Q3 2025 Brainsway Ltd Earnings Call Transcript
Key Points
- BrainsWay Ltd (BWAY) reported record quarterly revenue of $13.5 million, a 29% increase compared to the same period last year.
- The company shipped 90 Deep TMS systems during the quarter, a 43% increase from the previous year, bringing the total installed base to over 1,600 systems globally.
- BrainsWay Ltd (BWAY) raised its full-year 2025 revenue guidance to a range of $51 million to $52 million, up from the previous guidance of $50 million to $52 million.
- The company achieved a strong gross margin of 75%, reflecting the strength of its recurring revenue model and disciplined cost management.
- The US FDA granted an expansion of the treatment protocol for the Deep TMS system to include an accelerated protocol for major depressive disorder, potentially improving patient convenience and appeal.
- Operating expenses increased, with sales and marketing costs rising to $4.7 million from $4.1 million in the previous year, driven by commercial expansion and marketing programs.
- Research and development expenses increased to $2.4 million from $1.8 million last year, primarily due to ongoing clinical trials and development activities.
- General and administrative expenses rose to $1.8 million from $1.5 million, partly due to legal fees and due diligence costs related to new investments.
- The company is dependent on FDA clearance for Neurolief's device, which may face delays due to the current situation with the FDA administration.
- The initial focus on revenue numbers may overshadow other important metrics such as the book-to-bill ratio and remaining performance obligations, which are crucial for assessing future growth.
Good day, and welcome to the BrainsWay third quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Brian Ritchie with LifeSci Advisors. Please go ahead.
Thank you all, and welcome to BrainsWay's third quarter 2025 earnings conference call. With us today are BrainsWay's Chief Executive Officer, Hadar Levy; and Chief Financial Officer, Ido Marom. The format for today's call will be a discussion of recent trends and business updates from Hadar and Ido, followed by a detailed discussion of the financials. Then we will open up the call for your questions. Earlier today, BrainsWay released financial results for the three months ended September 30, 2025.
A copy of the press release is available on the company's Investor Relations website. Before I turn the call over to Hadar, I would like to remind you that this conference call, including both management's prepared remarks and the question-and-answer
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