Brainsway: Q2 revenues surge by 90%, reaching $2.8M, compared to Q2 2015
Joseph Perekupka, VP of North American Sales and Operations states, “We are very excited with our Q2 results. Our rapid growth rate proves that our commercial strategy of focusing on the U.S. market is effective. Brainsway is well-positioned and intends to be a substantial player in non-invasive brain stimulation.”
With a new office in Hackensack, New Jersey, Brainsway shows its commitment to the U.S. growing its team to 16 people in marketing, sales, support, and management. Health insurance companies, including Medicare, cover the Brainsway Deep Transcranial Magnetic Stimulation (TMS) treatment for over 90% of the U.S. population.
Key financial results and highlights include: Q2 2016 income jumped by approximately 90%, reaching $2.8M compared with revenues of $1.4M in Q2 2015. The increase is mainly due to the lease and sales of new systems, but recurring revenue from legacy systems continue to generate profit. In the first half of 2016, the revenues jumped by 93% to $5.2M, compared to $2.7M in the first half of 2015. The company’s cash and short term deposits total ~$11M, as of June 30th, 2016. The company’s equity capital is $12M.
“Every quarter we continue to improve our financial performance as we reach profitability. Even though Brainsway invested significant resources in clinical trials, R&D and marketing, the Company managed to decrease its monthly burn rate to less than $200K, providing enough cash to execute its strategic plan,” said Hadar Levy, Chief Financial Officer for Brainsway.
Brainsway also continues to invest in its R&D pipeline, including its four multi-center clinical trials in OCD, PTSD, bipolar disorder and smoking cessation. The OCD trial, expected to be completed first, is currently underway and progressing as planned. The OCD trial has recruited 69 out of the 98 total patients to complete the study.
Brainsway continues to form partnerships with key opinion leaders in the U.S., as well as with leading universities, medical centers and mental health experts who are all rapidly adopting Deep TMS. We consistently receive positive feedback from our clinical partners and reference sites. This strong clinical foundation generates great interest in Deep TMS within the business, media, public policy, and scientific communities as well.
Brainsway Ltd./ Brainsway USA is a leader in non-invasive treatments for brain disorders utilizing Deep Transcranial Magnetic Stimulation (Deep TMS). Our unique patented technology was developed in collaboration with the National Institute of Health (NIH) and is FDA and CE cleared to treat patients with depression who are not currently responding to medication. The treatment has been enthusiastically supported by many academic communities and is widely covered by most insurance payers. F