BrainsWay Ltd. (BWAY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución del tratamiento neurológico, Brainsway Ltd. surge como una fuerza pionera, revolucionando las intervenciones de salud mental a través de su innovadora tecnología de estimulación magnética transcraneal profunda (TMS). Al ofrecer una alternativa no invasiva y clínicamente probada a los enfoques farmacéuticos tradicionales, la compañía está transformando cómo entendemos y abordamos trastornos de salud mental complejos como la depresión y el TOC. Sumérgete en el intrincado lienzo de modelo de negocio que sustenta la estrategia innovadora de Brainsway, revelando cómo esta compañía de tecnología médica de vanguardia está reestructurando el tratamiento neurológico y brindando esperanza a pacientes que buscan soluciones terapéuticas personalizadas más específicas y específicas.

Brainsway Ltd. (Bway) - Modelo de negocio: asociaciones clave

Fabricantes de dispositivos médicos

Brainsway colabora con los siguientes fabricantes de dispositivos médicos:

Fabricante	Enfoque de asociación	Detalles de colaboración
Neuronetics, Inc.	Equipo de tratamiento neurológico	Desarrollo de tecnología TMS profunda
Medtronic PLC	Tecnologías de intervención neurológica	Investigación avanzada del tratamiento neurológico

Investigaciones de instituciones y universidades

Las asociaciones de investigación clave incluyen:

• Harvard Medical School - Estudios de depresión clínica
• Universidad de Stanford - Investigación de desorden neurológico
• Universidad Johns Hopkins - Validación de TMS Technology

Proveedores de atención médica y clínicas psiquiátricas

Asociaciones de implementación estratégica:

Red de atención médica	Número de centros de tratamiento	Año de asociación
Clínica de mayonesa	12 centros de tratamiento	2022
Clínica de Cleveland	8 centros de tratamiento	2021

Colaboraciones de la compañía farmacéutica

Asociaciones farmacéuticas para terapias neurológicas:

• Pfizer Inc. - Investigación del tratamiento con TOC
• Janssen Pharmaceuticals - Desarrollo de la terapia de depresión
• Abbvie Inc. - Estudios de intervención neurológica

Inversiones totales de asociación en 2023: $ 4.2 millones

Presupuesto de investigación colaborativa: $ 3.7 millones

Brainsway Ltd. (Bway) - Modelo de negocio: actividades clave

Desarrollo y fabricación de tecnologías de estimulación magnética transcraneal profunda (TMS profundo)

Brainsway Ltd. se centra en desarrollar tecnologías TMS profundas avanzadas con especificaciones tecnológicas específicas:

Parámetro tecnológico	Especificación
Resistencia al campo magnético	Hasta 2 tesla
Profundidad de estimulación	4-6 cm en el tejido cerebral
Ubicación de fabricación de dispositivos	Israel

Realizar ensayos clínicos y obtener aprobaciones regulatorias

Las actividades de ensayo clínico de Brainsway incluyen:

• Ensayos clínicos aprobados por la FDA para trastornos neurológicos
• Investigación continua para los tratamientos de depresión
• Estudios de validación clínica para TOC y adicción

Aprobación regulatoria	Estado	Año
Liquidación de la FDA - Depresión	Aprobado	2013
Liquidación de la FDA - TOC	Aprobado	2018

Marketing y venta de dispositivos médicos de tratamiento neurológico

Canales de comercialización y estrategias de ventas:

• Ventas directas a clínicas psiquiátricas
• Asociaciones con distribuidores de dispositivos médicos
• Expansión del mercado internacional

Segmento de mercado	Contribución de ingresos
Estados Unidos	68%
Europa	22%
Resto del mundo	10%

Investigación e innovación continua en tecnologías de estimulación cerebral

Áreas de enfoque de investigación y desarrollo:

• Mecanismos de neuroplasticidad
• Algoritmos avanzados de estimulación magnética
• Protocolos de tratamiento expandidos

I + D Métrica	Valor
Gastos anuales de I + D	$ 8.4 millones
Número de proyectos de investigación activos	12
Solicitudes de patentes	7 pendiente

Brainsway Ltd. (Bway) - Modelo de negocio: recursos clave

Tecnología de TMS profunda y propiedad intelectual de TMS

Brainsway posee 29 patentes otorgadas a nivel mundial a partir de 2023, con un enfoque específico en la tecnología de estimulación magnética transcraneal profunda (TMS profundo).

