BrainsWay Reports Cigna’s Evernorth Behavioral Health to Eliminate Prior Authorization Requirements for TMS Coverage, Accelerating Access to Care

Rhea-AI Summary

BrainsWay (NASDAQ: BWAY) commented on Evernorth Behavioral Health's decision to remove prior authorization for transcranial magnetic stimulation (TMS) for contracted providers, effective March 6, 2026. Evernorth serves over 18 million covered lives across 12 states and covers TMS for major depressive disorder and OCD. BrainsWay said the change should reduce administrative barriers and accelerate patient access to its Deep TMS systems.

Positive

• Prior authorization eliminated for TMS for contracted providers effective March 6, 2026
• Potential access expansion across plans covering over 18 million lives in 12 states
• TMS coverage explicitly includes major depressive disorder and obsessive‑compulsive disorder

Negative

• Applies only to contracted providers, limiting immediate reach to non‑contracted clinicians
• Geographic limitation to Evernorth/Cigna plans across 12 states may leave gaps elsewhere

News Market Reaction – BWAY

+4.29%

11 alerts

+4.29% Session close to close

-10.9% Trough in 28 hr 35 min

$521.56M Market Cap

0.8x Rel. Volume

In the Feb 18 session, BWAY gained 4.29%, reflecting a moderate positive market reaction. Argus tracked a trough of -10.9% from its starting point during tracking. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights Evernorth’s decision to drop prior authorization requirements for TMS s...

Analysis

This announcement highlights Evernorth’s decision to drop prior authorization requirements for TMS starting March 6, 2026, potentially improving access for roughly 18 million covered lives. It fits a broader pattern of payer adoption following strong Deep TMS data, including response and remission rates of 87.8% and 78.0%. Recent coverage expansions by Optum, Premera, and Highmark reinforce reimbursement momentum. Investors may watch how quickly contracted providers utilize the streamlined policy and how it complements BrainsWay’s broader neuromodulation strategy.

Key Figures

Evernorth covered lives: 18 million Policy effective date: March 6, 2026 Response rate: 87.8% +5 more

8 metrics

Evernorth covered lives 18 million Evernorth Behavioral Health coverage footprint across 12 states

Policy effective date March 6, 2026 Evernorth prior authorization removal for TMS

Response rate 87.8% Multisite randomized non‑inferiority trial for accelerated Deep TMS SWIFT protocol

Remission rate 78.0% Multisite randomized non‑inferiority trial for accelerated Deep TMS SWIFT protocol

Highmark covered lives 7 million Highmark Blue Cross Blue Shield members in several U.S. states

Optum covered lives 48 million Optum Behavioral Health coverage footprint

Collective payer coverage 180 million Lives covered by payers aligned on Deep TMS policies

Adolescents with depression 5 million Estimated U.S. adolescents aged 15–21 with major depression

Historical Context

5 past events · Latest: Jan 21 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jan 21	Payer coverage expansion	Positive	+4.7%	Highmark draft policy to expand Deep TMS coverage for MDD.
Jan 12	Regulatory approval	Positive	+4.7%	FDA PMA granted for Proliv™Rx at‑home MDD neuromodulation system.
Jan 07	Payer coverage expansion	Positive	+3.6%	Premera final policy expanding coverage for accelerated SWIFT Deep TMS.
Dec 22	Payer coverage expansion	Positive	+10.1%	Optum expands Deep TMS coverage for adolescents with MDD.
Nov 25	Investor event	Positive	+2.5%	Announcement of virtual Analyst & Investor Day on Deep TMS strategy.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent payer coverage and regulatory milestones have consistently coincided with positive price reactions.

Recent Company History

Over the last few months, BrainsWay has reported a series of milestones centered on expanding Deep TMS access and related neuromodulation offerings. Multiple payers, including Optum, Premera, and Highmark, announced or proposed coverage expansions for adolescent and adult MDD, with price moves between 2.5% and 10.05%. An FDA PMA for an at‑home MDD therapy and an investor day further highlighted strategic growth. Today’s Evernorth policy change aligns with this trajectory of payer adoption and clinical positioning.

