Brainsway Ltd. (NASDAQ: BWAY)

BrainsWay Ltd. is a global leader in advanced noninvasive neurostimulation treatments for mental health disorders. The company develops and commercializes its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS) platform technology to treat conditions such as major depressive disorder obsessive compulsive disorder and smoking addiction. BrainsWay holds multiple FDA clearances for its Deep TMS system and continues to expand its clinical pipeline for additional psychiatric neurological and addiction indications.

BrainsWay generates revenue primarily from the leasing sale and service of its Deep TMS systems. The company offers a fixed fee lease model for unlimited use a purchase model for outright ownership and additional revenue from sale related services such as training warranty and support. Its customers include psychiatrists hospitals medical centers and clinics that administer the therapy as an office based procedure.

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BrainsWay holds a leading position in the neurostimulation market as the first and only TMS company to receive FDA clearance for three separate mental health disorder indications based on proven efficacy from pivotal placebo controlled studies. Its main competitors include companies such as Neuronetics MagVenture Magstim Neurocare Cloud TMS Nexstim Yingchi Medical Sebers Magnus Medical NeuroQuore Ampa and BTL which generally offer traditional TMS systems using a figure eight coil. BrainsWay differentiates itself through its proprietary H coil design that enables deeper and broader brain stimulation a strong clinical evidence base and broad reimbursement coverage for its approved indications.

BrainsWay serves a diverse customer base that consists principally of psychiatrists hospitals medical centers and clinics specializing in mental health and addiction treatment. While the filing does not disclose specific customer names it notes that a significant portion of revenue comes from a single large enterprise account in the United States and that the company works with various payers such as Optum Behavioral Health and Premera Blue Cross Blue Shield to expand reimbursement coverage.