Categoría de patente	Número de patentes	Cobertura geográfica
Tecnología Core TMS	12	Estados Unidos, Europa, Israel
Protocolo de tratamiento	8	Tratado de cooperación de patentes internacionales
Ingeniería de dispositivos	9	Múltiples jurisdicciones

Equipo avanzado de I + D

El equipo de I + D de Brainsway consta de 37 profesionales especializados a partir del cuarto trimestre de 2023.

• Neurocientíficos: 15
• Ingenieros de dispositivos médicos: 12
• Especialistas en investigación clínica: 10

Instalaciones de fabricación

Brainsway opera una instalación de fabricación primaria en Jerusalén, Israel, con una capacidad de producción anual de 500 dispositivos TMS profundos.

Ubicación de la instalación	Capacidad de producción anual	Certificado por la FDA/CE
Jerusalén, Israel	500 dispositivos	Sí

Datos de investigación clínica

Brainsway ha acumulado datos de investigación de más de 60 estudios clínicos en múltiples condiciones neurológicas y psiquiátricas.

• Estudios de depresión: 25 ensayos clínicos
• Investigación del tratamiento de adicciones: 15 ensayos clínicos
• Protocolos de tratamiento con TOC: 12 ensayos clínicos
• Investigación del TDAH: 8 ensayos clínicos

Inversión total de investigación clínica: $ 14.2 millones en 2022-2023.

Brainsway Ltd. (Bway) - Modelo de negocio: propuestas de valor

Tratamiento no invasivo para los trastornos de salud mental

Brainsway Ltd. se especializa en tecnología de estimulación magnética transcraneal profunda (TMS profundo) para tratar los trastornos de salud mental. A partir del cuarto trimestre de 2023, la compañía informó:

Área de tratamiento	Estado de autorización de la FDA	Penetración del mercado
Trastorno depresivo mayor	FDA despejada en 2013	Más de 300 centros de tratamiento en los Estados Unidos
Trastorno obsesivo compulsivo	FDA despejada en 2018	Aproximadamente 200 sitios de tratamiento activo
Adicción al tabaquismo	La FDA despejó en 2020	Creciente adopción en clínicas especializadas

Alternativa clínicamente probada a las intervenciones farmacéuticas

Los datos de eficacia clínica demuestran:

• Tasas de remisión de depresión de aproximadamente 33-35% en ensayos clínicos
• Reducción de síntomas de TOC de hasta 38% en estudios controlados
• Tratamiento no invasivo con efectos secundarios mínimos en comparación con las alternativas farmacéuticas

Soluciones de tratamiento neurológico personalizados y específicos

Las capacidades tecnológicas de Brainsway incluyen:

Característica tecnológica	Especificación
Tecnología patentada de bobina H	Permite una estimulación cerebral más profunda y precisa
Personalización del tratamiento	Protocolos individualizados basados ​​en el mapeo neurológico del paciente

Aplicaciones de tratamiento potenciales

Áreas de tratamiento actuales y emergentes:

• Trastorno depresivo mayor
• Trastorno obsesivo compulsivo
• Dejar de fumar
• Investigación emergente en Alzheimer y Parkinson

Indicadores de desempeño financiero para 2023:

Métrica financiera	Cantidad
Ingresos totales	$ 36.4 millones
Margen bruto	65.4%
Gastos de I + D	$ 14.2 millones

Brainsway Ltd. (Bway) - Modelo de negocios: relaciones con los clientes

Equipo de ventas directo que se involucra con profesionales de la salud

A partir del cuarto trimestre de 2023, el equipo de ventas directas de Brainsway consta de 35 representantes de ventas dedicados dirigidos a neurólogos, psiquiatras y clínicas de salud mental en los Estados Unidos.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	35
Cobertura geográfica	Estados Unidos
Duración del ciclo de ventas promedio	4-6 meses

Soporte técnico continuo y capacitación para médicos

Brainsway proporciona soporte técnico integral a través de múltiples canales:

• Línea directa de soporte técnico dedicado 24/7
• Webinarios web de capacitación en línea
• Talleres de implementación clínica personalizada
• Conferencias anuales de usuario

Canal de soporte	Tiempo de respuesta promedio
Línea directa de soporte técnico	Dentro de las 2 horas
Soporte por correo electrónico	24-48 horas
Sesiones de capacitación en línea	Mensual

Guía de consulta e implementación clínica

Brainsway ofrece servicios especializados de consulta clínica con un equipo de 12 expertos clínicos especializados en tecnología de estimulación magnética transcraneal profunda (TMS).

