he is.
Not long after this video was taken, Tyson and his team at Caltech had patients playing video games, making art, even driving full-size cars from across the country remotely. So BCIs like this offer newfound autonomy and joy to people that are living with paralysis. Today's major developments in BCI are often product-focused, like this video on the bottom from Neuralink. So at first glance, a monkey playing Pong, which maybe isn't playing right now, but hopefully you saw before, may not be as impressive as driving a car. But what is impressive about this is what you don't see: no pedestals, no wires, a real commercial device. And that represents the first BCI among many and a new generation of BCIs that could see widespread adoption. So the advances in neurotechnology can really seem magical. So it begs the question, why don't we all have implants now?
The first is their invasiveness. Implanting electrodes requires a highly trained surgeon and invariably damages a little bit of brain tissue whenever they're inserted. But second, and perhaps most importantly, is their scale. Electrodes are very, very small. So even the Neuralink, which has thousands of electrodes, doesn't cover too much of the brain. In fact, it would take 6 Neuralinks to cover just 1% of the human cortex. Now, this is important because most neurological disorders require interacting with much, much more of the brain. Disorders like depression, OCD, bipolar disorder, they all have a few things in common. First, they occur in circuits that are spread widely throughout the brain. And second, they change slowly over very long periods of time. So if we want to help the 21 million or so Americans that have treatment-resistant, severe forms of psychiatric illness, we need new interfaces.
Those interfaces really need to interact with the entire brain. So that's Forest's mission, and its namesake, to see the forest for the trees, to interact with the brain at scale. So ultrasound is really what makes this possible. Of course, we all know here that it has 75 years of data proving it's incredibly safe. But it also gives us this incredibly wide field of view, like Nevada was telling us about. Waves easily persist through soft tissue like the brain, allowing us to see deep down into those important structures. It does that while keeping really excellent resolution. In some of the early work we performed at Caltech, we were measuring volumes up to 800 times more precise than what we could do with functional MRI. And we've made breakthroughs in those recent years as well.
Again, some of that work demonstrating that ultrasound is capable of real-time measurement of brain function. And then, going to the therapeutic side, you can also use ultrasound to stimulate the brain, focusing its energy down to actually change brain function in closed loop. But there has been one very big problem, literally, the whole time. These research-grade scanners are cumbersome. They're difficult to program, and they're very expensive. So Butterfly's ultrasound on chip solution solves a lot of this. It's compact, it's performant, and it's affordable. Luckily, their incredible team has already managed to shrink the performance of these massive scanners into the palm of your hand. And they didn't do that by sacrificing on performance. So they have nearly 9,000 transducers in the chip. So compare that to the 128 that we were limited to use at Caltech.
And finally, and this is the real banger, it's less than 1% of the cost of a research scanner. So this is why we were thrilled to partner together in October of last year. So Powered by Butterfly's ultrasound on chip tech, we're working together to now make implantable ultrasound possible for the first time. So just to close, within five years, we really aim to prove that our vision of a minimally invasive whole-brain interface is possible. And that will lay the groundwork for a future where an outpatient procedure could now give you widespread access to better mental health, reducing disease burden, and eventually to neuro wellness for everybody. So with that, I'll just say thank you for listening. And next up, you'll hear from another Powered by Butterfly company from Josh DeFonzo, CEO of Menda. Thank you.
First and foremost, I'm thrilled to be here today. I want to thank Joe DeVivo, Heather, Darius, Nevada, and the entire Butterfly team for inviting us and for being outstanding partners throughout Menda's journey thus far. I'm excited to introduce you to Menda and our technology, which aims to elevate the capability of ultrasound-based intervention by enabling all healthcare providers to do more for their patients. When it comes to medical intervention, there are three elements to success. First and foremost, clinical judgment, or the ability to diagnose a patient's condition and determine what to do about it. Second, technical expertise. In other words, the ability to successfully perform an interventional technique whenever needed. Third, and most importantly, timely and effectively delivery of that care. In today's environment, many of the procedures that require image guidance involve unacceptable wait times and overly complex care coordination.
Unfortunately, in most healthcare systems, including our own, there are too few providers who perform image-guided, needle-based intervention at a high volume. Among 250 million procedures in the United States, that's 250 million, ranging from organ access, vascular access, and pain management procedures across all care settings, those that you've heard Joe and the team mention, a mere 15,000 healthcare providers provision 60% of that care. Amidst healthcare provider burnout and skilled labor shortages, we need to enable more healthcare providers to deliver these procedures in a scalable, safe, and reliable, reproducible manner. It's our vision to empower more healthcare providers to perform these techniques by digitizing both the clinical judgment necessary to interpret ultrasound images, but also the technical expertise required to do something about those images and what is found in diagnosis.
The aim is to make high-quality intervention available for every patient encounter at every care facility across the globe. My company combines small form factor robotics since we've been pulling out props here. I guess we're going to pull ours up as well. So if you've got imaging in your hand and a robot in your pocket, we combine robotics, imaging, AI, and telepresence to enable highly scalable intervention and care delivery. The first generation of our handheld collaborative robotic system enables healthcare providers to more easily and consistently perform image-guided techniques. Working in conjunction with ultrasound, our system allows providers to perform intervention with a few simple taps of a touchscreen monitor. As you can see here, the user is able to select a target of interest, and our system plans the appropriate instrument trajectory very simply.
That planned trajectory can be modified as needed in order to optimize for things like preferred skin entry site or avoiding an instrument path that might involve a critical anatomic structure. Once a trajectory is confirmed, our system tracks the tip of the instrument in real time to near-millimeter accuracy as the instrument is introduced into the body. This capability allows providers to easily identify an instrument throughout an intervention and also alerts the user once the instrument has reached the desired target, which is critical in things like biopsy and vascular access. As you can see, upon completion of the intervention, the system simply undocks from the instrument, and you're ready to provision care the way that you ordinarily would.
In addition to the features that we've demonstrated in this video today, subsequent generations of our system will include AI modules to help providers both acquire and interpret ultrasound images, as well as telepresence capabilities that will further assist healthcare providers with those tasks. Menda and Butterfly have been developing a customized version of iQ3 to be compatible with our guidance system. Butterfly's iQ3 platform allows whole-body imaging, which supports Menda's broad range of clinical applications. Our collaboration has also enabled opportunities to develop novel features for intervention that will utilize Butterfly's biplane and iQ Slice capabilities, which are uniquely enabled by Butterfly's ultrasound-on-chip technology. As you can see in the video here, our robotic system uses features such as biplane in order to allow a user to visualize simultaneous views of an instrument, which shortens the learning curve for healthcare providers and makes procedures much more approachable.
Furthermore, the modularity of Butterfly's imaging platform will support Menda's pipeline of robotic products for other exciting clinical environments such as home use. With that, I'd like to hand it back over to Darius Shahida. Thank you very much.
Wow. So hopefully those two presentations gave you a little taste of what is to come with Powered by Butterfly. Collaborating with teams like Forest and Menda not only help enable new technologies that will improve patient care worldwide, but also open new markets that will bring tremendous value to our shareholders. So with that said, I'd like to spend the remaining time just discussing the business model underlying our Powered by Butterfly and Garden partnership strategies. Now, for Garden, the business model is quite straightforward and the economic scale as we add partners. More specifically, we collect an SDK access fee to offset the cost of onboarding each partner and then charge revenue share for any revenue derived from the Garden.
Whether a partner chooses to sell their application for $100 a year or $1,000 a year, we capture a percentage of this revenue as Apple does with their App Store. Now, there's obviously additional value that comes as we add more partners to the Garden insofar as new users are compelled to buy Butterfly devices to access these tools. In many cases, the Garden partners we select are exclusive to us or putting a lot of their efforts on our platform given its scale and our superior product. As for our Powered by Butterfly business model, this is much more bespoke to each integration, but typically entails a technology license fee, payment for any development costs, chip purchase commitments, and ultimately revenue share upon commercialization. Here, the added value mirrors that of Garden in expanding our footprint to new users and ultimately new end markets.
Ultimately, we believe both of these endeavors will not only deliver significant revenue and value to our shareholders, but also enrich the overall value of Butterfly's offering to our users. We're excited to enable these new innovations, and we have a robust pipeline of opportunities with both of our strategies, which we'll be sure to update you on throughout the year. So with that said, I'd like to just let you all know that now we're going to be transitioning to our first of two breakout sessions. You'll all have about 30 minutes to rotate through stations showcasing Butterfly's innovation. We'll have a second break in the agenda today, so don't worry if you can't hit everything all at once. But within this main room, don't miss our Butterfly iQ3 and Next Generation Wearable Technology booths. Here, you're also going to find booths on our Compass software and Vet offerings .
And then outside these doors, you'll see our partner showcase featuring a select group of our Butterfly Garden and Powered by Butterfly partners. So with that said, please enjoy, and we'll see you all back here at 1:45 P.M. Thank you. Ladies and gentlemen, our program will begin in five minutes. Our program will begin in five minutes. Please find your seats. I wish they had a laser pointer. Ladies and gentlemen, please find your seats. Our program will begin in two minutes. Please find your seats. We will begin in two minutes. Ladies and gentlemen, please find your seats. Our program will begin shortly. Please find your seats. The partners in the back that have that interesting applications, you're going to look at them and go, "Oh my gosh, medicine is going to change." Well, welcome back for the second half of our management presentations.
I hope you enjoyed getting a closer look at some of the exciting innovations that are out there.
I'm Dr. John Martin. I'm the Chief Medical Officer, and I'll be starting off the next segment. In the first half, Joe, Nevada, and Darius described how Butterfly has really been the architects of new technology. Now, I want to share with you how we're also the architects of a whole new way of practicing medicine, and it's incredibly exciting. The potential of POCUS has been restrained from its early inception until 2018. The cost and complexity of previous ultrasound devices relegated its use to limited care venues and specialties, mainly in the confines of hospital emergency departments. This all changed with the introduction of Butterfly. For the very first time, a single ultrasound device could handle the duties of the multiprobe cart, and the future of POCUS was set in motion.
Now, this is a fundamental shift in the manner in which care is being delivered, and all stakeholders in healthcare are better for it. For centuries, whenever and wherever you see a clinician, it's been history, physical, and then pause. Then we determine, "Do we know what's wrong with you? Do we need more information?" Well, that pause is expensive, inefficient, and leads to inaccuracy and anxiety for the patient and clinician alike, as Joe shared. And I can promise you personally, as a physician, we hate not knowing what's wrong with you when we see you. And I'm sure all of you, either yourselves or with your family, have experienced the waiting game like Joe. What's fascinating is that up to 80% of diagnostic dilemmas can be solved by simple imaging alone, like ultrasound.
