BrainsWay (BWAY) Q2 2024 earnings summary

Executive summary

• Achieved 28% year-over-year revenue growth to $10 million in Q2 2024, driven by strong demand for Deep TMS systems.

• Positive net income for the third consecutive quarter and positive adjusted EBITDA and cash flow from operations for the fourth consecutive quarter.

• Installed base reached 1,215 Deep TMS systems after shipping 114 systems in the first half of 2024, a 13% increase over the prior year.

• Expanded international presence, including a new multi-year distribution agreement in Canada.

• FDA expanded Deep TMS indication for major depressive disorder to patients aged 22-86, broadening the addressable market.

Financial highlights

• Q2 2024 revenue was $10 million, up from $7.8 million in Q2 2023.

• Gross profit was $7.5 million (75% margin), compared to $5.7 million (73% margin) in Q2 2023.

• Operating profit reached $586,000, versus a $1.3 million operating loss in Q2 2023.

• Adjusted EBITDA was $1.2 million, compared to a loss of $600,000 in Q2 2023.

• Net income was $600,000, compared to a net loss of $1.7 million in Q2 2023.

Outlook and guidance

• Raised 2024 revenue guidance to $38.5–$40 million, representing 21–25% growth over 2023.

• Expects continued profitability and positive cash flow for the full year.

• Anticipates sustained growth momentum in the second half of 2024, with a strong pipeline and backlog.