Brainsway

What Brainsway does

BrainsWay Ltd. is a publicly traded Israeli medical technology company (NASDAQ: BWAY; TASE) founded in 2003 that develops and commercializes Deep Transcranial Magnetic Stimulation (Deep TMS) systems for treating psychiatric and neurological disorders. The company's core technology is a proprietary H-coil platform fitted into a cushioned helmet that generates electromagnetic fields reaching deeper and broader brain regions than first-generation (figure-8 coil) TMS devices; coil variants include the H1 for MDD, H4 for smoking addiction, and H7 for OCD. BrainsWay holds FDA clearances for MDD (including anxious, late-life, and adolescent subtypes), OCD, and smoking cessation, plus CE marks for conditions including PTSD, autism, Alzheimer's, Parkinson's, and chronic pain.

The company generates revenue by selling and leasing Deep TMS systems to mental health clinics, hospitals, and outpatient psychiatric practices, with an installed base of approximately 1,820 systems across 800+ provider locations in 35+ countries. The leasing model produces high-margin recurring revenue, and BrainsWay supplements direct sales with strategic minority investments in provider chains (Hopemark Health, BrainStim Health, Axis Integrated Mental Health, Heading Health, Stella MSO) to drive adoption and expand access. Insurance coverage has expanded rapidly, with eight major payers and the US VA covering the SWIFT accelerated protocol (over 57 million covered lives), and adolescent MDD coverage reaching approximately 180 million lives following Optum Behavioral Health expansion.

Name

Brainsway

Legal name

BrainsWay Ltd.

Website

https://brainsway.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

51–100 employees

Short description

BrainsWay is an Israeli medical technology company that develops and commercializes proprietary Deep TMS (Transcranial Magnetic Stimulation) systems using patented H-coil technology for treating psychiatric disorders including depression, OCD, and smoking addiction, selling and leasing to healthcare providers globally.

Ownership category

akta.pro rank

Product category

Neuromodulation Medical Devices

NAICS

Electromedical and Electrotherapeutic Apparatus Manufacturing (334510)

SIC

Electromedical & Electrotherapeutic Apparatus (3845)

akta.pro primary industry

Implantable Neuromodulation & Neurostimulation (SCS/DBS/VNS/PNS) (HLAHAEAK)

akta.pro secondary industry

Mental Wellness & Stress Management Devices (Biofeedback, Meditation/Neurostimulation Devices) (CRACAQAL)

Keywords

• Transcranial magnetic stimulation
• Deep TMS systems
• Neurostimulation medical devices
• Brain stimulation therapy
• Mental health treatment devices

Headquarters

HQ city

Jerusalem

HQ country

Israel

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain, Infrastructure

Revenue model

1. Deep TMS System Sales and Leasing: BrainsWay generates revenue from the sale and leasing of its Deep TMS systems to mental health clinics, hospitals, and outpatient practices. An expanded leasing model drives high-margin recurring revenue. Record 117 systems shipped in Q1 2026 and approximately 1,820 total systems installed.
2. Recurring Revenue (Leasing Model): With approximately 1,820 systems installed, the leasing model generates recurring revenue from existing installed base. The shift to leasing expanded margins and drove 27% revenue growth in 2025 with 161% increase in net income to $7.6 million.
3. Strategic Minority Investments in Mental Health Providers: BrainsWay makes minority stake investments in mental health provider chains (Hopemark Health, Axis Integrated Mental Health, BrainStim Health, Heading Health, Stella MSO) as part of a strategy to expand access and awareness of its Deep TMS technology. These are equity investments that may generate returns through provider network growth and utilization.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

BrainsWay designs, manufactures, and sells/leases Deep Transcranial Magnetic Stimulation (Deep TMS) medical devices built around its proprietary H-coil technology. Healthcare providers such as mental health clinics, outpatient psychiatric practices, and hospitals purchase or lease these systems to deliver noninvasive brain stimulation treatments for FDA-cleared indications including major depressive disorder (MDD), obsessive-compulsive disorder (OCD), and smoking addiction, as well as CE-marked indications such as PTSD and autism.

Product overview

BrainsWay is a global medical technology company offering the Deep TMS (Deep Transcranial Magnetic Stimulation) platform as its core product, featuring proprietary patented H-coil technology. The platform has achieved multiple FDA clearances for treating Major Depressive Disorder (including anxious and late-life depression), Obsessive Compulsive Disorder, and Smoking Addiction. The portfolio includes standard Deep TMS protocols with 20-minute sessions and the SWIFT Accelerated Deep TMS protocol reducing treatment to 6 days. Additional products include Deep TMS 360 (next-generation multichannel system in clinical trials for Alcohol Use Disorder), and CE-marked treatments for PTSD and Autism. The company operates a provider network with over 800 clinics worldwide offering these treatments.