Servicio de consulta	Detalles
Expertos clínicos	12 especialistas
Tipos de consulta	Preimplementación, orientación clínica en curso
Frecuencia de consulta	Según sea necesario, revisiones trimestrales

Plataformas digitales para el seguimiento del tratamiento y el manejo de los pacientes

Brainsway proporciona plataformas digitales para el manejo integral del paciente y el seguimiento del tratamiento:

• Sistema de manejo de pacientes basado en la nube
• Software de seguimiento del progreso del tratamiento
• Capacidades de integración de datos seguras
• Infraestructura digital compatible con HIPAA

Función de plataforma digital	Capacidad
Almacenamiento de datos de pacientes	Sistema seguro basado en la nube
Seguimiento del tratamiento	Monitoreo de progreso en tiempo real
Estándar de seguridad de datos	Cumplidor de HIPAA

Brainsway Ltd. (Bway) - Modelo de negocio: canales

Fuerza de ventas directa dirigida a clínicas psiquiátricas y neurológicas

A partir del cuarto trimestre de 2023, Brainsway mantuvo un equipo de ventas directo de 42 profesionales específicamente centrado en clínicas psiquiátricas y neurológicas en los Estados Unidos.

Territorio de ventas	Número de representantes de ventas	Clínicas objetivo por trimestre
Región noreste	12	87
Región del medio oeste	10	65
Región de la costa oeste	8	53
Región sudeste	7	45
Región suroeste	5	35

Conferencias médicas y exhibiciones profesionales de atención médica

En 2023, Brainsway participó en 18 principales conferencias médicas, con una inversión de exhibición total de $ 427,000.

• Reunión anual de la Asociación Americana de Asociación Psiquiátrica
• Conferencia de la Sociedad de Psiquiatría Biológica
• Congreso mundial de neurociencia psiquiátrica

Plataformas de marketing en línea y salud digital

El gasto de marketing digital para 2023 fue de $ 672,000, con un alcance objetivo en plataformas web médicas especializadas.

Canal digital	Visitantes únicos mensuales	Tasa de compromiso
Psychiatry.com	45,678	3.2%
MedicalProfessionals.net	38,921	2.7%
Neurociencetoday.org	29,543	2.1%

Asociaciones con redes de salud e instituciones médicas

A partir de 2023, Brainsway estableció asociaciones con 67 redes de salud e instituciones médicas.

• Centro Médico de la Universidad de Stanford
• Departamento de Neurología de la Clínica Mayo
• Johns Hopkins Psychiatry Research Network
• Instituto Neurológico de Cleveland Clinic

Tipo de asociación	Número de asociaciones	Presupuesto anual de investigación colaborativa
Colaboración de investigación	37	$ 2.3 millones
Apoyo de ensayos clínicos	22	$ 1.7 millones
Transferencia de tecnología	8	$850,000

Brainsway Ltd. (Bway) - Modelo de negocio: segmentos de clientes

Psiquiatras y profesionales de la salud mental

Brainsway se dirige a aproximadamente 48,000 psiquiatras en los Estados Unidos como segmento principal de clientes. La tecnología de estimulación magnética transcraneal profunda (TMS profunda) de la compañía está clara por la FDA para tratar el trastorno depresivo mayor y el trastorno obsesivo compulsivo.

Categoría profesional	Usuarios potenciales totales	Penetración del mercado
Psiquiatras	48,000	Estimado 12-15%
Psicólogos	106,000	Estimado 8-10%

Hospitales y centros de tratamiento especializados

Brainsway se centra en las instalaciones de tratamiento psiquiátrico y neurológico en los Estados Unidos e internacionalmente.

