BrainsWay (BWAY) posts 27% 2025 growth, $7M profit and $68M cash
Rhea-AI Filing Summary
BrainsWay Ltd. reports strong 2025 growth and profitability, highlighting its shift to a recurring-revenue, leasing-based model. Revenue reached $52.2M in 2025, up 27% year over year, with Q4 2025 revenue of $14.5M. Adjusted EBITDA rose to $7M for 2025, also up 27% from 2024, while Q4 2025 Adjusted EBITDA was $2.3M with an EBITDA margin of 16%. Net income for 2025 totaled $7M, an increase of 161%, and the company reported 10 consecutive quarters of positive free cash flow.
BrainsWay ended 2025 with approximately $68M in cash and no debt, and Remaining Performance Obligations of $70M, up 43%. The installed base exceeded 1,700 Deep TMS systems, with about 70% of new engagements structured as multi-year leases. For 2026, the company guides to revenue of $66–$68M and expects recurring revenue to continue outpacing non-recurring revenue, supported by FDA clearances in Major Depressive Disorder, expanded reimbursement, and strategic equity investments in mental health providers.
Positive
- Strong profitable growth: 2025 revenue rose to $52.2M, up 27% year over year, with Adjusted EBITDA increasing to $7M and net income to $7M, a 161% jump, demonstrating both scale and earnings expansion.
- High visibility and solid balance sheet: Remaining Performance Obligations reached $70M (up 43%), book-to-bill was 1.4x, and the company held about $68M cash with no debt and 10 consecutive quarters of positive free cash flow.
- Attractive ARR model scaling: Over 1,700 Deep TMS systems deployed, roughly 70% of new engagements on multi-year leases, and recurring revenue growth above 25% support a durable subscription-like revenue base alongside 2026 revenue guidance of $66–$68M.
Negative
- None.
Insights
BrainsWay shows profitable 27% growth with strong cash and ARR focus.
BrainsWay is evolving into a high-margin, recurring-revenue business. 2025 revenue grew 27% to $52.2M, while Adjusted EBITDA reached $7M and net income hit $7M, up 161%. The leasing-focused model yields about 70% of new deals as multi-year rentals and supports 10 straight quarters of positive free cash flow.
Operating leverage is evident: between 2023 and 2025 revenue increased by $25M while operating expenses rose by less than $8M. Remaining Performance Obligations of $70M, up 43%, and a book-to-bill ratio of 1.4x provide visibility into future revenue. A clean balance sheet with roughly $68M cash and no debt underpins this expansion.
The 2026 revenue guidance of $66–$68M implies continued double-digit growth supported by FDA-cleared protocols for Major Depressive Disorder, additional indications, and strategic equity stakes in mental health clinic networks. Future disclosures in company filings may clarify how recurring revenue mix, payer coverage wins, and international partnerships contribute to sustaining margins and cash generation over time.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2026
Commission File Number: 001-35165
BRAINSWAY LTD.
(Translation of registrant’s name into English)
16 Hartum Street, RAD Tower, 14th Floor
Har HaHotzvim
Jerusalem, 9777516, Israel
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
This Form 6-K is incorporated by reference into the Company's Registration Statement on Form S-8 filed with the Securities and Exchange Commission on April 22, 2019 (Registration No. 333- 230979) and the Company's Registration Statements on Form F-3 filed with the Securities and Exchange Commission on July 22, 2024 (Registration No. 333-280934) and on April 22, 2025 (Registration No. 333-286672).