Key Terms

transcranial magnetic stimulation (TMS), major depressive disorder (MDD), obsessive-compulsive disorder, neuromodulation, +4 more

8 terms

transcranial magnetic stimulation (TMS) medical

"it will no longer require prior authorization for transcranial magnetic stimulation (TMS)"

A non-invasive medical treatment that uses focused magnetic pulses applied to the scalp to stimulate specific brain regions, often used for depression and other neurological or psychiatric conditions. Think of it as a targeted, external 'tap' that can change how particular brain circuits work without surgery. Investors watch TMS for its impact on medical-device sales, clinic adoption, regulatory approvals and insurance coverage, all of which influence companies’ revenue prospects and valuations.

major depressive disorder (MDD) medical

"covers TMS treatment for patients with both major depressive disorder (MDD) for adolescents and adults"

Major depressive disorder (MDD) is a clinical mental-health condition characterized by persistent low mood, loss of interest in usual activities, and changes in sleep, appetite, energy, and concentration that significantly impair daily functioning for weeks or longer. It matters to investors because MDD drives healthcare spending, shapes demand for treatments, affects workforce productivity and absenteeism, and influences the commercial and regulatory prospects of companies developing therapies—like a chronic engine problem that reduces output and raises repair costs.

obsessive-compulsive disorder medical

"and obsessive-compulsive disorder OCD"

Obsessive-compulsive disorder (OCD) is a mental health condition marked by unwanted, repetitive thoughts (obsessions) and time-consuming actions or rituals (compulsions) performed to ease anxiety. For investors, OCD matters because it influences demand for medical treatments, therapy services, and workplace accommodations, and can affect productivity, healthcare costs, and the commercial potential of drugs or devices aimed at managing the condition — much like how a chronic physical illness shapes markets and spending.

neuromodulation medical

"Proliv™Rx neuromodulation system on January 12, 2026, as a Class III adjunctive treatment"

Neuromodulation is the use of devices or targeted treatments to change how nerves or brain circuits send signals, much like adjusting the volume or tuning on an audio system to alter what you hear. For investors, it matters because these therapies can treat chronic conditions (pain, movement disorders, depression) where existing medicines fall short, creating potential markets, regulatory milestones, and durable revenue streams if technologies prove safe and effective.

Premarket Approval (PMA) regulatory

"the U.S. FDA granted Premarket Approval (PMA) to Neurolief's Proliv™Rx neuromodulation system"

Premarket Approval (PMA) is the strict regulatory review process used by the U.S. authority for high-risk medical devices to prove they are safe and effective before they can be sold. For investors, a granted PMA is like receiving a key to a locked market: it can open exclusive sales opportunities, reduce near-term competition, and justify higher valuations, while also signaling that the company has cleared a costly, time-consuming hurdle.

Form 20-F regulatory

"confirming it files annual reports on Form 20-F"

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

Form S-8 regulatory

"Registration Statement on Form S-8 (Registration No. 333-230979)"

A Form S-8 is a U.S. Securities and Exchange Commission registration that lets a public company set aside shares for employee benefit plans and stock-based compensation. Think of it as opening a dedicated account that authorizes the company to issue or reserve stock for workers and directors; it matters to investors because it enables share dilution when those awards are granted or exercised and signals how management is compensated and incentivized.

Form F-3 regulatory

"two Form F-3 registration statements (Registration Nos. 333-280934 and 333-286672)"

Form F-3 is a U.S. securities filing that lets eligible foreign companies pre-register and then quickly sell shares or other securities to raise money, because they already meet ongoing reporting and size tests. For investors it signals that the company is up-to-date with regulatory disclosure and has an efficient way to issue new securities — similar to a pre-approved credit line — which can mean faster capital raises but also potential dilution of existing holdings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BURLINGTON, Mass. and JERUSALEM, Feb. 18, 2026 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in advanced noninvasive brain stimulation technologies, today commented on the recent news issued by Evernorth^® Behavioral Health, Inc., a division of the Cigna Group, which serves over 18 million covered lives across 12 states, that it will no longer require prior authorization for transcranial magnetic stimulation (TMS) for contracted providers whose patients have coverage under Evernorth and Cigna Healthcare^® plans. The Evernorth press release stated that the change will be effective on March 6, 2026.

“Evernorth’s decision to eliminate the requirement for contracted providers to have patients obtain prior authorizations for TMS treatment marks an important step forward in expanding patient access to this effective and well-accepted therapy. This change empowers providers to deliver timely care to patients who meet Evernorth’s TMS policy selection criteria,” stated Hadar Levy, CEO at BrainsWay. Evernorth currently covers TMS treatment for patients with both major depressive disorder (MDD) for adolescents and adults, and obsessive-compulsive disorder OCD.

