Brainsway Ltd · TASE:BWAY
Brainsway — Investor Presentation (August 2025)
34 slides from Brainsway's investor presentation, Aug 13, 2025
Slide 1: A New Era in Brain Disorder Treatment
A New Era in Brain Disorder Treatment Corporate Presentation Nasdaq/TASE: BWAY August 2025
Slide 2: Disclaimer: Safe Harbor and Non-GAAP/IFRS Financial Measures
Disclaimer Safe Harbor and Non - GAAP/IFRS 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 presentat
Slide 3: BrainsWay (BWAY) at a Glance
BrainsWay (BWAY) at a Glance Advancing Neuroscience to Improve Health and Transform Lives x BrainsWay is a fast - growing global leader in advanced noninvasive neurostimulation treatments for mental health disorders x First and only TMS company to obtain 4 FDA - cleared indications (MDD, OCD, Anxiou
Slide 4: 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 $ 20 M equity financing with Valor, a top - tier U . S . tech investor ▪ Expertise in High - Growth Companies ▪ Invest in innovation ▪ Scaling growth ▪ Access to best pr
Slide 5: BrainsWay by the Numbers
BrainsWay by the Numbers Strong Fundamentals for Growth ~$52m Revenue 2025 guidance $78m Cash Balance as of Q2 2025 1,522 Total Installed Base as of Q2 2025 75% Gross Margin 2025 guidance $7M Adjusted EBITDA* 2025 guidance $62M Signed Backlog Q22025 880 OCD Systems as of Q2 2025 6.3M Deep TMS Treatm
Slide 6: Q2 2025 Executive Summary
Q2 2025 Executive Summary • Revenue: $12.6M, up 26% YoY • Operating income totaled $0.6 million and Adjusted EBITDA rose to $1.5 million • Net Profit: $2M up 240% YoY • Remaining performance obligations increased by 25 % YOY to $62 million • Eight consecutive quarters of positive free cash flow • Ra
Slide 7: Flexible Business Model Leads to Better Adoption
MDD / OCD Lease: ~60% Creates long - term stable revenue stream for BrainsWay Unlimited use with a fixed annual fee; 4 - 5 year contracts Direct purchase: ~30% One time purchase; maintenance fee for the following years Mainly through distribution channels Growth Incentive model: ~10% Reduces upfront
Slide 8: Revenue & Adjusted EBITDA
Revenue & Adjusted EBITDA • $20 million in binding contracts (RPO) • This translates into an annual revenue run - rate of ~$20 million , providing clear • Recurring revenue grew ~45% year - over - year , outpacing overall company growth • Approximately 70% of new contracts are multi - year rental ag
Slide 9: Strategic Equity Investments in Mental Health Providers
200+ Mental Health Clinics Identified Strategic Equity Investments in Mental Health Providers New Strategy to Accelerate Company Growth Highly Profitable Deals No Added OPEX Each Deal Can Potentially Add 10 - 15 Clinics Anually Strategic Initiative Led by Valor Fund Corporate Presentation August 202
Slide 10: Strategic Partnership with Stella
5$M minority investment in Stella - a leading U.S. - based interventional psychiatry platform Structured as a preferred, compounding equity stake Joint business planning and strategic growth support About Stella 20+ clinics across the U.S. and Israel 30,000+ patients treated to date Known for clinic
Slide 11: Superior Science, Evidence, and Support Drive Growth
Superior Science, Evidence, and Support Drive Growth 2025 – Pivotal Year for BrainsWay Clinical Research* Sales & Support Initiatives Technology Innovation • Launch Insights Cloud • Introduce TMS 360 • Development of next - gen Deep TMS system • AI - driven personalization tool to optimize treatment
Slide 12: Expanding Market Opportunities with Potential New Indications
