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Brainsway Ltd.

Logo: http://www.brainsway.com, Non-free logo, via Wikipedia4

Medical technology company

BrainsWay Ltd. (Hebrew: בריינסוויי) is an international company that is engaged in the development of a medical device that uses H-coil for deep transcranial magnetic stimulation (Deep TMS) as a non-invasive treatment for depression, OCD, and smoking addiction.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

2003Founded1

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  • TickerBWAY on Nasdaq1
  • Industrymedical technology1
  • HeadquartersJerusalem1
  • Founded inIsrael1
  • Websitewww.brainsway.com
  • Legal formlimited company1
  • Listed onNasdaq (BWAY), Tel Aviv Stock Exchange (BWAY)1
  • Incorporated inIsrael5
  • Business address16 Hartum Street Rad Tower, 14Th Floor, Har Hahotzvim, Jerusalem, L3 97775165
  • Filer categoryAccelerated filer5

BrainsWay Ltd. (Hebrew: בריינסוויי) is an international company that is engaged in the development of a medical device that uses H-coil for deep transcranial magnetic stimulation (Deep TMS) as a non-invasive treatment for depression, OCD, and smoking addiction. The company was founded in 2003 and has offices in the US and Jerusalem.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

74.6%Gross margin7
3.4%Operating margin7
7.1%Net margin7
29.0%Revenue growth, 20247
4.7%Return on equity7

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Other costs93¢$38.1M
  • Profit7¢$2.9M

Out of $41.0M in revenue.7

Where each dollar of operating cash went, fiscal 2024

  • Kept or used elsewhere100¢$10.3M

Out of $10.3M of cash from operations.7

Financial statements

Revenue8910117$41.0M in 2024+150% since 2018
0$20.0M$40.0M$60.0M2018: $16.4M$16.4M20182019: $23.1M$23.1M2019+41%2020: $22.1M$22.1M2020−5%2021: $29.7M$29.7M2021+34%2022: $27.2M$27.2M2022−8%2023: $31.8M$31.8M2023+17%2024: $41.0M$41.0M2024+29%
Gross profit8910117$30.6M in 2024+139% since 2018
0$10.0M$20.0M$30.0M$40.0M2018: $12.8M$12.8M20182019: $18.0M$18.0M2019+40%2020: $17.0M$17.0M2020−5%2021: $23.1M$23.1M2021+36%2022: $20.0M$20.0M2022−13%2023: $23.5M$23.5M2023+17%2024: $30.6M$30.6M2024+30%
Operating income8910117$1.4M in 2024
-$15.0M-$10.0M-$5.0M0$5.0M2018: -$5.1M-$5.1M20182019: -$8.5M-$8.5M2019+66%2020: -$4.8M-$4.8M2020−43%2021: -$5.0M-$5.0M2021+4%2022: -$12.7M-$12.7M2022+154%2023: -$5.0M-$5.0M2023−61%2024: $1.4M$1.4M2024
Net income8910117$2.9M in 2024
-$15.0M-$10.0M-$5.0M0$5.0M2018: -$6.5M-$6.5M20182019: -$10.3M-$10.3M2019+59%2020: -$5.4M-$5.4M2020−48%2021: -$6.5M-$6.5M2021+20%2022: -$13.3M-$13.3M2022+107%2023: -$4.2M-$4.2M2023−69%2024: $2.9M$2.9M2024

Every line of the income statement in the latest annual report, as filed.12

Period ending2025-12-312024-12-312023-12-31
Revenues$52.2M$41.0M$31.8M
Cost of revenues$12.8M$10.4M$8.3M
Gross profit$39.4M$30.6M$23.5M
Research and development expenses, net$9.6M$7.2M$6.7M
Selling and marketing expenses$18.9M$16.2M$16.5M
General and administrative expenses$6.5M$5.8M$5.3M
Total operating expenses$35.1M$29.2M$28.4M
Operating profit (loss)$4.3M$1.4M-$5.0M
Finance income$5.6M$3.6M$2.2M
Finance expense$2.2M$1.5M$1.2M
Profit (loss) before income taxes$7.7M$3.5M-$3.9M
Income taxes$135.0K$538.0K$251.0K
Net profit (loss) and total comprehensive profit (loss)$7.6M$2.9M-$4.2M
Basic net loss per share$0.20$0.09-$0.13
Diluted net loss per share$0.18$0.05-$0.13

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The story

The magnetic coil technology used by BrainsWay's devices, called the "H coil", emerged from research done in the late 1990s and early 2000s at the U.S. National Institutes of Health (NIH) by Abraham Zangen, Roy A. Wise, Mark Hallett, Pedro C. Miranda and Yiftach Roth. Most coils used in transcranial magnetic stimulation (TMS) provide a shallow magnetic field that affects neurons mostly on the surface of the brain, delivered with coil shaped like the number eight. The H coil provided magnetic fields deeper in the brain, and devices using them provide what is called "deep TMS".

The H-coil was patented by the NIH in 2002, and the procedure whereby the H-coil was applied to TMS became known as Deep TMS.

BrainsWay was founded in 2003 in Delaware by Uzi Sofer and Avner Hagai, together with David Zacut, and they set up a subsidiary in Jerusalem, and obtained an exclusive license from the NIH for the patent it filed on the H coil. By 2006 the company had conducted animal studies at Weizmann Institute of Science and had run its first clinical trial assessing safety, at Tel Aviv University.

In early 2007 BrainsWay executed an initial public offering on the Tel Aviv Stock Exchange, raising ₪33 million for a market cap of ₪110 million. In 2010 BrainsWay announced plans to list shares of the company's stock on the Nasdaq exchange but withdrew them in June.

In January 2013, BrainsWay received clearance from the U.S. Food and Drug Administration and from Health Canada to market its deep TMS device in the United States and in Canada as a treatment for treatment-resistant major depressive disorder. Evidence to support this use is tentative; as of 2013 no high quality evidence is available.

In August 2020, BrainsWay received FDA clearance for its deep TMS device for use in smoking addiction. The device has also previously been cleared by the FDA using an H1-coil for major depressive disorder and H7-coil for OCD.

In September 2025, BrainsWay received FDA clearance for an accelerated MDD protocol that shortens the initial treatment phase from 4 weeks down to just 6 days.

From Wikipedia’s article on Brainsway, shared under CC BY-SA 4.0.6

Timeline

  1. 2003Founded Founded in Israel1

Recent filings

  1. Oct 13, 20266-K
  2. Sep 29, 20266-K
  3. Sep 8, 20266-K
  4. Aug 27, 20266-K
  5. Aug 12, 20266-K
  6. Aug 12, 20266-K
  7. Jul 29, 2026SCHEDULE 13G/A
  8. Jul 20, 20266-K
  9. Jul 16, 20266-K
  10. Jun 29, 20266-K
  11. Jun 22, 20266-K
  12. Jun 22, 20264
  13. Jun 9, 20266-K
  14. Jun 3, 2026SCHEDULE 13G/A
  15. Jun 3, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2