BrainsWay Ltd.
- Open
- 15.52
- Day high
- 16.25
- Day low
- 15.48
- Prev close
- 15.01
- Volume
- 120K
- Mkt cap
- $628M
- P/E (TTM)
- 42.3
- EPS (TTM)
- $0.37
- P/B
- 8.3
- P/S
- 11.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling $0 over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
BrainsWay Ltd. (BWAY) is a Healthcare company listed on NASDAQ. The stock is up 168% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
BrainsWay Ltd. (BWAY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BWAY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 13, 2026 | $0.05 | $0.12 | +140.0% | $16M | +6.1% |
| Mar 11, 2026 | $0.03 | $0.14 | +349.7% | $15M | +3.4% |
| Sep 30, 2025 | — | $0.11 | — | $13M | — |
| Mar 11, 2025 | $0.05 | $0.08 | +60.0% | $11M | -0.9% |
| Mar 6, 2024 | $0.01 | $0.01 | +100.0% | $9M | +4.4% |
| Nov 15, 2023 | $-0.07 | $-0.01 | +85.7% | $8M | +7.2% |
| May 17, 2023 | $-0.12 | $-0.14 | -16.7% | $7M | +3.5% |
| Mar 15, 2023 | $-0.12 | $-0.24 | -100.0% | $6M | -4.2% |
| Nov 16, 2022 | $-0.07 | $-0.30 | -328.6% | $5M | -38.8% |
| Aug 10, 2022 | $-0.08 | $-0.14 | -75.0% | $8M | -4.9% |
| Mar 9, 2022 | $-0.05 | $-0.08 | -60.0% | $8M | +2.8% |
| Nov 17, 2021 | $-0.06 | $-0.10 | -66.7% | $8M | +22.7% |
BWAY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | Moiseyev Giladofficer: Chief Technology Officer | Option | 7,500 | — |
| Jun 22, 2026 | Moiseyev Giladofficer: Chief Technology Officer | Sell | 5,000 | — |
| Jun 22, 2026 | Moiseyev Giladofficer: Chief Technology Officer | Tax | 1,902 | — |
| May 26, 2026 | Mitrany Rayten Michal Etydirector | Sell | 10,000 | — |
| May 26, 2026 | Mitrany Rayten Michal Etydirector | Sell | 7,980 | — |
| May 21, 2026 | Mitrany Rayten Michal Etydirector | Tax | 3,440 | — |
| May 21, 2026 | Mitrany Rayten Michal Etydirector | Tax | 6,080 | — |
| May 21, 2026 | Mitrany Rayten Michal Etydirector | Option | 17,500 | — |
| May 21, 2026 | Mitrany Rayten Michal Etydirector | Option | 10,000 | — |
Source: BWAY SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full BWAY insider & 13F page →BrainsWay Ltd. company profile
Overview
BrainsWay Ltd. (NASDAQ:BWAY) is an Israeli medical device company founded in 2003 and headquartered in Jerusalem. The company went public on NASDAQ in April 2019. BrainsWay develops and commercializes Deep Transcranial Magnetic Stimulation (Deep TMS) technology, a non-invasive neurostimulation treatment platform for various mental health and neurological disorders. The company has evolved from a research-focused startup to a profitable medical device manufacturer with over 1,350 systems installed globally and a growing presence in both domestic U.S. and international markets.
Business
BrainsWay operates in the medical device industry, specifically in the neurostimulation sector for treating mental health disorders. The company's core product is the Deep Transcranial Magnetic Stimulation (Deep TMS) system, which uses magnetic fields to stimulate specific brain regions associated with various psychiatric and neurological conditions. Deep TMS technology works by generating powerful magnetic pulses that penetrate deeper into brain tissue compared to traditional TMS devices. The system uses specialized coils (called H-coils) that are positioned over the patient's head to target specific brain circuits. These magnetic pulses stimulate neurons in targeted brain regions, helping to normalize brain activity patterns associated with mental health disorders. Treatment typically involves multiple sessions over several weeks, with patients remaining awake and alert during the 20-minute procedures. The company's primary business focuses on a single segment - the manufacture and sale of Deep TMS systems and related accessories. BrainsWay has received FDA clearances for treating multiple conditions including Major Depressive Disorder (MDD), Obsessive-Compulsive Disorder (OCD), and smoking cessation. The system can treat patients with depression aged 22-86, and approximately 50% of the installed base now includes OCD treatment capability through add-on coils. The company is also conducting clinical trials for additional indications including alcohol use disorder, PTSD, and accelerated treatment protocols that could reduce treatment time from 30 days to 6 days.