EXHIBIT INDEX
| Exhibit | Title |
| 99.1 | Investor Deck |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BRAINSWAY LTD. | ||
| (Registrant) | ||
| Date: March 17, 2026 | /s/ Hadar Levy | |
Hadar Levy Chief Executive Officer |
Exhibit 99.1
From an innovative technology to a fast - growing ARR company Investor Deck March 2026 Nasdaq/TASE: BWAY Investor Deck | March 2026
Safe Harbor and Non - GAAP/IFRS Financial Measures 2 Investor Deck | March 2026 This presentation does not constitute a n offer o r invitation to sell o r issue, o r any solicitation of a n offer to subscribe for o r acquire, any securities of th e Company, nor to participate i n any investment . This presentation shall not constitute advertising o r b e construed as commercial o r promotional i n nature . No representation o r warranty is made as to the accuracy o r completeness o f this presentation . You must make your own investigation and assessment of the matters contained herein . I n particular, n o responsibility is assumed as to th e achievement o r reasonableness of any forecasts, estimates, o r statements as to prospects contained o r referred to i n this presentation . This presentation contains information that includes or is based on forward - looking statements within the meaning of the federal securities laws . Such statements are not guarantees of future performance . They reflect current expectations and ar e subject to risks and uncertainties that could cause actual results to differ materially from those expressed o r implied . Factors include, bu t ar e not limited to : continued business impact from COVID - 19 ; adverse economic conditions ; changes i n demand and pricing ; manufacturing difficulties o r delays ; legislative and regulatory actions ; changes in reimbursement ; third - party payor decisions ; product liability claims ; U . S . healthcare reform ; financial market conditions ; competitive dynamics ; failure to achieve sufficient market adoption ; regulatory actions o r delays ; and our ability to realize expected operational and manufacturing efficiencies . Additional information about these and other risks is contained i n our filings with the U . S . Securities and Exchange Commission . If one o r more o f these factors materialize, o r i f underlying assumptions prove incorrect, actual results may differ materially . This presentation also includes market and industry data from government and private publications and internal estimates and projections based o n a number of assumptions . W e undertake n o obligation to update any forward - looking statement as a result of new information, futureevents, o r otherwise . Certain non - GAAP/IFRS financial measures are included in this presentation . These measures are presented to complement the financial information prepared in accordance with IFRS because management believes they are useful to investors . For example, Adjusted EBITDA, a non - IFRS measure, is widely used by investors and securities analysts to evaluate a company’s operating performance without regard to one - time items (such as restructuring and litigation expenses) that can vary substantially from company to company . Management also uses Adjusted EBITDA with IFRS measures for planning purposes, including preparation of annual operating budgets, as a measure of operating performance . These non - GAAP/IFRS measures should be considered only as supplementsto, andnot superiorto, financial measures prepared in accordancewith IFRS . Othercompanies may calculate similarly titled non - GAAP/IFRS measures differently than the Company .
BrainsWay: Global Leader in Transcranial Magnetic Stimulation (TMS) September 16, 2025: FDA Clearance for Accelerated Deep TMS Protocol for MDD Established reimbursement 2013 - Major Depressive Disorder (MDD) 2018 - Obsessive - Compulsive Disorder (OCD) 2020 - Smoking Addiction 2021 - Anxious Depression Installed base of >1,700 treatment centers > 7M individual treatment 4 FDA - cleared indications 3 Investor Deck | March 2026
