BrainsWay Ltd. (BWAY): ANSOFF MATRIX [Dec-2025 Updated]

You're looking at BrainsWay Ltd. after they just raised their 2025 revenue guidance to $51 million - $52 million and are sitting on a $70.7 million cash reserve as of Q3 2025; that financial position means the next strategic move is defintely everything. I've broken down the four clear growth vectors-from aggressively capturing more US market share to exploring entirely new, non-TMS product lines-so you can see exactly where the near-term opportunities and the required capital deployment lie for this company. Dive into the matrix below to map out the safest bets versus the biggest potential swings.

BrainsWay Ltd. (BWAY) - Ansoff Matrix: Market Penetration

You're looking at how BrainsWay Ltd. (BWAY) can drive more revenue from its existing Deep TMS systems and customer base right now. This is about maximizing the value of what's already in the field.

Drive adoption of the new FDA-cleared accelerated MDD protocol to boost clinic throughput.

• The accelerated protocol achieved a response rate of 87.8% in the clinical trial.
• The median time to remission improved to 21 days compared to 28 days for the standard protocol.
• Each session duration is less than 10 minutes, down from 20 minutes in the standard protocol.
• The acute phase treatment window is 6 days, a reduction from 4 weeks of daily sessions.

Convert more US clinics to multi-year lease agreements, securing the $65 million remaining performance obligations.

Approximately 70% of recent customer engagements are structured as multi-year lease agreements. As of September 30, 2025, BrainsWay reports $65 million in remaining performance obligations from customers under these multi-year contracts. That backlog provides defintely clearer near-term revenue visibility.

Target the newly cleared adolescent MDD market (ages 15-21) within the existing 1,600+ installed base.

The total installed base stands at more than 1,600 systems as of the third quarter of 2025. The FDA clearance in September 2025 for the accelerated protocol for Major Depressive Disorder (MDD) opens the door to increase utilization across this installed base, regardless of the specific age segment you are targeting next.

Continue strategic minority investments in US providers, like the four completed in 2025, to increase system utilization.

BrainsWay Ltd. announced four strategic minority investments completed in 2025 to date. One agreement with Tangient ATX Inc. involves an initial investment of $1.5 million, with potential for up to an additional $2.5 million in milestone-based tranches. Separately, an investment in Axis Management Company, Inc. involved an initial $2.3 million investment, with a potential additional $1 million milestone-based investment.

Here's a quick look at the operational momentum supporting this market penetration strategy:

The focus on recurring revenue through leasing and driving utilization via protocol adoption is clear. The cash position supports this activity, with $70.7 million in cash, cash equivalents, and restricted cash as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

BrainsWay Ltd. (BWAY) - Ansoff Matrix: Market Development

You're looking at how BrainsWay Ltd. (BWAY) can push its existing Deep TMS technology into new territories and customer segments. This is Market Development in action, using what you've built to find new buyers.

Accelerate sales in new geographies, specifically leveraging the Canadian distribution partnership for MDD and OCD. That partnership, signed in mid-2024, kicked off with minimum quantity orders starting at 11 Deep TMS systems to be ordered in 2024. The goal now is to see that initial commitment translate into rapidly growing unit placements across Canada for both Major Depressive Disorder (MDD) and Obsessive-Compulsive Disorder (OCD) indications.

Focus commercial efforts on large-scale US institutional buyers, such as Veterans Affairs (VA) and major hospital networks. While specific VA contract wins aren't public, the overall installed base growth shows traction; as of September 30, 2025, the total installed base reached more than 1,600 systems globally. This base is supported by a strong recurring revenue component, with approximately 70% of recent customer engagements structured as multi-year lease agreements.

Secure new national reimbursement codes in key European markets to unlock patient access with existing Deep TMS indications. In the US, the company estimated at the end of 2024 that 90% of adults had coverage for MDD treatment with Deep TMS. To match that access internationally, securing new national codes in Europe is defintely a priority, especially following the FDA clearance of the accelerated protocol, which requires providers to seek reimbursement updates to support adoption.

