Brainsway Ltd.
BrainsWay Ltd. develops and commercializes noninvasive neurostimulation systems for mental health care, centered on its Deep TMS platform. The company operates internationally from its U.S. and Israel-based footprint and sells into clinical settings that use its systems to treat psychiatric disorders.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueCapital equipment used by clinics and providers to deliver noninvasive neurostimulation therapy.
Treatment helmets, coils, and other recurring items used with installed systems.
Installation, training, maintenance, and clinical support for provider sites.
Minority-stake investments in mental health provider platforms tied to access expansion.
Customers
BrainsWay sells primarily to behavioral health providers, outpatient clinics, and hospital-based psychiatric programs that want to offer interventional psychiatry services. The buyer is usually a clinic network or enterprise account that can deploy a Deep TMS system and then use it across multiple patients and treatment protocols. The company also works with health-system and platform partners that aim to broaden access to advanced mental health care.
Buy Deep TMS systems and treatment support to offer noninvasive therapy to psychiatric patients.
Adopt systems for hospital-linked or integrated mental health services.
Acquire systems across clinic networks to scale interventional psychiatry access.
Work with BrainsWay to expand awareness, patient flow, and treatment access.
Strategy
BrainsWay’s strategy is to expand access to interventional psychiatry by placing Deep TMS systems with growth-oriented provider platforms and clinics. The company also uses selective minority investments and partner relationships to strengthen awareness, build referral pathways, and deepen commercial adoption around its technology. At the same time, it emphasizes scientific and clinical advancement of its platform and support to the installed base.
This creates faster market access by aligning with providers that can scale patient volume and system utilization.
Demand depends on clinician and patient adoption of a specialized mental health treatment modality.
A larger installed base drives recurring consumables, service demand, and customer retention.
Clinical evidence underpins adoption, reimbursement conversations, and differentiation versus alternative therapies.
Geography
BrainsWay operates globally, with corporate roots and operational presence in both the United States and Israel. Recent disclosures highlight commercial activity across North America, including provider relationships in the Northeast and Midwest, while the company also reaches Hebrew-speaking investors and stakeholders in Israel. Its revenue base is tied to where clinics and health systems adopt Deep TMS systems, so geography affects sales execution, service coverage, and reimbursement-related commercialization.
Risks
BrainsWay is exposed to adoption risk because its business depends on clinics and health systems deciding to buy and actively use a specialized treatment platform. It also faces execution risk in commercialization, reimbursement, and partner relationships, since a meaningful part of its go-to-market model relies on provider growth and clinical acceptance. Like other medical technology companies, it must manage regulatory, evidence, and competitive risks around neurostimulation therapies.
- Provider adoption riskImpact: HighLikelihood: Medium
Revenue depends on clinics and health systems buying systems and using them regularly.
Exposure: Installed base growth and system utilization
- Reimbursement and access riskImpact: HighLikelihood: Medium
Mental health treatments can be sensitive to payer coverage and patient affordability.
Exposure: Commercial adoption of Deep TMS treatments
- Clinical evidence and regulatory riskImpact: HighLikelihood: Low
The product’s value proposition depends on approved indications and proven efficacy.
Exposure: FDA-cleared neurostimulation indications
- Competition in neuromodulationImpact: MediumLikelihood: High
Alternative devices and therapies can compete for clinician attention and budgets.
Exposure: Interventional psychiatry market
- Partner execution riskImpact: MediumLikelihood: Medium
The company is tying growth to provider-platform partners that may expand slower than expected.
Exposure: Minority investments and strategic partnerships
Accounting
Judgemental itemsSystem placements, consumables, and services may follow different recognition patterns.
Impact: Affects quarterly revenue timing and comparability
Disclosed performance obligations indicate future fulfillment of contracts and services.
Impact: Impacts revenue visibility and backlog interpretation
Minority stakes in provider platforms may need periodic valuation or impairment review.
Impact: Can affect other income and balance-sheet carrying values
Adjusted EBITDA excludes items such as share-based compensation and one-time expenses.
Impact: Changes how investors assess underlying operating performance
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Last updated: 28/09/2026