Revenue model
BrainsWay generates revenue primarily through the direct sale of Deep TMS systems and related accessories to healthcare providers. The company sells its systems to psychiatrists, hospitals, and medical centers, with customers typically paying between $100,000-$200,000 per system. The business model includes both initial system sales and ongoing revenue from replacement coils and accessories. The company's customer base consists of healthcare providers including private psychiatric practices, hospital systems, and large enterprise networks. Revenue is split approximately 80% domestic (United States) and 20% international, with growing presence in markets like Canada, South Korea, Taiwan, India, and various European countries. BrainsWay is increasingly focusing on larger institutional and enterprise customers rather than individual practitioners, as these accounts provide greater volume and more predictable revenue streams. Several factors influence the company's margins and growth prospects. Positive factors include expanding insurance reimbursement coverage (over 90 million lives now covered for OCD treatment), FDA approvals for new indications and age groups, and the growing acceptance of TMS therapy in mainstream psychiatry. The company benefits from its 75% gross margins and relatively asset-light business model. However, margins can be pressured by macroeconomic conditions that cause smaller practices to delay capital equipment purchases, competition from other TMS device manufacturers, and the need for continued investment in clinical trials to expand treatment indications. The company's international expansion efforts also require ongoing investment in regulatory approvals and distribution partnerships.
Competitive moat
BrainsWay's competitive moat is moderate and primarily based on its proprietary Deep TMS technology and regulatory approvals. The company's H-coil technology differentiates it from traditional TMS devices by enabling deeper brain penetration and targeting of specific neural circuits. This technical advantage is protected by patents and has resulted in FDA clearances for multiple indications including OCD treatment, where BrainsWay was the first TMS device approved. The company's regulatory moat includes FDA clearances for treating depression, OCD, and smoking cessation, with ongoing clinical trials for additional indications. The lengthy and expensive process of obtaining FDA approvals creates barriers for new entrants. BrainsWay has also built relationships with insurance providers, securing reimbursement coverage that is critical for customer adoption. However, the moat faces several challenges. The TMS market includes established competitors like Neuronetics and Mag & More, and the underlying magnetic stimulation technology is not proprietary to BrainsWay. The company's patents will eventually expire, and competitors could develop alternative deep stimulation technologies. Additionally, the psychiatric treatment market is subject to disruption from pharmaceutical innovations, digital therapeutics, and emerging treatments like psychedelic therapy (though BrainsWay is exploring combinations with psychedelics). The company's relatively small size compared to larger medical device manufacturers also limits its resources for R&D and market expansion. While BrainsWay has established a solid position in the Deep TMS niche, the moat is not exceptionally wide and requires continuous innovation and clinical validation to maintain competitive advantages.
Risks & safety
BrainsWay demonstrates a strong margin of safety with robust financial fundamentals and minimal solvency risk. • Liquidity and Solvency: Excellent financial position with $69.3 million in cash and short-term investments, minimal debt (debt-to-equity ratio of 0.09), and strong current ratio of 5.18. The company generates positive operating cash flow of $10.3 million annually with no immediate solvency concerns. • Profitability Trends: Company achieved profitability in 2024 with positive net income for five consecutive quarters, demonstrating operational leverage and improving unit economics. • Valuation Metrics: Trading at premium valuations with P/E ratio of 54.8x and EV/EBITDA of 46.9x, reflecting growth expectations but suggesting limited margin of safety from a valuation perspective. • Other Considerations: Revenue growth of 29% in 2024 provides some justification for premium multiples, but the stock appears fully valued at current levels with limited downside protection.
Recent development
Over the past few years, BrainsWay has executed several strategic initiatives to expand its market presence and treatment capabilities. The company has shifted its commercial focus toward larger enterprise and institutional customers rather than individual practitioners, which has improved sales predictability and volume. This strategy has been supported by the appointment of new leadership including CEO Hadar Levy and expanded sales team capabilities. The company has made significant progress in expanding its treatment indications and patient populations. Key regulatory achievements include FDA approval for treating elderly patients with depression (ages 22-86) and clearance for treating depression with anxiety symptoms using the H7 coil. BrainsWay was also the first company to receive FDA approval for TMS treatment of OCD, and approximately 50% of its installed base now includes OCD treatment capability. Clinical development efforts have accelerated with multiple ongoing trials. The company is conducting a multicenter clinical trial for an accelerated treatment protocol that could reduce treatment time from 30 days to 6 days, with FDA submission expected in 2025. BrainsWay is also exploring treatments for alcohol use disorder, PTSD, and potential adolescent applications. The company has shown interest in combining Deep TMS with emerging psychedelic therapies, reflecting the evolving mental health treatment landscape. International expansion has been a key growth driver, with new distribution agreements in Canada and growing presence in Asia Pacific markets including South Korea, Taiwan, and India. The company completed a $20 million strategic equity financing with Valor Equity Partners in 2024 to support these expansion efforts. BrainsWay has also been developing its next-generation Deep TMS 360 system, which is currently in pilot programs for several indications.
BWAY company profile · for informational purposes only — not investment advice.
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