Q4 2025 Highlights Strong Growth & Profitability • Revenue: $14.5M (+27% YoY); Full year revenue: $52.2M (+27% YoY) • Gross Margin: 76% (vs. 75% in Q4 2024) • Adj. EBITDA *: $2.3M (+53% YoY); Full year Adj. EBITDA *: $7M (+56% YoY) • Net Income: $2.9M (+90%); Full year net income: $7.6M (+161% YoY) • Remaining Performance Obligations: $70M (up 43% YoY) • Shipments: 95 Deep TMS systems (+27%), installed base >1,700 • ~70% of new engagements as multi - year leases • Cash: ~$68M as of December 31, 2025 “We’re driving record adoption and sustained profitability, building long - term value through clinical innovation, strategic investments, and durable recurring revenue.” Momentum Across the Business • FDA Clearance: Accelerated protocol for Major Depressive Disorder (MDD) • FDA Clearance: adjunct therapy for adolescents (ages 15 – 21) with MDD • First insurer coverage secured for accelerated SWIFT Deep TMS protocol • Cigna’s Evernorth Behavioral Health to eliminate prior authorization requirements for TMS Coverage, accelerating access to care • NIH Grant: $2.5 M for Stanford study on Deep TMS for Alcohol Use Disorder • FDA approval of Proliv Rx for MDD patients who failed prior antidepressant therapy * Adjusted EBITDA is a non - IFRS measure. See slide 33 for operating income results, the closest IFRS measure, and the reconciliation table in the Company’s earnings release. 4 Investor Deck | March 2026 • Strategic Investments: 5 minority stakes
Going Forward, All About Execution Steady Quarterly Revenue Growth 354 Systems Shipped / +40% Growth (2025 vs. 2024) Profitability Revenue Clean Balance Sheet 12/31/25) 76 % gross margins (Q4 25) +56 % adjusted EBITDA growth * (2025 vs. 2024) 10 consecutive quarters of positive free cash flow +1700 Systems deployed +93 % customer retention rate Strong Visibility To Future Business Recurring revenue poised to increase: Remaining performance obligations (RPO) from customers under multi - year contracts: $ 70 M (+43% 2025 vs. 2024) $ 52.2 M for Fiscal 2025 2026 revenue guidance $66 - $68m Book - to - Bill Ratio: 1.4x $ 68 M Cash No debt $6.6 * Adjusted EBITDA is a non - IFRS measure. See slide 33 for operating income results, the closest IFRS measure, and the reconciliation table in the Company’s earnings release. 5 Investor Deck | March 2026 $7.8 $8.3 $9.0 $9.1 $10.0 $10.5 $11.4 $11.5 $12.6 $13.5 $14.5 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2023 2024 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2024 2024 2025 2025 2025 2025 $ 7 M adjusted EBITDA * 2026 revenue guidance $12 - $14m
The ARR Model ——— — Business Model - Leasing $14M Recurring +32 % YoY growth Recurring revenue growth (+30 % YoY ) Exceeds Non - Recurring Revenue growth (+25 % YoY ) 12.6 11.4 10.5 10 9.1 9.0 8.3 7.8 6.6 11.5 13.4 4.6 * Adjusted EBITDA is a non - IFRS measure. See slide 33 for operating income results, the closest IFRS measure, and the reconciliation table in the Company’s earnings release. 6 Investor Deck | March 2026 5.5 5.6 6 6.1 6.7 6.8 7.4 7.2 8.1 8.8 9.5 2 2.3 2.7 3 3 3.3 3.7 4 4.3 4.5 4.7 4.9 - 0.6 0.3 0.8 0.7 1.2 1.1 1.4 1.3 1.5 2.0 2.3 - 2.9 Q4 - Q3 - Q2 - Q1 - Q4 - Q3 - Q2 - Q1 - Q4 - Q3 - Q2 - Q1 - 2025 2025 2025 2025 2024 2024 2024 2024 2023 2023 2023 2023 $18.4M Recurring
Focused on ARR and Operating Leverage Recurring Revenue Growth Exceeds Non - Recurring Revenue Growth Revenue Mix Shift Towards ARR - $20 $100 $80 $60 $40 $20 $0 2023 2024 2025 2026 Booking Revenue Opex EBITDA Strong Operating Leverage Recent revenue growth: >25% Targeted future operating expense growth: <15% 2023 vs. 2025 : Revenue increased by $25M Operating expenses increased by only <$8M ($ in Millions) % Growth 2025 $18.4 2024 $14.0 2023 $10.0 $ Millions Recurring Revenue +32% +24% $33.6 $27.0 $21.7 Non - Recurring Revenue * Adjusted EBITDA is a non - IFRS measure. See slide 33 for operating income results, the closest IFRS measure, and the reconciliation table in the Company’s earnings release. 7 Investor Deck | March 2026
Roadmap to Growth: Key Drivers New Indications New Care Settings / Territories Strategic Equity Investments in Mental Health Providers Organic Growth 2025 Future 8 Investor Deck | March 2026
We transformed to a winning business model ——— — Business Model - Leasing From: One time sale To: A high - margin ARR model 9 Investor Deck | March 2026
Provides 4 - 5 years contracts Built for today’s market: solves high - rate CapEx hesitation and staffing constraints Removes barriers, boosts adoption Reduces upfront capital commitment for physicians Clinics pay only when they treat: faster adoption & utilization ~$250 – 300K ~$900K – $1.0M/yr Psychiatrist salaries potential growth Fix Lease Model & Pay Per Use Driving $70M RPO – U.S. Only 10 Investor Deck | March 2026
