Brainsway Ltd. (Bway): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide du traitement neurologique en évolution, Brainsway Ltd. émerge comme une force pionnière, révolutionnant les interventions de santé mentale à travers sa technologie de stimulation magnétique transcrânienne profonde (TMS profonde). En offrant une alternative non invasive et cliniquement prouvée aux approches pharmaceutiques traditionnelles, l'entreprise transforme la façon dont nous comprenons et abordons des troubles complexes de santé mentale comme la dépression et le TOC. Plongez dans la toile du modèle commercial complexe qui sous-tend la stratégie innovante de Brainsway, révélant comment cette entreprise de technologie médicale de pointe remodèle le traitement neurologique et donne de l'espoir aux patients à la recherche de solutions thérapeutiques personnalisées plus ciblées.

Brainsway Ltd. (BWAY) - Modèle commercial: partenariats clés

Fabricants d'appareils médicaux

Brainsway collabore avec les fabricants de dispositifs médicaux suivants:

Fabricant	Focus de partenariat	Détails de collaboration
Neuronetics, Inc.	Équipement de traitement neurologique	Développement de la technologie TMS profonde
Medtronic PLC	Technologies d'intervention neurologique	Recherche de traitement neurologique avancé

Institutions de recherche et universités

Les principaux partenariats de recherche comprennent:

• École de médecine de Harvard - Études de dépression clinique
• Université de Stanford - Recherche de troubles neurologiques
• Université Johns Hopkins - Validation technologique TMS

Fournisseurs de soins de santé et cliniques psychiatriques

Partenariats de mise en œuvre stratégiques:

Réseau de soins de santé	Nombre de centres de traitement	Année de partenariat
Clinique de mayo	12 centres de traitement	2022
Clinique de Cleveland	8 centres de traitement	2021

Collaborations de l'entreprise pharmaceutique

Partenariats pharmaceutiques pour les thérapies neurologiques:

• Pfizer Inc. - Recherche de traitement OCD
• Janssen Pharmaceuticals - Développement de la thérapie de dépression
• AbbVie Inc. - Études d'intervention neurologique

Investissements totaux de partenariat en 2023: 4,2 millions de dollars

Budget de recherche collaborative: 3,7 millions de dollars

Brainsway Ltd. (Bway) - Modèle d'entreprise: Activités clés

Développement et fabrication de technologies de stimulation magnétique transcrânienne profonde (TMS profonde)

Brainsway Ltd. se concentre sur le développement de technologies avancées de TMS profondes avec des spécifications technologiques spécifiques:

Paramètre technologique	Spécification
Force du champ magnétique	Jusqu'à 2 Tesla
Profondeur de stimulation	4-6 cm dans les tissus cérébraux
Emplacement de fabrication des appareils	Israël

Effectuer des essais cliniques et obtenir des approbations réglementaires

Les activités des essais cliniques de Brainsway comprennent:

• Essais cliniques approuvés par la FDA pour les troubles neurologiques
• Recherche en cours pour les traitements de dépression
• Études de validation clinique pour le TOC et la dépendance

Approbation réglementaire	Statut	Année
Claitement de la FDA - Dépression	Approuvé	2013
Clairance de la FDA - TOC	Approuvé	2018

Marketing et vente de traitements de traitement neurologique

Canaux de commercialisation et stratégies de vente:

• Ventes directes vers les cliniques psychiatriques
• Partenariats avec les distributeurs de dispositifs médicaux
• Expansion du marché international

Segment de marché	Contribution des revenus
États-Unis	68%
Europe	22%
Reste du monde	10%

Recherche continue et innovation dans les technologies de stimulation cérébrale

Domaines d'intérêt de la recherche et du développement:

• Mécanismes de neuroplasticité
• Algorithmes de stimulation magnétique avancée
• Protocoles de traitement élargis

Métrique de R&D	Valeur
Dépenses annuelles de R&D	8,4 millions de dollars
Nombre de projets de recherche actifs	12
Demandes de brevet	7 en attente

Brainsway Ltd. (Bway) - Modèle d'entreprise: Ressources clés

Technologie et propriété intellectuelle du TMS profonde propriétaire

Brainsway détient 29 brevets accordés à l'échelle mondiale à partir de 2023, avec un accent spécifique sur la technologie de stimulation magnétique transcrânienne profonde (TMS profonde).

