BrainsWay Ltd. Q4 FY2025 earnings call

Close 2025 with strong momentum, 27% revenue growth in Q4 and full year. 10 consecutive quarters of profitability. Focus on large enterprise customers with leasing program. FDA label expansion for adolescents with major depressive disorder. SWIFT deep TMS protocol data published. NIH grant for alcohol use disorder study. Strategic investment in mental health providers. Investment in NeuroLive with FDA approval for Polyvarex.

Fourth quarter revenue was $14.5 million, up 27% from prior year. Full year revenue grew 27% to $52.2 million. 95 deep TMS systems shipped in Q4, install base reached approx 1700 worldwide. Remaining performance obligation reached $70 million, a 43% growth from $49 million a year ago.

Expect 2026 full year revenue $66 - $68 million, growth 27 - 30% y-o-y. Operating income 13 - 14% of revenue. Adjusted EBITDA $12 - $14 million, growth 86 - 100% over 2025.

Shifting market conditions from geopolitical, supply chain factors. Use of non-GAAP financial information. Risks in forward-looking statements including market and operational uncertainties.

Q: Give sense of Q4 placements, units sold, leased, OCD placements.

A: Shipped 95 systems in Q4, over 50% included H7 calls.

Q: DTMS360 trial details.

A: For alcohol use disorder, 10 centers recruiting over 200 patients; for neurology, 3 centers for Alzheimer study.

Q: Pricing for 2026.

A: No anticipated decrease, may optimize pricing for value.

Q: Percent of remaining obligations from strategic partners.

A: Minority investment centers delivering strong backlog and new orders.

Q: Utilization of SWIFT protocol with other therapies.

A: Strong demand for TMS due to SWIFT protocol, use with other modalities expected