BrainsWay Reports Fourth Quarter and Full Year 2024 Financial Results and Operational Highlights
BrainsWay (NASDAQ & TASE: BWAY) reported strong financial results for Q4 and full year 2024. The company achieved record quarterly sales of $11.4 million in Q4 2024, up 27% from Q4 2023, and full-year revenue of $41 million, representing a 29% year-over-year increase.
Q4 highlights include shipping 75 Deep TMS™ systems (25% increase), maintaining a 75% gross margin, and achieving operating income of $0.4 million. Full-year 2024 showed operating income of $1.4 million, compared to a $5.0 million loss in 2023, with net income of $2.9 million.
The company secured a $20 million strategic equity financing from Valor Equity Partners and ended 2024 with $69.4 million in cash. For 2025, BrainsWay projects revenue between $49-51 million (20-24% growth) with operating income of 3-4% and Adjusted EBITDA of 11-12%.
BrainsWay (NASDAQ & TASE: BWAY) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. L'azienda ha raggiunto vendite trimestrali record di 11,4 milioni di dollari nel Q4 2024, con un aumento del 27% rispetto al Q4 2023, e un fatturato annuale di 41 milioni di dollari, che rappresenta un incremento del 29% rispetto all'anno precedente.
I punti salienti del Q4 includono la spedizione di 75 sistemi Deep TMS™ (aumento del 25%), mantenendo un margine lordo del 75% e raggiungendo un reddito operativo di 0,4 milioni di dollari. L'intero anno 2024 ha mostrato un reddito operativo di 1,4 milioni di dollari, rispetto a una perdita di 5,0 milioni di dollari nel 2023, con un reddito netto di 2,9 milioni di dollari.
L'azienda ha ottenuto un finanziamento azionario strategico di 20 milioni di dollari da Valor Equity Partners e ha concluso il 2024 con 69,4 milioni di dollari in contante. Per il 2025, BrainsWay prevede un fatturato compreso tra 49-51 milioni di dollari (crescita del 20-24%) con un reddito operativo del 3-4% e un EBITDA rettificato dell'11-12%.
BrainsWay (NASDAQ & TASE: BWAY) informó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. La compañía logró ventas trimestrales récord de 11.4 millones de dólares en el Q4 2024, un aumento del 27% en comparación con el Q4 2023, y un ingreso total de 41 millones de dólares, lo que representa un incremento del 29% interanual.
Los aspectos destacados del Q4 incluyen el envío de 75 sistemas Deep TMS™ (un aumento del 25%), manteniendo un margen bruto del 75% y logrando un ingreso operativo de 0.4 millones de dólares. El año completo 2024 mostró un ingreso operativo de 1.4 millones de dólares, en comparación con una pérdida de 5.0 millones de dólares en 2023, con un ingreso neto de 2.9 millones de dólares.
La compañía aseguró un financiamiento estratégico de capital de 20 millones de dólares de Valor Equity Partners y terminó 2024 con 69.4 millones de dólares en efectivo. Para 2025, BrainsWay proyecta ingresos entre 49-51 millones de dólares (crecimiento del 20-24%) con un ingreso operativo del 3-4% y un EBITDA ajustado del 11-12%.
BrainsWay (NASDAQ & TASE: BWAY)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 이 회사는 2024년 4분기에 1140만 달러의 분기 매출 기록을 달성했으며, 이는 2023년 4분기 대비 27% 증가한 수치입니다. 전체 연도 수익은 4100만 달러로, 전년 대비 29% 증가했습니다.
4분기 주요 내용으로는 75개의 Deep TMS™ 시스템을 배송한 것(25% 증가), 75%의 총 마진을 유지한 것, 그리고 40만 달러의 운영 소득을 달성한 것이 포함됩니다. 2024년 전체 연도는 140만 달러의 운영 소득을 기록했으며, 2023년의 500만 달러 손실과 비교됩니다. 순이익은 290만 달러입니다.
회사는 Valor Equity Partners로부터 2000만 달러의 전략적 자본 조달을 확보했으며, 2024년을 6940만 달러의 현금으로 마감했습니다. 2025년에는 BrainsWay가 4900만-5100만 달러의 수익(20-24% 성장)을 예상하며, 운영 소득은 3-4%, 조정 EBITDA는 11-12%로 예상하고 있습니다.
