Q4 2025 Brainsway Ltd Earnings Call Transcript
Key Points
- BrainsWay Ltd (BRSYF) reported a 27% increase in revenue for both the fourth quarter and full year 2025, reaching $14.5 million and $52.2 million respectively.
- The company achieved 10 consecutive quarters of profitability, supported by expanding margins and a successful recurring revenue model.
- BrainsWay Ltd (BRSYF) shipped 95 Deep TMS systems in Q4, increasing their installed base to approximately 1,700 systems worldwide.
- The company received FDA clearance for a label expansion of their Deep TMS system, allowing treatment for adolescents aged 15 to 21 with major depressive disorder.
- BrainsWay Ltd (BRSYF) maintains a strong cash position with $68 million in cash and cash equivalents, supporting growth and strategic investments.
- Despite strong revenue growth, operating expenses increased, with sales and marketing expenses rising to $5.1 million in Q4 2025 from $4.5 million in Q4 2024.
- Research and development expenses also increased to $2.5 million in Q4 2025 from $2 million in the previous year, reflecting ongoing clinical trials and development activities.
- The company is still in the early stages of market penetration, with less than 10% of the market reached, indicating significant work ahead to capture more market share.
- BrainsWay Ltd (BRSYF) faces challenges in expanding reimbursement coverage across the US, which is crucial for broader adoption of their Deep TMS systems.
- The company is reliant on strategic partnerships and minority equity investments in mental health providers, which may pose risks if these partnerships do not perform as expected.
Good day and welcome to the BrainsWay fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions) Please note, today's event is being recorded.
I'd now like to turn the conference over to Brian Ritchie with LifeSci Advisors. Please go ahead.
Thank you and thank you for joining today's BrainsWay fourth-quarter and full-year 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, 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 and full year ended December 31, 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
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