BrainSway Ltd. (Bway): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução do tratamento neurológico, o BrainSway Ltd. surge como uma força pioneira, revolucionando as intervenções de saúde mental por meio de sua inovadora tecnologia de estimulação magnética transcraniana (Deep TMS). Ao oferecer uma alternativa não invasiva e clinicamente comprovada às abordagens farmacêuticas tradicionais, a empresa está transformando como entendemos e abordamos distúrbios complexos de saúde mental, como depressão e TOC. Mergulhe na intrincada tela do modelo de negócios que sustenta a estratégia inovadora do BrainSway, revelando como essa empresa de tecnologia médica de ponta está remodelando o tratamento neurológico e proporcionando esperança para pacientes que buscam soluções terapêuticas mais direcionadas e personalizadas.

BrainSway Ltd. (Bway) - Modelo de negócios: Parcerias -chave

Fabricantes de dispositivos médicos

O BrainSway colabora com os seguintes fabricantes de dispositivos médicos:

Fabricante	Foco em parceria	Detalhes da colaboração
Neuronetics, Inc.	Equipamento de tratamento neurológico	Desenvolvimento de tecnologia TMS profunda
Medtronic plc	Tecnologias de intervenção neurológica	Pesquisa avançada de tratamento neurológico

Instituições de pesquisa e universidades

As principais parcerias de pesquisa incluem:

• Faculdade de Medicina de Harvard - Estudos de Depressão Clínica
• Universidade de Stanford - Pesquisa em Transtorno Neurológico
• Universidade Johns Hopkins - Validação de Tecnologia TMS

Provedores de saúde e clínicas psiquiátricas

Parcerias de implementação estratégica:

Rede de Saúde	Número de centros de tratamento	Ano de parceria
Clínica Mayo	12 centros de tratamento	2022
Clínica de Cleveland	8 centros de tratamento	2021

Colaborações da empresa farmacêutica

Parcerias farmacêuticas para terapias neurológicas:

• Pfizer Inc. - pesquisa de tratamento com TOC
• Janssen Pharmaceuticals - Desenvolvimento da terapia de depressão
• Abbvie Inc. - Estudos de intervenção neurológica

Total Partnership Investments em 2023: US $ 4,2 milhões

Orçamento de pesquisa colaborativa: US $ 3,7 milhões

BrainSway Ltd. (Bway) - Modelo de negócios: Atividades -chave

Desenvolvimento e fabricação de tecnologias de estimulação magnética transcraniana (Deep TMS)

O BrainSway Ltd. se concentra no desenvolvimento de tecnologias avançadas de TMS profundas com especificações tecnológicas específicas:

Parâmetro de tecnologia	Especificação
Força de campo magnético	Até 2 Tesla
Profundidade de estimulação	4-6 cm em tecido cerebral
Local de fabricação de dispositivos	Israel

Realização de ensaios clínicos e obtenção de aprovações regulatórias

As atividades de ensaios clínicos de BrainSway incluem:

• Ensaios clínicos aprovados pela FDA para distúrbios neurológicos
• Pesquisa em andamento para tratamentos de depressão
• Estudos de validação clínica para TOC e dependência

Aprovação regulatória	Status	Ano
FDA depuração - Depressão	Aprovado	2013
FDA de folga - TOC	Aprovado	2018

Marketing e venda de dispositivos médicos de tratamento neurológico

Canais de marketing e estratégias de vendas:

• Vendas diretas para clínicas psiquiátricas
• Parcerias com distribuidores de dispositivos médicos
• Expansão do mercado internacional

Segmento de mercado	Contribuição da receita
Estados Unidos	68%
Europa	22%
Resto do mundo	10%

Pesquisa contínua e inovação em tecnologias de estimulação cerebral

Áreas de foco de pesquisa e desenvolvimento:

• Mecanismos de neuroplasticidade
• Algoritmos avançados de estimulação magnética
• Protocolos de tratamento expandido

Métrica de P&D	Valor
Despesas anuais de P&D	US $ 8,4 milhões
Número de projetos de pesquisa ativos	12
Aplicações de patentes	7 pendente

BrainSway Ltd. (Bway) - Modelo de negócios: Recursos -chave

Tecnologia Profunda TMS e propriedade intelectual profunda

O BrainSway detém 29 patentes concedidas globalmente a partir de 2023, com foco específico na tecnologia de estimulação magnética transcraniana profunda (TMS profunda).

