Brainsway Q4 Earnings Call Highlights

Brainsway (NASDAQ:BWAY) reported fourth-quarter and full-year 2025 results that absorption said closed the twelvemonth with “strong momentum,” driven by continued maturation successful its Deep TMS concern and a displacement toward recurring gross done semipermanent leasing agreements. On the company’s net call, executives besides highlighted caller FDA and payer-related developments, advancement successful objective research, and an expanding backlog that they judge provides accrued visibility into aboriginal revenue.

Chief Executive Officer Hadar Levy said fourth-quarter gross accrued 27% twelvemonth implicit twelvemonth to $14.5 million, portion full-year gross roseate 27% to $52.2 million compared to 2024. Levy said the full-year effect came successful “slightly supra the precocious end” of the company’s 2025 guidance.

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Chief Financial Officer Ido Marom reported fourth-quarter gross nett of $11.1 million, up from $8.5 cardinal a twelvemonth earlier, and gross borderline of 76% versus 75% successful the prior-year quarter. For the afloat year, gross nett was $39.4 million, representing a 75% gross margin, accordant with 2024’s margin.

BrainsWay posted fourth-quarter operating income of approximately $1.9 million, up from $0.4 cardinal successful the prior-year period. Full-year operating income was approximately $4.3 million compared with $1.4 cardinal successful 2024. Adjusted EBITDA accrued to $2.3 million for the quarter, and the institution reported full-year adjusted EBITDA of $7.0 million, oregon 13% of revenue, which Marom said was astatine the apical extremity of guidance.

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Net income was $2.9 million for the quarter, up from $1.5 cardinal successful Q4 2024. For the afloat year, nett income was approximately $7.6 million compared with $2.9 cardinal successful 2024. Levy said the institution has present delivered 10 consecutive quarters of profitability, which helium attributed to expanding margins and implementation of its recurring model.

Management said BrainsWay shipped 95 Deep TMS systems during the 4th quarter, bringing the installed basal to astir 1,700 systems worldwide arsenic of December 31, 2025, a 26% summation from the anterior year. Levy noted the institution exited the 4th with a book-to-bill ratio of 1.4x, up from 1.2x successful the anterior quarter.

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BrainsWay’s remaining show work (RPO) grew to $70 million, representing 43% growth from $49 cardinal a twelvemonth earlier. Levy said the expanding backlog reflects some request and the company’s quality to monetize semipermanent commitments done recurring leasing contracts, which helium said astir endeavor customers present follow with “a precocious complaint of lawsuit renewals.”