BrainsWay Reports Third Quarter 2024 Financial Results and Operational Highlights
BrainsWay reported strong Q3 2024 financial results with revenues of $10.5 million, representing a 26% year-over-year increase. The company achieved a gross margin of 74% and operating income of $0.3 million, compared to a loss in Q3 2023. Net income reached $0.7 million, with Adjusted EBITDA of $1.1 million. The company shipped 177 Deep TMS systems in the first nine months of 2024, up 12% from last year. Following a $20 million equity financing from Valor Equity Partners, BrainsWay raised its full-year 2024 revenue guidance to $40-41 million, projecting 25-29% growth over 2023, with expected operating income of 3-4% and Adjusted EBITDA of 10-11%.
BrainsWay ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi di $10,5 milioni, che rappresentano un aumento del 26% rispetto allo stesso periodo dell'anno precedente. L'azienda ha raggiunto un margine lordo del 74% e un utile operativo di $0,3 milioni, rispetto a una perdita nel terzo trimestre del 2023. L'utile netto ha raggiunto $0,7 milioni, con un EBITDA rettificato di $1,1 milioni. L'azienda ha spedito 177 sistemi Deep TMS nei primi nove mesi del 2024, con un incremento del 12% rispetto all'anno scorso. Dopo un finanziamento azionario di $20 milioni da parte di Valor Equity Partners, BrainsWay ha aggiornato le previsioni di fatturato per l'intero anno 2024 a $40-41 milioni, prevedendo una crescita del 25-29% rispetto al 2023, con un utile operativo atteso del 3-4% e un EBITDA rettificato del 10-11%.
BrainsWay reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos de $10,5 millones, lo que representa un aumento del 26% en comparación con el año anterior. La compañía logró un margen bruto del 74% y un ingreso operativo de $0,3 millones, en comparación con una pérdida en el tercer trimestre de 2023. La utilidad neta alcanzó $0,7 millones, con un EBITDA ajustado de $1,1 millones. La empresa envió 177 sistemas Deep TMS en los primeros nueve meses de 2024, un 12% más que el año pasado. Tras una financiación de capital de $20 millones de Valor Equity Partners, BrainsWay elevó su guía de ingresos para el año completo 2024 a $40-41 millones, proyectando un crecimiento del 25-29% sobre 2023, con un ingreso operativo esperado del 3-4% y un EBITDA ajustado del 10-11%.
BrainsWay는 2024년 3분기 강력한 재무 결과를 보고하였으며, $10.5백만의 수익을 기록하였고, 이는 전년 대비 26% 증가한 수치입니다. 이 회사는 74%의 총 마진과 $0.3백만의 운영 수익을 달성하였으며, 이는 2023년 3분기 손실에 비해 개선된 수치입니다. 순이익은 $0.7백만에 달하며, 조정 EBITDA는 $1.1백만입니다. 이 회사는 2024년 첫 9개월 동안 177개의 Deep TMS 시스템을 출하하였으며, 이는 지난해 대비 12% 증가한 수치입니다. Valor Equity Partners의 $20백만 자본금 조달 이후, BrainsWay는 2024년 전체 연간 수익 전망을 $40-41백만으로 상향 조정하였으며, 이는 2023년 대비 25-29%의 성장을 예측하고, 예상 운영 수익률은 3-4%, 조정 EBITDA는 10-11%입니다.
BrainsWay a annoncé de solides résultats financiers pour le troisième trimestre de 2024, avec des revenus de 10,5 millions de dollars, représentant une augmentation de 26 % par rapport à l'année précédente. L'entreprise a obtenu une marge brute de 74 % et un bénéfice d'exploitation de 0,3 million de dollars, contre une perte au troisième trimestre 2023. Le bénéfice net a atteint 0,7 million de dollars, avec un EBITDA ajusté de 1,1 million de dollars. L'entreprise a expédié 177 systèmes Deep TMS au cours des neuf premiers mois de 2024, en hausse de 12 % par rapport à l'année dernière. Suite à un financement en capital de 20 millions de dollars de Valor Equity Partners, BrainsWay a relevé ses prévisions de revenus pour l'année 2024 à 40-41 millions de dollars, projetant une croissance de 25-29 % par rapport à 2023, avec un bénéfice d'exploitation attendu de 3-4 % et un EBITDA ajusté de 10-11 %.