Catégorie de brevet	Nombre de brevets	Couverture géographique
Technologie de base TMS	12	États-Unis, Europe, Israël
Protocole de traitement	8	Traité international de coopération en matière de brevets
Ingénierie des appareils	9	Plusieurs juridictions

Équipe de R&D avancée

L'équipe R&D de Brainsway se compose de 37 professionnels spécialisés au quatrième trimestre 2023.

• Neuroscientifiques: 15
• Ingénieurs de dispositifs médicaux: 12
• Spécialistes de la recherche clinique: 10

Installations de fabrication

Brainsway exploite une installation de fabrication primaire à Jérusalem, en Israël, avec une capacité de production annuelle de 500 appareils TMS profonds.

Emplacement de l'installation	Capacité de production annuelle	Certification de la FDA / CE
Jérusalem, Israël	500 appareils	Oui

Données de recherche clinique

Brainsway a accumulé des données de recherche de plus de 60 études cliniques dans de multiples conditions neurologiques et psychiatriques.

• Études de dépression: 25 essais cliniques
• Recherche sur le traitement de la toxicomanie: 15 essais cliniques
• Protocoles de traitement du TOC: 12 essais cliniques
• Recherche du TDAH: 8 essais cliniques

Investissement total de recherche clinique: 14,2 millions de dollars en 2022-2023.

Brainsway Ltd. (Bway) - Modèle d'entreprise: propositions de valeur

Traitement non invasif pour les troubles de la santé mentale

Brainsway Ltd. est spécialisée dans la technologie de stimulation magnétique transcrânienne profonde (TMS profonde) pour traiter les troubles de la santé mentale. Au quatrième trimestre 2023, la société a rapporté:

Zone de traitement	Statut de dégagement de la FDA	Pénétration du marché
Trouble dépressif majeur	La FDA est autorisée en 2013	Plus de 300 centres de traitement aux États-Unis
Trouble obsessionnel compulsif	La FDA est autorisée en 2018	Environ 200 sites de traitement actif
Toxicomanie	La FDA est autorisée en 2020	Adoption croissante dans des cliniques spécialisées

Alternative cliniquement prouvée aux interventions pharmaceutiques

Les données d'efficacité clinique démontrent:

• Taux de rémission de dépression d'environ 33 à 35% dans les essais cliniques
• Réduction des symptômes TOC allant jusqu'à 38% dans les études contrôlées
• Traitement non invasif avec des effets secondaires minimaux par rapport aux alternatives pharmaceutiques

Solutions de traitement neurologique personnalisées et ciblées

Les capacités technologiques de Brainsway comprennent:

Fonctionnalité technologique	Spécification
Technologie brevetée en bobine H	Permet une stimulation cérébrale plus profonde et plus précise
Personnalisation du traitement	Protocoles individualisés basés sur la cartographie neurologique des patients

Applications de traitement potentiels

Zones de traitement actuelles et émergentes:

• Trouble dépressif majeur
• Trouble obsessionnel compulsif
• Cessation de tabac
• Recherche émergente dans la maladie d'Alzheimer et de Parkinson

Indicateurs de performance financière pour 2023:

Métrique financière	Montant
Revenus totaux	36,4 millions de dollars
Marge brute	65.4%
Dépenses de R&D	14,2 millions de dollars

Brainsway Ltd. (Bway) - Modèle d'entreprise: relations avec les clients

Équipe de vente directe s'engageant avec des professionnels de la santé

Depuis le quatrième trimestre 2023, l'équipe de vente directe de Brainsway se compose de 35 représentants des ventes dédiés ciblant les neurologues, les psychiatres et les cliniques de santé mentale aux États-Unis.