Use the $70.7 million cash reserve (Q3 2025) to fund new sales teams in high-growth Asian markets. That cash position, as of September 30, 2025, provides significant financial flexibility to fund international expansion efforts, even as the company also deploys capital for strategic minority investments in US providers, such as the initial $1.5 million commitment to Heading Health announced in October 2025.

Here's a quick look at the financial momentum supporting this expansion:

The operational metrics show the scale BrainsWay Ltd. (BWAY) is achieving, which underpins the Market Development strategy:

• Total installed base reached more than 1,600 systems by end of Q3 2025.
• Q3 2025 revenue represented a 29% year-over-year increase.
• Net profit for Q3 2025 was $1.6 million, up 137% year-over-year.
• The company raised its full-year 2025 revenue guidance to $51 million - $52 million.
• The current cash reserve is $70.7 million, with no debt.

Finance: draft 13-week cash view by Friday.

BrainsWay Ltd. (BWAY) - Ansoff Matrix: Product Development

You're looking at how BrainsWay Ltd. (BWAY) is planning to grow by making their existing Deep Transcranial Magnetic Stimulation (Deep TMS) platform do more things for more people. This is all about developing new applications for the technology they already sell, which is a smart way to expand when you have a solid installed base.

The company's financial footing in 2025 definitely supports this R&D focus. For instance, BrainsWay Ltd. reported third quarter 2025 revenue of $13.5 million, marking a 29% year-over-year increase. Plus, they are seeing strong commitment from customers, with 70% of recent customer engagements structured as multi-year lease agreements, leading to remaining performance obligations of $65 million as of September 30, 2025. This recurring revenue visibility helps fund the next generation of product development.

Fast-track the Deep TMS 360™ clinical trial for Alcohol Use Disorder (AUD) to gain a fourth FDA-cleared indication.

BrainsWay Ltd. officially kicked off the multicenter clinical trial for its Deep TMS 360™ system targeting Alcohol Use Disorder (AUD) on November 17, 2025. This is a big push, as AUD affects about 29 million Americans, and existing treatments see relapse rates up to 60% within 3-6 months. The study itself is designed to enroll over 200 adults with moderate-to-severe AUD. To support related research into accelerated protocols for AUD, the U.S. National Institutes of Health (NIH) awarded a grant totaling approximately $2.5 million over five years. This trial aims to add a fourth FDA-cleared indication to their current portfolio, which already includes major depressive disorder, obsessive-compulsive disorder, and smoking addiction.

Develop and launch a premium software subscription for the existing platform, offering enhanced treatment personalization.

While BrainsWay Ltd. has existing revenue streams from system leases and sales, with a gross margin holding steady at 75% in Q3 2025, the move toward software subscriptions signals a shift to higher-margin, recurring revenue tied to the installed base of more than 1,600 systems globally as of September 30, 2025. This strategy is designed to enhance the utility of the hardware already deployed across clinics.

Pursue FDA clearance for other pipeline indications like PTSD or chronic pain to increase device utility for current customers.

Expanding indications is key to maximizing the value of every Deep TMS system BrainsWay Ltd. ships-they shipped 90 systems in Q3 2025, a 43% jump year-over-year. Beyond AUD, the company is actively progressing with the Israel Ministry of Defense in qualifying patients with post-traumatic stress disorder (PTSD) for Deep TMS. Increasing the number of FDA-cleared uses directly boosts the return on investment for their customers, who are increasingly opting for multi-year lease agreements.

Integrate AI-driven patient selection tools into the Deep TMS system to improve clinical outcomes and provider confidense.

The company's growth pillars include advancing the R&D roadmap to unlock new indications, which naturally involves incorporating advanced analytics to optimize treatment delivery. Better patient selection tools help providers feel more confident in their treatment choices, potentially improving the already strong financial performance, such as the raised full-year 2025 revenue guidance of $51 million - $52 million. This focus on data-driven refinement supports the overall goal of increasing the platform's clinical impact.

Here's a snapshot of the operational scale supporting these product development initiatives:

The company is definitely investing in its pipeline, which is what you'd expect from a leader in this niche.

