BrainsWay Ltd.

Q2 2026 revenue was $17.1 million, up 35% from $12.6 million a year ago. Gross profit was $12.8 million, up 34%, and gross margin was 75%. Operating income was about $2.4 million versus $0.6 million last year, net income was $2.7 million versus $2.0 million, and adjusted EBITDA was $3.5 million versus $1.5 million, with adjusted EBITDA margin at 20% versus 11%. For the first half, management did not give detailed income-statement figures beyond the Q2 callouts, but it said RPO reached $80.4 million, cash and cash equivalents were $62.4 million, and cash flow from operations was $6.3 million in Q2 versus $1.2 million in Q1. Full-year 2026 guidance was raised to revenue of $68 million-$70 million, implying 30%-34% growth, with operating margin guided to 13.5%-40% of revenue and adjusted EBITDA guided to $13 million-$40 million, or roughly 90%-100% growth versus full-year 2025.

Hadar Levy framed the quarter as evidence that BrainsWay is moving beyond a single-product Deep TMS story into a broader interventional psychiatry platform. He emphasized accelerating growth, expanded profitability, and greater revenue visibility, pointing to system shipments, reimbursement progress, SWIFT adoption, and new clinical data as the core drivers. His tone was confident and expansive, repeatedly describing the business as early in a much larger opportunity.

Ido Marom focused on the financial execution: revenue of $17.1 million, gross profit of $12.8 million, gross margin of 75%, operating income of about $2.4 million, net income of $2.7 million, and adjusted EBITDA of $3.5 million with a 20% margin. He also highlighted $80.4 million of RPO, $6.3 million in operating cash flow in Q2, and a debt-free balance sheet with $62.4 million in cash and cash equivalents. He said the capital position supports both core growth and the minority investment program.

Analysts pressed on whether the raised guidance implies sustained 30% growth in the back half; management said visibility is strong because of the growing RPO and continued demand for Deep TMS, especially SWIFT. Questions on SWIFT focused on payer adoption, patient mix, and utilization; management said SWIFT currently applies to MDD patients, reimbursement is key, and once reimbursed locally, adoption can rise to close to 50% of the local patient population. Analysts also asked about the $80.4 million RPO and minority investments, and management said these investments are helping drive more system orders, with visibility into growth extending into 2027. On Neurolief/ProlivRx, management said the launch is still early, mainly through VA and some private clinics, and any decision to acquire more will depend on commercial milestones tied to growth and profitability.