BrainsWay (NASDAQ & TASE: BWAY) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année entière 2024. L'entreprise a réalisé des ventes trimestrielles record de 11,4 millions de dollars au T4 2024, en hausse de 27% par rapport au T4 2023, et un chiffre d'affaires annuel de 41 millions de dollars, représentant une augmentation de 29% d'une année sur l'autre.
Les points forts du T4 incluent l'expédition de 75 systèmes Deep TMS™ (augmentation de 25%), le maintien d'une marge brute de 75% et un revenu d'exploitation de 0,4 million de dollars. L'année entière 2024 a montré un revenu d'exploitation de 1,4 million de dollars, contre une perte de 5,0 millions de dollars en 2023, avec un revenu net de 2,9 millions de dollars.
L'entreprise a sécurisé un financement stratégique en actions de 20 millions de dollars de Valor Equity Partners et a terminé 2024 avec 69,4 millions de dollars en liquidités. Pour 2025, BrainsWay prévoit un chiffre d'affaires compris entre 49-51 millions de dollars (croissance de 20-24%) avec un revenu d'exploitation de 3-4% et un EBITDA ajusté de 11-12%.
BrainsWay (NASDAQ & TASE: BWAY) berichtete über starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024. Das Unternehmen erzielte Rekordquartalsumsätze von 11,4 Millionen Dollar im Q4 2024, was einem Anstieg von 27% im Vergleich zum Q4 2023 entspricht, und einen Jahresumsatz von 41 Millionen Dollar, was einem Anstieg von 29% im Jahresvergleich entspricht.
Die Höhepunkte des Q4 umfassen den Versand von 75 Deep TMS™-Systemen (25% Steigerung), die Beibehaltung einer Bruttomarge von 75% und einen Betriebsgewinn von 0,4 Millionen Dollar. Das gesamte Jahr 2024 wies einen Betriebsgewinn von 1,4 Millionen Dollar auf, verglichen mit einem Verlust von 5,0 Millionen Dollar im Jahr 2023, und einem Nettogewinn von 2,9 Millionen Dollar.
Das Unternehmen sicherte sich eine strategische Eigenkapitalfinanzierung von 20 Millionen Dollar von Valor Equity Partners und schloss das Jahr 2024 mit 69,4 Millionen Dollar in bar ab. Für 2025 prognostiziert BrainsWay einen Umsatz zwischen 49-51 Millionen Dollar (20-24% Wachstum) mit einem Betriebsgewinn von 3-4% und einem bereinigten EBITDA von 11-12%.
- Record quarterly revenue of $11.4M in Q4 2024, up 27% YoY
- Full-year revenue grew 29% to $41M
- Turned operating loss into $1.4M operating income in 2024
- Secured $20M strategic investment from Valor Equity Partners
- Strong cash position of $69.4M
- Projected 20-24% revenue growth for 2025
- Improved gross margin to 75% in 2024
- Operating income margin remains relatively low at 3-4% projected for 2025
Insights
BrainsWay has delivered exceptional financial results for Q4 and full-year 2024, marking a decisive transition from a growth-stage company to a profitable enterprise. The 27% revenue growth in Q4 to
The company's financial transformation is particularly noteworthy - shifting from a
The 25% increase in system shipments reveals strong market momentum, while the
BrainsWay's regulatory and clinical achievements are expanding their addressable market. The FDA label expansion for late-life depression (increasing age range from 68 to 86) opens access to an underserved elderly population. Meanwhile, progress in anxious depression treatment targets a substantial market affecting 10-16 million US adults annually.
The 2025 guidance of
As the company advances clinical evidence for new applications like neuropathic pain and alcohol use disorder, while simultaneously developing accelerated treatment protocols, BrainsWay is strengthening both its competitive position and long-term growth trajectory in the non-invasive neurostimulation market.
