Brainsway Ltd · TASE:BWAY
Brainsway — Q1 2025 Earnings Presentation
29 slides from Brainsway's earnings presentation, May 13, 2025
Slide 1: A New Era in Brain Disorder Treatment
A New Era in Brain Disorder Treatment Corporate Presentation Nasdaq/TASE: BWAY May 2025
Slide 2: Disclaimer
Disclaimer Safe Harbor and Non-GAAP Financial Measures This presentation does not constitute an offer or invitation to sell or issue, or any solicitation of an offer to subscribe for or acquire any of the Company’s securities or to participate in any investment in the Company. This presentation shal
Slide 3: BrainsWay (BWAY) at a Glance
BrainsWay (BWAY) at a Glance Advancing Neuroscience to Improve Health and Transform Lives ✓ BrainsWay is a global leader in advanced noninvasive neurostimulation treatments for mental health disorders ✓ First and only TMS company to obtain 4 FDA-cleared indications (MDD, OCD, Anxious Depression, Smo
Slide 4: BrainsWay by the Numbers
BrainsWay by the Numbers Strong Fundamentals for Growth $11.5m 75% $72m Q1 Revenue Gross Margin Cash Balance ~27% YOY Q1 2025 as of Q1 2025 +1,430 $1.3M $1.1M Total Installed Base Adjusted EBITDA Net Income as of Q1 2025 Q1 2025 Q1 2025 850 4 35+ OCD Systems Core FDA Clearances Completed Clinical Tr
Slide 5: BrainsWay in Use
BrainsWay in Use Academic Institutions and Private Clinics Worldwide Use BrainsWay Technology Leveraged in Clinical Trials By Major Academic Centers of Excellence 6.0M+ Deep TMS sessions 200K+ Patients successfully treated across 45 US States and 6 Continents Corporate Presentation May 2025 Corporat
Slide 6: Strategic Partnership with Valor Equity Partners
Strategic Partnership with Valor Equity Partners Valor’s Support Strengthens Our Position as a Leader in the TMS Industry ▪ Closed $20M equity financing with Valor, a top-tier U.S. tech investor ▪ Expertise in High-Growth Companies ▪ Invest in innovation ▪ Scaling growth ▪ Access to best practices C
Slide 7: Continuum of Care for Depression and OCD
Continuum of Care for Depression and OCD Massive Underserved Markets Major Depressive Disorder Obsessive-Compulsive Disorder 21m Primary Care / 3m Clinical Depression Sufferers/year 2 Obsessive-Compulsive Disorder 60-90% comorbid anxiety symptoms3 Psychiatry Sufferers/year2 7m 1.5m Treatment-Resista
Slide 8: Transcranial Magnetic Stimulation (TMS)
Transcranial Magnetic Stimulation (TMS) Established Technology with Demonstrated Safety and Efficacy Comprehensively Studied Over 25,000 published papers on TMS8 How Does it Work? 1. An electromagnetic coil is placed over the scalp 2. A fast current is produced in the coil 3. Electromagnetic field i
Slide 9: Evolution of TMS
Evolution of TMS TMS has Been Used for >35 Years with BrainsWay Pioneering Key Innovations George et al. Traditional BrainsWay is BrainsWay first to TMS is cleared first TMS device expands demonstrate by the FDA for to receive FDA depression antidepressant treatment- clearance for indication for eff
Slide 10: BrainsWay Delivers Proven Records
BrainsWay Delivers Proven Records Deep TMS Therapy Has Significant Appeal to Providers and Patients Noninvasive No Anesthesia Well-Tolerated ~3 to 20 Minute Easy to Strong Technology Required by Patients Sessions Administer Reimbursement Corporate Presentation May 2025 10
Slide 11: BrainsWay Deep TMS Advantages over Traditional TMS
BrainsWay Deep TMS Advantages over Traditional TMS1 BrainsWay’s Clinical Advantages are Clear and Compelling BrainsWay Deep TMS Traditional TMS 1.8 to 2.0 cm9,10 Depth 0.7cm to 1.0cm9 Extensive - 17 cm10 Brain Volume Limited - 3 cm10 Stimulated More Reliable Targeting Therapy Prone to Targeting Erro
Slide 12: How Do We Partner?