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	35
Couverture géographique	États-Unis
Durée moyenne du cycle des ventes	4-6 mois

Soutien technique et formation en cours pour les médecins

Brainsway fournit un support technique complet via plusieurs canaux:

• Hotline de support technique dédié 24/7
• Webinaires de formation en ligne
• Ateliers de mise en œuvre clinique personnalisés
• Conférences d'utilisateurs annuels

Canal de support	Temps de réponse moyen
Hotline de support technique	Dans les 2 heures
Assistance par e-mail	24-48 heures
Sessions de formation en ligne	Mensuel

Consultation clinique et guidage de mise en œuvre

Brainsway propose des services de consultation clinique spécialisés avec une équipe de 12 experts cliniques spécialisés dans la technologie de stimulation magnétique transcrânienne profonde (TMS profonde).

Service de consultation	Détails
Experts cliniques	12 spécialistes
Types de consultation	Pré-mise en œuvre, guidage clinique en cours
Fréquence de consultation	Au besoin, les critiques trimestrielles

Plateformes numériques pour le suivi du traitement et la gestion des patients

Brainsway fournit des plateformes numériques pour la gestion complète des patients et le suivi du traitement:

• Système de gestion des patients basé sur le cloud
• Logiciel de suivi des progrès du traitement
• Capacités d'intégration de données sécurisées
• Infrastructure numérique conforme à la HIPAA

Fonctionnalité de plate-forme numérique	Capacité
Stockage des données des patients	Système de cloud sécurisé
Suivi du traitement	Surveillance des progrès en temps réel
Norme de sécurité des données	HIPAA conforme

Brainsway Ltd. (Bway) - Modèle d'entreprise: canaux

Force de vente directe ciblant les cliniques psychiatriques et neurologiques

Depuis le quatrième trimestre 2023, Brainsway a maintenu une équipe de vente directe de 42 professionnels spécifiquement axée sur les cliniques psychiatriques et neurologiques à travers les États-Unis.

Territoire de vente	Nombre de représentants commerciaux	Cliniques cibles par trimestre
Région du nord-est	12	87
Région du Midwest	10	65
Région de la côte ouest	8	53
Région du sud-est	7	45
Région du sud-ouest	5	35

Conférences médicales et expositions professionnelles de la santé

En 2023, Brainsway a participé à 18 conférences médicales majeures, avec un investissement total de 427 000 $.

• Réunion annuelle de l'American Psychiatric Association
• Conférence de la Society for Biological Psychiatry
• Congrès mondial des neurosciences psychiatriques

Plateformes de marketing en ligne et de soins de santé numérique

Les dépenses de marketing numérique pour 2023 étaient de 672 000 $, avec une portée ciblée sur des plateformes Web médicales spécialisées.

Canal numérique	Visiteurs uniques mensuels	Taux d'engagement
Psychiatry.com	45,678	3.2%
MedicalProfessionals.net	38,921	2.7%
Neurosciencetoday.org	29,543	2.1%

Partenariats avec les réseaux de soins de santé et les institutions médicales

En 2023, Brainsway a établi des partenariats avec 67 réseaux de soins de santé et institutions médicales.

• Centre médical de l'Université de Stanford
• Département de neurologie de la clinique Mayo
• JOHNS HOPKINS Psychiatry Research Network
• Institut neurologique de la Cleveland Clinic

Type de partenariat	Nombre de partenariats	Budget annuel de recherche collaborative
Collaboration de recherche	37	2,3 millions de dollars
Soutien en essai clinique	22	1,7 million de dollars
Transfert de technologie	8	$850,000

Brainsway Ltd. (Bway) - Modèle d'entreprise: segments de clientèle

Psychiatres et professionnels de la santé mentale

Les Brainsway ciblent environ 48 000 psychiatres aux États-Unis comme un segment de clientèle principal. La technologie de stimulation magnétique transcrânienne profonde de l'entreprise (TMS profonde) est appuyée par la FDA pour traiter les troubles dépressifs majeurs et les troubles obsessionnels compulsifs.

Catégorie professionnelle	Utilisateurs potentiels totaux	Pénétration du marché
Psychiatres	48,000	Estimé 12-15%
Psychologues	106,000	Estimé 8 à 10%

Hôpitaux et centres de traitement spécialisés

Brainsway se concentre sur les installations de traitement psychiatrique et neurologique aux États-Unis et à l'étranger.

