BrainsWay net income doubles as Deep TMS shipments hit all-time high

BrainsWay (NASDAQ:BWAY) delivered a powerful first-quarter 2026 performance, marked by a 35% year-over-year revenue increase to $15.5 million.

The company, renowned for its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) technology, demonstrated significant operating leverage as its bottom line outpaced top-line growth.

Net income more than doubled to $2.3 million, while Adjusted EBITDA surged 117% to $2.8 million.

The primary catalyst for the quarter was a record-breaking 117 Deep TMS systems shipped, representing the company’s most successful quarter for hardware deployment to date.

This push expanded BrainsWay’s total installed base to approximately 1,820 systems globally.

Demand remains robust across its core indications for Major Depressive Disorder (MDD) and Obsessive-Compulsive Disorder (OCD), with the company noting that Remaining Performance Obligations (RPO) jumped 25% to $75 million, providing a strong pipeline of future revenue.

Despite the rapid scaling of its hardware footprint, BrainsWay maintained a premium gross margin of 75%, consistent with the prior year.

This pricing power, combined with disciplined expense management, allowed the firm to achieve an operating income of $2 million, a significant leap toward its goal of sustained, high-margin profitability.

Financially, BrainsWay remains in a formidable position with $58.9 million in cash and no long-term debt.

Looking ahead, management reaffirmed its full-year 2026 guidance, signaling confidence in the current trajectory.

The company expects total revenue between $66 million and $68 million.