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BrainsWay (BWAY) investor relations material
BrainsWay Analyst & Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Analyst & Investor Day 2025 summary1 Dec, 2025
Financial performance and business model evolution
Achieved $13.5M in Q3 revenue, up 29% YoY, with 75% gross margin and $2M adjusted EBITDA, up 81%.
Remaining performance obligation reached $65M, up 37% YoY, with 70% of new deals as multi-year leases.
Recurring revenue grew 34% YoY, outpacing non-recurring at 23%, shifting to a high-margin ARR model.
10 consecutive quarters of positive free cash flow, $71M in cash, no debt, and a $7M annualized EBITDA run rate.
2025 revenue guidance of $52M is fully supported by pipeline and recurring base.
Strategic growth drivers and investments
Organic growth driven by new clinical protocols, expanded indications, and increased utilization.
Strategic minority investments in mental health clinics, including Stella MSO, to expand access and recurring revenue with minimal OpEx.
Four minority investments completed in 2023, with plans for up to 10 new investments and broader enterprise rollout.
Valor Equity Partners' involvement signals platform scalability and operational support.
International expansion underway, with growing demand in Asia-Pacific, Europe, Middle East, and Latin America.
Growth strategy and business development
Plans to highlight growth strategy and discuss strategic investment in Stella MSO, a management services organization for mental health clinics in the US and Israel.
Focus on expanding access to Deep TMS, a noninvasive brain stimulation treatment for mental health and addiction conditions.
Emphasis on increasing global awareness and broadening the reach of Deep TMS technology.
Ongoing clinical studies aim to expand indications for Deep TMS in psychiatric, neurological, and addiction disorders.
Quantify impact of clinic investments on bookings
Deep TMS 360: What new markets will it unlock?
Payer outlook for accelerated TMS and Proliv RX
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Q4 202518 Mar, 2026
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Frequently asked questions
Brainsway Ltd., a commercial stage medical device company, focuses on the development and sale of non-invasive neuromodulation products in Israel and internationally. The company offers Deep TMS device that uses magnetic current pulses to stimulate the brain safely and painlessly; and Deep TMS Coil that is attached to the dTMS device. It markets the BrainsWay Deep TMS system under the hElios brand name for treating various psychiatric and neurological disorders. Brainsway Ltd. has a license agreement with InSightec, Ltd., which is a co-owner of the exclusive license issued by the Technion-Israel Institute of Technology. Brainsway Ltd. was founded in 2003 and is headquartered in Jerusalem, Israel.
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