Brainsway ( (BWAY) ) has released its Q3 earnings. Here is a breakdown of the information Brainsway presented to its investors.
BrainsWay, a global leader in noninvasive neurostimulation for mental health disorders, leverages its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS) technology to improve patient outcomes. The company, with operations in Burlington, MA and Jerusalem, Israel, focuses on advancing mental health treatments through innovative technology and clinical research.
In its latest earnings release for the third quarter of 2024, BrainsWay reported impressive financial growth, with a 26% increase in revenue year-over-year reaching $10.5 million. The company also achieved a gross margin of 74% and net income of $0.7 million, a significant improvement from the previous year’s loss. These results prompted BrainsWay to raise its full-year revenue guidance to $40-$41 million, highlighting its robust performance and strategic growth initiatives.
Key financial metrics for the quarter include a net income of $0.7 million compared to a net loss of $0.2 million in Q3 2023, and an Adjusted EBITDA of $1.1 million, up from $0.3 million the previous year. The company also closed an equity financing deal with Valor Equity Partners, securing approximately $20 million to support strategic initiatives and expand market presence. Operational highlights include the expansion of the Deep TMS system in the U.S. and East Asia and the appointment of Dr. Richard Bermudes as Chief Medical Officer.
BrainsWay’s increased revenue guidance for 2024, reflecting a 25% to 29% growth over 2023, alongside expectations for continued profitability and positive cash flow, underscores the company’s strong market position. The management remains focused on sustainable growth and innovation, aiming to broaden treatment capabilities and enhance global access to Deep TMS technology.
Looking ahead, BrainsWay’s strategic investments and partnerships are set to drive further market penetration and growth, with an emphasis on innovation and expanding treatment possibilities in the mental health sector.
