Brainsway Ltd.

Deep-TMS neurostimulation device maker that has reached operating profitability and keeps expanding FDA indications, offset by customer concentration and sparse disclosed metrics.

Strengths

• Achieved operating profit in 2024 and 2025 after a history of losses, with a strengthening indication set (late-life and adolescent depression, accelerated protocol)
• Adequate cash ($35M, 50th pct) and an unparalleled clinical-evidence base in Deep TMS

Risks

• A significant share of revenue comes from a single customer
• Reimbursement dependence and competition from cheaper traditional TMS could cap growth; minority MSO/Neurolief stakes add write-down risk

Notable findings

• No interest coverageInterest coverage 0.92 (cannot cover interest)
• Customer concentration~85% of revenue from one customer/distributor — Our sales and marketing efforts are currently focused in the United States, where we generated approximately 85% and 81% of our revenues in the year ended December 31, 2025 and 2024, respectively
• FDA approvalFDA clearance/approval — BrainsWay Deep TMS System (2025-11-07)
• Notable holderHeld by 4 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, ARK Investment Management LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
• Insider sellingInsider selling — 7 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, last 6mo) Form 4 ↗