BURLINGTON, Mass. and JERUSALEM - BrainsWay Ltd. (NASDAQ & TASE: BWAY), a company specializing in noninvasive neurostimulation treatments for mental health disorders, has announced the expansion of its Deep Transcranial Magnetic Stimulation (Deep TMS) therapy in Israel. This development follows the installation of 11 new systems in the country, spurred by a 45% increase in reimbursement rates.
The company aims to further increase the number of Deep TMS systems by the end of 2024. Hadar Levy, BrainsWay's CEO, emphasized the importance of making the therapy available to more patients, especially considering the recent rise in serious mental health conditions in Israel. Reut Filipowicz, Head of Business Development for BrainsWay in Israel, highlighted the potential of Deep TMS to help patients who have not found relief from medication.
Deep TMS is a proprietary platform technology that has received FDA clearance for three mental health conditions: major depressive disorder (including anxious depression), obsessive-compulsive disorder, and smoking addiction. BrainsWay prides itself on leading with superior science and a strong clinical evidence base. Ongoing clinical trials are exploring the use of Deep TMS for various psychiatric, neurological, and addiction disorders.
BrainsWay, founded in 2003 and with offices in both the United States and Israel, is committed to increasing awareness and access to Deep TMS globally. The company's forward-looking statements are based on current management expectations and are subject to uncertainties that could cause actual results to differ materially. These include financial resource limitations, regulatory approval delays, market acceptance, and competition from other technologies.
The information in this article is based on a press release statement from BrainsWay.
InvestingPro Insights
BrainsWay Ltd. (NASDAQ & TASE: BWAY) has demonstrated a commitment to expanding its innovative Deep Transcranial Magnetic Stimulation (Deep TMS) therapy, and the market has taken notice. Over the last six months, the company has experienced a significant price uptick, with a 46.52% increase in its 6 Month Price Total Return as of the latest data. This reflects investor confidence in the company's growth trajectory and its potential to revolutionize the treatment of mental health disorders.
The financial health of BrainsWay is also noteworthy, as the company holds more cash than debt on its balance sheet, a reassuring sign for investors looking for stability. Additionally, BrainsWay's liquid assets exceed its short-term obligations, providing the company with a solid liquidity position to support its operations and expansion plans.
However, it's important to note that analysts do not anticipate BrainsWay will be profitable this year, and the company was not profitable over the last twelve months as of Q1 2023, with a P/E Ratio of -21.07. This indicates that while the company is growing, it is still in a developmental phase where it is investing heavily in its technology and market expansion.
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