Achieved record quarterly sales of
Full year 2024 revenue increased nearly
Exceeded full year 2024 operating income and Adjusted EBITDA margin guidance
Company expects continued strong growth in 2025, with revenue of $49 million to $51 million and further improvement in profit and profitability
Conference call to be held today at 8:30 AM ET
BURLINGTON, Mass. and JERUSALEM, March 11, 2025 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, today reported fourth quarter and full year 2024 financial results and provided an operational update.
Fourth Quarter 2024 Financial and Operational Highlights
- Achieved fourth quarter 2024 revenue of
$11.4 million , a27% increase as compared to the fourth quarter 2023. - Shipped a net total of 75 Deep TMS™ systems, a
25% increase from the amount shipped in the fourth quarter of 2023. - Gross margin for the fourth quarter of 2024 was
75% , the same as in the prior year period. - Operating income for the fourth quarter of 2024 was
$0.4 million , compared to$0.2 million for the same period in 2023. - Adjusted EBITDA1 for the fourth quarter of 2024 was approximately
$1.4 million , compared to$0.8 million for the fourth quarter of 2023. - Net income for the fourth quarter of 2024 was
$1.5 million (including$1 million due to a positive impact from the valuation of warrants issued to Valor Equity Partners), compared to$0.1 million for the fourth quarter of 2023. - Continued progress in the Company’s randomized, multicenter U.S. clinical trial evaluating an accelerated treatment protocol for the Deep TMS system for major depressive disorder (MDD) treatment as compared to the current standard-of-care Deep TMS protocol.
- Continued progress with Israel Ministry of Defense’s Rehabilitation Department in qualifying patients with post-traumatic stress disorder (PTSD) for Deep TMS.
- Published positive feasibility clinical data evaluating the analgesic effects of Deep TMS in patients with peripheral neuropathic pain in the Neuromodulation journal.
- The Brain Stimulation journal published positive pilot data from an independent, third-party study conducted at Stanford University evaluating an accelerated protocol using the Company’s Deep TMS technology to treat alcohol use disorder (AUD) patients.
Full Year 2024 Financial and Operational Highlights
- Full year 2024 revenue of
$41.0 million , a29% increase as compared to full year 2023. - Gross margin for the full year 2024 was
75% , up slightly from74% in the prior year. - Operating income for the full year 2024 was
$1.4 million , compared to an operating loss of$5.0 million in the prior year. - Net income for the full year 2024 was
$2.9 million , compared to a net loss of$4.2 million in the prior year. - Adjusted EBITDA2 for the full year 2024 was approximately
$4.5 million , compared to an adjusted EBITDA loss of$2.4 million for the prior year. - Completed
$20 million strategic equity financing transaction with Valor Equity Partners, aligning BrainsWay with premier U.S. tech investor to expand access to BrainsWay Deep TMS™. - As of December 31, 2024, cash and cash equivalents and short-term deposits totaled
$69.4 million . - Received expanded FDA labeling for Deep TMS to treat late life depression, increasing upper limit of age range from 68 to 86 and broadening availability of Deep TMS therapy.
- Doctors reported significant increase in second half of 2024 Deep TMS treatments for anxious depression, a large, addressable medical condition affecting 10 to 16 million adults in the U.S. each year.
- Broadly entered Canadian market via exclusive multi-year distribution agreement with a specialty distributor, including minimum quantity orders that increase successively over several years.
- Continued U.S. expansion through collaboration with large mental health networks.
- Increased penetration of international markets, including through significant deals in East Asia.
2 See Adjusted EBITDA details and reconciliation table in the appendix below.
Full Year 2025 Financial Guidance
- Announced full-year 2025 revenue guidance of between
$49 million to$51 million , which represents20% to24% growth over 2024 revenue. - Anticipating continued profitability and positive cash flow, targeting operating income of
3% to4% and Adjusted EBITDA of11% to12% for full-year 2025.
“We are very pleased with our performance over the past year which reflects the evolution of our business to a new phase of growth and profitability. We are rapidly growing sales of our Deep TMS system through broadened global channels and have increased our market presence thereby bringing Deep TMS to more patients than ever before. Over the course of the past year, our relationships with enterprise customers have flourished, resulting in large and recurring agreements that have allowed us to build a robust sales backlog," said Hadar Levy, BrainsWay’s Chief Executive Officer.