Roadmap to Growth: Key Drivers New Indications New Care Settings / Territories Strategic Equity Investments in Mental Health Providers Organic Growth 2025 Future 11 Investor Deck | March 2026
Strategic Partnership With Valor Equity Partners 12 Investor Deck | March 2026 Valor, a leading $20B equity firm behind market leaders, is now BrainsWay’s largest investor and an active partner in our scale strategy
RPO Costs Net Income 200+ Identified Mental Strategic Initiative Led with Valor Fund Health Clinics as Potential Partners Each deal can deliver Significant incremental gross margin Each deal can potentially add 10 - 15 Clinics Annually No Added OPEX Strategic Equity Investments in Mental Health Providers New Strategy to Accelerate Company Growth 13 Investor Deck | March 2026
• $5M investment • 20+ clinics • 30,000 patients treated to date • $2.3M in initial investment • Additional $1M milestone - based investment • Clinics in Colorado • $2.5M in initial investment • Additional $1.5M milestone - based investment • Clinics in Texas • Clinics in NY, Boston • New York, South Carolina, Missouri, Tennessee, Connecticut, and California • Up to $ 2 . 5 M investment • Clinics in Vancouver, South Surrey, Central Surrey (BC), Kingston (ON), Ottawa (ON), Perth (ON), and Halifax (NS How do we partner? Deals signed : 14 Investor Deck | March 2026 Access to Data Access to Patients Best - in - class Infrastructure for Expansion
Roadmap to Growth: Key Drivers New Indications New Care Settings / Territories Strategic Equity Investments in Mental Health Providers Organic Growth 2025 Future 15 Investor Deck | March 2026
03 02 01 Explore extending deep TMS treatments with At - home* therapy - start in clinic, continue at home 04 Bigger reach: taps ~50% telemedicine activity, clinic - prescribed home device grows TAM without extra marketing and feeds in - clinic use. Patients can go directly to their primary care physician (PCP) Structured deal: $5M convertible debt; milestone tranches; call option to acquire Clean P&L: no consolidation, no added OPEX Extending to Home - Use Neuromodulation August 21, 2025: Announced Structured M&A Option I n v I n e v s t e o s r t o D r e D c k e c | k S | e M p t a e r m c h b e 2 r 0 2 0 6 25 16
Europe – 37M Depression Patients India – 57M Depression Patients China – 71M Depression Patients Japan – 6M Depression Patients Australia – 1.3M Depression Patients Existing Partnership: Europ e India China Australia Japan International Growth Opportunities 17 Investor Deck | March 2026
Roadmap to Growth: Key Drivers New Indications New Care Settings / Territories Strategic Equity Investments in Mental Health Providers Organic Growth 2025 Future 18 Investor Deck | March 2026
Expanding TAM in a Massive Market Major Depressive Disorder (MDD) & Anxious Depression, OCD, Smoking Addiction Alcohol Use Disorder (AUD) Alzheimer Post - Stroke Future Pipeline Indications U.S Patient population FDA cleared indications 49 M 29 M 8 M 19 Investor Deck | March 2026 Note: Other than MDD/Anxious Depression, OCD, and Smoking Addiction, the above indications are currently investigational, not available in the U.S, and not cleared by the FDA.
Investor Deck | March 2026 Upside Potential: Deep TMS 360 Research* Overview • Potential Novel solution being explored for shorter treatment , better efficacy , and possible new indications • Enables activation of greater numbers of neurons in the brain than currently available forms of TMS May be uniquely suited for older adults with neurodegenerative conditions and reduced neuroplasticity Today’s TMS: Single coil • Neurons aligned parallel to coil’s electrical field are more likely to be stimulated • As a result, only a fraction of neurons in the targeted brain region are actually impacted • Deep TMS 360 : Rotational Field system has 2 perpendicular orthogonal TMS coils • 2 coils are operated with short time lag (milliseconds) in order to induce a circularly rotating electrical field • Results in uniform stimulation of neurons oriented across a wide range of directions 20 Deep TMS 360 Clinical Plans • Launched Alcohol use disorder trial in Q3 2025 • Launched study on post - stroke rehabilitation in 1H 2024 • Plans to initiate feasibility studies on various neurology indications (dementia, Parkinsons, Alzheimer's) *Deep TMS 360 is being investigated for clinical trial research and is not commercially available. This slide is forward - looking only.