How Do We Partner? Flexible Business Model Leads to Better Adoption Lease: ~60% v stream for BrainsWay Creates long-term stable revenue Unlimited use with a fixed annual fee; 4-5 year contracts MDD / OCD Direct purchase: ~30% v fee for the following years One time purchase; maintenance Mainly throug
Slide 13: Strong Economic and Clinical Incentive for Adopters
Strong Economic and Clinical Incentive for Adopters Robust Reimbursement Coverage Drives Compelling Clinician ROI Flexible Pricing Options Verified Increased Return-on- Utilization Economic Investment Impact of Reimbursement Up to $10k Highly Revenue Profitable per Procedure Depression Corporate Pre
Slide 14: Depression Clinical Efficacy
Depression Clinical Efficacy Substantial Body of Clinical Evidence Demonstrating Safety and Efficacy 12 Real Clinical Practice Settings After 30 Sessions 81.6% 65.3% Response Remission ~2 in 3 Patients Achieved Remission with Deep TMS Durability in TMS is 1+ Year in ~50% of Responders13 ▪ 1,351 MDD
Slide 15: OCD Clinical Efficacy
OCD Clinical Efficacy Only TMS System with Clinically Demonstrated Safety and Efficacy Outcomes 15 Real Clinical Practice Settings After 29 Sessions >1 in 2 Patients Achieved Response 57.9% ▪ 219 patients from 22 worldwide centers ▪ Sustained response achieved in ~20 sessions ▪ No systemic side effe
Slide 16: Smoking Addiction
Smoking Addiction Smokers Spend Nearly $2B/year on Quitting and ~85% are Unsuccessful 28.3m Double-Blind, Placebo-Controlled RCT19 U.S. Adult Smokers17 Nearly 1 in 3 Quit for 4 Weeks 68% are Motivated to Quit 2 of 3 Completers at Week 6 Remain Quitters for Add’l 3 Months 7.6m ▪ ▪ 260 adult patients
Slide 17: Strong Foundation, Promising Future
Strong Foundation, Promising Future Actively Pursuing Indications in Multiple Therapeutic Areas with Unmet Needs Cognitive Decline Future Indications Neurology Brainsway is the only provider with the ability to treat a wide range of brain disorders with non-pharmacological, noninvasive, safe approac
Slide 18: 2025 – Pivotal Year for BrainsWay
2025 – Pivotal Year for BrainsWay Superior Science, Evidence, and Support Drive Growth Technology Innovation • Launch Insights Cloud • Introduce TMS 360 Clinical Research • Development of next-gen Deep TMS system • AI-driven personalization • Adolescent MDD tool to optimize treatment • Accelerated D
Slide 19: Deep TMS 360: Pilot Study
Deep TMS 360: Pilot Study New Tool to Improve Cognitive Performance in Patients with Dementia & MCI Over 10 million people Single-Channel, Fixed Field Deep TMS are diagnosed with mild • Fixed Field Deep TMS has had some success in patients cognitive impairment with MCI/Dementia, but moderate results
Slide 20: Practice Development Program
Practice Development Program Support Program Proven to Increase Device Utilization, Leading to Repeat Sales Clinical Knowledge & Treatment Operational & Financial Patient Acquisition & Retention Mastery Excellence • Marketing Strategy • The Deep TMS System • Site Preparation • Internal Patient Gener
Slide 21: New Territories
New Territories Geographic Expansion into Japan, Europe, and Other Asian Countries International Markets are Long-Term Growth Europe Opportunities 37m Depression Patients Existing Partnership • Japan: Secured reimbursement & signed exclusive multi-year distribution deal. • Canada: Entered market wit
Slide 22: Most Extensive and Broadest TMS Intellectual Property
Most Extensive and Broadest TMS Intellectual Property Encompassing Core Technology and Applications Patent Portfolio Key Portfolio Coverage Areas 30+ 50+ Deep TMSTM Coils US OUS Multi-Channel TMS Rotational Field Deep TMS Issued Patents Closed Loop TMS/EEG or Allowed Applications Corporate Presentat
Slide 23: Q1 2025 Financial Review
Q1 2025 Financial Review Actual Actual Variance USD in Thousands Q1 2025 Q1 2024 $ % Revenues 11,536 9,095 2,441 27% Revenue: $11.5M (+27% YoY) Cost of Revenues 2,926 2,283 643 28% Gross Profit 8,610 6,812 1,798 26% % Margin 75% 75% Research and Development Expenses 2,332 1,626 706 43% ~$72M in cash
Slide 24: Revenue Trends
Revenue Trends Remaining Performance Obligations of $60 million, Providing Clear Visibility Into Future Growth $11.4 $11.5 $10.5 $10.0 $9.0 $9.1 $8.3 $7.8 $6.6 $7.4 $7.2 $6.8 $6.6 $6.0 $5.7 $5.6 $5.5 $4.6 ($ in millions) $3.7 $4.0 $4.3 $2.7 $3.0 $3.4 $3.4 $2.0 $2.3 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1
Slide 25: Booking/Revenue/EBITDA
Booking/Revenue/EBITDA Booking / Revenue / EBITDA ($M) 65 53 51 40 41 31.7 7 4.5 -2.4 2023 2024 2025 Booking 40 53 65 Revenue 31.7 41 51 Corporate Presentation May 2025 EBITDA -2.4 4.5 7
Slide 26: BrainsWay Investment Highlights
BrainsWay Investment Highlights Advancing Neuroscience to Improve Health and Transform Lives ✓ Leading neuromodulation company with proven breakthrough technology ✓ Large underserved markets ✓ Record Installations: Shipped 81 new Deep TMS systems in Q1, bringing our total installed base to 1,430. ✓
Slide 27: BrainsWay Leadership Team
BrainsWay Leadership Team Successful, Experienced Medical Device Professionals Hadar Levy Ido Marom Dr. Gilead Moiseyev Dr. Richard Bermudes Moria Ben Soussan Chief Executive Officer Chief Financial Officer Chief Technology Officer Chief Medical Officer Vice President - R&D 25+ Years Med Device 20+
Slide 28: Thank you!
Thank you! Investor Contact: Ido Marom Chief Financial Officer Ido.Marom@BrainsWay.com 28
Slide 29: References
References 1. BrainsWay Data on File 2. The National Institute of Mental Health: nimh.nih.gov 3. Kessler RC, et al. Comorbidity of DSM-III-R major depressive disorder in the general population: results from the US National Comorbidity Survey Br J Psychiatry Suppl. 1996 4. Trivedi MH et al. STAR*D St