“This is a very exciting time for our business, and we see tremendous room for further growth driven by multiple key catalysts, including our next-generation Deep TMS 360™ system, expanded indications, and broadened and enhanced treatment capabilities supported by new clinical data. In order to leverage these significant opportunities, we have deepened our commitment to pioneering advancements in neuromodulation research, further cementing our role in shaping the future of mental health treatment, while also solidifying our position as the clear technological and clinically-backed leader in TMS therapy,” concluded Mr. Levy.
Call and Webcast
BrainsWay’s management will host a conference call on Tuesday, March 11, 2025, at 8:30 a.m. Eastern Time to discuss these results and answer questions.
Tuesday, March 11, 2025, at 8:30 AM Eastern Time:
United States: | 1-877-300-8521 | |
International: | 1-412-317-6026 | |
Israel: Conference ID: | 1-80-921-2373 10196869 | |
Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1707646&tp_key=bc6ba78957 | |
The conference call will be broadcast live and will be available for replay for 30 days on the Company’s website, https://investors.brainsway.com/events-and-presentations/event-calendar. Please access the Company’s website at least 10 minutes ahead of the conference call to register.
Non-IFRS Financial Measures
In addition to our results determined in accordance with International Financial Reporting Standards (IFRS), including in particular operating income and net income, we believe that Adjusted EBITDA, a non-IFRS measure, is useful in evaluating our operating performance. We define Adjusted EBITDA as net income adjusted for depreciation and amortization, finance income, finance expenses, income taxes, cost of share-based payments, and one-time restructuring and litigation expenses.
In addition to operating income (loss) and net income (loss), we use Adjusted EBITDA as a measure of operational efficiency. We believe that this non-IFRS financial measure is useful to investors for period-to-period comparisons of our business and in understanding and evaluating our operating results for the following reasons:
- Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as stock-based compensation expenses, depreciation and amortization, finance expenses, income taxes, and certain one-time items such as restructuring and litigation expenses, that can vary substantially from company to company depending upon their financing, capital structures and the method by which assets were acquired.
- Our management uses Adjusted EBITDA in conjunction with IFRS financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance and the effectiveness of our business strategies and in communications with our board of directors concerning our financial performance; and Adjusted EBITDA provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-IFRS or non-GAAP financial measures to supplement their IFRS or GAAP results.
Adjusted EBITDA, however, should not be considered as an alternative to operating income (loss) or net income (loss) for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under IFRS and may not be comparable to other similarly titled measures for other companies. A reconciliation between the Company’s net income (loss) and Adjusted EBITDA is presented in the attached summary financial statements.
Because of these and other limitations, you should consider Adjusted EBITDA along with other IFRS-based financial performance measures, including net income (loss) and our IFRS financial results.
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 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
BRAINSWAY LTD. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||||
U.S. dollars in thousands | ||||||||
December 31, | December 31, | |||||||
2024 | 2023 | |||||||
