Brainsway ( (BRSYF) ) has released its Q3 earnings. Here is a breakdown of the information Brainsway presented to its investors.
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BrainsWay, a global leader in noninvasive neurostimulation treatments for mental health disorders, reported strong financial results for the third quarter of 2024, demonstrating significant growth and operational milestones. The company, known for its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) platform, continues to advance neuroscience and improve mental health care with clinically proven efficacy for conditions such as major depressive disorder and obsessive-compulsive disorder.
The third quarter of 2024 saw BrainsWay achieve a 26% increase in revenue, reaching $10.5 million compared to the same period in 2023. The company’s gross margin remained steady at 74%, while operating income improved to $0.3 million from a loss of $0.1 million the previous year. Net income rose to $0.7 million, highlighting the company’s strong financial performance.
Key strategic moves included securing a $20 million equity financing deal with Valor Equity Partners, which BrainsWay plans to use for market expansion, research and development, and increasing access to its Deep TMS systems. The company also expanded its presence in East Asia and the U.S., and garnered approval from the Israel Ministry of Defense for Deep TMS therapy reimbursement for PTSD patients.
Looking ahead, BrainsWay has raised its full-year 2024 revenue guidance to $40-41 million, reflecting anticipated growth of 25% to 29% over the previous year. The company expects continued profitability, focusing on strategic investments in technology development and market expansion efforts to maintain its leadership in mental health and neurological care.
