Press Release

BrainsWay Reports Fourth Quarter and Full-Year 2022 Financial Results and Operational Highlights

March 15, 2023 at 7:30 AM EDT

BURLINGTON, Mass. and JERUSALEM, March 15, 2023 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a world leader in advanced and non-invasive treatment for brain disorders, today reported fourth quarter and full-year 2022 financial results and provided an operational update.

Recent Financial and Operational Highlights

  • For the three months ended December 31, 2022, revenues were $6.0 million, a 29% decrease as compared to the prior year period.
  • As of December 31, 2022, BrainsWay’s Deep TMS™ installed base was 884 total systems, a 17% increase from the installed base at the same point in the prior year.
  • As of December 31, 2022, the Company had shipped 414 obsessive-compulsive disorder (OCD) coils as add-on helmets to certain of BrainsWay’s new and existing systems.
  • Cash, cash equivalents, and short-term deposits as of December 31, 2022, amounted to $47.9 million, compared to $57.3 million as of December 31, 2021.
  • Hadar Levy, a member of BrainsWay’s senior leadership team since 2014, appointed as the Company’s new CEO.
  • Ami Boehm appointed as BrainsWay’s new Chairman of the Board.
  • Continued to achieve reimbursement progress, with major Washington state insurer (covering 2.2 million members) recently extending positive coverage applicable to Deep TMS for the treatment of OCD.
  • Continued to build clinical evidence in support of Deep TMS for use in multiple indications.
    • A comparative study of the Deep TMS H1 Coil, which targets the lateral prefrontal cortex, and the H7 Coil, which targets the medial prefrontal cortex, was published in the Journal of Clinical Investigation Insight.  The study validated the efficacy of both BrainsWay coils for depression, and also identified preliminary predictors that could help optimize treatment based on individual patients’ attributes .
  • Named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2023.

“Since assuming the role of CEO earlier this year, I have focused on implementing key initiatives aimed at growing the Company’s top-line while simultaneously advancing toward profitability,” said Hadar Levy, BrainsWay’s Chief Executive Officer. “Based on our confident outlook for 2023 and the actions we have implemented to date, we are aiming for revenue growth over 2022, and targeting breakeven operating income in the fourth quarter of 2023. Importantly, TMS remains a large market with strong momentum and there is ample opportunity for BrainsWay to capture meaningful market share, both in the U.S. and internationally.”

Fourth Quarter 2022 Financial Results

  • Total revenues for the fourth quarter of 2022 were $6.0 million, compared to $8.5 million in the fourth quarter of 2021, a decrease of 29%.
  • Gross margin for the fourth quarter of 2022 was 71%, compared to 77% for the fourth quarter 2021.
  • Operating expenses for the fourth quarter of 2022 totaled $8.6 million, compared to $8.0 million for the fourth quarter of 2021.
  • Operating loss for the fourth quarter of 2022 was $4.3 million, compared to a loss of $1.5 million for the same period in 2021.

Financial Results for the Full-Year Ended December 31, 2022

  • Total revenue for the year ended December 31, 2022, was $27.2 million, a decrease of 8% from revenues of $29.7 million generated in 2021.
  • Cash used in operations was $9.8 million for the year ended December 31, 2022, compared to cash provided by operations of $0.9 million in 2021.
  • Net loss for the year was $13.3 million, compared to a loss of $6.5 million in 2021.
  • As of December 31, 2022, the Company had cash, cash equivalents, and short-term deposits of approximately $47.9 million, compared with $57.3 million on December 31, 2021.

Conference Call and Webcast

BrainsWay’s management will host a conference call on Wednesday, March 15, 2023, at 8:30 a.m. Eastern Time to discuss these results and answer questions.

Wednesday, March 15, 2023, at 8:30 AM Eastern Time:

United States:1-877-407-3982
Conference ID:13736480

To listen to a live webcast, please visit the Investors section of the BrainsWay website at Please access the Company’s website at least 10 minutes ahead of the conference call to register. The webcast replay will be available on the website for two weeks following the completion of the call.

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 offices in Burlington, MA and Jerusalem, 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

Forward-Looking Statement
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,” “believes,” “hopes,” “potential,” “aiming,” “targeting” or similar words. 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 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: 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.