From 6 weeks To 6 days * • Accelerated Deep TMS protocol: 1,800 iTBS pulses at 110% of MT using the H1 coil • 30 total sessions • Flexible scheduling - days can be non - consecutive 78 87.8 87.5 87.5 Accel H1 Standard H1 Accelerated Trial Outcomes (n=104 patients enrolled, 89 completers mITT outcomes displayed) Response (mITT, PP) Remission (PP) —— Accelerated Treatment *Acute phase, before required maintenance sessions 21 Investor Deck | March 2026
— — Indications Smoking Addiction 28.3 M U.S Adult Smokers $ 2B /year nearly spent by smokers on Quitting 85 % of them don't succeed With Brainsway: ~ 67 % of 6 - week completers remained non - smokers for +3 months ~ 1 o u t of 3 patients quit for 4 weeks 1 st and Only TMS Addiction Clearance 22 Investor Deck | March 2026
Pre - tx Post - tx 3 Month 6 Month 20 10 0 40 30 50 BSS *Deep TMS is not FDA - cleared for PTSD. Data collection efforts underway. 23 Investor Deck | March 2026 PHQ - 9 PCL - 5 PTSD New Article (2024)* Real - world evidence showing significant reductions in comorbid PTSD symptoms in MDD patients for up to 6 months after treatment • 99 patients in VA clinic • H1 - coil, FDA - approved depression protocol • 3 - week taper (maintenance) • Significant reductions in PTSD symptoms, depression, and suicidal thoughts observed immediately after treatment, at 3 months, and at 6 months • Impressive outcomes of response and remission Timepoint Hickson et al., Psychiat Res. 2024
Investor Deck | March 2026 All competitors in the commercial depression space use variations of the traditional “figure - 8” TMS coil design Technological distinctions do not necessarily correlate with clinical outcomes BrainsWay Deep TMS Traditional TMS 1.8 to 2.0 cm 9,10 Extensive - 17 cm 10 More Reliable Targeting Deep and Broad RCT Data in Multiple Indications 0.7cm to 1.0 cm 9 Limited - 3 cm 10 Prone to Targeting Errors Superficial and Focal RCT Data Limited to Depression Features Depth Brain Volume Stimulated Therapy Delivery Structures Treated Technology Platform BrainsWay Deep TMS vs. Traditional TMS Clear, compelling technological advantage 24
Depression Clinical Efficacy: Demonstrated Safety and Efficacy After 30 sessions 81.6 % Remission 65.3 % Response • Durability in TMS is >1 Year in ~50% of Responders • A published abstract of 200 patients from a single BrainsWay site showed average durability of 860 days • ~2 in 3 patients achieved remission with Deep TMS • 1,351 MDD patients who received at least 20 Deep TMS sessions • No systemic side effects 25 Investor Deck | March 2026
OCD Clinical Efficacy After 29 sessions 57.9 % Durability of 1+ Years 87.0 % Response • 219 patients across 22 centers • Sustained response achieved in ~20 sessions • No systemic side effects • n = 60 patients (from pivotal and post - market studies) • Durability = time from end of Deep TMS course to change in ongoing treatment 26 Investor Deck | March 2026
Economic Impact of Reimbursement 27 Investor Deck | March 2026 Flexible Pricing Options Verified Return - on - Investment Up to $10k Revenue per Depression Patient Highly Profitable Procedure Increased Utilization 3 well - established CPT codes Reimbursement 250M+ covered for Depression Medicare & major commercial insurers in all 50 states 100M+ covered for OCD New policies – Cigna, Palmetto, Centene, HCSC, Tricare Strong Economic and Clinical Incentive for Adopters Robust Reimbursement Coverage Drives Compelling Clinician ROI
30+ US 50+ OUS Deep TMS TM Coils Multi - Channel TMS Rotational Field Deep TMS Closed Loop TMS/EEG Issued Patents or Allowed Applications Most Extensive and Broadest TMS Intellectual Property Encompassing Core Technology and Applications Key Portfolio Coverage Areas Patent Portfolio 28 Investor Deck | March 2026
Upcoming Planned Milestones and Catalysts* 29 Investor Deck | March 2026 • FDA Comorbid PTSD application • Neurolief Home use device launch • Full enterprise rollout (10+ new accounts) • Broader coil adoption • New payer coverage wins Long - Term • Neurology portfolio • BrainsWay 360 global launch • Selective global expansion Near - Term Mid - Term x FDA accelerated protocol clearance x New AUD trial launch x FDA adolescent MDD clearance x First 5 enterprise deployments Month 12 12 - 36 36 Month M + o n th *Milestones on this slide are forward looking in nature. See cover slide.
