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Brainsway
(NASDAQ:BWAY)
Brainsway (BWAY) vs. SPDR S&P 500 ETF (SPY)
Brainsway Business Overview & Revenue Model
Brainsway Earnings Call Summary
Brainsway Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 49.09M | 41.02M | 31.79M | 27.18M | 29.66M | 22.06M |
| Gross Profit | 36.78M | 30.58M | 23.48M | 20.05M | 23.06M | 17.00M |
| EBITDA | 9.11M | 5.36M | -2.56M | -11.45M | -4.67M | -3.46M |
| Net Income | 6.25M | 2.92M | -4.20M | -13.35M | -6.46M | -5.38M |
Balance Sheet | ||||||
| Total Assets | 113.06M | 94.32M | 62.97M | 64.48M | 75.73M | 34.01M |
| Cash, Cash Equivalents and Short-Term Investments | 70.46M | 69.34M | 45.98M | 47.58M | 57.35M | 17.18M |
| Total Debt | 6.75M | 5.62M | 471.00K | 488.00K | 754.00K | 672.00K |
| Total Liabilities | 43.00M | 32.00M | 21.39M | 19.08M | 18.41M | 14.38M |
| Stockholders Equity | 70.06M | 62.31M | 41.58M | 45.40M | 57.33M | 19.63M |
Cash Flow | ||||||
| Free Cash Flow | 18.34M | 6.50M | -1.10M | -9.76M | -1.35M | -3.91M |
| Operating Cash Flow | 22.27M | 10.30M | 1.28M | -9.76M | 884.00K | -1.44M |
| Investing Cash Flow | -18.30M | 30.31M | -37.41M | 42.17M | -42.22M | -2.46M |
| Financing Cash Flow | 18.36M | 18.26M | -1.03M | -1.55M | 41.52M | -1.03M |
Brainsway Technical Analysis
Brainsway Risk Analysis
Brainsway Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $459.80M | 69.34 | 11.05% | ― | 27.37% | 269.84% | |
72 Outperform | $330.76M | 26.32 | 10.53% | ― | 18.90% | 29.22% | |
61 Neutral | $657.24M | 34.91 | 8.77% | ― | 9.28% | 21.00% | |
61 Neutral | $485.63M | -19.35 | -169.27% | ― | 24.08% | 24.08% | |
54 Neutral | $302.65M | -2.51 | ― | ― | 49.52% | 19.34% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
42 Neutral | $208.62M | -14.42 | ― | ― | 40.89% | -749.65% |
Brainsway Corporate Events
On January 21, 2026, BrainsWay announced that Highmark Blue Cross Blue Shield, which covers more than seven million members primarily in Pennsylvania, Delaware, West Virginia and parts of New York, has issued a draft medical policy to expand coverage for patients with major depressive disorder treated with BrainsWay’s accelerated Deep TMS protocol, including both adolescents and adults. The draft policy, expected to take effect in February 2026 following an open comment period, would cover the company’s accelerated SWIFT protocol—an intensive 38-session regimen delivered over six days of daily treatment followed by weekly maintenance—without requiring costly fMRI or neuronavigational equipment, potentially lowering operational barriers for clinics and broadening access. This development follows the FDA’s September 2025 clearance of BrainsWay’s accelerated depression protocol, supported by a multisite randomized non-inferiority trial showing response and remission rates comparable to standard Deep TMS, and signals growing payer acceptance that could materially strengthen BrainsWay’s market position in depression treatment and enhance reimbursement visibility for providers and patients in its core U.S. markets.
The most recent analyst rating on (BWAY) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On January 12, 2026, BrainsWay Ltd. reported that the U.S. Food and Drug Administration granted Premarket Approval for Neurolief’s Proliv Rx neuromodulation system, a Class III device indicated as an adjunctive treatment for adults with major depressive disorder who have not responded adequately to at least one prior antidepressant, for use both at home and in clinical settings. The approval, which makes Proliv Rx the first and only FDA-approved at-home neuromodulation device for treatment-refractory MDD, is presented by BrainsWay as an early validation of its strategic investment and option to acquire Neurolief, reinforcing its competitive position among transcranial magnetic stimulation manufacturers and potentially expanding its addressable market by extending brain-stimulation-based care into the home environment.
