Brainsway Ltd
NASDAQ:BWAY
Brainsway Ltd
Brainsway Ltd. is a commercial stage medical device company, which focuses on the development and sale of non-invasive neuromodulation products using the proprietary Deep Transcranial Magnetic Stimulation (Deep TMS) technology for the treatment of major depressive disorder (MDD) and obsessive-compulsive disorder (OCD). The firm primarily offers Transcranial Magnetic Stimulation (TMS) system, a medical device that enables direct non-invasive activation of deep brain structures. Its TMS system uses magnetic pulses to stimulate neurons and consequently modulates the physiological activity of the brain. TMS system is used in various clinical applications including: major depressive disorders, obsessive-compulsive disorder, smoking addiction and others various psychiatric, neurological, and addiction disorders.
Brainsway Ltd. is a commercial stage medical device company, which focuses on the development and sale of non-invasive neuromodulation products using the proprietary Deep Transcranial Magnetic Stimulation (Deep TMS) technology for the treatment of major depressive disorder (MDD) and obsessive-compulsive disorder (OCD). The firm primarily offers Transcranial Magnetic Stimulation (TMS) system, a medical device that enables direct non-invasive activation of deep brain structures. Its TMS system uses magnetic pulses to stimulate neurons and consequently modulates the physiological activity of the brain. TMS system is used in various clinical applications including: major depressive disorders, obsessive-compulsive disorder, smoking addiction and others various psychiatric, neurological, and addiction disorders.
Revenue Trends: Q1 2023 revenue was $6.6 million, down 17% year-over-year but up nearly 10% sequentially compared to Q4 2022, in line with management’s expectations.
System Placements: 48 Deep TMS systems were shipped in Q1, nearly 50% more than the previous quarter, with continued strength internationally and renewed momentum in the U.S.
Cost Optimization: The company executed cost-saving measures in March, with benefits expected to be seen starting in Q2 and more meaningfully in the second half of 2023.
Profitability Goal: BrainsWay reaffirmed its target of breakeven operating income in Q4 2023 and expects full-year revenue growth over 2022.
Reimbursement Progress: Recent insurance policy updates are expanding patient access to Deep TMS, including for non-physician practitioners in certain states.
Clinical Evidence: New data show high response (82%) and remission (65%) rates in depression patients treated with Deep TMS, supporting its real-world effectiveness.
OCD & New Indications: OCD adoption is a key growth driver, with strong demand for the H7 coil both in the U.S. and internationally.