U.S. Patient Population Commercial Phase FDA Submission Randomized Controlled Trials Pre - Phase Clinical Trials Indications 21M Major Depressive Disorder (MDD)+ Anxious Depression 3M Obsessive - compulsive Disorder (OCD) 34M Smoking Addiction 29M Alcohol Use Disorder 1 ( AUD) 7M Alzheimer 1 ( aged
Slide 13: BrainsWay in Use
BrainsWay in Use Corporate Presentation April 2025 Academic Institutions and Private Clinics Worldwide Use BrainsWay Technology Leveraged in Clinical Trials By Major Academic Centers of Excellence 6.3M+ Deep TMS sessions 220K+ Patients successfully treated across 47 US States and 6 Continents Corpor
Slide 14: Continuum of Care for Depression and OCD
Continuum of Care for Depression and OCD Massive Underserved Markets Primary Care / Psychiatry 21m Clinical Depression Sufferers/year 2 60 - 90% comorbid anxiety symptoms 3 7m Treatment - Resistant Patients who do NOT achieve remission after 4 courses of medications & psychotherapy 4 3m Obsessive -
Slide 15: Transcranial Magnetic Stimulation (TMS)
Transcranial Magnetic Stimulation (TMS) Established Technology with Demonstrated Safety and Efficacy Comprehensively Studied Over 25,000 published papers on TMS 8 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
Slide 16: TMS Has Been Used for >35 Years
TMS has Been Used for >35 Years with BrainsWay Pioneering Key Innovations Evolution of TMS 1985 George et al. first to demonstrate antidepressant effects of repetitive TMS Barker performs first motor cortex stimulation with TMS Roth & Zangen invent the H - Coil, which stimulates deep brain structure
Slide 17: BrainsWay Delivers Proven Records
BrainsWay Delivers Proven Records Deep TMS Therapy Has Significant Appeal to Providers and Patients Strong Reimbursement Easy to Administer ~3 to 20 Minute Sessions Well - Tolerated by Patients No Anesthesia Required Noninvasive Technology 17 Corporate Presentation August 2025
Slide 18: Deep TMS Advantages over Traditional TMS
BrainsWay Deep TMS Advantages over Traditional TMS 1 Deep TMS H1 Coil BrainsWay’s Clinical Advantages are Clear and Compelling BrainsWay Deep TMS Traditional TMS 1.8 to 2.0 cm 9,10 0.7cm to 1.0cm 9 Depth Extensive - 17 cm 10 Limited - 3 cm 10 Brain Volume Stimulated More Reliable Targeting Prone to
Slide 19: Robust Reimbursement Coverage Drives Clinician ROI
Robust Reimbursement Coverage Drives Compelling Clinician ROI Strong Economic and Clinical Incentive for Adopters Flexible Pricing Options Verified Return - on - Investment Up to $10k Revenue per Depression Patient Highly Profitable Procedure Increased Utilization Economic Impact of Reimbursement Co
Slide 20: Depression Clinical Efficacy
Depression Clinical Efficacy 81.6% 65.3% Substantial Body of Clinical Evidence Demonstrating Safety and Efficacy Real Clinical Practice Settings 12 After 30 Sessions Response ~2 in 3 Patients Achieved Remission with Deep TMS ▪ 1,351 MDD patients who received at least 20 Deep TMS sessions ▪ No system
Slide 21: OCD Clinical Efficacy
OCD Clinical Efficacy >1 in 2 Patients Achieved Response ▪ 219 patients from 22 worldwide centers ▪ Sustained response achieved in ~20 sessions ▪ No systemic side effects 57.9% Response Only TMS System with Clinically Demonstrated Safety and Efficacy Outcomes Real Clinical Practice Settings 15 After
Slide 22: Smoking Addiction
Smoking Addiction Smokers Spend Nearly $2B/year on Quitting and ~85% are Unsuccessful 28.3m U.S. Adult Smokers 17 68% are Motivated to Quit 4.7m Smokers who were NOT successful quitting with cessation medication or psychotherapy 18 Deep TMS TM Transcranial Magnetic Stimulation 7.6m Made Serious Quit
