BrainsWay (ADR)
Sells and leases Deep TMS systems for clinically regulated mental-health treatment.
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Profile
Deep TMS systems are sold and leased with related services for mental-health treatment. Revenue depends on commercialization of MDD, OCD, and smoking-addiction applications within a proprietary coil platform.
Deep TMS systems are sold and leased with related services for mental-health treatment. Commercialization centers on major depressive disorder, obsessive-compulsive disorder, and smoking addiction, while FDA authorizations also cover anxious depression, late-life depression, and accelerated MDD protocols.
Founded in 2003, the business is built around a proprietary coil platform extended through FDA clearances rather than unrelated franchises. Operations span Jerusalem and the United States, and Nasdaq-traded ADSs represent ordinary shares in a continuing dual-listing structure. Most employees are based in Israel, with the balance in the United States.
Sales, leasing, related service, clinical evidence, physician adoption, reimbursement, competition from other therapies, and FDA authorization shape the business.
Company facts
Categories
Key statistics
Year to date +46.9% · Average volume (30d) 144.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 12, 2026 | BTIG | Reiterate | Buy | $18 | $20 |
| Jul 20, 2026 | BTIG | Initiate | Buy | $18 | |
| Jul 17, 2026 | H.C. Wainwright | Reiterate | Buy | $17 | $14 |
| May 26, 2026 | H.C. Wainwright | Target | $30 | $17 | |
| Jan 26, 2026 | H.C. Wainwright | Target | $24 | $30 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | $0.10 | $0.14 | +40.0% | $16.5M | $17.1M | +3.4% | +10.81% |
| May 13, 2026Q1 FY26 | $0.05 | $0.12 | +140.0% | $14.6M | $15.5M | +6.1% | +0.06% |
| Mar 11, 2026Q4 FY25 | $0.06 | $0.14 | +133.3% | $14.0M | $14.5M | +3.8% | −0.22% |
| Nov 11, 2025Q3 FY25 | $0.11 | $0.08 | −27.3% | $14.0M | $13.5M | −3.6% | +3.95% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $11.5M | $12.6M | $13.5M | $14.5M | $15.5M | $17.4M | |
| Gross profit | $8.6M | $9.5M | $10.2M | $11.1M | $11.7M | $13.0M | |
| Operating income | $576.0K | $578.0K | $1.3M | $1.9M | $2.0M | $2.4M | |
| Net income | $1.1M | $2.0M | $1.6M | $2.9M | $2.3M | $2.8M | |
| Diluted EPS | $0.02 | $0.05 | $0.04 | $0.14 | $0.12 | $0.14 | |
| Gross margin | 74.6% | 75.2% | 75.2% | 76.4% | 75.2% | 74.6% | |
| Operating margin | 5.0% | 4.6% | 9.3% | 13.2% | 12.9% | 14.0% |
Fiscal years (4-quarter sums)FY21 $29.7M · FY22 $27.2M · FY23 $31.8M · FY24 $41.0M · FY25 $52.2M
Revenue by geography · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $62.4M · Total debt $7.1M · Total assets $122.0M · Shareholders' equity $79.2M
Dividends
No dividends on record.
Ownership
Shares outstanding 39.22M · Float 29.42M · 75.0% free float
A split settled inside the quarter being compared, so quarter-on-quarter change is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Valor Management LLC | 5.31M | 13.55% | 13F | May 13, 2026 |
| Jonathan K. Shulkin · director | 5.31M | 13.55% | Form 4 | Mar 18, 2026 |
| Harel Insurance Investments & Financial Services Ltd. | 2.68M | 6.80% | 13G | May 5, 2026 |
| Meitav Investment House Ltd | 2.53M | 6.31% | 13G | Jun 3, 2026 |
| David Zacut · director | 1.75M | 4.45% | Form 4 | Mar 18, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 15, 2026 | Gilad Moiseyev | officer: Chief Technology Officer | −5,000 | |
| May 26, 2026 | Rayten Michal Ety Mitrany | director | −7,980 | |
| May 25, 2026 | Rayten Michal Ety Mitrany | director | −10,000 |
Peers
- Neuronetics
Nasdaq-listed U.S. TMS systems and mental-health treatment centers
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| BrainsWay (ADR) | $14.30 | +0.85% | $560.9M | 32.5 | 35.4 | 9.0 | +35.4% |
| Neuronetics | $2.97 | +0.89% | $204.6M | — | — | 1.3 | +9.1% |
| Median | — | — | 1.3 | +9.1% |