Up until recently, we've had to wait for it, from minutes to hours to days, which leads one to an obvious question: Why in the world would you continue to do this, listen and guess, when you can do this, look and know? Now, this is the new reality of the practice of medicine that Butterfly has launched. We're redefining the HPI. It's now history, physical, image, then pause. With Butterfly imaging data in your hand, you make better, faster, more cost-effective decisions with a logical boost in patient and clinician satisfaction. Candidly, it's just better medicine, and Butterfly is making this a reality all across the globe, tackling health equity like never before. You're going to hear this firsthand from Dr. Shah shortly, and it's moving.
Now, Joe shared with you a personal story where time was the penalty paid for not having a Butterfly, and we can all identify with the anxiety he must have felt. But let me share with you another example that demonstrates why it's not just waiting that is improved with Butterfly. This is my personal story. A patient presented to me just recently with an evaluation for leg pain. He had no history of any other vascular issues but a few risk factors. In what has become my norm, I took a history, performed a physical, and then imaged with a Butterfly his carotid arteries and his aorta. History, physical, image. The routine physical that I performed prior to imaging revealed no evidence, but when I did a POCUS exam, I discovered this critical right carotid artery stenosis you see in this picture.
He was at significantly increased risk of having a stroke, and without Butterfly, this would have been missed. There was no indication that this was present. Remember, he came to see me with leg pain. Instead, not only did I determine what was wrong with his legs, I discovered a life-threatening problem that was lurking silently, waiting to strike. I can't begin to tell you just how rewarding for me and how relieved and grateful the family was that I found it. I got him to the operating room, and I fixed it, thus dramatically reducing his stroke risk. Here you can see the arteriogram image on the left, the critical artery stenosis, and on the right what it looks like when I fixed it. History, physical, image. It's just better medicine, and those that embrace this model see it every single day.
Now, critical to the adoption of any new technology or any change in clinical practice is value. Sometimes the value is just clinical. The pitch is, "Use this new device, and you'll get better outcomes." With most new technologies, however, it usually comes with a price. A higher price tag increases the cost of care. Now, we often swallow the trade-off in service to better outcomes. But what makes POCUS, and particularly Butterfly, so special is the adoption of this technology actually is even more economically compelling. Better outcomes and cost-effective. The beauty of Butterfly is that it provides an opportunity for cost savings and a revenue generation depending on the care venue while providing overall better clinical decision-making.
An example here from the University of Rochester, where deployment of Butterfly ecosystem in an ED resulted in a 37% increase in professional billing alone, offsetting the investment in a very short time but increasing care efficiency. Now, this plays well not only in the fee-for-service world but in the models of value-based care that are beginning to dominate the marketplace. This is not a hypothetical. It's proven, a genuine return on investment. Now, it's not just the clinical or even economic value that's driving adoption. There are a myriad of forces in play, often mentioned in isolation of one another, but when seen in their totality, it's hard to overestimate the momentum that's building, that's creating for clinical behavior change and the adoption of Butterfly by healthcare providers at all levels.
These include the dramatic shortages of ultrasound technologists, the new professional society guidelines, razor-thin hospital margins and staff shortages, and baby boomers hitting healthcare driving overcrowding. Everything is aligning to history, physical, image, and better, more cost-effective healthcare. What also gives me great confidence is that the inevitability of POCUS is the integration into clinical practice across all specialties is dominant. It's playing a dominant role in both medical school and postgraduate training. You have the majority of medical schools all across the country as POCUS is part of the curriculum, and the key specialties are now making it mandatory in the residency programs, the latest addition being family medicine, a huge step. Emerging from training today are young doctors, not only competent but confident in the use of POCUS.
Now, they're joining forces with the innovators that lead most POCUS programs in assisting those in the middle to get trained and adopt. Another fundamental change is the building of the institutional infrastructure to manage now hundreds of devices within their systems, creating oversight, credentialing, and quality programs, and importantly, the structure to store, report, and bill for the studies being performed, not just Butterflies but on all the cart-based systems as well. This is an infrastructure that just did not exist before Butterfly, and our best-in-class middleware is leading this change. While the future is bright and there are students and residents at the bottom and innovators at the top, there is a large swath of practicing clinicians in the middle that need to find a way to make that journey from novice to experts within the constraints of their already overburdened clinical practice.
This is the real challenge and the tipping point for mass adoption. Now, we know what the key steps are to get there, and we're building these tools to make this faster and easier. The personal and affordable devices are now available. We can have our own. The next step is helping with image capture. How can I get good at getting just the right image, the answer, the question? We're not alone in addressing this step. If you've seen with our garden partners, then you should see them. But we have come up with some uniquely Butterfly innovations that are paving the way to make competency less of a burden. Each one of the applications has a unique learning curve. Some like bladder here on the left, they're incredibly easy to learn. Within an hour and a few scans, I can make you competent.
Others like lung are also relatively easy, but things like cardiac, that can be a real challenge. Therefore, teaching each one of these applications means creating a unique skill set that's a combination of probe movements and the recognition of anatomic structures. We've addressed this particular challenge in our latest educational offering. ScanLab, as you've heard from Nevada, is released as an education-only application. It has four key elements. First, important tips on probe positioning and maneuvering. Second, reference imagings that show the learner what they should see. Third, a real-time display that will automatically annotate the image for the user when the quality of the image is sufficient. And finally, that quality indicator that provides you feedback as you move the probe. Adults are visual learners. They need feedback, and ScanLab makes that possible. You have an instructor by your side while you practice.
And we have it for the common applications today, and we'll be adding more continuously. But we wanted to go even further to make this even easier for learners as well as set the stage for imaging techniques on a handheld only possible with Butterfly. We've talked about this. What is imaging can be as easy as getting a CAT scan. For those of you that have one, you lie still, and the machine does all the work. The scanner moves through the body, capturing slices, and the software does the reconstruction. The physician then picks the image or images that answer the clinical question. You don't manipulate the machine. The software and the device do the work for you. Well, we looked to that concept and leveraged ultrasound on a chip. You hold this probe still, and we create iQ Slice.
In this instance, you go over the kidney, and the device fans, capturing 42 images. Depending on your skill set, you can either quickly pick the best image, annotate, and save it, or if you're a novice, you can just send it to an expert who then can pick the right image and make that clinical decision. The applications for this are abroad, and here's another example of a vascular problem that I see commonly. Dilation of the aorta, called an abdominal aortic aneurysm, is a deadly problem and one of the leading causes of death in males who have ever smoked. Early detection and repair shifts the mortality from 90% if it ruptures to all the way down to 2% if it's fixed electively, and that's why screening is recommended in high-risk patients. Unfortunately, studies have shown less than 10% of eligible people get screened.
We believe Butterfly and iQ Slice in primary care can change this. Here we place the probe between your belly button and your chest, and you just hit go, and you can see as it walks through. I can quickly see in this image this patient's aorta is normal, but if it wasn't, it would look like the image on the bottom left, and I would know instantly. Now, this is a use case one of our key partners has adopted in primary care because of its importance clinically, and there are thousands of patients in their system that are eligible for screening and have gone untested thus far. It's early in that trial, but they're making great progress and that great headway saving lives. Now, the potential number of use cases are expansive.
Just imagine how helpful this can be for OB, where imaging is critical but access to imaging experts is limited. We know imaging can make a huge difference in the maternal-fetal mortality, and you're going to hear a lot more about that shortly from Dr. Shah. Well, this is only the beginning because our digital chip is capable of three-dimensional imaging, as we've shown. This is a 3D image of a bladder. Our iQ Slice will lead to taking that full data set acquired, then use our software to perfect the image in all dimensions, then displaying both in 2D and 3D the target structure.
This was something that candidly was just unimaginable with a handheld device prior to Butterfly, and I can tell you personally the impact of clinical efficiency and accuracy just cannot be overstated, and I can't wait to see our team bring this concept to life. Medicine will change. Before I close, I want to make a brief mention about our journey into the home. Healthcare is moving quickly in that direction, and Butterfly is not just following that trend. We're leading change here as well. You're going to hear more about this from Paula shortly, but I wanted to make some clear clinical points that set the stage for her comments. First, the value of imaging in the home has been validated. You don't have to wonder if this is possible or if it makes a clinical difference. The answer is an overwhelming yes.
Bringing imaging into the home opens up a world of opportunities to expand who can be managed in the home, and it will accelerate the hospital-at-home programs that are developing across the country. It addresses cost-effectiveness, staff shortages, and patient preference all at once. Second, our ability to use teleguidance tools to enable a nurse or aide, or even a patient, to connect to an expert and help capture high-quality images is also proven and of clinical value. As our home health workers embark on their journey to competency, they can, in the meantime, have a coach ready and waiting, and soon patients will be on that same journey. Third, patients are capable of scanning themselves independent of teleguidance and getting adequate images with minimal training, and IRB studies we've performed on multiple applications are already published in peer-reviewed journals.
There's no longer any doubt that this is possible, and it portends a great future for home scanning and chronic disease management. Now, we do have FDA work in front of us before we can release this, but it is within sight. Now, finally, multiple AI tools are now approved that make interpretation of the images easier, so image capture and image interpretation can be efficient to manage the growing burden of chronic diseases like congestive heart failure in a much more cost-effective manner. This keeps patients in the home where they prefer to be instead of in a doctor's office or an emergency room or a hospital bed where they don't want to be. The concept of patients scanning themselves in the home was believed by so many when they would tell me to be contrary to common sense. After all, historically, it takes trained professionals to do ultrasound.
Let's use history as our guide and reference. Take a defibrillator. This is a device that delivers a shock if done inappropriately, could literally kill someone. It was used initially only by experts in the field in a hospital, but evolution has now moved it to the home, to everywhere, to be used by anyone with simple instructions given at the time of its use. Now, it's ultimately landed as an implantable. Now, Butterfly and its chip technology are following that same path from the hospital to the home and what you've seen by our Powered by Butterfly partner into an implantable. Like the defibrillator, healthcare will be better, and lives will be saved as a result. We are on that journey.
I will end with this statement, and it's always been true in healthcare and will be so in POCUS and Butterfly for all specialties and all care venues. When profound clinical and economic benefits align for all stakeholders, adoption is inevitable. It may not be as fast as we want it to be. Humans and doctors, they resist change, but they are changing, and the momentum is building, and it's incredibly exciting, and for me personally, it's rewarding both as the CMO of this company as well as as a practicing surgeon that I get to take advantage of this remarkable technology and see medicine change. Now, I'm going to turn it to Paula to take you on our journey into the home and home care. Good afternoon.