The most recent analyst rating on (BWAY) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On January 7, 2026, BrainsWay announced that Premera Blue Cross Blue Shield, which covers more than 2.8 million people in Alaska and Washington state, has adopted a final medical policy that for the first time extends insurance coverage to BrainsWay’s accelerated SWIFT Deep TMS protocol for treating moderate to severe major depressive disorder in patients aged 15 and older. The policy recognizes SWIFT as an alternative to the standard Deep TMS protocol, offering a condensed regimen of 38 sessions over several weeks without the need for costly neuronavigational imaging, and is backed by clinical and real-world data showing comparable response and remission outcomes; the move strengthens BrainsWay’s reimbursement footing, broadens access to its technology for both adolescent and adult depression patients, and underscores its efforts to entrench accelerated Deep TMS as a mainstream, insurer-backed option in the competitive neuromodulation market.
The most recent analyst rating on (BWAY) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On December 22, 2025, BrainsWay Ltd. reported that Optum Behavioral Health, part of UnitedHealth Group and covering more than 48 million lives, has expanded its medical policy to include insurance coverage for BrainsWay’s Deep TMS therapy for adolescents aged 15 and older diagnosed with major depressive disorder. The move aligns Optum with a growing roster of major insurers—including Evernorth, CVS/Aetna, Medi-Cal, TRICARE, multiple Blue Cross Blue Shield plans and others—that now collectively cover about 180 million lives for adolescent Deep TMS depression therapy, potentially broadening access to a non-drug, clinically validated treatment option for a large and underserved adolescent population facing major depression in the U.S.
The most recent analyst rating on (BWAY) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On November 17, 2025, BrainsWay Ltd. announced the launch of a multicenter clinical trial for its Deep TMS 360 system aimed at treating Alcohol Use Disorder (AUD). This trial represents a significant milestone for the company as it explores the potential of its next-generation multichannel TMS technology to reduce heavy drinking and cravings in individuals with AUD. The study will involve over 200 participants across various U.S. and international sites, marking an important step in BrainsWay’s efforts to expand into new therapeutic areas and address major public health challenges.
The most recent analyst rating on (BWAY) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On November 13, 2025, BrainsWay announced that it has received FDA clearance for its Deep TMS system to be used as an adjunct therapy for adolescents aged 15 to 21 suffering from major depressive disorder (MDD). This clearance allows BrainsWay to expand its market reach, making it the first and only TMS device approved for treating depression across a wide age range, from 15 to 86 years. The decision was based on a substantial dataset demonstrating the efficacy and safety of Deep TMS in reducing depressive symptoms and anxiety in adolescents. This milestone enhances BrainsWay’s position as a leader in noninvasive depression treatment, addressing a significant gap in effective therapies for adolescents with MDD.
The most recent analyst rating on (BWAY) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On November 12, 2025, Brainsway Ltd. reported strong financial performance for Q3 2025, with a 29% year-over-year revenue increase to $13.5 million and a 137% rise in net profit. The company also highlighted strategic growth through FDA clearance of an accelerated protocol for MDD, a $2.5 million NIH grant for a study on Deep TMS for alcohol use disorder, and strategic equity investments in mental health providers. These developments underscore Brainsway’s commitment to innovation and expanding its market reach, enhancing its industry positioning and stakeholder value.
The most recent analyst rating on (BWAY) stock is a Buy with a $18.50 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
BrainsWay reported a significant 29% increase in revenue for the third quarter of 2025, reaching $13.5 million, and a notable rise in net profit by 137% to $1.6 million compared to the previous year. The company also announced FDA clearance for an accelerated Deep TMS protocol for major depressive disorder, and made strategic investments to enhance its market presence, including a $5 million investment in Neurolief Ltd. These developments indicate strong market positioning and potential for sustainable growth through strategic collaborations and expanded treatment indications.
The most recent analyst rating on (BWAY) stock is a Buy with a $18.50 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.
On November 4, 2025, BrainsWay announced that the U.S. National Institutes of Health (NIH) awarded a $2.5 million grant to a research team led by Stanford University and the Palo Alto Veterans Institute for Research. The grant supports a clinical study evaluating the efficacy of an accelerated Deep TMS protocol using BrainsWay’s device for treating Alcohol Use Disorder (AUD). This study, which involves 100 adults in a randomized, double-blind trial, aims to explore the potential of high-intensity Deep TMS in reducing relapse risk and engaging targeted brain circuits. The announcement follows BrainsWay’s recent FDA clearance for its H1 Coil for treating major depressive disorder, highlighting the company’s ongoing advancements in neuromodulation techniques.
The most recent analyst rating on (BWAY) stock is a Buy with a $17.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.