BrainsWay beats Q1 estimates with stronger revenue growth, higher Deep TMS shipments, and improved profitability.
Stock Earnings Results
May 13, 2026
Table of Contents
May 13, 2026
BrainsWay Ltd. (NASDAQ: BWAY) reported first-quarter 2026 results above expectations, supported by stronger revenue growth, higher system shipments, expanding reimbursement coverage, and improved profitability.
BrainsWay develops non-invasive neurostimulation treatments using its Deep Transcranial Magnetic Stimulation technology, or Deep TMS, for mental health and neurological disorders.
The company reported EPS of $0.12, above estimates of $0.04, representing a 200.0% earnings surprise. Revenue came in at $15.53 million, above estimates of $14.21 million, with revenue growth of 34.6%.
BrainsWay reported first-quarter revenue of $15.5 million, up 35% year-over-year.
The increase reflected growing demand for Deep TMS systems, broader provider adoption, and stronger engagement with enterprise mental health accounts.
The company shipped a record 117 Deep TMS systems during the quarter, up 44% from the prior-year period.
BrainsWay’s installed base reached approximately 1,820 systems, giving the company a larger platform for treatment utilization, recurring demand, and long-term account growth.
Net income increased to $2.3 million from $1.1 million a year earlier.
Operating income rose to $2.0 million, compared with $0.6 million in the prior-year period. Adjusted EBITDA more than doubled to $2.8 million from $1.3 million, showing stronger operating leverage as revenue scaled.
Remaining performance obligations increased 25% year-over-year to about $75 million.
That matters because RPO growth gives investors more visibility into future revenue tied to existing customer commitments and system demand.
BrainsWay secured its first insurer coverage for its accelerated SWIFT Deep TMS protocol following FDA clearance.
The company also highlighted growing payer support for psychiatric mental health nurse practitioners administering TMS, which could expand treatment access. BrainsWay is also advancing patient recruitment for its alcohol use disorder study and plans to submit an FDA filing in the second quarter for Deep TMS in treating PTSD symptoms in patients with major depressive disorder.
BrainsWay reaffirmed its 2026 outlook.
The company expects revenue of $66 million to $68 million, representing 27% to 30% growth from 2025. It also expects operating income of 13% to 14% of revenue and adjusted EBITDA of $12 million to $14 million.
Investors are likely to watch whether BrainsWay can sustain system shipment growth and convert reimbursement progress into broader adoption.
The key areas are:
BrainsWay’s quarter shows how medical technology companies can reprice when product demand, profitability, and reimbursement progress improve together.
The earnings beat was strong, but the bigger signal was record Deep TMS shipments, higher RPO, and reaffirmed full-year guidance. If reimbursement coverage continues expanding, BrainsWay could have a stronger path to broader adoption across mental health treatment markets.
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