So we’re orienting ourselves — we’re focusing on our technology. We’re going to win in this mature market, and then we’re going to build a point of care. And then as we do that, we’re going to build new markets that only we can serve…
Neil Chatterji: Great. I appreciate that color. That’s it for me.
Operator: Thank you, Joe and Heather. [Operator Instructions] The next question comes from Josh Jennings from TD Cowen.
Joshua Jennings: I wanted to just start off on the Butterfly Q3, just to make sure we’re clear on where that development program stands. Now I didn’t — it seemed to catch my understanding from this call is that you’ve already kind of crossed the threshold where this imaging quality improvement is in hand? Or are there still — what would the development steps left? And then are there any regulatory hurdles that need to be cleared? And I guess the reason I’m asking is just with this automotive effect that you guys are calling out for the second half of ’23 and then the launch of Q3 and Q4. Just saying could that add more effect last into ’24 as we think about updating our models and our out-year estimates? Or is this — is this an early 2024 launch?
Joseph DeVivo: So the loss date will be determined by regulatory clearance. Everything is done.
Joshua Jennings: So is that submission on the time?
Joseph DeVivo: It’s — the submission will be placed shortly. Within the quarter, the submission will be placed.
Joshua Jennings: That’s outstanding. And then how early can you start showcasing the Q3 and the improvements to key opinion leaders or your customer base, are you able to market this in front of approval?
Joseph DeVivo: No, we don’t market in front of regulatory approval. What we do, do is we have thought leaders that we have NDAs with. We do have, let’s call them demo IQ3 probes that we can do IRB protocols with under appropriate FDA guidance. So we’re compliant with FDA rules. So we’re — yes, we are actively in front of thought leaders. We are working through our internal — we have a robust internal clinical team and we will make sure that prior to launch, those thought leaders are helping us understand the message and the capabilities of the product; so yes.
Joshua Jennings: Excellent. No, that’s great to hear. And one of the reason I asked. I think I believe from our consultants feedback on the IQ and the potential for image quality improvement may not have just cleared that expectation hurdle. But it sounds like iQ3, you’ve already cleared that hurdle that closing of the perceived imaging gap has been accomplished. And now it’s just a matter of getting regulatory approval and launching just to be 100% clear.
Joseph DeVivo: That’s what we believe. And that’s what our interpretation of the improvement of imaging. Again, our processor speed has doubled. Our frequency has increased all of the metrics that you have to pump through a semiconductor chip have improved and in a level that is consistent with image. And that’s not stopping. We have the next-generation technology beyond RP 4.3 chip already out in development. And what’s great in the way that IQ3 is designed is, a, we can continue to enhance the software and release new software capabilities to the existing product dynamically. So that’s one thing that we’re going to even continue because we’re not stopping here. We’re going to grab our surf forward and ride the Moore’s Law wave.
We’re continuing to test the boundaries of the technology that we have. But then also, we’re continuing with the next-generation chip technology. And we’ll be able to insert that next-generation chip technology right into this hardware platform. We won’t have to at least until we come up with — we do have a next generation or next generation really cool thing behind this that I’ll talk about, hopefully, in early of 24 — mid-24% as it’s a 25 release. But we’re going to be able to continue to improve our chip. We’re going to be able to continue to improve our software and we can insert it into a current hardware form factor and increase our power, increase our capability to image, and this is just a journey. It’s — we’re going to go from 1 meg to 3 mg to 5 mg to 7 mg to 20 meg imaging, and we’re going to lap film, and we’re going to do the — in handheld to peso crystals what happens to the film industry; so that’s what we believe.