BrainsWay Ltd. (NASDAQ: BWAY) witnessed a notable upswing of 14.87% in its stock value, culminating at $4.48 during the last trading session. This surge in BrainsWay’s market performance closely followed the disclosure of its financial results.
In the context of the third quarter of 2023, BrainsWay (BWAY) not only unveiled its financial results but also delivered a comprehensive operational update. For the three-month period concluding on September 30, 2023, BrainsWay exhibited a remarkable upswing, with revenues reaching $8.3 million—an impressive 61% augmentation compared to the corresponding quarter of the preceding year.
This also represented a 6% increment from the preceding quarter. Notably, BWAY incurred losses amounting to $0.2 million, a notable reduction from the $5.0 million losses reported in the same quarter of the previous fiscal year. During the aforementioned quarter, BrainsWay successfully dispatched a net total of 56 innovative Deep Transcranial Magnetic Stimulation (TMS) systems.
This propelled BWAY’s aggregate Deep TMS installed base to 1,041 systems as of September 30, 2023—an uplift of 22% from the previous fiscal year at the same juncture. Furthermore, the company dispatched 48 obsessive-compulsive disorder (OCD) coils as supplementary components for certain new and existing systems, thereby extending OCD treatment capability to nearly 50% of its total installed base.
In a strategic move, BrainsWay forged a partnership with a prominent mental health clinical treatment provider in the Northeast U.S., paving the way for 10 Deep TMS system installations in 2023 alone. Additionally, an order for an additional 10 Deep TMS systems was received from Katie’s Way Plus, a mental health services provider catering to active duty military members, veterans, and their families.
BWAY continued its efforts to expand the accessibility of Deep TMS in Taiwan, with the most recent delivery augmenting the installed base to 16 systems in this Asia Pacific country. Simultaneously, BrainsWay made significant strides in bolstering the clinical and real-world evidence supporting Deep TMS.
The company’s robust sales pipeline manifested tangible results, securing multi-system contracts with major networks in the U.S. and maintaining momentum in various international markets, including Taiwan.