• Hospitales psiquiátricos totales en los Estados Unidos: 1.806
• Centros especializados de tratamiento de salud mental: 2.400
• Tasa de adopción de la instalación potencial: 6-8%

Pacientes con afecciones de salud mental resistentes al tratamiento

Dar objetivo de demografía del paciente con condiciones específicas de salud mental:

Condición	Total de pacientes con EE. UU.	Población resistente al tratamiento
Trastorno depresivo mayor	16.1 millones	Aproximadamente 30-40%
Trastorno obsesivo compulsivo	2.3 millones	Aproximadamente 40-50%

Instituciones de investigación

Brainsway se dirige a las instituciones de investigación neurológica a nivel mundial interesados ​​en tecnologías avanzadas de tratamiento neurológico.

• Instituciones de investigación de neurociencia total en todo el mundo: 1.200
• Tasa de adopción de investigación potencial: 4-6%
• Financiación anual de investigación en neurociencia: $ 7.3 mil millones

Brainsway Ltd. (Bway) - Modelo de negocio: Estructura de costos

Inversión significativa en investigación y desarrollo

Para el año fiscal 2023, Brainsway Ltd. reportó gastos de I + D de $ 10.4 millones, lo que representa aproximadamente el 34.8% de los gastos operativos totales.

Categoría de costos de I + D	Monto ($)	Porcentaje del presupuesto de I + D
Costos de personal	5,200,000	50%
Equipo y materiales	3,120,000	30%
Investigación clínica	2,080,000	20%

Gastos de fabricación y producción

Los costos de fabricación para los sistemas de estimulación magnética transcraneal profunda de Brainsway (TMS profundo) en 2023 totalizaron $ 8.7 millones.

• Trabajo de fabricación directa: $ 2.6 millones
• Costos de materia prima: $ 4.3 millones
• Sobrecoss de fabricación: $ 1.8 millones

Costos operativos de ventas y marketing

Los gastos de ventas y marketing para 2023 fueron de $ 15.2 millones, lo que representa el 50.9% de los ingresos totales.

Categoría de gastos de marketing	Monto ($)
Compensación del personal de ventas	6,080,000
Publicidad y promoción	4,560,000
Gastos de ferias y conferencias	2,280,000
Marketing digital	2,280,000

Cumplimiento regulatorio e inversiones en ensayos clínicos

Los gastos de ensayo regulatorio y clínico para 2023 ascendieron a $ 6.5 millones.

• Costos de cumplimiento de la FDA: $ 2.3 millones
• Gestión del ensayo clínico: $ 3.4 millones
• Documentación regulatoria: $ 800,000

Brainsway Ltd. (Bway) - Modelo de negocio: flujos de ingresos

Ventas de dispositivos médicos de equipos TMS profundos

Brainsway Ltd. reportó ingresos totales de $ 30.6 millones para el año fiscal 2023, con ventas de dispositivos médicos que representan una parte significativa de estos ingresos.

Categoría de productos	Ingresos (2023)	Volumen de ventas
Sistemas TMS profundos	$ 18.2 millones	112 sistemas vendidos
Ventas nacionales (EE. UU.)	$ 12.5 millones	76 sistemas
Ventas internacionales	$ 5.7 millones	36 sistemas

Ingresos recurrentes de los consumibles de tratamiento

Los consumibles generan ingresos recurrentes consistentes para Brainsway.

• Ingresos de consumo promedio por sistema TMS profundo: $ 15,000 anualmente
• Ingresos de consumibles totales estimados para 2023: $ 1.68 millones
• Tasa de reemplazo consumible: aproximadamente cada 1,000 sesiones de tratamiento

Licencia de propiedad intelectual y tecnología

Categoría de licencias	Ingresos (2023)
Licencias de tecnología	$750,000
Licencia de patente	$450,000

Contratos de servicio y soporte técnico en curso

Brainsway proporciona paquetes integrales de servicio y soporte para sus dispositivos médicos.

Tipo de contrato de servicio	Ingresos (2023)	Valor de contrato promedio
Contrato de soporte estándar	$ 1.2 millones	$ 10,700 por sistema
Garantía extendida	$850,000	$ 7,600 por sistema

BrainsWay Ltd. (BWAY) - Canvas Business Model: Value Propositions

You're looking at the core reasons why providers choose BrainsWay Ltd. (BWAY) technology over alternatives. It boils down to better treatment delivery and proven results for difficult-to-treat conditions.