Categoria de patentes	Número de patentes	Cobertura geográfica
Tecnologia TMS central	12	Estados Unidos, Europa, Israel
Protocolo de tratamento	8	Tratado de Cooperação de Patentes Internacional
Engenharia de dispositivos	9	Múltiplas jurisdições

Equipe avançada de P&D

A equipe de P&D do BrainSway consiste em 37 profissionais especializados a partir do quarto trimestre 2023.

• Neurocientistas: 15
• Engenheiros de dispositivos médicos: 12
• Especialistas em pesquisa clínica: 10

Instalações de fabricação

O BrainSway opera uma instalação de fabricação primária em Jerusalém, Israel, com uma capacidade de produção anual de 500 dispositivos TMS profundos.

Localização da instalação	Capacidade de produção anual	Certificado FDA/CE
Jerusalém, Israel	500 dispositivos	Sim

Dados de pesquisa clínica

O BrainSway acumulou dados de pesquisa de mais de 60 estudos clínicos em múltiplas condições neurológicas e psiquiátricas.

• Estudos de depressão: 25 ensaios clínicos
• Pesquisa de tratamento de dependência: 15 ensaios clínicos
• Protocolos de tratamento com TOC: 12 ensaios clínicos
• Pesquisa de TDAH: 8 ensaios clínicos

Investimento total de pesquisa clínica: US $ 14,2 milhões em 2022-2023.

BrainSway Ltd. (Bway) - Modelo de Negócios: Proposições de Valor

Tratamento não invasivo para distúrbios de saúde mental

A BrainSway Ltd. é especializada em tecnologia de estimulação magnética transcraniana profunda (TMS profunda) para o tratamento de distúrbios de saúde mental. A partir do quarto trimestre 2023, a empresa informou:

Área de tratamento	Status de liberação da FDA	Penetração de mercado
Transtorno depressivo maior	FDA liberado em 2013	Mais de 300 centros de tratamento nos Estados Unidos
Transtorno obsessivo-compulsivo	FDA liberado em 2018	Aproximadamente 200 locais de tratamento ativos
Vício em fumar	FDA liberado em 2020	Adoção crescente em clínicas especializadas

Alternativo clinicamente comprovado às intervenções farmacêuticas

Os dados de eficácia clínica demonstram:

• Taxas de remissão de depressão de aproximadamente 33-35% em ensaios clínicos
• Redução dos sintomas do TOC de até 38% em estudos controlados
• Tratamento não invasivo com efeitos colaterais mínimos em comparação com alternativas farmacêuticas

Soluções de tratamento neurológico personalizado e direcionado

Os recursos tecnológicos do BrainSway incluem:

Recurso de tecnologia	Especificação
Tecnologia patenteada de bobina H patenteada	Permite estimulação cerebral mais profunda e precisa
Personalização do tratamento	Protocolos individualizados com base no mapeamento neurológico do paciente

Aplicações de tratamento em potencial

Áreas de tratamento atuais e emergentes:

• Transtorno depressivo maior
• Transtorno obsessivo-compulsivo
• Cessação do fumo
• Pesquisa emergente em Alzheimer e Parkinson

Indicadores de desempenho financeiro para 2023:

Métrica financeira	Quantia
Receita total	US $ 36,4 milhões
Margem bruta	65.4%
Despesas de P&D	US $ 14,2 milhões

BrainSway Ltd. (Bway) - Modelo de Negócios: Relacionamentos do Cliente

Equipe de vendas diretas que se envolvem com profissionais de saúde

A partir do quarto trimestre de 2023, a equipe de vendas direta da BrainSway consiste em 35 representantes de vendas dedicados direcionados a neurologistas, psiquiatras e clínicas de saúde mental nos Estados Unidos.