Differentiator

Problem solved

Functional benefit

Brands

• Deep TMS: Deep Transcranial Magnetic Stimulation technology platform for treating mental health disorders including depression, OCD, and smoking addiction
• SWIFT
• Deep TMS 360

Products and services

• Deep TMS Platform Core Deep Transcranial Magnetic Stimulation device using patented H-coil technology housed in a cushioned helmet to generate electromagnetic fields that reach deeper and broader brain regions than first-generation figure-8 TMS coils, sold or leased to mental health clinics, hospitals, and outpatient psychiatric practices.
• Deep TMS for Major Depressive Disorder (MDD) FDA-cleared Deep TMS treatment for adult patients with MDD who failed to achieve improvement from previous antidepressant medication, delivered via standard 20-minute sessions over 4 weeks using the H1 coil targeting the dorsolateral prefrontal cortex.
• Deep TMS for Obsessive-Compulsive Disorder (OCD) First FDA-cleared noninvasive medical device for OCD, using the H7 coil to target the anterior cingulate cortex and medial prefrontal cortex with a six-week protocol of 18-minute sessions; 38.1% full response rate vs 11.1% sham in pivotal trial.
• Deep TMS for Smoking Addiction FDA-cleared Deep TMS aid for short-term smoking cessation in adults using the H4 coil targeting the bilateral insula and prefrontal cortex, delivered as 18 sessions over 6 weeks including brief provocation and counseling; 28.0% continuous quit rate vs 11.7% sham in pivotal trial of 262 patients.
• Deep TMS for Anxious Depression First TMS system FDA-cleared to safely and effectively reduce comorbid anxiety symptoms in adult MDD patients using the H1 coil, with standard Deep TMS protocol.
• Deep TMS for Late-Life Depression FDA-cleared Deep TMS treatment for depression among patients ages 68-86, leveraging the H-coil design to address age-related increases in scalp-cortical distance.
• SWIFT Accelerated Deep TMS Protocol Accelerated Deep TMS protocol that compresses the standard 20-visit, 4-week acute treatment phase into 6 half-day sessions over 6 days while maintaining comparable efficacy; sessions shortened to 10 minutes from 20 minutes and coverage extended across eight major payers plus the US VA, representing over 57 million covered lives.
• Deep TMS for Adolescent Depression (ages 15-21) FDA-cleared Deep TMS adjunct therapy for adolescents aged 15 to 21 with major depressive disorder, extending coverage to an estimated 5 million adolescents in the US across approximately 180 million covered lives following Optum Behavioral Health policy update.
• Deep TMS 360 Next-generation multichannel Deep TMS platform enabling more targeted and broader stimulation across multiple brain networks simultaneously, used in the first multicenter clinical trial for Alcohol Use Disorder and supported by an approximately $2.5 million NIH grant to Stanford and the Palo Alto Veterans Institute for Research.
• Deep TMS for PTSD CE-marked and ANVISA-approved Deep TMS treatment for Post-Traumatic Stress Disorder using magnetic stimulation of brain structures related to PTSD, currently not commercially available in the US and under continued clinical investigation (not FDA-cleared).

Named customers11 records

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core.