Provider Economics Care Continuum Clinical Leadership Network Neuromodulation Only system engineered to increase clinic throughput and operational efficiency Only TMS company spanning clinic - based treatment + At - home neuromodulation Only FDA - cleared accelerated Deep TMS protocol (SWIFT - based) Only platform capable of bilateral network stimulation Only system cleared to deliver SWIFT - based Deep TMS accelerated treatment in the outpatient setting Long - term brain health management Only FDA - cleared TMS for MDD patients ages 15 - 86 Only sham - controlled RCT data for OCD Only FDA - cleared neuromodulation for smoking addiction 31 Investor Deck | March 2026 BrainsWay is building the future for brain health, positioning the company to scale across multiple neurological and psychiatric conditions
Summary Highlights 31 Investor Deck | March 2026 Category Leader – Only Deep TMS platform with 4 FDA cleared indications Expanding TAM – New indications, Neurolief at - home entry, international scale Recurring Revenue Model – ~70% new deals are multi - year rentals High Visibility - $70M Remaining Performance Obligations (RPO) Strong Profitability – 10 straight quarters of positive free cash flow Backed to Scale – $68M cash; strategic partner Valor supports continued expansion
Investor Deck | March 2026 Strong Financial Momentum. $31.8 $41.0 $52.2 $11.4 $14.5 $0. 00 $10 .00 $20 .00 $30 .00 $40 .00 $50 .00 $60 .00 2023A 2024A 2025A Q4 2024 Q4 2025 Revenue Growth - $2.4 $4.5 $7.0 $1.5 $2.3 - $4.00 - $2.00 $0. 00 $2. 00 $4. 00 $6. 00 $8. 00 2023A 2024A 2025A Q4 2024 Q4 2025 Adjusted EBITDA * ($ in Millions) ($ in Millions) 27% Growth 27% Growth 27% Growth 29% Growth 17% Growth 16% EBITDA Margin 13% EBITDA Margin 13% EBITDA Margin 11% EBITDA Margin 32 * Adjusted EBITDA is a non - IFRS measure. See slide 33 for operating income results, the closest IFRS measure, and the reconciliation table in the Company’s earnings release.
