BrainsWay (BWAY) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $10.5 million, up 26% year-over-year, driven by strong global demand for Deep TMS systems and a steady 74% gross margin.

• Operating profit was $300,000, compared to a $133,000 loss in Q3 2023; net income was $650,000, reversing a $230,000 loss.

• Adjusted EBITDA for Q3 2024 was $1.1 million, up from $344,000 in Q3 2023.

• Closed $20 million equity financing with Valor Equity Partners, enhancing resources for growth, R&D, and market expansion.

• Shipped 177 Deep TMS systems in the first nine months of 2024, a 12% increase year-over-year.

Financial highlights

• Q3 2024 revenue was $10.5 million, up from $8.3 million in Q3 2023.

• Gross profit for Q3 2024 was $7.7 million with a 74% gross margin, consistent with the prior year.

• Net income for the nine months ended September 30, 2024, was $1.4 million, reversing a $4.3 million loss in the prior year period.

• Cash, cash equivalents, and short-term deposits totaled $48.4 million at quarter end, up $0.3 million from June 30, 2024.

• Operating cash flow for Q3 2024 was $2.3 million, up from $1.4 million in Q3 2023.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $40–$41 million, representing 25%–29% growth over 2023.

• Anticipates full-year operating income of 3%–4% and adjusted EBITDA of 10%–11%.

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