Q2 2026 Brainsway Ltd Earnings Call Transcript
Key Points
- Revenue grew 35% to $17.1 million in Q2 2026, with operating income up over 300% and adjusted EBITDA margin expanding to 20%.
- Shipped 125 deep TMS systems (42% increase) and grew the installed base to approximately 1,950 systems, driving recurring revenue potential.
- Remaining performance obligations increased 30% to $80.4 million, providing strong revenue visibility into 2027.
- Expanding reimbursement for the SWIFT accelerated protocol now covers approximately 57 million covered lives, boosting adoption and provider confidence.
- Strategic minority investments in behavioral health platforms (e.g., HopeMark Health, Radio Health, SoundMind Behavioral) are expanding patient access and driving system demand.
- R&D expenses increased to $3.2 million (up from $2.3 million) due to clinical development investments, pressuring near-term profitability.
- G&A expenses rose to $2.3 million (up from $1.6 million) due to higher professional fees and administrative costs.
- The company's growth is heavily dependent on the success of the SWIFT protocol and continued reimbursement expansion, which may face payer resistance.
- The strategic minority investment program carries execution risk, as the company must carefully select partners to generate both financial and strategic value.
- International expansion remains early-stage, with significant untapped potential but also execution challenges in new markets.
Good morning, everyone. My name is Sachi, and I will be your conference operator today.
At this time, I would like to welcome everyone to Brainsway's Second Quarter 2026 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise.
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 its financial results for the three and six months ended June 30, 2026. A copy of the press release is available on the company's investor relations website, www.brainsway.com.
Before I turn the call over to management, I would like to remind you that this conference call, including both management's prepared remarks and the question-and-answer session, may contain projections or other
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