I'm Paula LeClair, Senior Vice President for Home Care.
I'm excited to have recently joined the leadership team to drive the expansion of Butterfly into the home. In my previous roles, I've successfully done this for diabetes and kidney screening. I joined Butterfly because I strongly believe in the significant opportunity for the home leading to enhanced patient outcomes and reducing the cost of healthcare. Our vision for Butterfly Home Care is to offer cutting-edge technology combined with patient-facing services. This offering will not only open new channels for Butterfly but also further differentiate us from our competitors. There are several components required to be successful, all of which are in progress today. First, as you heard from Nevada and can see in our breakout sessions, we're developing new devices, both wearables and alternative form factors that only our technology can accommodate. We are also pursuing additional FDA clearances for our current product to allow patients to self-scan.
Next, we're establishing quality training programs and services for patients. To date, we have solely been focused on providers. Lastly, we are developing partnerships with payers, hospital systems, and health systems in risk-based arrangements to create new payment models for Butterfly. So why now? Why the home? As John Martin just referenced, there's a myriad of forces driving changes in healthcare. When it comes to the home, I'll focus on a couple. First, in COVID-19, we had so many patients demanding care at home on their time. In a world where physicians need to keep up with this demand, given the fact that capacity is at a max and there's burnout and labor shortages, home makes sense. COVID also led to more lenient regulations, which caused the widespread adoption of telehealth and remote patient monitoring. Additionally, health equity has been a longstanding worldwide issue.
In 2023, for the first time, the National Committee for Quality Assurance, which oversees health plan quality, added a new metric to measure our health plans addressing health equity. Butterfly can help close this gap. We can bring POCUS screening to patients who would otherwise go without for maintenance screening or new diagnostic. Lastly, health plans are assuming more risk by offering Medicare Advantage programs. In a Medicare Advantage program, plans get a capitated payment from the government. This is based on identifiable health risks in their population. These programs are growing in popularity. In 2023, for the first time, the majority of Medicare-aged people are buying Medicare Advantage plans instead of the original Medicare. For Medicare Advantage, finding patients with certain conditions like heart failure is significant. They receive a higher capitated payment from the government once they're identified.
There are 30 million people in a Medicare Advantage plan. Up to 10 million of those should be screened for heart failure. We're partnering with health plans to make that screening possible. Now that I've explained the why, let's talk about the how. Butterfly has developed a business model to enter into the home market with two initial use cases: lung and bladder. Our first focus for those areas will be providers delivering services in the home to patients and patient self-scanning. These two use cases are particularly well-suited for the home due to market demand and the integration of our AI solutions. Let's dive a bit deeper into each. Our lung scanning service will play a crucial role in addressing the significant issue of heart failure. Heart failure has a tremendous economic burden with up to $35 billion in direct spend, and that's expected to double by 2030.
Additionally, 6.7 million Americans are living with heart failure, and that's growing. 33% of us are at risk for developing heart failure in our lifetime. Our lung scanning solution will be rolled out in three phases, and we're targeting hospital systems to mitigate their readmission risk and health plans to help manage their chronic patients. In phase one, we'll partner with healthcare workers to go into the home using our existing probe and our existing AI. This can be done today, and as John shared with you, it's already validated. We expect to have two pilots launched by the end of 2024. In phase two, we'll introduce patient self-scanning in the home. This solution does require an additional FDA clearance to allow the patient to perform the scan.
But removing the home care worker from the service will reduce our cost, improve our margin, allow us to offer the service to more people and for longer periods of time. During phase three, we extend our support to chronic patients who need ongoing support by introducing wearables and other form factors. This expansion will strengthen our partnerships with hospitals and health plans for the long-term monitoring of their chronic patients. Our bladder solution is aimed at addressing the needs of the millions of people who live with bladder condition, including those with a neurogenic bladder due to spinal cord injury, spina bifida, multiple sclerosis, stroke, and many other conditions. These patients self-catheter based on time, not based on bladder volume. This leads to costly, sometimes severe urinary tract infections. We'll also be addressing the 25 million Americans that live with urinary incontinence.
Our bladder solution will be rolled out in two phases. In phase one, our patients will use our existing probe and our volume app that will be designed for consumers. On the left-hand video, you see our professional app, which actually shows the image of the bladder. On the right-hand side, you'll see our patient-facing app. All the user needs to do is to line up the two circles in order to get a bladder volume measurement. We do need an FDA clearance to introduce this, but work is already underway to complete the studies for submission. During phase II, we'll offer a wearable bladder scanner. This will expand our usage to all those living with urinary incontinence, the 25 million. In long-term care facilities alone, half of the 1.3 million residents are living with urinary incontinence, and 60% of those will experience a fall in their lifetime.
The falls cost about $480,000 annually to long-term care facilities. Falls are directly associated with bathroom usage. In our discussions with LTCs, they have been excited not only because they think our bladder solution can help with falls, but they also think it can help with their workflow. In discussion with a large LTC right here in New York, they shared that even though they have a wait list, they are not operating at maximum capacity. They believe a bladder solution like ours could improve workflow and hopefully increase bed utilization. While we are initially launching home care for lung and bladder, there's so much more to come. We are developing the infrastructure to leverage the multitude of additional service made possible by our Butterfly Garden partners. As these become available, we will be ready to launch them into the home to address additional health conditions.
We look forward to keeping you up to date on the progress we make into the home. With that, I'd like to introduce you to Dr. Shah, Senior Director of Global Health.
Thank you, Paula. I'm excited to introduce you to the global health portion of our business, to our footprint and our why, who some of our customers are, and our strategy for expansion going forward. Since inception, Butterfly has been committed to bridging the gap between patients and lifesaving treatment by providing a low-cost solution for diagnosis. As Joe mentioned earlier, two-thirds of the world lacks access to diagnostic imaging. That's billions of people. Even if these geographies have certain medicines or treatments available or scarce access to specialty medical care and operating rooms, they have very few ways to determine the right treatment or which of those patients needs those scarce resources. We created Butterfly and the global health program to solve that problem. I want to be clear that the global health program is not a charity.
We provide a discount and implementation support, free access to our education, but our global health program is a strategic and thriving part of our business. Over the past 2 years, we've laid the foundation for building brand recognition in emerging markets in Asia, Latin America, and Africa through supporting multinational NGOs, education programs, and building awareness of Butterfly. Today, we leverage those relationships and pilot projects to make the case to ministries of health for how Butterfly can help them achieve progress towards the 2030 UN Sustainable Development Goals. Butterfly can be used in many ways to support the subgoals of SDG 3, good health and well-being. For example, the same tool, Butterfly, can be used by clinicians to detect high-risk conditions of pregnancy, pneumonia, which is a leading killer of children less than 5 years old, heart disease, or traumatic injury.
Our cross-cutting technology is versatile enough to help countries efficiently spend their USAID, PEPFAR, and Global Fund resources to move the needle on each of these subgoals. When I first started teaching and training for point-of-care ultrasound almost 20 years ago, it was a very manual process. I love this picture of me on the left teaching in Uganda years ago because it shows each of the barriers that we faced. The machines were hard to learn. They were not made for non-sonographers. Training took a long time in person. This Ugandan midwife came in from her own maternity leave to learn this lifesaving skill. But it took weeks full-time for me to teach her and her colleagues hands-on. The equipment was expensive. It overheated. It was quite immobile. It was totally offline. Worst of all, when it broke, it became a very large piece of junk.
Fast forward to this image on the other side of the screen of me teaching midwives during our launch in Kenya in 2022. We at Butterfly have broken all of these barriers. We are the leading handheld in use worldwide because we've created a solution that's perfectly suited to all environments. It's durable. It's portable and easy to run with to a patient's bedside. It's easy to learn with embedded education and tele-guidance. And it's finally affordable. Our global health providers love that they have the same device as we have in high-income countries, and it's made in a more environmentally sustainable way. The world is learning more about what happens to medical waste in places that they can't dispose of it properly and that PZT-based POCUS devices from our competitors have significant amounts of lead exceeding the RoHS standards.
We're proud to say that Butterfly's small physical form and RoHS compliance makes us the environmentally sustainable choice in medical ultrasound. Butterfly has broken these barriers to accessibility. The last remaining barrier is education. We've tackled this in several ways. Easy user interface, embedded education makes it almost self-explanatory. But POCUS still, in general, requires some teaching. We've partnered with in-person training organizations, created tailored Butterfly Academy courses, and developed AI guidance for some of the harder exams. Going forward, we'll leverage our Butterfly Garden partners for locally derived solutions in context for AI. Who are our customers? We have the largest global health program of any handheld POCUS device with over 600 partners wielding thousands of probes in over 100 countries. When you look at this map, you can see that footprint.
When I look, I see the community health aide in the Aleutian Islands and a family physician in Nunavut, Canada, in the Arctic Circle using our probes to triage their sick patients during bad weather to determine who needs a medical evacuation. I see the mobile street medicine groups in Chicago and Boston and Providence using Butterfly to do prenatal scans for their homeless patients and the fellowship, residency, and medical school training programs using Butterfly in Ethiopia, Tanzania, Rwanda, South Africa, Sierra Leone, Haiti, Venezuela, Costa Rica, Mexico, and Peru, all making Butterfly synonymous with POCUS for the next generation of medical leaders. So how are they using our probes? Our biggest use case by far is maternal health. As you may have heard, in late 2022, we delivered 500 Butterflies plus training for nurse midwives and physicians in Kenya.
This was the largest scaled introduction of handheld ultrasound paired with training in history. We've shown an incredible adoption rate. Since then, these providers have active ultrasound services in 224 public facilities. They've performed over 190,000 scans to date, with over 90% of the clinicians reporting that they found a high-risk condition in pregnancy in the first month of using Butterfly alone. We train these clinicians in Kenya to identify these conditions and are working actively with our SDK partners and internally to automate as much of the calculating as necessary for OB scanning. Even in the U.S., many patients in rural areas called obstetric deserts need to travel for hours for OB care or a scan. Hospitals continue to struggle to keep their labor and delivery suites open.
Babies that are born with undiagnosed high-risk conditions of pregnancy are more likely to need a neonatal ICU. Even here in the U.S., the precious minutes or hours it can take to transport a rurally born baby to a NICU can mean the difference between life and death. Dr. Boga was one of our first trainees in Kenya. I'd like to play you a video that he sent us.
I had a mother who came in with ABH. I was called upon, went, did the ultrasound, found out that there was a placenta detachment. I made a decision of taking the mother to theater. I managed to save the mother and the baby. As we are speaking, the mother is doing good. The baby is also doing good. I'm really grateful. That was very good. I don't take it for granted that I was among the people who went to train for POCUS because it's helping the community down here where infrastructure is slightly poor. I'm thankful. I'm grateful. I hope it's also the same with the other members who have attended the training.