BrainsWay hat starke Finanzzahlen für das dritte Quartal 2024 gemeldet, mit Einnahmen von $10,5 Millionen, was einem Anstieg von 26% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte eine Bruttomarge von 74% und ein Betriebsergebnis von $0,3 Millionen, verglichen mit einem Verlust im dritten Quartal 2023. Der Nettogewinn betrug $0,7 Millionen, während das adjustierte EBITDA $1,1 Millionen erreichte. Das Unternehmen hat im ersten neun Monaten 2024 insgesamt 177 Deep TMS Systeme ausgeliefert, was einem Anstieg von 12% im Vergleich zum Vorjahr entspricht. Nach einer Eigenkapitalfinanzierung über $20 Millionen von Valor Equity Partners hob BrainsWay seine Umsatzprognose für das Gesamtjahr 2024 auf $40-41 Millionen an, was ein Wachstum von 25-29% gegenüber 2023 prognostiziert, mit einem erwarteten Betriebsergebnis von 3-4% und einem adjustierten EBITDA von 10-11%.
- 26% year-over-year revenue growth to $10.5 million in Q3 2024
- Turned $0.1M operating loss into $0.3M operating income year-over-year
- Net income of $0.7M compared to $0.2M loss in Q3 2023
- Secured $20M equity financing from Valor Equity Partners
- 12% increase in Deep TMS system shipments
- Raised full-year revenue guidance to $40-41M
- Strong cash position of $48.4M
- None.
Insights
BrainsWay's Q3 2024 results demonstrate robust growth and improving profitability metrics. Revenue grew 26% YoY to
The recent
System shipments increased
The appointment of Dr. Richard Bermudes as CMO strengthens BrainsWay's clinical leadership in TMS therapy. The ongoing clinical trial for accelerated MDD treatment protocols could potentially enhance treatment efficiency and patient outcomes. The Israel Ministry of Defense's approval for PTSD treatment reimbursement validates the therapy's effectiveness and opens new market opportunities.
The company's focus on the next-generation Deep TMS 360™ system development, alongside expanding treatment capabilities through clinical trials, demonstrates commitment to innovation in mental health treatment. The increasing adoption by large enterprise mental health networks suggests growing acceptance of Deep TMS as a standard treatment option.
Robust
Raising Full-Year 2024 Revenue Guidance to
Conference Call to be Held Today at 8:30 AM ET
BURLINGTON, Mass. and JERUSALEM, Israel, Nov. 12, 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 reported third quarter 2024 financial results and provided an operational update.
Recent Financial and Operational Highlights
- For the three months ended September 30, 2024, revenues were
$10.5 million , a26% increase compared to the same period in 2023. - Gross margin for the third quarter of 2024 was
74% , steady from the same period in 2023. - Operating income for the third quarter of 2024 was
$0.3 million , compared to a loss of$0.1 million for the same period in 2023. - Net income for the third quarter of 2024 was
$0.7 million , compared to a net loss of$0.2 million for the third quarter of 2023. - Adjusted EBITDA1 for the third quarter of 2024 was approximately
$1.1 million , compared to$0.3 million for the third quarter of 2023. - As of September 30, 2024, cash and cash equivalents and short-term deposits totaled
$48.4 million , reflecting a$0.3 million increase from June 30, 2024. - Following the end of the third quarter, the Company closed on an equity financing by Valor Equity Partners, receiving gross proceeds of approximately
$20 million to date, before deducting offering expenses and before any potential exercise of warrant rights by Valor. BrainsWay intends to leverage this new capital and Valor’s expertise for strategic initiatives aimed at building market awareness, its R&D roadmap, and expanding access to Deep TMS™. - Through the first nine months of 2024, BrainsWay shipped a total of 177 Deep TMS systems, representing a
12% increase from the same period last year. - Israel Ministry of Defense’s Rehabilitation Department approved reimbursement for Deep TMS therapy for qualifying PTSD patients in public hospitals.
