BrainsWay (BWAY) Investor presentation summary

Q3 2026 performance

• Revenue $18.1M, up 34% YoY from $13.5M; operating income $2.6M, up 107% YoY from $1.3M.

• EBITDA $3.9M, up 92% YoY from $2.0M; net income $2.2M vs. $1.6M YoY.

• Backlog $85M, up 31% from Q3 2025; book-to-bill 1.3x and collections $21.3M vs. $19.8M in Q2 2026.

• Shipped 130 systems vs. 90 in Q3 2025; installed base ~2,080 vs. 1,612; cash balance $63.4M vs. $62.4M in Q2 2026.

Market position and opportunity

• Deep TMS has 4 FDA-cleared indications and 8.5M+ sessions delivered; ~2,080 systems installed across 48 U.S. states and 6 continents.

• More than 300M covered lives; new provider sites grew 25% YoY, with adoption accelerating since 2020.

• U.S. eligible treatment-resistant population estimated at ~8.5M across major MDD and OCD indications, after conventional care failure.

• Deep TMS stimulation depth is listed at 1.8–2.0 cm versus 0.7–1.0 cm for traditional figure-8 TMS; presentation cites broader brain volume and multiple-indication RCT evidence.

Business model and customer economics

• Typical leasing contracts run 4–5 years; customer retention exceeds 90%, with bookings outpacing revenue at 1.3x book-to-bill.

• Single-chair economics: ~$0.8M–$1M annual revenue and ~$0.5M–$0.7M annual profit; reimbursement spans 3 established CPT codes.

• Depression coverage exceeds 300M lives across all 50 states; OCD coverage exceeds 100M lives, with up to ~$10K revenue per depression patient course.

• The Swift protocol reduces acute-phase treatment days from 20 to 6, supporting faster patient access and higher provider throughput.