BrainsWay Highlights Growing U.S. Payer Support for Nurse Practitioner-Administered Transcranial Magnetic Stimulation (TMS) Therapy
Rhea-AI Summary
BrainsWay (NASDAQ: BWAY) highlighted expanding U.S. payer policies permitting psychiatric mental health nurse practitioners (PMHNPs) to order, supervise, and administer Transcranial Magnetic Stimulation, including Deep TMS™, where state scope-of-practice allows.
Optum Behavioral Health updated its policy in late 2025, covering ~34.8 million lives; several MACs, VA, and TRICARE West have adopted similar approaches. BrainsWay notes this could expand access amid psychiatrist shortages and cites FDA clearance for Deep TMS for multiple indications.
AI-generated analysis. Not financial advice.
Positive
- Optum policy covers ~34.8 million lives
- Multiple MACs, VA, and TRICARE West adopting NP-administered TMS
- May expand access where psychiatrist shortages exist
- Deep TMS holds FDA clearance for multiple indications
Negative
- State scope-of-practice variability may limit nationwide impact
- Payer coverage subject to compliance with policy and regulatory frameworks
- Adoption depends on training/credentialing requirements for nurse practitioners
News Market Reaction – BWAY
On the day this news was published, BWAY gained 5.61%, reflecting a notable positive market reaction. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $32M to the company's valuation, bringing the market cap to $599.29M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
BWAY gained 4.03% with stock-specific news. Direct peers showed mixed moves (e.g., STIM up 2.88%, CATX down 3.19%, OM up 0.93%). Momentum scanner flagged other healthcare names (CERS, CATX, QSI) moving up, but without related news, reinforcing a largely company-specific backdrop.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 13 | Conference participation | Neutral | +3.4% | Announcement of presentation at Needham Virtual Healthcare Conference for investors. |
| Mar 26 | FDA-linked investment | Positive | -2.7% | Additional $6M milestone-based investment in Neurolief following FDA PMA approval. |
| Mar 19 | Strategic investment | Positive | +3.6% | $1.0M milestone-based investment into Axis Integrated Mental Health after revenue milestone. |
| Mar 11 | Earnings and guidance | Positive | +8.3% | Strong Q4 and 2025 results with 27% YoY revenue growth and 2026 growth guidance. |
| Mar 04 | Clinical data update | Positive | +7.4% | Peer-reviewed data validating SWIFT™ Deep TMS with high response and remission rates. |
Recent BWAY news over the last six weeks has generally led to positive price reactions, particularly around clinical data and earnings, with one notable divergence following an FDA-related investment announcement.
Over the past several weeks, BrainsWay has reported multiple operational and financial milestones. On Mar 4, landmark SWIFT™ Deep TMS data showed strong response and remission rates, followed by robust Q4 2025 and full‑year results on Mar 11 with revenue of $14.5M in Q4 and $52.2M for 2025. Subsequent strategic investments in Axis Integrated Mental Health and Neurolief, plus participation in an investor conference announced on Apr 13, frame today’s payer-policy update as part of an ongoing effort to expand Deep TMS access and adoption.
Market Pulse Summary
The stock moved +5.6% in the session following this news. A strong positive reaction aligns with BWAY’s pattern of constructive responses to access and clinical milestones, as seen after prior Deep TMS data and earnings updates. However, historical moves following strategic investments show at least one divergence, suggesting that enthusiasm can fade if execution or reimbursement trends disappoint. Investors monitoring sustainability would focus on how expanded nurse practitioner coverage translates into Deep TMS utilization and whether subsequent updates continue to support growth.
Key Terms
transcranial magnetic stimulation (tms) medical
deep tms medical
psychiatric mental health nurse practitioners (pmhnps) medical
medicare administrative contractors (macs) regulatory
noninvasive neurostimulation medical
AI-generated analysis. Not financial advice.
Growing payer acceptance of nurse practitioner administration of Deep TMS is expected to expand access to non‑drug mental health treatments
BURLINGTON, Mass. and JERUSALEM, April 15, 2026 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, today highlighted the growing trend across the U.S. payer landscape of coverage policies that allow appropriately trained nurse practitioners to administer Transcranial Magnetic Stimulation (TMS) therapy. A growing number of commercial insurers, Medicare Administrative Contractors (MACs), and government payers now permit psychiatric mental health nurse practitioners (PMHNPs) to administer TMS therapy, including Deep TMS™, when practicing in accordance with applicable regulations and state scope‑of‑practice requirements.
Among large U.S. payers, Optum/United Behavioral Health (“Optum Behavioral Health”) updated its TMS clinical policy in late 2025 to explicitly allow PMHNPs to order, supervise, and administer TMS therapy in states that grant them full practice authority, where such services fall within advanced practice registered nurse scope of practice. Previously, this authority had been limited to psychiatrists under the policy. The updated Optum Behavioral Health policy applies to commercial plans covering approximately 34.8 million lives.
In addition to Optum, multiple other U.S. commercial payers, MACs (including First Coast, National Government Services, and Novitas), the U.S. Department of Veterans Affairs, and TRICARE West have all adopted similar coverage approaches increasing the role of nurse practitioners providing TMS care, subject to compliance with applicable policy and regulatory frameworks.
“We believe this continued evolution in payer policy reflects a broader effort to remove structural barriers to proven mental health care options such as Deep TMS,” said Hadar Levy, Chief Executive Officer of BrainsWay. “Expanding the pool of qualified clinicians who can administer Deep TMS – especially in markets experiencing psychiatrist shortages – has the potential to improve access, reduce wait times, and help ensure that more patients can benefit from clinically proven, non‑pharmacologic treatment options,” concluded Mr. Levy.
BrainsWay believes that broader acceptance of nurse practitioner‑delivered TMS care may help address provider capacity constraints and support more timely access to treatment. The Company continues to engage with clinicians, payers, and policymakers to advance awareness of Deep TMS™ and its proprietary noninvasive neurostimulation platform which has received U.S. Food and Drug Administration clearance for multiple indications supported by pivotal clinical studies.
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 operations in the United States and 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, and also includes any financial guidance and projections contained herein. 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: risks relating to the Company’s ability to consummate, finance and close proposed or potential investments, 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