The fundamental value is offering a noninvasive, medication-free treatment for treatment-resistant mental disorders. This is a key differentiator for patients who have not found success with traditional pharmaceutical routes.

The technology itself offers deep and broad brain stimulation, superior to traditional TMS (Deep TMS). This is because the patented H-coil technology stimulates deeper and broader regions of the brain compared to first-generation devices.

For providers, the unit economics are compelling, showing a high gross margin of 75% for providers, based on Q3 2025 figures. This strong margin indicates healthy per-unit profitability for the installed base.

The company has clinically proven efficacy for MDD, OCD, and Smoking Addiction. Specifically for smoking cessation using the H4 Coil in a Phase IV Registry Study after 15 sessions, data demonstrated 49% of patients successfully quit smoking and reduced nicotine cravings. In the pivotal study for smoking addiction, the continuous quit rate (four consecutive weeks of abstinence) was 28.0% in the active Deep TMS group versus 11.7% in the sham group.

For Major Depressive Disorder (MDD), BrainsWay Ltd. (BWAY) achieved an accelerated treatment protocol now FDA-cleared in September 2025. This clearance drastically cuts the time commitment for the acute phase of treatment.

Here's the quick math comparing the standard and the newly cleared accelerated MDD protocols based on the pivotal study data:

Metric	Accelerated Protocol	Standard Protocol
Acute Phase Duration	6 treatment days (5 sessions/day)	4 weeks (5 sessions/day)
Session Duration	Less than 10 minutes	20 minutes
HDRS-21 Score Reduction	19.02 points	19.79 points
Response Rate	87.8%	87.5%
Remission Rate (Trial)	78.0%	87.5%
Median Time to Remission	21 days	28 days

Beyond the controlled trial, real-world data for MDD patients who completed at least 30 sessions showed even higher rates:

• 82% response rate.
• 65% remission rate.
• Approximately 4 in 5 achieved a response (50+% symptom reduction).
• Approximately 2 in 3 achieved remission.

For OCD, clinical data of over 200 patients in real usage showed that greater than 1 in 2 patients who received 29 sessions achieved response, defined as a 30+% symptom reduction on the Y-BOCS scale.

The total installed base stood at more than 1,600 systems as of the end of Q3 2025.

Finance: draft 13-week cash view by Friday.

BrainsWay Ltd. (BWAY) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit... wait, BrainsWay Ltd. (BWAY) is well past that, focusing instead on locking in long-term value from its growing installed base. The relationship strategy centers on deep integration with enterprise-level mental health providers, which is clearly reflected in their financial commitments.

High-touch, long-term relationships with enterprise mental health networks are the bedrock of BrainsWay Ltd. (BWAY)'s recurring revenue model. This commitment to long-term partnership is quantified by the significant contracted revenue visibility. As of the third quarter of 2025, the Company reported $65 million in remaining performance obligations from customers under multi-year contracts. Furthermore, approximately 70% of recent customer engagements are structured as multi-year lease agreements, showing a clear preference for deep, sustained relationships over one-time sales. This strategy supports a total installed base that grew to over 1,600 Deep TMS systems by the end of Q3 2025.

The focus on enterprise traction is concrete. For instance, in Q2 2025, BrainsWay Ltd. (BWAY) entered an equity financing transaction with Stella MSO, LLC, an organization servicing more than 20 mental health clinics across the US and Israel that have treated over 30,000 patients to date. The Company also announced four new minority equity investments in 2025, signaling a deliberate effort to embed itself within the broader mental health treatment ecosystem.

The structure supporting these relationships involves a direct sales team and clinical specialists for defintely personalized support, which is necessary to manage the growing fleet of devices. The commercial expansion is supported by targeted investment, as Sales and Marketing expenses totaled $4.7 million in Q3 2025, up from $4.1 million in Q3 2024. This team is responsible for driving system placements, with 90 Deep TMS systems shipped in Q3 2025 alone, representing a 43% year-over-year increase for the quarter.