- Appointed Dr. Richard Bermudes, who is widely considered one of the preeminent U.S. clinicians in the TMS field, as BrainsWay’s new Chief Medical Officer (CMO), effective September 1, 2024.
- Expanded U.S. East Coast access to Deep TMS with order of 14 new systems by large enterprise mental health treatment network.
- Expanded the presence of Deep TMS in East Asia through the placement of 15 new systems in Taiwan and South Korea.
- 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.
________________________
1 See Adjusted EBITDA details and reconciliation table in the appendix below.
Full Year 2024 Financial Guidance
- Increasing full-year 2024 revenue guidance to between
$40 million to$41 million , which represents25% to29% growth over 2023 revenue. - Anticipating continued profitability and positive cash flow, and expecting operating income of 3
-4% and Adjusted EBITDA of 10-11% for the full year.
"Global demand for our Deep TMS system continued to grow throughout the first nine months of 2024, strengthening our leadership position in the market. Our focus remains on building sustainable growth by investing strategically in our long-term vision. Our commitment to driving innovation and expanding treatment possibilities is stronger than ever, with key investments across three core areas, including the development of our next-generation Deep TMS 360™ system, conducting clinical trials to broaden and enhance treatment capabilities, and expanding our commercial presence through targeted sales and marketing efforts. These critical investments reflect our dedication to leading the industry in mental health and neurological care, providing impactful and accessible solutions for patients worldwide," said Hadar Levy, BrainsWay’s Chief Executive Officer.
"Our recent private financing with Valor Equity Partners will enable us to explore new markets and revenue channels, including different customer types and commercial partnerships. This will further strengthen our potential for accelerated growth and enhance access to Deep TMS," concluded Mr. Levy.
Call and Webcast
BrainsWay’s management will host a conference call on Tuesday, November 12, 2024, at 8:30 a.m. Eastern Time to discuss these results and answer questions.
Tuesday, November 12, 2024, at 8:30 AM Eastern Time:
| United States: | 1-877-300-8521 |
| International: | 1-412-317-6026 |
| Israel: Conference ID: | 1-80-921-2373 10193781 |
| Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1693565&tp_key=866e8470ea |
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 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
| BRAINSWAY LTD. AND SUBSIDIARIES | |||||||||
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||||
| U.S. dollars in thousands | |||||||||
| September 30, | December 31, | ||||||||
| 2024 | 2023 | ||||||||
| ASSETS | (Unaudited) | (Audited) | |||||||
| Current Assets | |||||||||
| Cash and cash equivalents | $ | 48,127 | $ | 10,520 | |||||
| Short-term deposits | - | 35,465 | |||||||
| Restricted cash | 271 | 271 | |||||||
| Trade receivables, net | 3,521 | 3,780 | |||||||
| Inventory | 3,690 | 3,717 | |||||||
| Other current assets | 1,720 | 1,712 | |||||||
| 57,329 | 55,465 | ||||||||
| Non-Current Assets | |||||||||
| System components | 1,745 | 1,273 | |||||||
| Leased systems, net | 3,962 | 3,700 | |||||||
| Other property and equipment | 6,795 | 817 | |||||||
| Other long-term assets | 2,269 | 1,717 | |||||||