ASSETS | (Unaudited) | (Audited) | ||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 69,345 | $ | 10,520 | ||||
Short-term deposits | - | 35,465 | ||||||
Restricted cash | 271 | 271 | ||||||
Trade receivables, net | 4,596 | 3,780 | ||||||
Inventory | 4,426 | 3,717 | ||||||
Other current assets | 889 | 1,712 | ||||||
79,527 | 55,465 | |||||||
Non-Current Assets | ||||||||
System components | 1,707 | 1,273 | ||||||
Leased systems, net | 3,833 | 3,700 | ||||||
Other property and equipment | 6,333 | 817 | ||||||
Other long-term assets | 2,587 | 1,717 | ||||||
14,460 | 7,507 | |||||||
$ | 93,987 | $ | 62,972 | |||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Trade payables | $ | 2,772 | $ | 758 | ||||
Deferred revenues | 4,446 | 2,504 | ||||||
Liability in respect of research and development grants | 1,293 | 1,008 | ||||||
Other accounts payable | 6,462 | 5,491 | ||||||
14,973 | 9,761 | |||||||
Non-Current Liabilities | ||||||||
Deferred revenues and other liabilities | 8,469 | 5,553 | ||||||
Liability in respect of research and development grants | 5,803 | 6,077 | ||||||
Warrants | 2,429 | - | ||||||
16,701 | 11,630 | |||||||
Equity | ||||||||
Share capital | 413 | 367 | ||||||
Share premium | 157,597 | 140,344 | ||||||
Share-based payment reserve | 4,872 | 4,360 | ||||||
Currency Translation Adjustments | (2,188 | ) | (2,188 | ) | ||||
Accumulated deficit | (98,381 | ) | (101,302 | ) | ||||
62,313 | 41,581 | |||||||
$ | 93,987 | $ | 62,972 | |||||
BRAINSWAY LTD. AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
U.S. dollars in thousands (except per share data) | |||||||||||||||
For the three months ended December 31, | Year ended December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
(Unaudited) | (Unaudited) | (Audited) | |||||||||||||
Revenues | $ | 11,414 | $ | 9,029 | $ | 41,016 | $ | 31,785 | |||||||
Cost of revenues | 2,903 | 2,290 | 10,435 | 8,308 | |||||||||||
Gross income | 8,511 | 6,739 | 30,581 | 23,477 | |||||||||||
- | - | ||||||||||||||
- | - | ||||||||||||||
Research and development expenses, net | 2,044 | 1,434 | 7,190 | 6,665 | |||||||||||
Selling and marketing expenses | 4,472 | 3,959 | 16,203 | 16,456 | |||||||||||
General and administrative expenses | 1,564 | 1,162 | 5,797 | 5,315 | |||||||||||
Total operating expenses | 8,080 | 6,555 | 29,190 | 28,436 | |||||||||||
- | - | ||||||||||||||
Operating income (loss) | 431 | 184 | 1,391 | (4,959 | ) | ||||||||||
- | - | ||||||||||||||
Finance income | 1,640 | 588 | 3,585 | 2,171 | |||||||||||
Finance Expense | 335 | 809 | 1,517 | 1,158 | |||||||||||
Income (loss) before income taxes | 1,736 | - | (37 | ) | 3,459 | (3,946 | ) | ||||||||
Taxes on income | 188 | (164 | ) | 538 | 251 | ||||||||||
Net income (loss) and total comprehensive income (loss) | $ | 1,548 | $ | 127 | $ | 2,921 | $ | (4,197 | ) | ||||||
Basic and diluted net income (loss) per share | $ | 0.04 | $ | 0.00 | $ | 0.09 | $ | (0.13 | ) | ||||||
BRAINSWAY LTD. AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
U.S. dollars in thousands | |||||||||||||||
For the three months ended December 31, | For the year ended December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
(Unaudited) | (Unaudited) | (Audited) | |||||||||||||
Cash flows from operating activities: | |||||||||||||||
Total comprehensive income (loss) | $ | 1,548 | $ | 127 | $ | 2,921 | $ | (4,197 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||
Adjustments to profit or loss items: | |||||||||||||||
Depreciation and amortization | 154 | 83 | 462 | 362 | |||||||||||
Depreciation of leased systems | 482 | 256 | 1,237 | 975 | |||||||||||
Impairments and disposals | 276 | 509 | 1,518 | 1,447 | |||||||||||
Finance expenses (income), net | (1,305 | ) | 221 | (2,068 | ) | (1,013 | ) | ||||||||
Cost of share based payment | 384 | 234 | 1,441 | 381 | |||||||||||
Income taxes | 188 | (164 | ) | 538 | 251 | ||||||||||
Total adjustments to reconcile income (loss) | 179 | 1,139 | 3,128 | 2,403 | |||||||||||