So Dr. Boga is just one of over 500 we trained who are saving lives with the help of Butterfly. The massive success of the scaled introduction of Butterfly has transformed Kenya's approach to availability of POCUS. They're developing a national policy around POCUS to replicate this success across their entire public sector in the near future. We've been in discussions with ministries of health from seven other countries in Africa alone who are interested in scaled point-of-care ultrasound. And there's a swell of interest in our transformative technology. We're working with CHAI, the Clinton Health Access Initiative in South Africa, for another scaled launch coming soon. So stay tuned. We're also proud to be a vital part of humanitarian first response in natural and manmade crises around the world. We've become the go-to portable ultrasound of choice for disaster response.
People choose Butterfly because reliability is key in these environments. Clinicians need a probe that is lightweight, ready to go, and versatile. They don't want to have to swap probes to tend to a wounded soldier or traumatic injuries in a child or screen a pregnant patient in a makeshift care facility. We have over 1,000 probes in Ukraine right now. The image below is of Dr. Narine Ahmed, a critical care physician and humanitarian responder, on 60 Minutes just earlier this month. We have a rapid emergency setup within Butterfly to allow us to get our devices into the hands of first responders headed to a crisis within 72 hours. Finally, I'll leave you with this third common use case. Around the world, shortness of breath is a very common complaint that a patient might have.
Clinicians need to use their tools to figure out if it's a pneumonia, a viral illness, TB like this image on the side, heart failure, or asthma that's making their patient struggle to breathe. Research has already proven Butterfly's value in viral lung infection like COVID, in bacterial pneumonia, and in heart failure. And this year, the Multicountry TRUST Study will be publishing the world's largest point-of-care ultrasound study for tuberculosis, including some exciting AI around this. We at Butterfly are proud to be the featured device in this study. And this year will be an exciting leap forward for TB providers around the world as they begin to explore our solution. So Dr. Martin spoke to us about change.
There's a saying, "Change happens at the speed of trust." We have built this trust in the last couple of years by thoughtfully expanding relationships in emerging markets, in building the evidence that our solution is the best choice. And in 2024 and beyond, we're excited to leverage these strategic relationships with global health policymakers, funders, and governments in several countries who've expressed interest in scaled point-of-care ultrasound as the next big step forward for the global health side of our business. So now that you've heard more about the heart and soul of Butterfly, I'll turn it over to Heather to provide an update on our financials.
Thank you, Dr. Shah. Good afternoon to all of you. We appreciate your attendance at our first Investor Day here at the New York Stock Exchange. You have just heard from my colleagues about the amazing initiatives Butterfly has underway. I'm going to tie it all together here with our strategic pillars and growth plan. First, our pillars, we will strengthen our base through the acceleration of our core POCUS technology. Second, we will expand the market with new users and applications. Third, we will differentiate ourselves with our ultrasound-on-a-chip technology. And fourth, all of these things driving our pathway to profitability. To expand, let's start with continuing to strengthen our business, our core business. We will maintain market leadership in the handheld POCUS market. We already have placed approximately 100,000 probes and have approximately 150,000 users.
We are segmenting the market with our lowest-cost iQ+ probe and higher-end, feature-rich iQ3 probe. By doing this, we are creating a market where clinicians will have access to the best imaging possible at a higher but still affordable price point while continuing to sell the most cost-effective probe internationally into underserved markets and for specific cases. We will continue to do this through our traditional hospital, clinic, vet, and med school markets, both domestically and internationally. Next, we will expand the market with new users and applications. We are transforming the standard of care through these new applications, such as using our probe in physical exams, as Dr. Martin described. We have created AI-powered tools for education and specific use cases, such as ScanLab for education and the B-line counter for lung congestion.
We will allow novice users to scan in home, first for bladder and lung within the home care setting by practitioners, then through self-scanning. These use cases allow us to move to a one-to-one from a one-to-many model. When you make ultrasound easy, you open the market to additional users. Next, our differentiated technology takes us to places traditional ultrasound can't go. Our chip technology allowed for the creation of the only whole-body ultrasound-on-a-chip. And I hope by now, we have explained why the chip matters. We have multiple form factors in development. This allows for additional indications of use, for example, self-scanning or wearables. And also, not to be ignored, is that our device is environmentally friendly. It is a non-lead-based product. And in a world that is demanding environmental sustainability, our product checks the boxes where others do not. So what does all this mean for value?
A pathway to profitability. I will show you on the next slide how the initiatives laid out will drive growth to reach our goal to generate $500 million of revenue by 2030 and to be cash flow break-even by the end of 2027. This is indicative of a 35% five-year organic revenue CAGR. And where appropriate, we will reinvest for growth but maintain the balance between investment and return, the efficient use of capital through high-impact investment. So let's look at how we will achieve these goals. Starting with our core POCUS market, we believe we can grow our baseline at the market rate through our differentiated technology, refocused direct sales force, and newly launched iQ3. We will capture our share of the market. We will sign new international distributors and enter new markets as well. This represents growth over and above the already discussed core market.
Next, Paula talked about lung and bladder. These will be our first entry into what we would consider non-traditional markets. The initial use cases we are looking at are lung scanning in the home by practitioners and bladder scanning out of hospital, for example, in-home scanning for CHF and in nursing facilities for bladder. We believe the TAM for these markets are over $1 billion. Our phase one bladder assumes that we can have captured less than 5% of this market by 2030 and does not assume any revenue from patients with urinary incontinence. For lung phase one, we assume by the end of 2030, we have signed plans totaling over 300,000 patients. Please keep in mind, the top seven plans account for 80% of the Medicare Advantage market or approximately 25,000,000 patients.
If we are able to sign just one of these, we can blow these estimates out of the water. You heard Darius talk about our partners, Butterfly Garden and Powered by Butterfly. We already have great traction here. To demonstrate the possibility for growth, I have included both licensing and potential commercialization revenue. By the end of 2030, we expect to have at least two Powered by Butterfly partnerships and 20+ garden partners commercialized. Last but not least, we are entering the production animal market within our vet channel. There are over 1 million feed yards. These yards can use our product for cattle being delivered to farms to ensure they do not have any respiratory illness. If we sell 1-2 probes to each of these yards, this is a $3 billion-$6 billion market in the U.S. alone.
There are also other ways of structuring these partnership deals, such as pay per scan. So what does all this mean? We believe through these initiatives, we can exceed $500 million in revenue by the end of 2030. We are barely scratching the surface. You can see with the opportunities in front of us, it would be really easy for us to get ahead of our skis. While we will continue to evaluate opportunities, we will remain focused on ensuring the execution of these initiatives while also ensuring the efficient use of capital to reach cash flow break-even by the end of 2027. To summarize, Butterfly is in a better position than ever to capitalize on this amazing market opportunity and has the right people capable of executing this plan.
I look forward to updating you on our progress at the end of April on our next Investor Call. Now, we will break for another 30 minutes. I think we might be reducing that a little bit, but about 30 minutes to view our innovation and partner stations again. We welcome you to grab some refreshments in the Showcase Hall and explore. We'll convene on the main stage is 3:00 P.M.? Somebody? 3:00 P.M.? OK, at 3:00 P.M. for our clinical key opinion leader panel. Thank you all. Ladies and gentlemen, please make your way back to your seats. Our program will begin in a few minutes. Ladies and gentlemen, please find your seats. Our program will begin shortly. Please find your seats. Dr. Rotundo, can you tell us the score on your MCATs? They ended up to 12. I remember that.
I got a 12 in total. Our system totally changed. That was back in the dark ages, you know. Yes. The lower score, the better, right? You should have put higher print. It was like golf. I was just going to say, I need my reading. I can't even see anymore. Huh. Glasses. I look professorial now. Are we ready? OK. Welcome back, everyone. I'm pleased to welcome three distinguished guests to our stage today. Each comes from a different health system, plays a different key role with personal experience within the institution, as well as POCUS implementation. But what's consistent about this group is they're all undisputedly renowned for their leadership skills, clinical expertise, and for our two guests in the middle, they're POCUS experts.
They're all familiar with Butterfly, as you might expect, and come today to share their perspectives on the impact of our technology and what it's having on their institution and the market in general. While you can see their full impressive roles, whether this appears on the screen above, I'd like to briefly introduce them to you. First, I have Dr. Penny Leman to my left, Vice Chair of Faculty Affairs and Associate Professor at Columbia University Department of Emergency Medicine. Next, Rob Ferre. He is the Chief of Point-of-Care Ultrasound Division and Associate Professor of Emergency Medicine at Indiana School of Medicine. And finally, my surgical colleague, Dr. Michael Rotundo, the CEO of the University of Rochester Medical Faculty Group, where he's also the Vice Dean of Clinical Affairs and a Professor of Surgery at the medical school. It's quite a distinguished group.
They're well-respected around the world, and they're great representatives for our program today. Let's dig in, what I hope will be an enlightening conversation. I'll start with you, Penny. Why don't each of you briefly describe what your role is within your institution, and how does that interface with point-of-care ultrasound? So my role was I was ultrasound director for the four emergency departments of New York-Presbyterian, Columbia, ranging from a Level 1 pediatric trauma center to adult care in a community. I teach residents, fellows, medical students, and I'm an educator at heart, but right now I'm also the Vice Chair of Faculty Affairs, so developing the people, the 150 doctors of Columbia. And when did you first start being involved with point-of-care ultrasound? I would say about 20 years ago.
Ultrasound has been in my back pocket from when I used to work in South America or teach others to work in Africa. Global Health was my first, and as a second double major in Spanish and biochemistry, that was my first. My initial love was to provide access to care. So right now I consider myself an advocate, somebody who advocates for care for my patients in Washington Heights, and also to train other physicians who do global health. Good. We're going to get back to you on that evolution that you've seen. Dr. Ferre, how about yourself? So in the point-of-care ultrasound room in the flyover state of Indiana. If it has to do with point-of-care ultrasound, I have my fingers in it. So you may not know, but IU School of Medicine has the largest medical school in the country.
We have 1,400 medical students spread across 9 campuses. I left Nashville to come there for the opportunity to grow point-of-care ultrasound in a unique way. I also am the system-wide medical director for point-of-care ultrasound for IU Health, which is a statewide health care organization that has 16 hospitals. That implementation side of things is also something that I think about. But I love ultrasound. I love point-of-care ultrasound. I learn every day of a new specialist in a new area that uses it in ways that I hadn't even considered before. That's partly why what I love about it. Giving them the opportunity to share that knowledge with others and also to be able to help them implement it is a passion of mine. Well, Dr. Rotundo, you're at the elevated level of the C-suite.