Métrica da equipe de vendas	Valor
Total de representantes de vendas	35
Cobertura geográfica	Estados Unidos
Comprimento médio do ciclo de vendas	4-6 meses

Suporte técnico e treinamento em andamento para médicos

O BrainSway fornece suporte técnico abrangente por meio de vários canais:

• 24/7 de suporte técnico dedicado
• Labinarias on -line de treinamento on -line
• Oficinas de implementação clínica personalizadas
• Conferências anuais do usuário

Canal de suporte	Tempo médio de resposta
Suporte técnico Linha direta	Dentro de 2 horas
Suporte por e -mail	24-48 horas
Sessões de treinamento on -line	Mensal

Orientação de consulta clínica e implementação

O BrainSway oferece serviços especializados de consulta clínica com uma equipe de 12 especialistas clínicos especializados em tecnologia de estimulação magnética transcraniana (Deep TMS).

Serviço de consulta	Detalhes
Especialistas clínicos	12 especialistas
Tipos de consulta	Pré-implementação, orientação clínica em andamento
Frequência de consulta	Como necessário, críticas trimestrais

Plataformas digitais para rastreamento de tratamento e gerenciamento de pacientes

O BrainSway fornece plataformas digitais para gerenciamento abrangente de pacientes e rastreamento de tratamento:

• Sistema de gerenciamento de pacientes baseado em nuvem
• Software de rastreamento de progresso do tratamento
• Recursos de integração de dados seguros
• Infraestrutura digital compatível com HIPAA

Recurso da plataforma digital	Capacidade
Armazenamento de dados do paciente	Sistema seguro baseado em nuvem
Rastreamento de tratamento	Monitoramento de progresso em tempo real
Padrão de segurança de dados	Compatível com HIPAA

BrainSway Ltd. (Bway) - Modelo de Negócios: Canais

Força de vendas direta direcionando clínicas psiquiátricas e neurológicas

No quarto trimestre 2023, o BrainSway manteve uma equipe de vendas direta de 42 profissionais focados especificamente em clínicas psiquiátricas e neurológicas nos Estados Unidos.

Território de vendas	Número de representantes de vendas	Clínicas -alvo por trimestre
Região nordeste	12	87
Região do meio -oeste	10	65
Região da costa oeste	8	53
Região sudeste	7	45
Região sudoeste	5	35

Conferências médicas e exposições profissionais de saúde

Em 2023, o BrainSway participou de 18 principais conferências médicas, com um investimento total da exposição de US $ 427.000.

• Reunião Anual da Associação Psiquiátrica Americana
• Sociedade de Conferência de Psiquiatria Biológica
• Congresso Mundial de Neurociência Psiquiátrica

Plataformas de marketing on -line e saúde digital

As despesas de marketing digital para 2023 foram de US $ 672.000, com alcance direcionado em plataformas médicas especializadas.

Canal digital	Visitantes únicos mensais	Taxa de engajamento
Psychiatry.com	45,678	3.2%
MedicalProfessionals.net	38,921	2.7%
Neurosciencetoday.org	29,543	2.1%

Parcerias com redes de saúde e instituições médicas

A partir de 2023, o BrainSway estabeleceu parcerias com 67 redes de saúde e instituições médicas.

• Centro Médico da Universidade de Stanford
• Departamento de Neurologia da Clínica Mayo
• Rede de pesquisa de psiquiatria Johns Hopkins
• Instituto Neurológico da Clínica Cleveland

Tipo de parceria	Número de parcerias	Orçamento anual de pesquisa colaborativa
Colaboração de pesquisa	37	US $ 2,3 milhões
Suporte ao ensaio clínico	22	US $ 1,7 milhão
Transferência de tecnologia	8	$850,000

BrainSway Ltd. (Bway) - Modelo de negócios: segmentos de clientes

Psiquiatras e profissionais de saúde mental

O BrainSway tem como alvo aproximadamente 48.000 psiquiatras nos Estados Unidos como um segmento de clientes primários. A profunda tecnologia de estimulação magnética transcraniana (Deep TMS) da empresa é limpa da FDA para tratar o transtorno depressivo maior e o transtorno obsessivo-compulsivo.

Categoria profissional	Total de usuários em potencial	Penetração de mercado
Psiquiatras	48,000	Estimado 12-15%
Psicólogos	106,000	Estimado 8-10%

Hospitais e centros de tratamento especializados

O BrainSway se concentra em instalações de tratamento psiquiátrico e neurológico nos Estados Unidos e internacionalmente.