Changes in asset and liability items: | |||||||||||||||
Decrease (increase) in trade receivables | (1,162 | ) | (315 | ) | (867 | ) | 1,089 | ||||||||
Increase in inventory | (348 | ) | (500 | ) | (920 | ) | (506 | ) | |||||||
Decrease (increase) in other current assets | 1,663 | (69 | ) | 1,735 | (312 | ) | |||||||||
Increase (decrease) in trade payables | 1,509 | 312 | 2,023 | (327 | ) | ||||||||||
Increase in other accounts payable | 114 | 418 | 40 | 62 | |||||||||||
Increase (decrease) in deferred revenues and other liabilities | (768 | ) | 1,391 | 383 | 1,629 | ||||||||||
Total changes in asset and liability | 1,008 | 1,237 | 2,394 | 1,635 | |||||||||||
Cash paid and received during the period for: | |||||||||||||||
Interest paid | (21 | ) | (150 | ) | (125 | ) | (253 | ) | |||||||
Interest received | 728 | 121 | 2,922 | 1,707 | |||||||||||
Income taxes paid | (16 | ) | - | (1,010 | ) | (11 | ) | ||||||||
Total cash paid and received during the period | 691 | (29 | ) | 1,787 | 1,443 | ||||||||||
Net cash provided by operating activities: | 3,426 | 2,474 | 10,230 | 1,284 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Purchase of property and equipment and system components, net | (851 | ) | (442 | ) | (3,722 | ) | (2,387 | ) | |||||||
Proceeds from sub-lease asset | 33 | - | 73 | - | |||||||||||
Withdrawal of (investment in) deposits, net | (956 | ) | (35,014 | ) | 34,029 | (35,022 | ) | ||||||||
Net cash provided by (used in) investing activities | (1,774 | ) | (35,456 | ) | 30,380 | (37,409 | ) | ||||||||
Cash flows from financing activities: | |||||||||||||||
Repayment of liability in respect of research and development grants | (4 | ) | (442 | ) | (1,108 | ) | (787 | ) | |||||||
Exercise of share options | (2 | ) | - | 17 | - | ||||||||||
Receipt of government grants | - | - | - | 32 | |||||||||||
Proceeds from issuance of shares, net | 16,353 | - | 16,353 | - | |||||||||||
Issuance of warrants | 3,425 | - | 3,425 | ||||||||||||
Repayment of lease liability | (187 | ) | (85 | ) | (424 | ) | (271 | ) | |||||||
Net cash provided by (used in) financing activities | 19,585 | (527 | ) | 18,263 | (1,026 | ) | |||||||||
Exchange rate differences on cash and cash equivalents | (19 | ) | 136 | (48 | ) | 90 | |||||||||
Increase (decrease) in cash and cash equivalents | 21,218 | (33,373 | ) | 58,825 | (37,061 | ) | |||||||||
Cash and cash equivalents at the beginning of the period | 48,127 | 43,893 | 10,520 | 47,581 | |||||||||||
Cash and cash equivalents at the end of the period | $ | 69,345 | $ | 10,520 | $ | 69,345 | $ | 10,520 | |||||||
(a) Significant non cash transactions: | |||||||||||||||
Recognition of new lease liability and right-of-use | $ | (177 | ) | $ | 101 | $ | 5,473 | $ | 308 | ||||||
Termination of lease liability and right-of-use | $ | 15 | $ | (169 | ) | $ | 32 | $ | (99 | ) | |||||
BRAINSWAY LTD. | |||||||||||||||
A reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable IFRS measure, is set forth below: | |||||||||||||||
U.S. dollars in thousands (except share and per share data) | |||||||||||||||
For the three months ended December 31, | For the Year ended December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
(Unaudited) | (Unaudited) | (Audited) | |||||||||||||
Net income (loss) and total comprehensive income (loss) | $ | 1,548 | $ | 127 | $ | 2,921 | $ | (4,197 | ) | ||||||
Finance expense (income), net | (1,305 | ) | 221 | (2,068 | ) | (1,013 | ) | ||||||||
Income taxes | 188 | (164 | ) | 538 | 251 | ||||||||||
Depreciation and amortization | 84 | 83 | 392 | 362 | |||||||||||
Depreciation of leased systems | 482 | 256 | 1,237 | 975 | |||||||||||
Cost of share based payment | 363 | 234 | 1,420 | 381 | |||||||||||
Restructuring and litigation Cost | - | - | - | 852 | |||||||||||
Adjusted EBITDA | $ | 1,360 | $ | 757 | $ | 4,440 | $ | (2,389 | ) | ||||||