Why don't you give us your role and your perspective? That sounds terrible. I'm not sure that's a good distinction or not. Thanks, John. And thank you all for the opportunity to be here. As John described, I'm CEO of the medical faculty group. So we have 1,800 physicians that generate, in professional fees, around $800 million, of about $6.2 billion in the size for the size of our system. So my role is to manage that portion of the business. And I also have a hand in strategy development for the system itself, including delivery redesign and how we can deliver care in a new way to provide greater value and greater quality outcomes for patients. My own background as a trauma and critical care surgeon, even in the '90s, we were using cart-based ultrasound at the bedside in evaluation of trauma patients.
As a critical care surgeon, used ultrasound during my clinical career, which my clinical career proper ended about 10 years ago when I started in this new role. So yeah, I think it's an interesting position to be in when you can look at new technology, evaluate it, and try to make some determination with colleagues as to where you think it can help your health system go in terms of providing state-of-the-art care for patients. I think you can see why we particularly they have an incredible perspective of the history of point-of-care ultrasound and are really in the right position to kind of articulate what's different today than maybe it was 10 years ago or even 20 years ago. Why don't we, just for a moment, also talk about the particular issues that you face in an institution today? What are those challenges that you're facing?
And we'll start with you, Dr. Rotundo, and how potentially POCUS fits into that and maybe solve some of those problems.
Yeah. As probably you all know, with any even superficial knowledge of health care, it's workforce, workforce, workforce right now. We're still recovering, particularly in our market, and establishing a satisfied and fulfilled workforce. And that is clearly a tall order. And how does new technology fit into that? Well, it could be just another burden for the workforce. Or, as we've tried to use it, a new technology that can really ease their care delivery, allow them to have the opportunity to learn new things and to bring something new to their patients to try to reestablish the joy in their practice. So I'll stop there, though there are many challenges at the moment. I can tell you, I know personally it's done that for me.
Have you gotten that feedback from your folks that they got a device in hand and they stepped away from the computer to this that have really brought that joy back? Is that a real thing? I think it depends on if you look at which user group. Our nursing staff have been just over the moon around bladder scanning, both in the home care setting as well as in hospital. Across the physician group, there's clearly a demographic and an age difference with early adopters and those that are somewhat more reluctant or very reluctant for new technology. Of course, our students, they're incredibly enthusiastic. I think it depends on which user group that we're talking about. What's your perspective, Dr. Ferre? Yeah.
So I think it's interesting, as we talk about a new technology and the challenges that I face in terms of really helping students envision using this in the future. So medicine is very heavily traditional in that there's a long training time. It's very paternalistic, hierarchical, where you've got someone that you look up to, that's the attending physician, and all care flows down. Students are unique in that very different, very different generation, but they're also very technologically savvy. And so that difference between an older physician and a young technologically savvy student creates some barriers there. One of the unique things that we did at the School of Medicine is that we've tried to think of this as an ecosystem. So I've got young students. I got the resident trainees and then faculty.
So the challenge has been, how do I help that older practicing physician feel comfortable being a learner again and not feel like they are being shown up by the younger generation, right? It's the hey boomer type of a thing. But I think if we approach it as helping everyone learn together and learning in a safe space, like that older clinician needs to learn in a safe space, it just makes it easier. Because point-of-care ultrasound is coming. I mean, it's here. It's going to grow exponentially. These newer generation of clinicians are going to bring it there. And it's finding a way to help the older clinicians to help get on board and do so in a way that's safe and comfortable for them. You've got a long history in teaching. What do you have? I have a long history in teaching.
I'm just going to give an example of what recently, through the pandemic, I was able to use Butterfly to drop off at some of my faculty and colleagues' houses and homes to monitor their lung functioning. I thought, hey, this is great. I can not just monitor my colleagues and make sure they're safe, but to see how they're doing, do a video call, and also have them put a probe on their lung. I was able to actually dynamically help them with their recovery. I thought, you know I can't wait to see how this is going to impact health care. Right now, we have, yes, workflow issues. I work in an ED in Washington Heights, where I could sometimes have 100 people waiting for a bed in the ED. That's insane. And that's a lot of health care dollars and also patients' lives.
So with innovative care like this, if we can improve skilled nursing facilities and have them expedited to the next level and have room for patients in the hospital to go to have throughput, I thought, and even patients with heart failure, not to come back over and over to the emergency department because they can see that their lungs are filled with water and utilize a medication at home, how impactful that would just change the way we look at health care, decrease the health care utilization dollars, and also impact patients and their lives. So right now, some of that you were saying challenge-wise, I think security is something I'm challenged with as I'm implementing some of the Butterfly systems in our New York-Presbyterian Hospital system. There's some challenges to people are a little bit more cautious about security.
Butterfly is always in front of it, so. That's great. So you brought up Butterfly. Let's talk about that. John, can I just make I just want to amplify something Penny just said because it's extraordinarily important. And I'm glad she's brought it up. Earlier, I mentioned the concept of delivery redesign. So the workflow changes that you've the potential for workflow changes that Penny just talked about could really take our health systems, which many of us are struggling from a high level of dysfunction, into a level of functionality. And I just wanted to amplify that. I thought it was a great point.
Well, I think it brings up and I'll jump to that. I was going to get to it later. Because we talk a lot about Butterfly and the technology, but a key part of that actually is the comprehensive package of Butterfly.
It's not just the device. It's that element of workflow that fits into it and integrating into your system. How important has that been about choosing Butterfly? Not just because it's the coolest thing on the planet, because we all know that already. But how important is the full package that we offer to the selections that you guys made within your institution? And how big a role is that going to play going forward? Do you want to answer that for the institution? Do you want me to start with that again?
Sure. So this is, I think, one thing that maybe hasn't been emphasized enough today. Certainly, the device makes a lot of sense. It's an in-the-pocket device that brings diagnostic information to the bedside wherever the bed is. It could be in home care. It could be at home with hospital at home or home care.
That's very important. The chip technology, it's extraordinary and only getting better. But I will say that the cloud-based solution is just a huge piece here because you have image retention that did not exist before. You also have image interpretation, quality assurance, those pieces as well. Then you have a data repository from which you can learn. I'll let my colleagues talk a little bit about the education portion of this. So those two things combined are huge. It solved a tremendous problem for us because the cloud-based solution allows us to take all of our ultrasound imaging data, with the exception of one vendor where we have a few machines. Now they're all captured. We can do the proper review and performance improvement and compliance reviews that are necessary. I think I'll talk start with the clinical side and pivot to education.
But I think one of the things about clinicians today, and I think why there's a high burnout, is that technologies make doctors have to do more. So when I first started as a student, someone would scribble an order and then hand it to a secretary. And it would happen, right? And then you would scribble some other note stuff. And then that was it, right? I mean, we had T-shirts where you just check off the H&P. And it was done. Now I got to type everything out. I got to put my own orders in. Now I get calls from the lab. I got to field calls. So I mean, just imagine all those technologies that were promised actually make my life more difficult. So ultrasound could be that thing that makes my life more difficult. It's just, yeah, one more thing I have to do.
But this is where the workflow solution tied into the hardware is key. And the portability is another factor. So in other words, I need to know that I can image. And then the workflow completion after I complete my image is seamless and easy to do. If I've got to log into another application or something else like that, it's more challenging. Currently, cart-based devices that are out there don't have a workflow component on there. And the way that I get paid is to do the bill. And the way that I do the bill is to complete the workflow.
Having that seamless integration, especially if I'm using it on a tablet or my phone, I can immediately finish that interpretation, sign my note as I'm walking back for the 10 feet or 20 feet or whatever it is from the room, is hugely important and makes my life easier. The other thing is, I think from an educator standpoint, is that the sooner we can have new learners adopt this concept of an imaging workflow, the better it's going to be. If I can help them grow up in that system where they can do it on their phone or their tablet, they'll get used to it, right? The one idea is this is an extension of the physical exam. Point-of-care ultrasound is an extension. I see something or I feel something. I'm not sure what it is. And I can image it.
That's awesome for new learners because if you're when you try to teach them to feel something like the thyroid, you're like, I don't know what I'm feeling, right? But then they see it. They get it. But then if they can adopt that sort of workflow by documenting something as they're learning, as an assignment in that same clinical system, just a little bit different, how much that it's going to be easier to adopt that technology at the bedside, which is why it's so important that there's that end-to-end workflow solution from device all the way to my documentation. So how big a role was the Butterfly solution to your institution's actually choosing Butterfly? Was that a big part of it? It's a huge part for us on the school side because we need all those things. We can't just silo those images. Because what's my solution?
To have them download it and email it, to upload it to Canvas, which is our learning management system? I mean, those aren't viable solutions. Having that, we need it. I mean, I mean, it's so imperative that I have that. I mean, otherwise, I'm siloed with my own little thing. And then I've got to get another thing to integrate. I mean, they need to interface. And when you have the same, like with Butterfly, that owns that end-to-end solution, it seamlessly integrates. Penny, you've watched the evolution of all these ultrasound devices over time. How special actually is Butterfly? Oh, I think. Let me go back to... You can pretend that there's no Butterfly people out there. Let me run the unvarnished opinion. Extremely special, not just from the pretty logos and the marketing, but actually the accessibility. It's really palatable. The cost, it is disruptive.
Just to hear that low point from an ultrasound perspective. It's accessible. It's globally accessible. But it reminds me of also when my mother was trying to learn. You were talking about the different kinds of learners. When my mother was transitioning to a keyless car, you know when you just have to push that button, that boggled her mind. She was looking for the actual physical key. And trying to have different kinds of learners is something, as an educator, we have to pivot to. And so with the new packages, I'm able to easily press a button and have someone give me a tutorial on how to do that cardiac exam or that soft tissue exam just with a little button to cater to any learners. Or if you're in a different country, you can just video in and communicate, "Hey, I'm seeing this.
What am I supposed to do? Can you help me? And so I love the whole full package as well as the workflow options. You've talked a lot, all of you, about education. You know I love this text by Everett Rogers in '62. He talked about that. And everybody talks about the innovators, the early adopters, the early majority, late majority. But what's a little bit different here is the medical students don't really fit into this resident, not quite that model. They're all of a sudden jumping on board. And I don't know where to position them. But one of the things that we've seen is this one-to-one model that's out there. How important do you think that is? And how quickly do you think the other medical we know the schools are now teaching ultrasound all across the country.