| 14,771 | 7,507 | ||||||||
| $ | 72,100 | $ | 62,972 | ||||||
| LIABILITIES AND EQUITY | |||||||||
| Current Liabilities | |||||||||
| Trade payables | $ | 1,269 | $ | 758 | |||||
| Deferred revenues | 4,824 | 2,504 | |||||||
| Liability in respect of research and development grants | 600 | 1,008 | |||||||
| Other accounts payable | 5,994 | 5,491 | |||||||
| 12,687 | 9,761 | ||||||||
| Non-Current Liabilities | |||||||||
| Deferred revenues and other liabilities | 9,038 | 5,553 | |||||||
| Liability in respect of research and development grants | 6,347 | 6,077 | |||||||
| 15,385 | 11,630 | ||||||||
| Equity | |||||||||
| Share capital | 367 | 367 | |||||||
| Share premium | 140,662 | 140,344 | |||||||
| Share-based payment reserve | 5,116 | 4,360 | |||||||
| Currency Translation Adjustments | (2,188 | ) | (2,188 | ) | |||||
| Accumulated deficit | (99,929 | ) | (101,302 | ) | |||||
| 44,028 | 41,581 | ||||||||
| $ | 72,100 | $ | 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 September 30, | For the nine months ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| Revenues | $ | 10,502 | $ | 8,302 | $ | 29,602 | $ | 22,756 | |||||||
| Cost of revenues | 2,781 | 2,131 | 7,532 | 6,018 | |||||||||||
| Gross income | 7,721 | 6,171 | 22,070 | 16,738 | |||||||||||
| Research and development expenses, net | 1,809 | 1,544 | 5,146 | 5,231 | |||||||||||
| Selling and marketing expenses | 4,108 | 3,602 | 11,731 | 12,497 | |||||||||||
| General and administrative expenses | 1,523 | 1,158 | 4,233 | 4,153 | |||||||||||
| Total operating expenses | 7,440 | 6,304 | 21,110 | 21,881 | |||||||||||
| Operating income (loss) | 281 | (133 | ) | 960 | (5,143 | ) | |||||||||
| Finance income | 830 | 175 | 1,945 | 1,583 | |||||||||||
| Finance expenses | 374 | 213 | 1,182 | 349 | |||||||||||
| Income (loss) before income taxes | 737 | (171 | ) | 1,723 | (3,909 | ) | |||||||||
| Taxes on income | 75 | 59 | 350 | 415 | |||||||||||
| Net income (loss) and total comprehensive income (loss) | $ | 662 | $ | (230 | ) | $ | 1,373 | $ | (4,324 | ) | |||||
| Basic and diluted net income (loss) per share | $ | 0.02 | $ | (0.01 | ) | $ | 0.04 | $ | (0.13 | ) | |||||
| BRAINSWAY LTD. AND SUBSIDIARIES | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
| U.S. dollars in thousands | ||||||||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Total comprehensive income (loss) | $ | 662 | $ | (230 | ) | $ | 1,373 | $ | (4,324 | ) | ||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
| Adjustments to profit or loss items: | ||||||||||||||||
| Depreciation and amortization | 188 | 85 | 308 | 279 | ||||||||||||
| Depreciation of leased systems | 260 | 247 | 755 | 719 | ||||||||||||
| Impairments and disposals | 600 | 481 | 1,242 | 938 | ||||||||||||
| Finance expenses (income), net | (456 | ) | 38 | (763 | ) | (1,234 | ) | |||||||||
| Cost of share based payment | 388 | 95 | 1,057 | 147 | ||||||||||||
| Income taxes | 75 | 59 | 350 | 415 | ||||||||||||
| Total adjustments to reconcile income (loss) | 1,055 | 1,005 | 2,949 | 1,264 | ||||||||||||
| Changes in asset and liability items: | ||||||||||||||||
| Decrease (increase) in trade receivables | 415 | (31 | ) | 295 | 1,404 | |||||||||||
| Increase in inventory | (465 | ) | (373 | ) | (572 | ) | (6 | ) | ||||||||
| Decrease (increase) in other current assets | 41 | 369 | 72 | (243 | ) | |||||||||||
| Increase (decrease) in trade payables | (366 | ) | (58 | ) | 514 | (639 | ) | |||||||||