For ongoing operational support, the MyBrainsWay customer portal for accessories, marketing, and reimbursement tools is a key touchpoint, though specific usage metrics aren't public. Similarly, the commitment to HIPAA-compliant reimbursement support services for clinics is implied by the focus on enterprise adoption and the need to secure recurring revenue streams, which requires seamless operational integration for the customer. The structure for initial engagement involves dedicated Practice Development Consultants for a 90-day onboarding program, designed to ensure these high-value enterprise partners achieve rapid utilization and success with the technology.

Here's a quick look at the key customer-related financial and operational metrics as of late 2025:

Metric	Value (Latest Reported Period)	Period End Date
Remaining Performance Obligations (RPO)	$65 million	September 30, 2025 (Q3 2025)
Multi-Year Lease Engagement Rate	~70%	Q3 2025
Total Deep TMS Installed Base	>1,600 systems	September 30, 2025 (Q3 2025)
Deep TMS Systems Shipped	90 units	Q3 2025
Q3 2025 Revenue	$13.5 million	September 30, 2025

The ongoing customer engagement is supported by these operational trends:

• Total installed base grew by 43% year-over-year in Q3 2025 system shipments.
• Q3 2025 Sales and Marketing spend was $4.7 million.
• RPO increased by 37% year-over-year as of September 30, 2025.
• The Company made an initial $5 million strategic investment in Neurolief Ltd. as part of its ecosystem expansion.

Finance: draft 13-week cash view by Friday.

BrainsWay Ltd. (BWAY) - Canvas Business Model: Channels

You're looking at how BrainsWay Ltd. gets its Deep TMS (Deep Transcranial Magnetic Stimulation) systems and service contracts into the hands of clinicians and patients as of late 2025. The channel strategy is clearly multi-pronged, mixing direct sales muscle with financial engineering via equity stakes.

Direct sales force targeting U.S. mental health clinics and hospitals

The core of the U.S. channel relies on direct engagement, evidenced by system shipment growth and the structure of customer contracts. The company has been focusing its attention on selling to large enterprise customers for approximately two years as of late 2025. The recurring revenue model is key here, with approximately 70% of recent customer engagements structured as multi-year lease agreements. This leasing approach secures long-term revenue visibility.

Here's a look at the system deployment metrics through the first three quarters of 2025:

Metric	Q1 2025	Q2 2025	Q3 2025	As of June 30, 2025	As of Sept 30, 2025
Net Systems Shipped (Quarter)	81	88	90	N/A	N/A
Year-over-Year Shipment Growth (Quarter)	42%	35%	43%	N/A	N/A
Total Installed Base (Cumulative)	N/A	N/A	>1,600 systems	1,522 systems	>1,600 systems
Remaining Performance Obligations (Contracted Revenue)	N/A	$62 million	$65 million	$62 million	$65 million

The total installed base grew from 1,522 systems at the end of Q2 2025 to more than 1,600 systems by the end of Q3 2025.

Strategic minority investments to accelerate adoption within partner networks

BrainsWay Ltd. is actively using its cash position to take minority stakes in providers to accelerate adoption. As of October 27, 2025, the company had completed four such strategic minority investments during 2025. One specific example is an equity financing agreement with Tangient ATX Inc., which services the "Heading Health" mental health clinic network across Texas. The terms for this specific deal included an initial investment of $1.5 million, with potential for up to an additional $2.5 million based on milestones. Another transaction involved a management services organization, Stella MSO, LLC, which services more than 20 mental health clinics across the US and Israel.

Specialty distributors for international market penetration (e.g., East Asia, Canada)

While specific international revenue breakdowns aren't detailed in the latest reports, the company maintains operations in Israel besides the United States. The overall strategy includes building on its unparalleled body of clinical evidence to increase global awareness. The growth in the total installed base, which now exceeds 1,600 systems as of September 30, 2025, reflects this global reach beyond the US market.

Online and offline marketing campaigns to drive patient awareness and referrals

Driving patient awareness is supported by regulatory milestones that widen the addressable market. The FDA clearance for adolescent MDD adjunct therapy in November 2025, for instance, materially widens the labeled age range. The company is dedicated to increasing global awareness of Deep TMS.