You guys are special in that you've gone to this one-to-one model. How important do you think that is? And how quickly do you think your colleagues around the country are going to jump on board with that? I mean, I think it's an issue of competitiveness. It's a competitive issue. I mean, what got us over the top to put those probes in the hands of our medical students was all about maintaining our competitiveness as a medical school. And so that may not be exactly the right reason. But that is the truth. That is really what happened. Of course, our senior associate dean for education was completely behind it. Our chief technology was. But to get the funds to decide to make that decision was about being competitive. So you market that to prospective students? Oh, absolutely. We look at our peer institutions.
They're next to us and say, OK, what do we have to do to remain competitive for the best students in the country? Then there's this other thing. A lot of us believe it's absolutely the right thing to do, that they need to learn this technology to deliver care in the future. I think that the unsaid thing that occurs and candidly, the emergency rooms happened as well. If you have to make the decision to go get a CAR-T or just trust your judgment, no matter how many CAR-Ts there are in the emergency room, that is an obstacle. If it's in your pocket, you don't think about it. I think that where we're training students, that's a big part of it. If it's a one-to-one model, that becomes the way you think. Is that clearly what you think as well in Indiana?
Yeah, I think, I mean, we live in a convenience world. So I hear my learners all the time saying that, oh, I would have done it. But I couldn't find the cart-based machine or something else like that. So I actually think that the cart-based machines aren't going anywhere. I think they're going to stay. It's just like our phones. Like if I want to watch some TV show on my phone or a sporting event, I watch it on my phone. If I want to see it on a bigger screen, then I'll go somewhere else. Whatever's more convenient for me, I'm willing to do it. It's the same thing that we see. So I think the one-to-one model for a learner is key because imagine this. You're walking into a space that you don't know.
There's these people, these clinicians that are older and may be intimidating. And so you, as the student, are going to feel a little scared to pull out your little new technology device and go scan them. Where they're going to go scan is at home. They're going to find their and this is the same thing with practicing attendings. It's the same thing I hear all the time. Where are you going to go? I go at home. I go practice on my kids. Maybe they scan their goldfish. I don't know. Their dog, their cat. I mean, maybe in New York, it's a rat. I don't know. But regardless, you're going to go. And you're going to scan where you feel comfortable. And you're not going to be judged. And that's what the key to the one-to-one model is, is that you can learn in a safe space.
And then as you get more comfortable, you can go out. And you can do it somewhere else. And so I think the one-to-one is key. You're never going to do it that with CAR-T. I mean, it's going to look funny if you grab the nurse or one of your colleagues. You're like, let's go in this dark room and go scan each other, right? You probably still have a phone in your house, too, don't you? You have a regular phone in your house? No. It's right. Yeah, I think the safe space is very key because it's a really important point. They want to feel comfortable. They want to learn at their own pace. And also, medical students are technologically forward. If they're not players now, they're going to be behind. So you've got to get them involved right now. AI is here.
It's integrated in all technology. And it's the future of patient care. So you stepped right into where I wanted to get to next. And literally, I wish we had three hours because this is great. But AI is coming. And I'll share an interesting thing. I was at a conference with a bunch of leaders in a professional society you know well. And what was really interesting is we polled the group and said, how many of you use AI? Now, these were leaders. And they all said, no, I don't use it. I don't need it. Now, I'm sitting back in my chair going, I'm not sure that that's actually going to be the consensus. What do you guys think? Because I think the potential for AI is just striking. What do you think? Well, I mean, we are maybe in a unique situation.
You know, 10 years ago, we established the University of Rochester Health Lab, which is an innovation lab and an incubator. We have a software development arm to that, an education arm to that. We have 35 investigators from all the schools across the University of Rochester, everything from the Eastman School of Music to data sciences and engineering. And in that process of developing, we've had a long, long since have Microsoft Azure as one of the tools that we have available to us and have a proprietary from Microsoft version of ChatGPT 4 Plus and had it for a while. So we're looking at all kinds of business applications, which you can imagine screening MyChart messages from patients to a whole host of things that you probably can imagine. But the setup I'd like to try to give to my colleagues from a clinical standpoint is the following.
If you were to think about how we learned medicine sort of back in the day, we would spend so much time just in data acquisition. We'd have to go to the lab to get results. We'd have to run for X-rays, et cetera. And intranet fixed that. So the information in the hospital was more readily available. Then you'd have to become a content expert. You'd go out. You'd be looking, leafing through textbooks and reading as many papers as you possibly could from as many journals. And you'd be learning from others your content. So now you've got the content. And you have the data. And then you would spend time in data integration. OK, how do I put all this together? Think about what artificial intelligence does now in large language models, for example, and machine learning. It puts all of it together.
So it puts the integration right on the table for you. Here it is. Now you can spend all of your time in analyzing that integration. Is it what you want, what you think you should do? So this whole front end has been compressed. And Butterfly does that for you to a large extent. It does structured determination and then begins to put care management models in front of you. And with what's going on with Garden, it helps Butterfly Garden. There's even more, even greater possibilities. So there's all these business applications. And then there's this other piece, too. Now, at universities, we're going to spend a lot of time talking about the ethics of all that, of course. But I can tell you, we're already actively using it. That's fun. And it's here and not going anywhere, for sure.
It's a matter of us managing it, understanding it, leveraging it, and making sure that we use it in a way that is compatible with our values. I think so. I mean, this is good in that I think there's future domains of AI that we're and there's areas of AI that are here that we may not be aware of that are impacting us. I also think that there's stuff that's I think we use the term AI for something that for meaning that I have assistive technologies. I like to call them assistive technologies. So what we tried to do so for ACEP, we have an industry roundtable that I co-chair. And one of the things that we tried to do is to try to develop some language around this AI and how it helps us with point of care. And we described six different domains.
But some of these are already here. So one of these, again, is how does the product make my life easier? So if it can label like we already saw the stuff today. Like it knows what organ it is. I mean, imagine for educators how great that is. So that's one of the domains, education domain. It colors it. It codes it. It labels it. It gives feedback, right? The next is going to be a workflow domain. What if I don't have to type in the organ? It knows the organ. It just labels it for me. I mean, how much time? Tell them we're doing it. How much time does that save me? What if it already can then start to do like way future stuff? We get into predictive stuff. So we get in. We talk about B-lines. And it can compare.
It has access to large databases. It can say, hey, this is common for this patient. And we're going to predict that this is a three-day hospitalization or maybe one I mean, that's going to be way, way future stuff. But we have to get that data now. But there's stuff that we already have that it can help us with. And then there's definitely a long range of things that we'll see in the future. I agree. It's already here. It's already being implemented. It's going to help us become more efficient. I think we have to figure out how to marry our traditional way of thinking, integrate our values, integrity with technology, and use it for advancing health care and improving health care and even recuperating some of the dollars for health care. I think we see it as a huge part of what we do.
There's no question, depending on where you are on the spectrum of your expertise, how much value it is. There's no question on the early side. It'll expand it to more users out there quickly so they don't have to. We put an expert into the AI, into the probe, into your hands. And health care, then the level of equity around the world then goes up. I mean, for the first time in the world, we're going to have that level of expertise. And as Dr. Shah said, in the most remote jungles of the world, that's something that five years ago, people would never have believed. But we're going to run out of time.
I want to give each one of you a chance to say, as you look forward into the future, what do you think is the most exciting thing about Butterfly, POCUS, and what you've seen here today and going to be the biggest change we're going to see in your institution going forward? Well, we've heard a lot of it today. I mean, clearly, hospital at home is a piece of what's going to happen in home care. We have deployed our devices to University of Rochester home care already. And we're training our folks on that. I'll push out to say this. I think that clearly, one of the things we've seen is that we're right on the verge of seeing this. We see this as a diagnostic tool. But will it become a therapeutic tool? And how quickly can we move to therapeutics from this?
I think there's great possibilities. We've heard some really interesting things today. I'll go one step further to say that and I talked to Joe DeVivo about this during the break. Could this end up helping us, this chip technology, move from health care delivery to health assurance? Hemant Taneja and Steve Klasko, who talk about this all the time, have written about it. How do we get to a point where we're not just reacting to disease but really preventing it? I think there's some great possibilities here. A couple of weeks ago, I walked into my shift. I had a heart failure patient show up or a patient dyspneic. The paramedic they had gel all over their chest. The paramedic had done an ultrasound because one of my colleagues, Dr.
Francis Russell is exploring doing pre-hospital heart failure assessments because the patients who have heart failure, they wheeze. And so they also have COPD because they were smokers. And so how do you tell the difference? You don't know. And if you give them beta agonists, which albuterol, then they do worse. And the longer it takes to give them the treatment, which is Lasix, the longer their hospital stay. So the sooner you can do it. So my vision where this is going and how Butterfly is going to help us to get there is that we lower the cost of entry for all of these EMS services out there. And we choose and focus on these applications. And we take it from before they get to the hospital, through the hospital, and into after-hospital care, and then hopefully full circle when they're at home.
I mean, I think especially in the use case of lung ultrasound, like that will change care. And everyone will understand because now I got my paramedics to understand what B-lines are, right? I know what B-lines are. The hospitalists, the cardiologists, and even the patient understands what these B-lines are. I can't wait to publish that data because the change in the time to care in that study is going to be phenomenal. Penny. Maybe just a few words: access, innovation, efficiency, and health care equity, equity for care. Well, we've run out of time. But I want to end with one of the things I think about. And I think it's a lot about what investors look for. When are we getting to that tipping point? And so I'm a big fan of Malcolm Gladwell. I think this book is an incredibly powerful book.
What he talks about in "Tipping Point" are the three laws to get there. There were three things that were necessary. The first was the vital few, the few people out there that really influence the marketplace. These are those people. When they truly believe and they're passionate about them and they're well-respected by the community, that's the first step. You guys are leading the way along that. You're using it to the competitive advantage. The second thing they look for is whatever this is, memorable and impactful. I think I would turn to Joe. Joe will never forget the difference of what it would have been like with or without Butterfly in that situation. Any of us as practicing physicians or that paramedic will never forget the fact that I could put a probe on the ambulance now.
I know exactly what's wrong with this guy before we guessed. Or my patient who had the critical carotid lesion, he knows his life was saved because we did this. So it's memorable. We have that second thing. And then the third thing is really interesting. And that is the time, the circumstance in which it's actually happening, the right time for transformation of that tipping point. And if you look at the myriad of forces that are facing the institution itself, the kids that are coming up, the education that's there, the pressure to do more with less, the burnout of our workforce, the time's right. It actually just makes sense. So it is. I think Joe's words are exactly the right one. This is inevitable. And that tipping point is close. Every medical school's got medical students that all have their own.
