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 from the prior year, with a total installed base of 1,353 systems at year-end.

• Surpassed full-year 2024 operating income and Adjusted EBITDA margin guidance.

• Expanded enterprise customer partnerships, recurring revenue, and clinical reach, including FDA labeling for late life depression and entry into Canada.

• Maintained strong global presence, with growth in the U.S., Canada, Asia, India, and Europe.

Financial highlights

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

• Q4 operating profit was $430,000; full year operating profit was $1.4 million, reversing a $5 million loss in 2023.

• Q4 net income was $1.5 million, including a $1 million positive warrant valuation impact; full year net income was $2.9 million, compared to a $4.2 million loss in 2023.

• Adjusted EBITDA for Q4 was $1.4 million; full year adjusted EBITDA was $4.5 million (11% of revenue), compared to a $2.4 million loss in 2023.

• Ended 2024 with $69.4 million in cash, including $20 million from Valo/Valor Equity Partners.

Outlook and guidance

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

• Expected 2025 operating income of 3%–4% and adjusted EBITDA of 11%–12% of revenue.

• Gross margin for 2025 anticipated to remain at 75%.

• Expects continued profitability and positive cash flow in 2025.