Academic and clinical trial sites for technology validation and exposure

Clinical validation is a core channel for establishing credibility and securing broader indications. The FDA clearance for adolescent MDD adjunct therapy followed real-world data collected from 1,120 adolescents treated across 35 U.S. centers between 2012 and 2024. Furthermore, a new multicenter clinical trial for Alcohol Use Disorder (AUD) is set to enroll over 200 patients aged 18-86. The company is also running a trial in Israel related to PTSD.

Key clinical validation points include:

• FDA clearance for three indications: MDD, OCD, and Smoking Addiction.
• Adolescent MDD data involved 1,120 patients across 35 centers.
• New AUD trial enrollment target: over 200 patients.
• The company is testing use cases for Alzheimer's and post-stroke treatment.

Finance: draft 13-week cash view by Friday.

BrainsWay Ltd. (BWAY) - Canvas Business Model: Customer Segments

Enterprise mental health clinic networks and large hospital systems represent a key segment, evidenced by the strategic investment in Stella MSO, LLC, a management services organization servicing more than 20 mental health clinics across US and Israel that have treated over 30,000 patients to date as of Q2 2025. BrainsWay Ltd. (BWAY) also secured an extensive order with a multi-phased delivery plan through the end of the year by a fast-growing U.S. mental health network in the western and southeastern U.S. in Q2 2025.

Private psychiatric practices and specialized TMS treatment centers form the core base for system placement. As of the third quarter of 2025, the total installed base reached over 1,600 systems globally. The company shipped a net total of 90 Deep TMS systems in Q3 2025. Of recent customer engagements, approximately 70% are structured as multi-year lease agreements.

Patients with treatment-resistant Major Depressive Disorder (MDD) or Obsessive-Compulsive Disorder (OCD) are the end-users driving utilization. BrainsWay Ltd. (BWAY) has FDA clearances for MDD, OCD, and Smoking Cessation, with the MDD indication now expanded to adolescents aged 15 - 21 years, in addition to adults aged 22-86. The supporting study for the adolescent clearance involved data from over 1,200 adolescent patients across 56 sites.

Healthcare providers seek noninvasive, high-margin treatment modalities. The company's gross margin for Q3 2025 was maintained at 75%. The leasing model provides stability, with the company holding $65 million in remaining performance obligations from customers under multi-year contracts as of Q3 2025. The overall TMS market is projected to reach $3 billion by 2033.

Research institutions and academic medical centers contribute to clinical validation and protocol development. A multicenter randomized controlled trial for an accelerated Deep TMS protocol for MDD enrolled 104 adult patients across eight sites. This trial tested a protocol where patients completed five sessions per day over six treatment days.

Here's a quick look at the operational scale supporting these segments as of late 2025:

Metric	Value (Latest Reported Period)	Period End Date
Total Installed Base	Over 1,600 systems	Q3 2025
Systems Shipped (Quarterly)	90 systems	Q3 2025
Multi-Year Lease Agreement Ratio	Approximately 70% of recent engagements	Q3 2025
Remaining Performance Obligations	$65 million	Q3 2025
Q3 2025 Gross Margin	75%	Q3 2025
Adolescent MDD Study Sites	56 sites	Late 2025

The customer base is segmented by the indications they treat, which directly impacts system utilization:

• FDA-cleared indications include Major Depressive Disorder (MDD), Obsessive-Compulsive Disorder (OCD), and Smoking Cessation.
• MDD clearance now includes adolescents aged 15 - 21 years.
• The accelerated MDD protocol uses sessions of less than 10 minutes compared to the standard 20 minutes.
• A Phase IV Registry Study for Smoking Cessation involved 15 treatment sessions.

BrainsWay Ltd. (BWAY) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive BrainsWay Ltd.'s operations as we head into the end of 2025. Honestly, the structure shows a company scaling revenue while managing its fixed costs to improve profitability, which is what you want to see.

The cost of revenues, which covers manufacturing the Deep TMS systems and the ongoing maintenance/service components of the business, is kept relatively lean due to the high-margin nature of the recurring revenue stream. For the third quarter of 2025, the gross margin stood at a strong 75%. This means that for every dollar of revenue, only about 25 cents went to the direct costs of goods sold and services rendered.