Then hit the streets with this device happened. For the first time, and I think what gives us such pride at Butterfly, it's not just in academic institutions. It's all across the globe. For the first time ever in history, outside of maybe antibiotics and vaccines, there's a real chance that a medical device at this level of sophistication goes all across the globe. That's something that we're all going to be part of. You're leading the way here. We're leading the way at Butterfly. We want to thank you all for your candor, for your participation, and how you're shaping health care of the future. We're indebted to you for what you're doing. Thank you. I'll turn it back to Joe. Please hang with us. We have to make some adjustments here on stage to get enough seats up.
But what we're going to do now is my management team is if we can go to the next slide. I think the management team is going to come up. And we'd be happy to answer your questions. We have one team member who did not present who will be on stage. And that's John Soto. He's our Senior Vice President of International. I've worked with him for a long time. And he's come over. And you've probably heard of some of the challenges we had last year. Well, there are opportunities now. And we're growing nicely. So John will also join us up here. So if you could just stay with us for a moment, we'll get the chairs up and get the team up. And we'll answer your questions. OK. So we have do we have microphones in the crowd? Just so Josh. Thank you.
Thanks, Josh Jennings from TD Cowen. Really appreciate the day here. We learned a lot about the innovation pipeline. Great to see some of the long-range plan outlook. I wanted to ask two questions associated with the long-range plan. But one, a lot depends on the evolution of the chip technology. And just wanted to check in on any updates on the collaboration with the Taiwan Semiconductor Manufacturing Company and just the funding to get to Apollo or the next generation for iQ4 and then Apollo, that collaboration, the exclusivity, but any details, funding levels to get to Apollo, just any more details that you could share just about the evolution of the chip and that collaboration. So we have the P5 chip. So the next chip after iQ3 is in active development. So we have our engineers who are on a daily basis working on that.
We do all of the research on the chips ourselves. Then when we get closer and closer to production, there's a whole other art in order to convert the research into the ability to mass produce. So there are a lot of check-ins. And there's a lot of time that we go back and forth with our partners. But we are funding currently the next chip ourselves. And really, our funding is not really segmented. It's not saying, well, how much will it take to get Apollo? It's really, how much does it take to get Butterfly to financial independence, right, and to get to that break-even point? Because we go from our P5 chip. And then we go right to Apollo next. They're relatively sequential. So the moment we're done with our MEMS development, we pivot right now, right next with Apollo.
But a lot of the fundamental primary work has been done. We have a roadmap to know how to get there. But to actually then put it from the R to the D is where we got to spend money on Apollo. So I don't know that I can break it out individually because it's a function of overall Butterfly. Yeah. It's built in. It's built into the. Great. And then just a second follow-up. Marie and I were talking with Dr. Martin a little bit on one of the showcase spots about the home opportunity and lung and bladder scanning.
It's a big chunk of the growth in the out years in the LRP, the long-range plan, just hoping to just better understand the revenue model and just the reliance on just adoption to eliminate costs associated with readmission and just patient care or whether or not reimbursement could come into play, any assumptions that you guys are baking into some of the growth contributions from lung and bladder scanning. Yeah. Sure. So basically, the way there's multiple ways you can look at it. From a conservative perspective, we looked at it assuming that plans would pay for on the CHF side, that plans would pay for a sum of money to identify patients who have congestive heart failure.
When we talked about achieving signing a certain number of people under those plans, that's the assumption that was made, very conservative because, as we mentioned, if this works, one of 80% of the payers, 80% of the people are covered by 7 of the large payers. You hit one of those. And those numbers go astronomical. So it was more on a cost avoidance perspective and the plans gaining money based on the RAF score. On the bladder side, it was a combination of being able to sell probes into certain settings that allows nursing facilities, for example, to scan patients, whether they need to be cathed or to keep them from getting up and falling and getting hurt. So it was a combination of those things. And frankly, the models could go different ways or a combination of those things. Yeah.
First, thanks for the very well-organized event. Congratulations for the management team for a very good presentation. My question is, I see it has a slides for the next five years growth engine. I think one of the major growth engines is the international market. I know John hasn't got a chance to present. May I understand what's our strategy for the next five year growth, especially for the international market? Thank you. Got this one here. Thank you for your question. I mean, it's a little bit more of the same. I mean, we've had to clean up when we first came in. We're looking for new distributors or partners, I'm calling them now. We're looking for people who are really, really focused on Butterfly, who want to develop their countries and really focus on growing the business with us.
Essentially, that takes a lot of time. We have to train them and effectively become one of our own and call them Butterfly representatives, really. The partnership side of it is very, very important. So that takes a little bit longer to get the ball rolling. The other thing is that we've got to really focus on countries that we can register. Some obviously take longer than others to get registration in those countries. So some of them could take up to 12 months, 18 months, et cetera. But the focus is really just to use the two-tier system. So we'll have iQ+ and the iQ3 and grow them steadily in the market. We do have two currently, we have two direct markets, the UK and Germany, where Butterfly sells directly. So there's going to be a lot of focus on there.
We see exponential growth in those countries, Germany and in the U.K. Germany has got a very focused medical community on the university side. We're doing very well on the university side. In the U.K., it's obviously penetrating the NHS and growing the NHS and really getting them to focus on technology and really what technology can do for them and how it can save them money and how it can really, I guess, clean up the whole system. It's quite a staid NHS, it's quite staid in the way they think. We have to change that mentality. I think once it changes, that'll drive profitability there in the U.K. I mean, we're looking at lots of other things. It's early days for me. I've not been here a year yet. I still have to make a lot of changes.
What Heather showed there was growth on new partners. We're focusing on pretty big countries that we can get our market share. They do take a little bit longer. We want to make sure we get the right partner. Awesome. I would just add two more things. One, our global health strategy is a very big part of our international strategy. It's not just simply a humanitarian effort. It is actually, we do get revenue from global health. The more we can help ministries of health of individual companies develop countries develop their overall health care system and process, the more that we grow. That then turns into larger commercial opportunity. Of course, going into India and China and doing a lot of our Asian work is big for growth.
The other thing I'd add, though, is we've spent a lot of time making sure that we don't have classic medical device distributors who just buy a bunch of boxes and then wait for orders. Our distribution partners have to be market development centric. They have to be committed to education. They have to be committed to developing the market from the bottoms up. And that is who's going to succeed with Butterfly. And we do have an e-commerce engine. We do sell in 18 different countries where doctors buy our product online, 18 different languages. We market. And we communicate and have relationships with them. So there's this balance between distribution, who is actually developing the market, and then also individual doctors who still have the energy to drive point-of-care ultrasound. On a global basis, we're selling over 1,000 probes online a quarter.
Those are doctors pulling out their credit card, buying a probe because they want it a part of their practice. And it's all over the world. So thank you for the great question. Yes. Seamus Cantorno here for Suraj Kalia at Oppenheimer. So Joe, what do you think the currently biggest perceived difference is between iQ and cart-based systems? Is it an image quality issue? Is it economics? Is it physician preferences? And then on that, regarding image quality, is there any objective metric that you can prove that as iQ has progressed versus, say, a cart-based system, that it's showing better image quality? It's a great question. So beauty is in the eye of the beholder. And so is image quality in the eye of the beholder. And we know that as our processing power and our ability to get clearer images, that it gets closer and closer.
We've disseminated devices through many KOLs. And we've just simply had those KOLs start communicating their experiences. One of them recently compared our higher frequency MSK type of imaging. And had said that he said on the video, I've had to look at this five different times, if I quote him correctly, before I can actually say that this image is better than my Fujifilm Sonosite cart. Now, that's them saying it. So there's a couple of things that have to happen for us to really start eating into the cart business. A, image quality has to continue to grow. B, we have to embed all the calculations into our software. So there's all these different types of calculations that make it faster and easier for people to be able to ascertain after they've acquired the image.
Continuous pulsed-wave Doppler or continuous-wave Doppler is one feature we currently don't have that we'll have to build into the next versions. But there will be a point in time when we have all the calculations. We have continuous-wave Doppler. And we have image quality. And that will be in the power. And truthfully, my comments around replacing CAR-Ts, I'm sure the workflow Dr. Aryana , I'm sure, is exactly correct that if you want a TV, you want to sit on the couch in front of the TV, watch a movie, you're going to do that. And no one's ever going to replace that movie, that TV, in the comfort of your home. But the ability to now watch your game on your phone and do all those other things are going to expand the quality and the richness of life.
So I think what we're trying to say is that our devices are going to have these capabilities. And the question, as I tried to mention in the slide, was, what do we do now? If an ultrasonographer has a device that has the same capability of a particular cart they use, how does that change their life? I don't think we know the answer to that question yet. Back to Jensen's comments, I don't think we fully know, well, what would if you told the ultrasonography environment that they now had this mobile, powerful device that was as capable as what they use on a daily basis, how would that change their life? Or how would they want their life to be changed? Maybe they want to sit home and watch movies all day long. I don't know. But the fact is, they're going to have it.
They're going to have a choice to decide what's the best way to treat patients? What's the best way to reduce cost? And so those are the things that we'll be working on for the next iteration. We know now today that iQ3 is just getting there in some environments. And we do believe some lower-end carts are not going to be purchased. And some people are going to start buying some handhelds. But to really get into the market, we're going to need those other features. And then the market just has to be educated to decide what they want to do with it. Yep. And I'll do this from a clinical perspective. Just remember now, you've got this whole sea of medical students and residents that are learning how to do ultrasound with a handheld ultrasound.
I can tell you, Temple just recently published a study. It actually compared iQ+ to a cart-based system. And when you look at what question you're trying to answer, not how pretty the picture is because everyone I think NVIDIA will say, you're always going to want a prettier picture. People keep buying higher definition televisions all the time. But with that first television, they know what the score of the game is. Now we can see the bits of rubber bouncing off the field. OK. But in clinical medicine, it's about what's the question you're trying to answer? Is there an aneurysm or not? And these students are learning with a handheld device in their hand, I can answer that question. So then it shifts from not where's the cart, or I'd like to have a prettier picture. What do I need the cart for?
If my handheld thing that's in my pocket can answer the question, and I can do that expeditiously now, I'm not going to go look for the cart. And as I start to be an administrator, and you can see him nodding his head, I'm not going to buy you another one, bitch, you don't need it. Because the majority of clinical questions and we've said this a couple of times today can be answered with simple imaging. They don't require the sophistication that's in these high-end carts. And it's really not a matter of just, oh, the image quality now is good. It's that $200,000 Toshiba system. It's, does the device answer the clinical question that advances care in a more cost-effective and efficient manner? And what's happening now is this whole generation of doctors that are learning the answer to that question is in your pocket.