FY 2025 VS. FY 2024 Investor Deck | March 2026 33
2025 Balance Sheet Investor Deck | March 2026 34 USD in thousands As of December 31, 2025 As of September 30, 2025 As of December 31, 2024 ASSETS 69,345 70,458 67,700 Cash and cash equivalents - - - Short - term deposits 271 251 251 Restricted cash 4,596 5,129 4,111 Trade receivables, net 4,426 4,418 7,134 Inventory - 1,079 1,432 Other current financial assets 1,032 1,598 4,261 Other current assets 79,670 82,933 84,889 Total Current Assets 14,646 30,129 28,028 Non - Current Assets 94,316 113,062 112,917 Total Assets 15,346 25,993 22,163 LIABILITIES AND EQUITY Current Liabilities 16,657 17,004 17,533 Non - Current Liabilities 62,313 70,065 73,221 Equity 94,316 113,062 112,917 Total Liabilities and Equity
Moria Ben Soussan Vice President - R&D 15+ Years Med Device Dev Hadar Levy Chief Executive Officer 25 + Years Med Device Michael Cohen Vice President - US Sales 15+ Years Med Device Sales Dr. Colleen Hanlon Vice President - Medical Affairs 15+ Years Brain Stim Research Dr. Richard Bermudes Chief Medical Officer 15+ Years TMS Leadership Dr. Gilead Moiseyev Chief Technology Officer 20+ Years Med Device Dev Dor Hagai Vice President – Operations 10+ Years Supply Chain & Ops Ido Marom Chief Financial Officer 20+ Years Finance Successful, Experienced Medical Device Professionals - Decades of Results Nurit Tsur Lev Vice President – OUS Sales 20+ Years Biomed Sales Naomi Rozenfeld Chief Marketing Officer 20+ Years Global Marketing Investor Deck | March 2026 35
References Investor Deck | March 2026 36 1. BrainsWay Data on File 2. The National Institute of Mental Health: nimh.nih.gov 3. Kessler RC, et al. Comorbidity of DSM - III - R major depressive disorder in the general population: results from the US National Comorbidity Survey Br J Psychiatry Suppl. 1996 4. Trivedi MH et al. STAR*D Study Team (2006), Evaluation of outcomes with citalopram for depression using measurement - based care in STAR*D: implications for clinical practice. Am J Psychiatry. 2006 Jan; 163(1):28 - 40. 5. Greist JH. The comparative effectiveness of treatments for obsessive - compulsive disorder. Bull Menninger Clin. 1998;62(4, suppl 1A):A65 – A81 6. Marks I. Behavior therapy for obsessive - compulsive disorder: a decade of progress. Can J Psychiatry. 1997;42:1021 – 1027 7. Ballenger JC. Current treatments of the anxiety disorders in adults. Biol Psychiatry. 1999;46: 1579 – 1594 8. Lawson McLean A. Publication trends in transcranial magnetic stimulation: a 30 - year panorama. Brain Stimul. 2019 May - Jun;12(3): 619 - 627 9. BrainsWay Data on File; Depth, measured in phantom head, is from cortical surface toward brain center for which E - field >=100V/m for calibrated stimulator output. If measuring from scalp surface, an additional 1.5 cm should be added; See also, Guadagnin, V., et. al., 2016. Deep Transcranial Magnetic Stimulation: Modeling of Different Coil Configurations. 63, 1543 – 1550. 10. Fiocchi, S., et. al., 2016. Modelling of the Electric Field Distribution in Deep Transcranial Magnetic Stimulation. 2016 11. Company estimates, references 3.4M adult MDD patients with insurance coverage and assumes 33 sessions per patient with an average session price of $70; Oppenheimer Research Report, 08/24/2020 12. Tendler, A, et al. Deep TMS H1 Coil treatment for depression: Results from a large post marketing data analysis. Psychiatry Research. Vol 324, June 2023, 115179 13. Senova S, et al. Durability of antidepressant response to repetitive transcranial magnetic stimulation: Systematic review and meta - analysis. Brain Stimulation 12 (2019) 119e128 14. Gersner R, et al. What is the durability of Deep TMS for Major Depressive Disorder. Brain Stimulation 13 (2020) 1842 - 1862 15. Roth Y, et al. Real - world efficacy of deep TMS for obsessive - compulsive disorder: Post - marketing data collected from twenty - two clinical sites. J Psychiatr Res. 2020 Nov 4;S0022 3956(20)31065 - 7 16. Harmelech T et al. Long - term outcomes of a course of deep TMS for treatment - resistant OCD. Brain Stimulation 15 (2022) 226e228 17 .https://www.cdc.gov/tobacco/data_statistics/fact_sheets/cessation/smoking - cessation - fast - facts/index.html. Data as of 2018 for U.S. adults. 18. EY Parthenon Analysis 2018 https://www.smokefreeworld.org/sites/default/files/ey - p_smoking_cessation_landscape_analysis_key_findings.pdf 19. Zangen A et al. Repetitive transcranial magnetic stimulation for smoking cessation: a pivotal multicenter double - blind randomized controlled trial. World Psychiatry. 2021 Oct;20(3):397 - 404 20. https://worldpopulationreview.com/country - rankings/depression - rates - by - country
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