Scott Areglado
SVP and Chief Financial Officer

Brian Ritchie
LifeSci Advisors

U.S. dollars in thousands 
  December 31, December 31, 
  2022 2021 
ASSETS (Unaudited) 
Current Assets     
Cash and cash equivalents $47,581 $16,921 
Short-term deposits 271 40,428 
Trade receivables, net 4,844 6,332 
Inventory 3,837 - 
Other current assets 1,556 1,766 
  58,089 65,447 
Non-Current Assets     
System components 1,220 4,463 
Leased systems, net 3,118 3,813 
Other property and equipment 1,008 1,055 
Other long-term assets 1,042 954 
  6,388 10,285 
  $64,477 $75,732 
Current Liabilities     
Trade payables $1,116 $1,102 
Deferred revenues 1,477 2,195 
Liability in respect of research and development grants 1,057 978 
Other accounts payable 4,491 4,792 
  8,141 9,067 
Non-Current Liabilities     
Deferred revenues and other liabilities 4,923 3,419 
Liability in respect of research and development grants 6,016 5,921 
  10,939 9,340 
Share capital 364 363 
Share premium 138,146 137,566 
Share-based payment reserve 6,180 5,340 
Currency Translation Adjustments (2,188) (2,188) 
Accumulated deficit (97,105) (83,756) 
  45,397 57,325 
  $64,477 $75,732 
  - - 

U.S. dollars in thousands (except per share data) 
   For the three months ended
December 31,
 For the twelve months ended
December 31,
    2022   2021   2022   2021  
   (Unaudited) (Unaudited) 
Revenues  $6,033  $8,470  $27,177  $29,657  
Cost of revenues   1,729   1,906   7,129   6,599  
Gross profit   4,304   6,564   20,048   23,058  
Selling and marketing expenses   4,750   4,518   18,199   15,880  
Research and development expenses, net   2,151   2,032   7,678   6,393  
General and administrative expenses   1,726   1,466   6,854   5,784  
Total operating expenses   8,627   8,016   32,731   28,057  
Operating loss   (4,323)  (1,452)  (12,683)  (4,999) 
Finance income (expense), net   401   (379)  (351)  (1,420) 
Loss before income taxes   (3,922)  (1,831)  (13,034)  (6,419) 
Taxes on income (tax benefit)   (55)  (484)  315   43  
Net loss and total comprehensive loss  $(3,867) $(1,347) $(13,349) $(6,462) 
Basic and diluted net loss per share  $(0.12) $(0.04) $(0.40) $(0.21) 

U.S. dollars in thousands
  For the three months ended
December 31,
 For the twelve months ended
December 31,
   2022   2021   2022   2021 
  (Unaudited) (Unaudited)
Cash flows from operating activities:        
Total comprehensive loss $(3,867) $(1,347) $(13,349) $(6,462)
Adjustments to reconcile net loss to net cash used in operating activities:        
Adjustments to profit or loss items:        
Depreciation and amortization  102   171   559   560 
Depreciation of leased systems  241   267   976   1,126 
Impairments and disposals  400   410   816   1,295 
Finance expenses, net  (401)  379   351   1,420 
Cost of share based payment  353   416   1,474   1,893 
Income taxes  (55)  (484)  315   43 
Total adjustments to reconcile loss  640   1,159   4,491   6,337 
Changes in asset and liability items:        
(Increase) decrease in trade receivables  821   938   1,456   (849)
(Increase) in inventory  (643)  -   (3,595)  - 
(Increase) decrease in other accounts receivable  255   (334)  (403)  (1,226)
Increase (decrease) in trade payables  (169)  153   -   289 
Increase in other accounts payable  731   1,410   298   815 
Increase (decrease) in deferred revenues and other liabilities  (313)  1,600   790   2,039 
Total changes in asset and liability  682   3,767   (1,454)  1,068 
Cash paid and received during the period for:        
Interest paid  (12)  (16)  (46)  (62)
Interest received  422   13   1,042   17 
Income taxes paid  (107)  (2)  (443)  (14)
Total cash paid and received during the period  303   (5)  553   (59)
Net cash provided by (used in) operating activities:  (2,242)  3,574   (9,759)  884 
Cash flows from investing activities:        
Proceeds from (purchase of) property and equipment and system components, net  428   (1,176)  1,936   (2,238)
Withdrawal of (investment in) short-term deposits, net  -   -   40,254   (40,000)
Investment in long-term deposits, net  (1)  34   (21)  22 
Net cash provided by (used in) investing activities  427   (1,142)  42,169   (42,216)
Cash flows from financing activities:        
Repayment of liability in respect of research and development grants  -   (388)  (977)  (761)
Receipt of government grants  -   23   15   492 
Repayment of lease liability  (72)  (115)  (532)  (475)
Issuance of share capital, net  -   -   (52)  42,260 
Net cash provided by (used in) financing activities  (72)  (480)  (1,546)  41,516 
Exchange rate differences on cash and cash equivalents  116   (14)  (204)  (224)
Increase (decrease) in cash and cash equivalents  (1,771)  1,938   30,660   (40)
Cash and cash equivalents at the beginning of the period  49,352   14,983   16,921   16,961 
Cash and cash equivalents at the end of the period $47,581  $16,921  $47,581  $16,921 
(a) Significant non cash transactions:        
Recognition of new lease liability and right-of-use  61   -   301   587 
Termination of lease liability and right-of-use  -   (64)  -   (64)