Slide 23: Deep TMS 360 Pilot Study for Dementia & MCI
New Tool to Improve Cognitive Performance in Patients with Dementia & MCI* Deep TMS 360: Pilot Study 23 Single - Channel, Fixed Field Deep TMS Multi - Channel, Rotational Field Deep TMS 360 • Fixed Field Deep TMS has had some success in patients with MCI/Dementia, but moderate results may be due to
Slide 24: Strong Foundation, Promising Future
Strong Foundation, Promising Future 24 MDD Anxious Depression Late - Life Depression OCD Neurology Actively Pursuing Indications in Multiple Therapeutic Areas with Unmet Needs Cognitive Decline Current Foundation Future Indications Brainsway is the only TMS provider with the ability to treat this wi
Slide 25: Practice Development Program
Support Program Proven to Increase Device Utilization, Leading to Repeat Sales Practice Development Program 25 Clinical Knowledge & Treatment Mastery • The Deep TMS System • Major Depressive Disorder Treatment • Obsessive - Compulsive Disorder Treatment • Smoking Addiction Treatment • Patient Treatm
Slide 26: Geographic Expansion into Japan, Europe, and Asia
New Territories Europe 37m Depression Patients Existing Partnership India 57m Depression Patients Existing Partnership China 71m Depression Patients Existing Partnership Japan 6m Depression Patients Cleared for Sale Existing Partnership Australia 1.3m Depression Patients Cleared for Sale Geographic
Slide 27: Most Extensive and Broadest TMS Intellectual Property
Most Extensive and Broadest TMS Intellectual Property Encompassing Core Technology and Applications Key Portfolio Coverage Areas Deep TMS TM Coils Multi - Channel TMS Rotational Field Deep TMS Closed Loop TMS/EEG Patent Portfolio Issued Patents or Allowed Applications 30+ US 50+ OUS 27 Corporate Pre
Slide 28: Q2 2025 Financial Review
Q2 2025 Financial Review Positive EBITDA 8th Quarter in a row Net Income 7th Quarter in a row ~$78M in cash with no debt as of Q2 2025 Revenue: $12.6M (+26% YoY) Actual Actual Q2 2025 Q2 2024 $ % USD in Thousands Revenues 12,632 10,005 2,627 26% 27% 665 2,468 3,133 Cost of Revenues 26% 1,962 7,537 9
Slide 29: H1 2025 Financial Review
H1 2025 Financial Review Adj. EBITDA $2.7M Net Income $3.1M Revenue: $24.1M (+26% YoY) 29 Corporate Presentation August 2025 Actual Actual % $ H1 2024 H1 2025 USD in thousands 27% 5,068 19,100 24,168 Revenues 28% 1,308 4,751 6,059 Cost of Revenues 26% 3,760 14,349 18,109 Gross profit Gross Margin 40
Slide 30: Balance Sheet
Change vs. 03/25 Change vs. 12/24 As of December 31, As of March 31, As of June 30, USD in thousands % $ % $ 2024 2025 2025 ASSETS - 2% (1,433) - 5% (3,689) 69,345 71,601 67,912 Cash and cash equivalents - 7% (20) - 7% (20) 271 271 251 Restricted cash 100% 10,087 100% 10,087 - - 10,087 Short - term
Slide 31: BrainsWay Investment Highlights
BrainsWay Investment Highlights Advancing Neuroscience to Improve Health and Transform Lives x Leading neuromodulation company with proven breakthrough technology x Large underserved markets x Strong momentum across our core market and successful execution of our growth strategy x 70% of recent cust
Slide 32: BrainsWay Leadership Team
BrainsWay Leadership Team Successful, Experienced Medical Device Professionals Ido Marom Chief Financial Officer 20+ Years Finance Hadar Levy Chief Executive Officer 25 + Years Med Device Moria Ben Soussan Vice President - R&D 15+ Years Med Device Dev Yuval Gimshi Vice President – Int’l Sales 15+ Ye
Slide 33: Thank you!
Thank you! 33 Investor Contact: Ido Marom Chief Financial Officer Ido.Marom@BrainsWay.com
Slide 34: 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*