- **Revenue Growth**: Q3 $13.5M (+29% YoY), full-year guidance raised to $51-52M. 
- **Accelerated Protocol**: 6-day MDD treatment protocol driving demand. 
- **Strategic Investments**: $20M equity in mental health providers and Neurolief (up to $11M convertible loan). 
- **Financial Strength**: 75% gross margin, $70.7M cash, updated guidance for 6-7% operating profit. 
- **Global Expansion**: APAC and Europe key growth markets.

**【CEO Summary Section】**
- **Record Q3 Revenue**: $13.5 million, up 29% YoY, driven by 90 Deep TMS systems shipped (43% YoY increase). Full-year guidance raised to $51-52 million (from $50-52 million). 
- **Accelerated Protocol Adoption**: FDA-approved 6-day MDD treatment protocol (vs. 4-week traditional), with early demand signals. 
- **Minority Investments**: $20 million strategic equity investment in mental health providers (e.g., Stella Mental Health, Axis) and Neurolief (up to $11 million convertible loan). 
- **Lease Model Dominance**: 70% of sales via multi-year leases, with $65 million remaining performance obligations. 

**【CFO Financial Commentary】**
- **Gross Profit**: $10.2 million (75% margin), stable vs. prior year. 
- **Operating Expenses**: $4.7M (Sales/Marketing), $2.4M (R&D), $1.8M (G&A), driven by strategic initiatives. 
- **Cash Flow**: $70.7 million ending cash, positive operating cash flow. 
- **Guidance Update**: Operating profit 6-7% of revenue (vs. 4-5%), EBITDA 13-14% (vs. 12-13%). 

**【Q&A Highlights】**
- **Accelerated Protocol**: CEO expects adoption to boost patient convenience and demand. 
- **Minority Investments**: Pipeline for 2026 includes high-growth, profitable enterprises. 
- **Neurolief Update**: FDA clearance anticipated by end-2025, targeting VA, IDNs, and TMS clinics. 
- **International Growth**: Focus on APAC (Japan, China, India) and Europe (Germany, France).

BrainsWay Ltd. (BWAY) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

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Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Income Tax Expense

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Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS

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Diluted EPS from Discontinued Operations

BWAY

BWAY fundamentals

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