BrainsWay (BWAY) Investor presentation summary

Market opportunity and adoption

• Interventional psychiatry is at an inflection point, with over 8.5 million Deep TMS sessions delivered and more than 300 million covered lives, indicating strong clinical demand and expanding reimbursement.

• The addressable global market exceeds $15 billion, with less than 2% penetration and 170 million untreated patients across current partner markets.

• Adoption is accelerating, with 1,950 systems installed worldwide and a 25% year-over-year increase in new provider sites.

Platform evolution and competitive advantage

• Transitioned from a device company to a commercial platform integrating home therapy, AI, clinic networks, and international expansion.

• Deep TMS is the only platform cleared for four FDA indications, offering broader stimulation and more reliable targeting than traditional TMS.

• The SWIFT protocol reduces acute treatment from 20 to 6 days, increasing patient convenience and provider throughput.

Business model and financial performance

• Multi-year leasing and pay-per-use contracts drive high-margin, recurring revenue with over 90% customer retention.

• Clinics see compelling economics, with annual revenue per chair of $900K–$1M and rapid cash-on-cash returns.

• Q2 2026 saw record system shipments (+42% YoY), 35% revenue growth, 75% gross margin, and a 314% increase in operating income.

• Revenue is growing over 30% annually while OPEX growth remains below 15%, compounding profitability.