This article first appeared on GuruFocus .
Release Date: May 13, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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BrainsWay Ltd ( BRSYF ) reported a 35% increase in revenue to $15.5 million for Q1 2026, compared to $11.5 million in the prior-year period.
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The company achieved its 11th consecutive quarter of profitability, with net income increasing by over 100% to $2.3 million.
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BrainsWay Ltd ( BRSYF ) shipped 117 deep TMS systems, a 44% increase over the same period last year, expanding its total install base to approximately 1,820 systems.
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The company has seen expanded reimbursement coverage, including the elimination of prior authorization requirements for TMS by Evernorth Behavioral Health.
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BrainsWay Ltd ( BRSYF ) is actively pursuing strategic equity investments in mental health providers, enhancing growth and collaboration opportunities.
Negative Points
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Sales and marketing expenses increased to $4.9 million from $4.2 million in the first quarter of 2025, reflecting higher investment in commercial expansions.
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Research and development expenses rose to $2.8 million from $2.3 million last year, driven by investments in clinical development.
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General and administrative expenses increased to $1.8 million from $1.5 million in the prior year period.
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The company is still in the early stages of building awareness and adoption of deep TMS, indicating a long runway for growth.
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Despite strong performance, the company faces risks and uncertainties due to shifting market conditions, including geopolitical and supply chain factors.
Q & A Highlights
Q: Could you talk about the upcoming PTSD filing and the protocol you anticipate, and if the trial is with or without medication? A: We're excited about the PTSD data submission. This is a comorbidity PTSD treatment for people also suffering from depression, with medication, so we're not washing out patients from medications. The protocol is similar to the depression protocol, using the H1 coil, targeting areas of anxiety and depression, and showing significant reduction in PTSD symptoms.
Q: Could you discuss the SWIFT protocol and its utilization in the field, including payer environment acceptance? A: The SWIFT protocol is a game changer, reducing treatment from 20-30 days to just six days, making it more accessible. It shows an 88% response rate and 78% remission rate in six days. Payers are starting to adopt it, seeing cost savings and efficacy, with more expected to follow by year-end.
Q: Can you provide details on the anticipated review timeline for the PTSD application and any promotional strategies post-approval? A: Once submitted, the FDA review typically takes up to 90 days. We expect clearance before year-end. Marketing will target outpatient clinics, especially those working with police and military, leveraging our experience treating PTSD patients in Israel and the U.S.
Q: What is the sales and marketing strategy for the ProLivRX system, and what is the potential market size? A: The focus is on VA penetration, given the secured contract and reimbursement. The system is priced at $7,800 per unit. We're also exploring enterprise accounts and IDMs. The investment aims to expand BrainSway's market, especially for patients unable to visit clinics.
Q: Can you provide the quarter-over-quarter change in remaining performance obligations and any operational disruptions due to the Middle East situation? A: Remaining performance obligations grew 25% year-over-year, from $60 million to $75 million. We haven't seen disruptions from the Middle East situation. Our focus on enterprise accounts and the shift towards deep TMS supports our growth, with strong international demand.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
