BrainsWay Highlights Expanded Deep TMS™ Access with Growing Western U.S. Network
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Insights
BrainsWay's expanded collaboration with a mental health treatment provider in the Western U.S. signifies a strategic move to increase the footprint of their Deep Transcranial Magnetic Stimulation (Deep TMS) systems. The scaling up from a series of orders to seven systems, with intentions for further growth, indicates a robust demand for non-pharmacological treatments in mental health. This is a notable development considering the increasing prevalence of mental health issues and the growing acceptance of TMS as a treatment option.
From an investment perspective, this expansion could signal underlying strength in BrainsWay's business model and potential for increased revenue streams. The focus on enterprise customers can provide a stable and recurring source of income, which is often favored by investors. As the company forges more partnerships and increases system installations, it could see an uptick in its market share within the neurostimulation space, a niche yet rapidly developing segment of the healthcare industry.
The FDA clearance of BrainsWay's Deep TMS for multiple indications, including major depressive disorder and OCD, reflects a significant regulatory milestone that enhances the credibility and marketability of the technology. The unique coil design and the non-invasive nature of the treatment are competitive advantages that distinguish BrainsWay in the field of neuromodulation.
Long-term, the adoption of Deep TMS systems could disrupt conventional mental health treatments, potentially reducing dependency on pharmaceuticals and offering an alternative for patients who are resistant to medication. However, the high initial cost of the systems and the need for ongoing clinical support could pose challenges to widespread adoption.
Furthermore, as mental health continues to gain attention, innovations like Deep TMS could benefit from increased research funding and insurance coverage, potentially driving growth in the sector. Stakeholders should monitor clinical outcomes and cost-effectiveness studies, as these will be pivotal in determining the technology's long-term success and impact on BrainsWay's market position.
The announcement by BrainsWay illustrates a positive trajectory for the company's growth and market penetration. The investment in additional Deep TMS systems by a single provider suggests a vote of confidence in the efficacy and utility of BrainsWay's technology. For investors, the key points to consider include the scalability of the technology, the size of the addressable market and the potential for recurring revenue through system sales, maintenance and possibly per-use fees.
Moreover, the mental health sector is gaining traction with investors due to the increasing awareness and destigmatization of mental health conditions. BrainsWay's strategic partnerships and global expansion efforts could be a catalyst for stock performance, contingent on the company's ability to maintain technological leadership and demonstrate clinical superiority. Close attention should be paid to BrainsWay's financials in subsequent quarters to gauge the impact of these expansions on the bottom line.
BURLINGTON, Mass. and JERUSALEM, Dec. 19, 2023 (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 increased collaboration with a growing mental health treatment provider based in the Western region of the United States. After a series of successive orders, BrainsWay’s most recent delivery will bring this provider’s installed base to a total of seven Deep Transcranial Magnetic Stimulation (Deep TMS™) systems, with plans for additional expansion in the future.
“As a leader in the field of TMS since our technology was first FDA-cleared, we are proud to deepen our partnership with a growing provider that shares our commitment to improving patients’ lives,” said Hadar Levy, Chief Executive Officer of BrainsWay. “Through our close collaboration with leading strategic partners, we are increasing access to desperately needed non-drug mental health treatments for multiple underserved indications, including depression and obsessive-compulsive disorder (OCD). Importantly, this expansion is yet another reflection of our strategy to forge and grow relationships with institutional and enterprise customers across the globe.”
Deep TMS is delivered through a patented and unique coil design which is housed within a cushioned, patient and provider-friendly helmet. By pulsing a magnetic field that targets affected structures of the brain, the Deep TMS system is capable of stimulating underactive or inactive neural networks. The system is currently FDA-cleared to treat major depressive disorder both with and without anxiety symptoms, obsessive-compulsive disorder (OCD), and smoking addiction.
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 Statements
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
844-386-7001 ext. 5
Ido.Marom@BrainsWay.com
Investors:
Brian Ritchie
LifeSci Advisors
646-889-1200
britchie@lifesciadvisors.com
Media Contact:
Chris Boyer
844-386-7001
Chris.Boyer@BrainsWay.com
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