BrainsWay Ltd.

Second-quarter 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 remained stable at 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 margin expanding to 20% from 11%. The company shipped 125 Deep TMS systems, bringing the installed base to approximately 1,950 systems, and remaining performance obligations reached $80.4 million, up 30% year over year. Cash flow from operations was $6.3 million in Q2, and cash and equivalents were $62.4 million at June 30, 2026. For 2026, management raised revenue guidance to $68 million-$70 million from $66 million-$68 million, said this implies 30% to 34% growth, and narrowed adjusted EBITDA guidance to $13 million-$40 million while narrowing operating margin guidance to 13.5% to 40% of revenue.

Hadar Levy framed the quarter as evidence that BrainsWay is moving beyond a single-product Deep TMS story toward a broader interventional psychiatry platform. He emphasized a “growth flywheel” built on clinical evidence, reimbursement expansion, installed-base growth, and recurring revenue, and said the company is entering the next phase “from a position of strength.” His tone was optimistic and confident, especially around SWIFT reimbursement, the PTSD/MDD data, and the strategic investment program.

Ido Marom highlighted the core financial strength of the quarter: revenue of $17.1 million, gross profit of $12.8 million, 75% gross margin, operating income of about $2.4 million, net income of $2.7 million, and adjusted EBITDA of $3.5 million. He noted operating leverage in sales and marketing, with that expense flat at $4.9 million year over year, while R&D rose to $3.2 million and G&A to $2.3 million. He also pointed to $6.3 million in operating cash flow, a debt-free balance sheet, and $62.4 million of cash, saying these support both growth initiatives and the minority investment program.

Analysts focused on the higher full-year guidance, asking what supports sustained second-half growth; management pointed to the rising RPO balance and continued strong demand for Deep TMS, especially SWIFT. Questions on SWIFT centered on payer adoption and usage, and management said the protocol is seeing strong feedback from providers because it improves clinic throughput and patient convenience, with reimbursement a key driver of adoption. Analysts also asked about the $80.4 million RPO and minority investments, and management said those investments are helping expand system demand as partner clinics grow. On Neurolief/ProlivRx, management said the launch is early, mainly through the VA channel, and that a decision on acquisition will depend on commercial milestones tied to growth and profitability over the next 90 days.