“By reducing administrative hurdles, Evernorth’s new policy allows providers to focus on helping patients through their care journey and identifying the most effective treatment option. Many individuals living with major depressive disorder—whether adolescents or adults—or with obsessive‑compulsive disorder have already tried multiple medications, psychotherapy, and other interventions without meaningful improvement. With our Deep TMS systems already widely adopted across the U.S., timely access to this evidence‑based treatment gives eligible patients a meaningful opportunity to move forward and experience improvement in their day‑to‑day lives,” stated Michael Cohen, Vice President of U.S. Sales.

BrainsWay continues to lead the field with its proprietary H-coil technology, robust clinical research, and ongoing collaboration with providers and policymakers to expand access to advanced neurostimulation therapies.

About BrainsWay
BrainsWay is a global leader in advanced noninvasive neurostimulation treatments for mental health disorders. The Company is boldly advancing neuroscience with its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) platform technology to improve health and transform lives. BrainsWay is the first and only TMS company to obtain three FDA-cleared indications backed by pivotal clinical studies demonstrating clinically proven efficacy. Current indications include major depressive disorder (including reduction of anxiety symptoms, commonly referred to as anxious depression), obsessive-compulsive disorder, and smoking addiction. The Company is dedicated to leading through superior science and building on its unparalleled body of clinical evidence. Additional clinical trials of Deep TMS in various psychiatric, neurological, and addiction disorders are underway. Founded in 2003, with operations in the United States and Israel, BrainsWay is committed to increasing global awareness of and broad access to Deep TMS. For the latest news and information about BrainsWay, please visit www.brainsway.com.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “targets,” “believes,” “hopes,” “potential” or similar words, and also includes any financial guidance and projections contained herein. These forward-looking statements and their implications are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In addition, historical results or conclusions from scientific research and clinical studies – especially preliminary data which remains subject to peer-review – do not guarantee that future results would suggest similar conclusions or that historical results referred to herein would be interpreted similarly in light of additional research or otherwise. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the failure to realize anticipated synergies and other benefits of the proposed transaction; the failure of our investments in management services organizations and/or other clinic-related entities to produce profitable returns; inadequacy of financial resources to meet future capital requirements; changes in technology and market requirements; delays or obstacles in launching and/or successfully completing planned studies and clinical trials; failure to obtain approvals by regulatory agencies on the Company’s anticipated timeframe, or at all; inability to retain or attract key employees whose knowledge is essential to the development of Deep TMS products; unforeseen difficulties with Deep TMS products and processes, and/or inability to develop necessary enhancements; unexpected costs related to Deep TMS products; failure to obtain and maintain adequate protection of the Company’s intellectual property, including intellectual property licensed to the Company; the potential for product liability; changes in legislation and applicable rules and regulations; unfavorable market perception and acceptance of Deep TMS technology; inadequate or delays in reimbursement from third-party payers, including insurance companies and Medicare; inability to commercialize Deep TMS, including internationally, by the Company or through third-party distributors; product development by competitors; inability to timely develop and introduce new technologies, products and applications, which could cause the actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements.

Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission.

Contacts:
BrainsWay:
Ido Marom
Chief Financial Officer
Ido.Marom@BrainsWay.com

Investors:
Brian Ritchie
LifeSci Advisors
britchie@lifesciadvisors.com

FAQ

What change did Evernorth announce about TMS prior authorization starting March 6, 2026 for BWAY patients?

Evernorth will stop requiring prior authorizations for TMS for contracted providers starting March 6, 2026. According to the company, this policy change applies to Evernorth and Cigna Healthcare plans covering over 18 million lives across 12 states, aiming to speed treatment access.

Does Evernorth’s policy change cover TMS for depression and OCD for BrainsWay (BWAY)?

Yes. Evernorth covers TMS for major depressive disorder and obsessive‑compulsive disorder. According to the company, those indications are included under the new prior‑authorization policy for contracted providers on Evernorth and Cigna plans.

How does the March 6, 2026 policy change affect BrainsWay’s Deep TMS adoption in the U.S.?

The change may speed clinical access to Deep TMS by reducing administrative delays. According to the company, with its systems already widely adopted in the U.S., providers can potentially deliver treatment more quickly to eligible patients.

Who is eligible under Evernorth’s new TMS prior‑authorization policy affecting BWAY patients?

Eligibility applies to patients covered under Evernorth and Cigna Healthcare plans treated by contracted providers. According to the company, the change specifically affects contracted providers and patients meeting Evernorth’s TMS policy selection criteria.

Are there any limits to Evernorth’s removal of TMS prior authorization that BWAY investors should note?

Yes. The policy applies to contracted providers and to Evernorth/Cigna plans in 12 states, not nationwide. According to the company, the change may not immediately extend to non‑contracted providers or plans outside the specified states.