BrainsWay Posts 27% Revenue Growth in 2025, Expands FDA Clearances

Event summary

  • Q4 2025 revenue grew 27% YoY to $14.5 million, with full-year revenue reaching $52.2 million.
  • Net income increased 161% YoY to $7.6 million, with adjusted EBITDA up 53% to $2.3 million in Q4.
  • FDA granted label expansion for Deep TMS™ system to treat adolescents aged 15-21 with MDD.
  • Remaining performance obligations increased 43% to $70 million, with 70% of customer engagements as multi-year leases.
  • 2026 guidance projects 27-30% revenue growth to $66-$68 million, with adjusted EBITDA growth of 86-100%.

The big picture

BrainsWay's strong 2025 financial performance, marked by 27% revenue growth and significant profitability improvements, reflects accelerating demand for its Deep TMS™ technology. The FDA's recent clearances for expanded indications and the company's strategic investments in mental health networks position it to capitalize on the growing need for noninvasive neurostimulation treatments. The key challenge will be maintaining this momentum amid increasing competition and the need for sustained reimbursement coverage.

What we're watching

Regulatory Tailwinds
The FDA's label expansion for Deep TMS™ in adolescents and the clearance of the accelerated SWIFT™ protocol could accelerate adoption and revenue growth.
Execution Risk
BrainsWay's ability to sustain its 27-30% revenue growth guidance will depend on its success in expanding customer adoption and securing reimbursement coverage.
Market Expansion
The potential of Neurolief’s Proliv™Rx neuromodulation system to expand BrainsWay’s addressable market and create new growth opportunities.

Related topics

EBITDA