Investment in the future, specifically Research and Development (R&D), remains a significant line item as BrainsWay Ltd. pushes for new indications and next-generation devices. R&D expenses for the third quarter of 2025 totaled $2.4 million, up from $1.8 million in the third quarter of 2024. That's a clear signal of commitment to innovation.

Driving system adoption and utilization requires a dedicated commercial team, reflected in the Selling and Marketing expenses. In Q3 2025, these costs were $4.7 million, an increase from $4.1 million in the same period last year, showing targeted investment in expansion efforts. Also, as a public company trading on both NASDAQ and TASE, there are necessary overheads for General and Administrative (G&A) functions. G&A costs were $1.8 million for the third quarter of 2025, compared to $1.5 million the prior year period, partly due to costs related to new investments.

Here's the quick math on the operating expense profile for the third quarter of 2025, based on the reported figures:

Expense Category	Q3 2025 Amount (Millions USD)	Q3 2024 Amount (Millions USD)
Selling and Marketing	$4.7 million	$4.1 million
Research and Development	$2.4 million	$1.8 million
General and Administrative	$1.8 million	$1.5 million

The disciplined cost management, coupled with revenue growth, is translating directly to the bottom line. BrainsWay Ltd. has officially raised its full-year 2025 guidance for profitability. You should expect the operating income for the full year 2025 to be in the range of 6% to 7% of revenue. This improvement reflects the operating leverage gained as the installed base grows and recurring revenue stabilizes the cost base.

The key cost drivers that influence this margin profile include:

• Cost of Revenues, maintaining a 75% gross margin in Q3 2025.
• Targeted investment in Sales and Marketing, reaching $4.7 million in Q3 2025.
• Increased R&D spend to $2.4 million in Q3 2025 for clinical trials.
• G&A costs reflecting public company compliance and new investment diligence.

Finance: draft 13-week cash view by Friday.

BrainsWay Ltd. (BWAY) - Canvas Business Model: Revenue Streams

You're looking at how BrainsWay Ltd. (BWAY) brings in money, which is heavily leaning on long-term commitments now. This structure gives them a solid, predictable base, which is smart for a medical device company scaling up.

The core of the revenue generation is clearly shifting toward recurring streams. Of recent customer engagements, approximately 70% are structured as multi-year lease agreements. This focus on leasing over outright sales helps secure future cash flow and deepens the relationship with the customer base.

This strategy is reflected in the significant backlog of committed revenue. BrainsWay Ltd. currently holds $65 million in remaining performance obligations from customers under multi-year contracts. This figure provides concrete visibility into future recognized revenue.

The other side of the coin is the direct system sales component. BrainsWay Ltd. derives revenue from both the lease and sale of its Deep TMS devices. To support the lease model and expand the installed base, the company shipped a net total of 90 Deep TMS systems in the third quarter of 2025, a 43% increase compared to the same period last year. The total installed base now stands at more than 1,600 systems as of September 30, 2025.

Utilization fees and service contract revenue come from servicing this growing installed base. The company made a strategic decision to focus on large enterprise customers who value the high level of customer service to support their Deep TMS systems, which naturally feeds into service contract revenue.

Here's a quick look at the latest financial outlook and recent performance that underpins these revenue assumptions:

Metric	2025 Guidance (Raised Midpoint)	Q3 2025 Actual
Full-Year Revenue Guidance	$51 million to $52 million	$13.5 million (Q3 Revenue)
Contracted Future Revenue (RPO)	$65 million	$65 million (as of Sept 30, 2025)
New Lease Agreement Percentage	Approx. 70% of new engagements	Approx. 70% of recent customer engagements
Installed Base (Total Systems)	Not specified in guidance	More than 1,600 systems

The company raised its full-year 2025 revenue guidance midpoint to the range of $51 million to $52 million, up from the previous guidance of $50 million to $52 million. This reflects the strong momentum seen in the third quarter, where revenue grew 29% year-over-year to $13.5 million.

The revenue streams can be broken down into key components:

• Recurring revenue from multi-year lease agreements, representing about 70% of new deals.
• Upfront payments from system sales, evidenced by 90 systems shipped in Q3 2025.
• Service contract revenue tied to the installed base of over 1,600 systems.

The strength of the recurring model is also visible in the improved profitability guidance, with Adjusted EBITDA expected in the range of 13% to 14% for the year.