BrainsWay Announces Significant Expansion on U.S. East Coast

Rhea-AI Summary

BrainsWay (NASDAQ & TASE: BWAY), a leader in noninvasive neurostimulation treatments for mental health disorders, has announced a significant expansion on the U.S. East Coast. A large and growing enterprise network has placed an order for 14 new Deep TMS™ systems, following other recent multisystem orders. This expansion aligns with BrainsWay's strategic goal of fostering relationships with various mental health groups and networks to drive long-term profitable growth.

CEO Hadar Levy expressed satisfaction with the company's continued expansion and support for the growth of this large enterprise network. As of June 30, 2024, BrainsWay had an installed base of 1,215 Deep TMS systems, solidifying its position as a preferred choice for many mental health providers.

Positive

• Received a large order for 14 new Deep TMS™ systems from a growing enterprise network
• Expansion aligns with strategic goal of fostering relationships with mental health groups
• Installed base of 1,215 Deep TMS systems as of June 30, 2024
• Strengthening position as preferred choice for mental health providers

Negative

• None.

Insights

Medical Technology Analyst

The order of 14 Deep TMS™ devices by a large mental health network represents a significant expansion for BrainsWay on the U.S. East Coast. This order, following recent multi-system orders, indicates growing market acceptance and demand for BrainsWay's noninvasive neurostimulation treatments. The expansion aligns with the company's strategy to partner with mental health groups, potentially leading to increased market share and revenue growth.

With an installed base of 1,215 Deep TMS systems as of June 30, 2024, this order represents a 1.15% increase in their system deployment. While modest in percentage terms, the concentrated nature of this order from a single network suggests potential for future bulk orders and expanded partnerships. This could lead to accelerated adoption rates and strengthened positioning in the competitive neurostimulation market.

Financial Analyst

This order signifies positive momentum for BrainsWay's revenue stream. While specific financial details are not disclosed, based on industry averages, we can estimate the potential revenue impact. Assuming an average price range of $60,000 to $80,000 per Deep TMS system, this order could translate to approximately $840,000 to $1.12 million in revenue.

Moreover, the recurring nature of partnerships with large networks suggests potential for steady, long-term revenue growth. This aligns with BrainsWay's stated goal of "long-term profitable growth." Investors should monitor future earnings reports to gauge the impact of this and similar orders on the company's financial performance, particularly in terms of revenue growth and profit margins.

Market Research Analyst

This expansion indicates growing acceptance of Deep TMS technology in the mental health treatment landscape. The willingness of a large enterprise network to invest in multiple systems suggests confidence in the therapy's efficacy and market demand. This trend could signal a shift in treatment paradigms for mental health disorders, potentially expanding BrainsWay's addressable market.

However, investors should consider the competitive landscape. While BrainsWay positions itself as the "preferred choice for many mental health providers," it's important to monitor market share trends and technological advancements by competitors. The company's ability to maintain its technological edge and expand its clinical applications will be key factors in sustaining long-term growth and market leadership in the evolving field of neurostimulation treatments.

14 Deep TMS™ Devices Ordered by Large Mental Health Network

BURLINGTON, Mass. and JERUSALEM, Sept. 16, 2024 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, today announced the expansion of its Deep TMS™ platform along the East Coast of the U.S. through the recent order of 14 new systems by a large and growing enterprise network. The large order follows other recent multisystem orders placed with the Company, further strengthening its position as the preferred choice for many mental health providers.

“We are pleased to continue to expand the presence of Deep TMS therapy on the East Coast of the U.S. and support the growth of this large enterprise network through their order for 14 of our innovative Deep TMS devices” said Hadar Levy, BrainsWay’s Chief Executive Officer. “This latest order aligns with our strategic goal of cultivating strong relationships with a variety of mental health groups and networks, which we believe affords us the best opportunity for long-term profitable growth.”

As of June 30, 2024, BrainsWay had an installed base of 1,215 Deep TMS systems.

About BrainsWay

BrainsWay is a global leader in advanced noninvasive neurostimulation treatments for mental health disorders. The Company is boldly advancing neuroscience with its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) platform technology to improve health and transform lives. BrainsWay is the first and only TMS company to obtain three FDA-cleared indications backed by pivotal clinical studies demonstrating clinically proven efficacy. Current indications include major depressive disorder (including reduction of anxiety symptoms, commonly referred to as anxious depression), obsessive-compulsive disorder, and smoking addiction. The Company is dedicated to leading through superior science and building on its unparalleled body of clinical evidence. Additional clinical trials of Deep TMS in various psychiatric, neurological, and addiction disorders are underway. Founded in 2003, with offices in Burlington, MA and Jerusalem, Israel, BrainsWay is committed to increasing global awareness of and broad access to Deep TMS. For the latest news and information about BrainsWay, please visit www.brainsway.com.

Forward-Looking Statement

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These forward-looking statements and their implications are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In addition, historical results or conclusions from scientific research and clinical studies do not guarantee that future results would suggest similar conclusions or that historical results referred to herein would be interpreted similarly in light of additional research or otherwise. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: inadequacy of financial resources to meet future capital requirements; changes in technology and market requirements; delays or obstacles in launching and/or successfully completing planned studies and clinical trials; failure to obtain approvals by regulatory agencies on the Company’s anticipated timeframe, or at all; inability to retain or attract key employees whose knowledge is essential to the development of Deep TMS products; unforeseen difficulties with Deep TMS products and processes, and/or inability to develop necessary enhancements; unexpected costs related to Deep TMS products; failure to obtain and maintain adequate protection of the Company’s intellectual property, including intellectual property licensed to the Company; the potential for product liability; changes in legislation and applicable rules and regulations; unfavorable market perception and acceptance of Deep TMS technology; inadequate or delays in reimbursement from third-party payers, including insurance companies and Medicare; inability to commercialize Deep TMS, including internationally, by the Company or through third-party distributors; product development by competitors; inability to timely develop and introduce new technologies, products and applications, which could cause the actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements.

Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission.

Contacts: 
BrainsWay:
Ido Marom
Chief Financial Officer
Ido.Marom@BrainsWay.com

Investors:
Brian Ritchie
LifeSci Advisors LLC
britchie@lifesciadvisors.com

FAQ

How many Deep TMS™ devices did BrainsWay (BWAY) receive orders for on the U.S. East Coast?

BrainsWay received an order for 14 new Deep TMS™ devices from a large and growing enterprise network on the U.S. East Coast.

What was BrainsWay's (BWAY) installed base of Deep TMS systems as of June 30, 2024?

As of June 30, 2024, BrainsWay had an installed base of 1,215 Deep TMS systems.

How does the recent order align with BrainsWay's (BWAY) strategic goals?

The order aligns with BrainsWay's strategic goal of cultivating strong relationships with various mental health groups and networks, which they believe offers the best opportunity for long-term profitable growth.

Who placed the order for 14 Deep TMS™ devices from BrainsWay (BWAY)?

A large and growing enterprise network on the U.S. East Coast placed the order for 14 new Deep TMS™ devices from BrainsWay.