• Pursuing FDA clearance for AUD is a major near-term goal following the November 2025 trial launch.
• Progress continues on qualifying PTSD patients with the Israel Ministry of Defense.
• The company is focused on advancing its R&D roadmap to unlock new and expanded treatment indications.
• The current installed base of over 1,600 systems provides a ready market for any new indications or premium software features.

Finance: review the cash burn rate for the AUD trial against the $70.7 million cash balance by next Tuesday.

BrainsWay Ltd. (BWAY) - Ansoff Matrix: Diversification

You're looking at BrainsWay Ltd. (BWAY) as it moves beyond its core Deep TMS (Transcranial Magnetic Stimulation) for established indications. The company's financial footing in late 2025 certainly supports aggressive moves into new territory. As of September 30, 2025, BrainsWay Ltd. held $70.7 million in cash, cash equivalents, and restricted cash, providing significant capital flexibility for diversification efforts. This strong liquidity supports the strategy, especially given the 75% gross margin achieved in Q3 2025 and the raised full-year 2025 revenue guidance now set between $51 million and $52 million.

The diversification strategy centers on leveraging the company's expertise in neurostimulation into adjacent and new markets, moving from purely in-clinic systems to broader solutions. This is already manifesting through strategic investments.

Acquire a complementary, non-TMS neuromodulation technology, like focused ultrasound, to address new neurological disorders.

This path is being actively explored through equity stakes in other innovators. For instance, BrainsWay Ltd. announced an initial strategic investment in Neurolief LTD, which develops a wearable noninvasive multichannel brain neuromodulation platform. This agreement includes milestone-based funding for up to an additional $11 million of convertible loan over two tranches, plus an option to fully acquire the company. This is a clear move to integrate complementary technology platforms.

Develop a low-intensity, at-home neuromodulation device for mild anxiety, creating a new consumer-grade product line.

The investment in Neurolief LTD directly addresses this. That platform is designed for use at home, which opens the door to a consumer-grade product line targeting conditions like mild anxiety, which is a symptom addressed within the company's existing FDA-cleared indication for major depressive disorder (MDD) including anxious depression. The company's total installed base stood at more than 1,600 systems as of September 30, 2025, showing the scale of their existing hardware footprint, which a new at-home device could complement.

Establish a new division focused on digital therapeutics (DTx) software for remote patient monitoring in new international markets.

While specific DTx revenue figures aren't public, the company is clearly expanding its ecosystem involvement. BrainsWay Ltd. announced four new minority equity investments in 2025, expanding its strategic presence across the mental health treatment ecosystem, which often includes DTx components. Furthermore, the company has $65 million in remaining performance obligations from customers under multi-year contracts as of Q3 2025, indicating a strong, predictable revenue base that can fund a new software division.

Invest a portion of the balance sheet into a diagnostic tool company to create a new revenue stream in neurological diagnostics.

The investment strategy is already in motion, focusing on high-performing mental health providers via minority equity investments. The balance sheet strength, with total assets at $113.06 million and total liabilities at $43.00 million in Q3 2025, provides the capital base for such targeted investments. Beyond direct equity, the company secured a $2.5 million, five-year R01 grant from the NIH for a study on an accelerated Deep TMS protocol for Alcohol Use Disorder (AUD), which is a form of R&D investment that could lead to future diagnostic or therapeutic revenue streams.

Here's a quick look at the financial context supporting these growth vectors:

The company shipped 90 Deep TMS systems in the third quarter of 2025, a 43% increase year-over-year, showing current market penetration is still accelerating. Still, the operational costs are rising to support this growth, with R&D expenses increasing to $2.4 million from $1.8 million the prior year, primarily due to ongoing clinical trials and development activities.

The strategic moves are not just about new products; they are about new business models, as approximately 70% of recent customer engagements are structured as multi-year lease agreements. This recurring revenue stream provides a stable foundation for funding the more speculative, yet potentially high-reward, diversification plays.

• Announced four new minority equity investments in 2025.
• Secured a $2.5 million NIH grant for AUD research.
• Potential investment of up to $11 million in convertible loan tranches.
• Q3 2025 Gross Margin was 75%.

Finance: finalize the projected capital allocation for the Neurolief investment tranche by next Tuesday.