| Increase (decrease) in other accounts payable | 456 | 401 | (74 | ) | (356 | ) | ||||||||||
| Increase (decrease) in deferred revenues and other liabilities | (52 | ) | (173 | ) | 1,151 | 238 | ||||||||||
| Total changes in asset and liability | 29 | 135 | 1,386 | 398 | ||||||||||||
| Cash paid and received during the period for: | ||||||||||||||||
| Interest paid | (81 | ) | (100 | ) | (104 | ) | (103 | ) | ||||||||
| Interest received | 613 | 546 | 2,194 | 1,586 | ||||||||||||
| Income taxes paid | - | - | (994 | ) | (11 | ) | ||||||||||
| Total cash paid and received during the period | 532 | 446 | 1,096 | 1,472 | ||||||||||||
| Net cash provided by (used in) operating activities: | 2,278 | 1,356 | 6,804 | (1,190 | ) | |||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Purchase of property and equipment and system components, net | (1,300 | ) | (514 | ) | (2,871 | ) | (1,945 | ) | ||||||||
| Proceeds from sub-lease asset | - | - | 40 | - | ||||||||||||
| Withdrawal of (investment in) deposits, net | (34 | ) | 8 | 34,985 | (8 | ) | ||||||||||
| Net cash provided by (used in) investing activities | (1,334 | ) | (506 | ) | 32,154 | (1,953 | ) | |||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Repayment of liability in respect of research and development grants | (572 | ) | - | (1,104 | ) | (345 | ) | |||||||||
| Exercise of share options | - | - | 19 | - | ||||||||||||
| Receipt of government grants | - | - | - | 32 | ||||||||||||
| Repayment of lease liability | (126 | ) | (56 | ) | (237 | ) | (186 | ) | ||||||||
| Net cash used in financing activities | (698 | ) | (56 | ) | (1,322 | ) | (499 | ) | ||||||||
| Exchange rate differences on cash and cash equivalents | 17 | (69 | ) | (29 | ) | (46 | ) | |||||||||
| Increase (decrease) in cash and cash equivalents | 263 | 725 | 37,607 | (3,688 | ) | |||||||||||
| Cash and cash equivalents at the beginning of the period | 47,864 | 43,168 | 10,520 | 47,581 | ||||||||||||
| Cash and cash equivalents at the end of the period | $ | 48,127 | $ | 43,893 | $ | 48,127 | $ | 43,893 | ||||||||
| (a) Significant non cash transactions: | ||||||||||||||||
| Recognition of new lease liability and right-of-use | $ | 5,469 | $ | - | $ | 5,650 | $ | 207 | ||||||||
| Termination of lease liability and right-of-use | $ | - | $ | - | $ | 17 | $ | 70 | ||||||||
| 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 September 30, | For the nine months ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Net income (loss) and total comprehensive income (loss) | $ | 662 | $ | (230 | ) | $ | 1,373 | $ | (4,324 | ) | ||||||
| Finance expense (income), net | (456 | ) | 38 | (763 | ) | (1,234 | ) | |||||||||
| Income taxes | 75 | 59 | 350 | 415 | ||||||||||||
| Depreciation and amortization | 188 | 85 | 308 | 279 | ||||||||||||
| Depreciation of leased systems | 260 | 247 | 755 | 719 | ||||||||||||
| Cost of share based payment | 388 | 95 | 1,057 | 147 | ||||||||||||
| Restructuring and litigation Cost | - | 50 | - | 852 | ||||||||||||
| Adjusted EBITDA | $ | 1,117 | $ | 344 | $ | 3,080 | $ | (3,146 | ) | |||||||
FAQ
What was BrainsWay's (BWAY) revenue growth in Q3 2024?
How many Deep TMS systems did BrainsWay (BWAY) ship in the first nine months of 2024?
What is BrainsWay's (BWAY) revenue guidance for full-year 2024?
How much equity financing did BrainsWay (BWAY) receive from Valor Equity Partners in 2024?