• Hopemark HealthcoreStrategic or Co-development Partner · 18 May 2026$1.5 million strategic minority-stake investment in Hopemark Health, a Chicago-area mental health provider with multiple clinic locations (Orland Park, Hoffman Estates, Naperville, Oak Brook), with potential for additional $1.5 million through milestone-based financing. Hopemark Health, founded by Dr. Abid Nazeer in 2016, provides integrated outpatient psychiatric care including ketamine-based therapies and TMS treatments. This represents BrainsWay's strategy to expand access and awareness of Deep TMS across North America.
• Neurolief Ltd.coreStrategic or Co-development Partner · 26 March 2026$6 million milestone-based convertible loan investment in Neurolief triggered by FDA Premarket Approval of Neurolief's ProlivRx at-home brain neuromodulation system for major depressive disorder (December 2025). This second tranche brings BrainsWay's total investment in Neurolief to $11 million, with potential third tranche of up to $5 million upon revenue-based milestone. BrainsWay also holds a call option to acquire all outstanding equity in Neurolief during defined exercise windows. ProlivRx is the first FDA-approved at-home prescription neuromodulation therapy for MDD, included in Veterans Affairs Federal Supply Schedule.
• Axis Integrated Mental HealthcoreStrategic or Co-development Partner · 19 March 2026$1 million milestone-based investment in Axis Management Company, Inc. (Axis Integrated Mental Health) following achievement of a predefined revenue milestone. BrainsWay holds a minority stake through a preferred security. Axis operates mental health clinics in Colorado and has successfully deployed capital and grown under the partnership, integrating advanced neurostimulation treatments with comprehensive psychiatric and therapeutic services.
• BrainStim Health Inc.coreStrategic or Co-development Partner · 19 February 2026$1.0 million initial minority-stake investment in BrainStim Health Inc., a British Columbia-based mental health provider with clinics across Canada, with potential for additional $1.5 million through milestone-based investments. BrainStim specializes in treating veterans and first responders with conditions including severe trauma, stress, anxiety, and depression. This is BrainsWay's fifth minority-stake investment into growth-oriented clinical service platforms, taking the form of a preferred, annually compounding security with redemption mechanism.
• Heading HealthcoreStrategic or Co-development Partner · 27 October 2025Minority stake investment in Heading Health, a mental health provider with locations in Texas (Austin), involving an initial $1.5 million with potential up to $2.5 million, aimed at expanding access to neurostimulation treatments for mental health conditions. Part of BrainsWay's broader strategy of minority investments in mental health provider platforms.
• Stella MSO, LLCcoreStrategic or Co-development Partner · 4 June 2025$5 million minority-stake investment in Stella MSO, LLC, a management services organization supporting mental health clinics in the U.S. and Israel. The investment grants BrainsWay a minority stake through a preferred security to facilitate growth and positive patient outcomes, as part of strategic efforts to expand access to neurostimulation treatments.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Compass Pathways: Clinical-stage mental health company developing psilocybin therapy for treatment-resistant depression. Addresses the same treatment-resistant MDD population via an alternative interventional psychiatry modality.
• Electrocore: Commercializes non-invasive vagus nerve stimulation (nVNS) devices for migraine, cluster headache, and indications including depression. Competes in the broader non-invasive neuromodulation category addressing treatment-resistant mental health and headache conditions.
• Neurolief: Developer of ProlivRx, the first FDA-approved at-home prescription neuromodulation therapy for MDD. Comparable as a non-invasive neurostimulation competitor; BrainsWay is also a strategic investor via an $11M convertible loan with an acquisition call option.

Others

• Axsome Therapeutics: Commercial-stage CNS pharmaceutical company with FDA-approved therapies for major depressive disorder (Auvelity) and migraine. Adjacent competitor for the same MDD patient pool where Deep TMS is used, particularly treatment-resistant depression.
• Greenbrook TMS: U.S. and Canadian operator of a large TMS clinic network and a major customer/competitor dynamic for BrainsWay and Neuronetics. Comparable as a high-volume provider of TMS services and a key channel for Deep TMS system sales.

Broad incumbents

• LivaNova: Global medical device company with an implantable vagus nerve stimulation (VNS) system approved for treatment-resistant depression. Competes in the neuromodulation-for-depression category but with an invasive surgical approach versus BrainsWay's non-invasive TMS.

Direct peers

• Nexstim: Finland-headquartered company offering navigated TMS systems for depression and pre-surgical brain mapping. Comparable in providing TMS-based therapy devices targeting psychiatric indications and overlapping clinical customer base.
• Neuronetics: U.S. medical device company commercializing NeuroStar, the leading figure-8 coil TMS system for MDD and OCD. Direct competitor selling TMS hardware to the same psychiatrist and clinic customers that BrainsWay targets, with overlapping FDA-cleared indications.
• Magstim: UK-based manufacturer of TMS stimulators and coils used in research and clinical psychiatry globally. Competes head-to-head with BrainsWay's Deep TMS by offering alternative TMS platforms to clinics and academic centers.

Regional players

• Saluda Medical: Developer of Evoke, a closed-loop spinal cord stimulation system for chronic pain. Operates in the broader implanted neuromodulation space that parallels BrainsWay's neurostimulation franchise, though targeting different indications and geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/3253269
• Xx.com/Brainsway
• Facebookfacebook.com/brainswaydeeptms

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries5 records

Funding overview

Funding rounds5 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments11 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Brainsway