• Hôpitaux psychiatriques totaux aux États-Unis: 1 806
• Centres de traitement de santé mentale spécialisés: 2 400
• Taux d'adoption potentiel de l'installation: 6-8%

Patients souffrant de problèmes de santé mentale résistants au traitement

Target démographique des patients avec des problèmes de santé mentale spécifiques:

Condition	Total des patients américains	Population résistante au traitement
Trouble dépressif majeur	16,1 millions	Environ 30 à 40%
Trouble obsessionnel compulsif	2,3 millions	Environ 40 à 50%

Institutions de recherche

Brainsway cible les institutions de recherche neurologique intéressées à l'échelle mondiale des technologies de traitement neurologique avancées.

• Institutions de recherche totale de neurosciences dans le monde: 1 200
• Taux d'adoption potentiel de la recherche: 4 à 6%
• Financement annuel de recherche en neurosciences: 7,3 milliards de dollars

Brainsway Ltd. (Bway) - Modèle d'entreprise: Structure des coûts

Investissement important dans la recherche et le développement

Pour l'exercice 2023, Brainsway Ltd. a déclaré des frais de R&D de 10,4 millions de dollars, ce qui représente environ 34,8% des dépenses d'exploitation totales.

Catégorie de coût de R&D	Montant ($)	Pourcentage du budget de la R&D
Frais de personnel	5,200,000	50%
Équipement et matériaux	3,120,000	30%
Recherche clinique	2,080,000	20%

Frais de fabrication et de production

Les coûts de fabrication des systèmes de stimulation magnétique transcrânienne profonde de Brainsway (TMS) en 2023 ont totalisé 8,7 millions de dollars.

• Travail à fabrication directe: 2,6 millions de dollars
• Coûts de matières premières: 4,3 millions de dollars
• Fabrication des frais généraux: 1,8 million de dollars

Coûts opérationnels des ventes et du marketing

Les frais de vente et de marketing pour 2023 étaient de 15,2 millions de dollars, ce qui représente 50,9% des revenus totaux.

Catégorie de dépenses de marketing	Montant ($)
Compensation du personnel des ventes	6,080,000
Publicité et promotion	4,560,000
Frais de recours au salon et aux conférences	2,280,000
Marketing numérique	2,280,000

Conformité réglementaire et investissements en essais cliniques

Les dépenses d'essai réglementaires et cliniques pour 2023 s'élevaient à 6,5 millions de dollars.

• Coûts de conformité de la FDA: 2,3 millions de dollars
• Gestion des essais cliniques: 3,4 millions de dollars
• Documentation réglementaire: 800 000 $

Brainsway Ltd. (Bway) - Modèle d'entreprise: Strots de revenus

Ventes de dispositifs médicaux de l'équipement TMS profond

Brainsway Ltd. a déclaré un chiffre d'affaires total de 30,6 millions de dollars pour l'exercice 2023, les ventes de dispositifs médicaux représentant une partie importante de ces revenus.

Catégorie de produits	Revenus (2023)	Volume des ventes
Systèmes TMS profonds	18,2 millions de dollars	112 systèmes vendus
Ventes intérieures (États-Unis)	12,5 millions de dollars	76 systèmes
Ventes internationales	5,7 millions de dollars	36 systèmes

Revenus récurrents des consommables de traitement

Les consommables génèrent des revenus récurrents cohérents pour Brainsway.

• Revenus consommables moyens par système TMS profond: 15 000 $ par an
• Revenus consommables totaux estimés pour 2023: 1,68 million de dollars
• Taux de remplacement consommable: environ 1 000 séances de traitement

Licence de propriété intellectuelle et de technologie

Catégorie de licence	Revenus (2023)
Licence de technologie	$750,000
Licence de brevet	$450,000

Contrats de service et support technique en cours

Brainsway fournit des forfaits de service et de support complets pour ses dispositifs médicaux.

Type de contrat de service	Revenus (2023)	Valeur du contrat moyen
Contrat de support standard	1,2 million de dollars	10 700 $ par système
Garantie prolongée	$850,000	7 600 $ par système

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.