• Hospitais psiquiátricos totais nos EUA: 1.806
• Centros especializados de tratamento de saúde mental: 2.400
• Taxa potencial de adoção de instalações: 6-8%

Pacientes com condições de saúde mental resistentes ao tratamento

Demografia de pacientes alvo com condições específicas de saúde mental:

Doença	Total de pacientes nos EUA	População resistente ao tratamento
Transtorno depressivo maior	16,1 milhões	Aproximadamente 30-40%
Transtorno obsessivo-compulsivo	2,3 milhões	Aproximadamente 40-50%

Instituições de pesquisa

O BrainSway tem como alvo as instituições de pesquisa neurológica globalmente interessadas em tecnologias avançadas de tratamento neurológico.

• Instituições totais de pesquisa em neurociência em todo o mundo: 1.200
• Taxa de adoção potencial de pesquisa: 4-6%
• Financiamento anual de pesquisa em neurociência: US $ 7,3 bilhões

BrainSway Ltd. (Bway) - Modelo de negócios: estrutura de custos

Investimento significativo em pesquisa e desenvolvimento

Para o ano fiscal de 2023, a BrainSway Ltd. registrou despesas de P&D de US $ 10,4 milhões, representando aproximadamente 34,8% do total de despesas operacionais.

Categoria de custo de P&D	Valor ($)	Porcentagem de orçamento de P&D
Custos de pessoal	5,200,000	50%
Equipamentos e materiais	3,120,000	30%
Pesquisa clínica	2,080,000	20%

Despesas de fabricação e produção

Os custos de fabricação dos profundos sistemas de estimulação magnética transcraniana da BrainSway (TMS profundos) em 2023 totalizaram US $ 8,7 milhões.

• Trabalho de fabricação direta: US $ 2,6 milhões
• Custos de matéria -prima: US $ 4,3 milhões
• Mercancada de fabricação: US $ 1,8 milhão

Custos operacionais de vendas e marketing

As despesas de vendas e marketing de 2023 foram de US $ 15,2 milhões, representando 50,9% da receita total.

Categoria de despesa de marketing	Valor ($)
Compensação do pessoal de vendas	6,080,000
Publicidade e promoção	4,560,000
Feira de feira e despesas da conferência	2,280,000
Marketing digital	2,280,000

Conformidade regulatória e investimentos em ensaios clínicos

As despesas regulatórias e de ensaios clínicos em 2023 totalizaram US $ 6,5 milhões.

• Custos de conformidade da FDA: US $ 2,3 milhões
• Gerenciamento de ensaios clínicos: US $ 3,4 milhões
• Documentação regulatória: US $ 800.000

BrainSway Ltd. (Bway) - Modelo de negócios: fluxos de receita

Vendas de dispositivos médicos de equipamentos TMS profundos

A BrainSway Ltd. relatou receita total de US $ 30,6 milhões para o ano fiscal de 2023, com as vendas de dispositivos médicos representando uma parcela significativa dessa receita.

Categoria de produto	Receita (2023)	Volume de vendas
Sistemas TMS Deep	US $ 18,2 milhões	112 sistemas vendidos
Vendas domésticas (EUA)	US $ 12,5 milhões	76 sistemas
Vendas internacionais	US $ 5,7 milhões	36 sistemas

Receita recorrente dos consumíveis de tratamento

Os consumíveis geram receita recorrente consistente para o BrainSway.

• Receita consumível média por Sistema Deep TMS: US $ 15.000 anualmente
• Receita consumível total estimada para 2023: US $ 1,68 milhão
• Taxa de reposição consumível: aproximadamente a cada 1.000 sessões de tratamento

Licenciamento de propriedade e tecnologia intelectual

Categoria de licenciamento	Receita (2023)
Licenciamento de tecnologia	$750,000
Licenciamento de patentes	$450,000

Contratos de serviço e suporte técnico em andamento

O BrainSway fornece pacotes abrangentes de serviços e suporte para seus dispositivos médicos.

Tipo de contrato de serviço	Receita (2023)	Valor médio do contrato
Contrato de suporte padrão	US $ 1,2 milhão	US $ 10.700 por sistema
Garantia estendida	$850,000	US $ 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.