That's what's going to drive the change in cart behavior. And it's happening very, very quickly. Got it. And just one quick follow-up there. I believe you noted when you were talking about the current global ultrasound market, by 2026, you would be kind of competing with mid- what was it? Mid-range kind of cart systems. I guess how should we think about the pricing strategy for Butterfly evolving as you're now starting to compete with systems that have ASPs of $30,000 to $60,000 to $80,000? So thank you. Just real quick. Just to be clear on two things. One, the numbers that were put up there do not anticipate this, right? So what we showed was the core POCUS market. It also doesn't anticipate the advancement in the chip. It assumes that we have the same chip we have today. And we can grow off of that.
So those things are complete upside to this plan. And I'll let you answer. So I think you saw with iQ3, we went from our retail on iQ+ is $26.99. And so iQ3 is $38.99. It's a fraction of what you would have to have if you had all four of their probes, which would be the equivalent of all one. So I think there's opportunity. And I think Butterfly will continue as the next iterations come to move up the price scale. But we're committed to be a fraction of the cost. We will consistently save the hospital money based upon the absolute procurement of a cart. But we also think if there's opportunity to take more and still be a fraction, maintaining our target gross margin for the company, then that's what we'll do.
I think in every single situation, we will be a fraction of the cost. But it doesn't mean our price may not go up. Hi. Thanks for the questions. Brad Bowers with Mizuho. I have two, I guess, unrelated but both kind of future growth drivers that we had talked about. So the first one, I wanted to go back to international, specifically on, I guess, the APAC strategy. I know China and especially Japan. I think the statistic for Japan is they have three times more imaging equipment per million people than any other in the world. So I wanted to kind of hear about why that may or may not be a key market for Butterfly going forward. Also, China, I think, is trying to get to that level or a similar level of installed base there.
Are they looking for more of, I guess, some of the more box-based approaches? Or does Butterfly kind of fit in to kind of fit that need? Is it about finding the right distributor partner? It's a very good question. So on the China side, we are well underway of negotiating with a partner that we would have a more of a local presence in China, which may have some operation, et cetera, et cetera. We feel very comfortable about our technology. And actually, we have our semiconductor made in Taiwan. Our transducers are assembled in Taiwan. And then over in Malaysia, we have the complete componentry assembled. And one of the things about Butterfly is we are completely virtual supply chain. So we don't own factories, employees, et cetera, where it goes there. We, of course, have engineers.
We have quality control managers and an incredible team, about 20-30 people, sitting in Taiwan today. So we think it's very possible for us to leverage that team to be able to then extend the ability of doing final assembly with partners over in China. So that is in flight. We are looking to get to that market. There are a lot of low-cost ultrasound companies in China. But just as low cost as they are is low quality. And so we think Butterfly can be like an oh my god when we get it approved. And it's a part of our strategy. The second leg of that from a Japanese side is we've been given the complexities and the software changes and whatnot, we hadn't prioritized it as of yet.
That is something that is probably a couple of years for us purely based upon bandwidth and prioritization. I'm sure there's a lot of that that's maybe short-sighted, that we haven't gotten there as fast as possible. I don't know if you have any other comments on Japan at the moment. Nope. We're talking to a few potential partners in Japan. We haven't made any decisions. You're right there. On Southeast Asia, we are working with a few companies. We're in the midst of getting regulatory approvals in Singapore, Malaysia, Indonesia, Philippines, and Bangladesh. That whole area is going to be covered. That's obviously going to be part of that graph that you saw there for growth. We see a lot of potential. Asia itself is really one of the biggest imaging markets in the world.
So getting in there as we are going to be sort of later on this year is going to really help us drive business over there. Thanks for that. And then real quick, if I could touch on the home care side. I know it's a little bit of a more fragmented market. I think UnitedHealthcare has tried to consolidate some of that. But it's still maybe a little bit more mom and pop. So I wanted to kind of hear if there's any big wins or if getting it in with the Academy of Home Care Medicine, one of the societies, to maybe push it as Butterfly is more standard of care. Is there kind of a stake in the ground or maybe a big contract win in the home care side that you're really kind of driving towards?
We are actively. That's one of the things that keeps Paula going every day. We wanted to have this meeting before we talked about it more publicly because we've never discussed this before. If we're lucky before the end of the year, there'll be some things that we can start talking about. What we've learned and what Butterfly does very well is we teach people who don't know how to do ultrasound to do ultrasound. We can teach someone to do one scan and one scan very well. We've already had experience partnering with nursing organizations, focusing them. We taught 500 midwives in Kenya how to image fetal position. We know, based upon the relationships, that we can work with third parties. We can get them trained on particular use cases.
And then at the same time, work with payers to sell them services around risk stratification. Also, 82% of hospitals around the United States this year were penalized for cardiac readmissions. We think there's a large opportunity to help them keep those patients in home and use a lower cost ultrasound instead of a scale and instead of a blood pressure cuff alone. But being able to know pulmonary wetness is an indicator to see, are you progressing with those fluid levels in your lung? Or are you subsiding? And that can allow them to dynamically manage their medications in the home without having to send a caregiver. So that is where we are going. We believe we have the AI. And we have a study at Rutgers right now proving out the linkage between B-lines between cardiopulmonary or pulmonary fluid and progression of congestive heart failure.
You all know these numbers are massive. The reason why we're doing this is because when the large players and the large constituents in a market have standard of care and standard workflow, they're typically not incented to make big changes. Or the big changes might just be too much trouble to go do. Even though we're historically a software, semiconductor, hardware supplier, for us to be a service provider is a whole new thought process, a whole new thing. But we do that in order to accelerate the market. At the end of the day, we'd love to have all the home health care organizations and hospitals do this themselves, purchase software and devices from us, and the market grow. But we know as a catalyst to push the market, we know we need to do this ourselves.
And so we're going to go to at-risk providers. We may take risk. We may say, if you have X amount of readmits, we will do this, this, and this. And we just go in and train nurses and go help them accelerate this in this program. And so that's why Paula's here. She's talking to a bunch of providers now. And we're developing models that'll help accelerate this adoption. Yes, Josh. Oh, I'm sorry, sir. And then Mike? A quick one. Given the revolutionary nature of the technology, what kind of different regulatory problems or hurdles does that create? So we've been blessed to get our regulatory act in order. We've had some major approvals over the last 12 months with our AI B-line counter. A lot of other companies trying to do it don't have it yet. We've received that approval. We've received our iQ3 approval.
We've been able to get our ScanLab on the market. We just have now our EU MDR certified. We will have iQ3 in Canada soon. And in the next six months, iQ3 will be available OUS. So we now have a very good understanding of what the center is looking for, how to manage risk. And we have been investing in a lot of the primary research in home for bladder and home for lung that gives us the baseline. And so our confidence level is very high that the things that we are looking for to get clearance on are not these huge, risky leaps. And we wouldn't be talking about it with these timelines if we felt there was a large amount of timeline risk in the delivery of these new services and products. Thank you for that great question. Josh? Thanks, Joe.
Very maybe getting ahead of myself here. But just seeing this slide, I think that Dr. Martin put up on HPI, history, physical, and imaging, just wanted to hear some thoughts about the pathway ultimately, maybe five years, 10 years, for imaging to be a requirement in that HPI. Because I think I would guess that most people in this room have gone to their preventative annual and never had a stethoscope put on their chest or felt like they weren't even examined. And if those preventative exams are supposed to happen every year, and the sensitivity and specificity of the physical exam is so poor, is there a pathway ultimately that you see where imaging is a requirement that'd be documented for that annual preventative exam? Thanks. Question? Yeah, Shahida? John or Shahida, you want to? I can tackle it. I think we're close, actually.
I just had a patient the other day. I was wearing my stethoscope. When I was listening, I didn't hear anything abnormal. And the patient, on lung ultrasound, I had my iQ3, had a whopping pneumonia. And so I sent that man home with antibiotics. But I wouldn't have had I not imaged him. And he would have come back much sicker, been admitted to the ICU, had a long road to recovery. So it could have been really bad. And I think as soon as there's some further literature on cost effectiveness, as soon as insurance companies and payers kind of see that link to improved prevention of badness that's going to cost them a lot of money, I think it will progress. Because as soon as it's covered, ultrasound guidance for procedures, for example, it used to be blind procedures were the norm.
As soon as patient safety was shown to be improved by using ultrasound, the reimbursement for ultrasound-guided procedures went up. It became fully standard of care to do all procedures with ultrasound. I think the HPI will be similar. Yeah, I think the answer lies in our 3 speakers and that the students of tomorrow are doing that. Actually, I think it's now been 5 years ago. Eugene Braunwald, one of the most respected cardiologists in the history of this country, published a paper in JAMA that said, it's time for auscultation to be part of the standard physical examination. So there are very learned scholars who are well respected, part of, if you will, the historic dogma of health care, who are now standing up and starting to say this. Again, it just only makes sense.
I think where you'll hear maybe the antagonist is, well, you have to know what to do with that information. And that's correct. But I think with the new students of tomorrow who are learning how to do this, the residents who are now requiring this, we're close. We're close. Whether it ends up being a regulatory thing, if you start looking at what's actually mandated as part of a physical exam, that's a complex question. Because it depends on the level of the exam, the level of complexity of the patient that you're seeing. There's a lot that goes into that. But if you flip it a different way and say, will it become part of a standard, good quality physical examination that people then depend on? I think the answer to that is much sooner than any of us really imagined before Butterfly existed. Any more? OK.
So guys, don't go anywhere. Just wanted to be able to just wrap up our session. First of all, these are the messages that I was hoping for you to leave here today with, that we're leading a digital revolution. POCUS is here to stay. Medical education is creating this rapid and inevitable evolution towards this becoming institutionalized. And that Butterfly is scalable and ready to go. We sit up here today. And we believe in what we're doing. We believe that this is absolutely the right time. And I know, and what I've hoped to also demonstrate to you all today, is I have the best team that anyone can have. I have seven people up here.
If you wanted to sit here for seven more hours, I'll do an hour on each of them and tell you how much they mean to the company and how just awesome they are. So we are ready. This is no more, we hope, in the future and whatever; this is go time. We're going to execute and deliver. We're going to have a good 2024, as I mentioned to you. And so I really feel just very indebted to you and appreciative that you'd sit here through our Investor Day, that you'd learn more about us, and let us show you more about this. And also, today for us, at least, I have to thank Katie. I have to thank Liz. You guys did an unbelievable job. Big round of applause. Thank you so much for making this thing happen.
I want to thank our partner, CTC, who did all the event setup for the room, and Sloan, who got you all in the room and got you here. So thank you guys all. We're very, very appreciative. And we're so excited. Go, Butterfly. Thank you.