BrainsWay (BWAY) Q4 2024 earnings summary

Executive summary

• Achieved $11.4 million in Q4 2024 revenue, up 27% year-over-year, and $41 million for the full year, a 29% increase over 2023.

• Placed 75 Deep TMS systems in Q4, a 25% increase year-over-year, with a total installed base of 1,353 systems at year-end.

• Surpassed full-year 2024 operating income and Adjusted EBITDA margin guidance, with net income reaching $2.9 million, reversing a $4.2 million loss in 2023.

• Expanded clinical and commercial reach, including FDA labeling for late life depression and entry into Canada.

• Expanded enterprise customer base and recurring revenue through lease-based models and multi-year agreements.

Financial highlights

• Q4 2024 revenue: $11.4 million (27% YoY growth); full year 2024 revenue: $41 million (29% YoY growth).

• Q4 gross profit: $8.5 million (75% margin); full year gross profit: $30.6 million (75% margin).

• Q4 operating profit: $430,000; full year operating profit: $1.4 million (vs. $5 million loss in 2023).

• Q4 net income: $1.5 million (includes $1 million from warrant valuation); full year net income: $2.9 million (vs. $4.2 million loss in 2023).

• Adjusted EBITDA for 2024: $4.5 million (11% of revenue), compared to a $2.4 million loss in 2023.

Outlook and guidance

• 2025 revenue guidance: $49–$51 million, representing 20–24% growth over 2024.

• Targeting 2025 operating income margin of 3–4% and Adjusted EBITDA margin of 11–12%.

• Expects continued profitability and positive cash flow in 2025.

• Gross margin expected to remain at 75% in 2025.