BrainsWay Closes 2016 With 69 Percent Increase in Year-over-Year Revenue Growth
Company reaches $11.5 million in revenue, closing best quarter in company history with record results
Hackensack, NJ – BrainsWay® USA Inc., a subsidiary of BrainsWay Ltd. (TASE: BRIN), a leader in the advanced non-invasive treatment of brain disorders, announced today its financial reports for 2016. The report shows a total revenue of $11.5 million, a 69 percent increase from the close of 2015. The revenue growth is mainly due to the sale of new systems in the U.S. market.
“Our effort to educate patients and mental health providers on the benefits of our treatments is yielding consistent dividends,” said Dr. David Zacut, BrainsWay’s acting CEO and Chairman of the Board. “The feedback from the market and our growth rate has been exceptional and beyond the expectations of both the management team and the board.”
BrainsWay’s 2016 gross margin surged by 71 percent – reaching $9.1 million – and operating loss decreased by 54 percent compared to the previous year. The 2016 financial results demonstrate the company’s strong financial health and viability, as the company skillfully serves prospective and existing customers, while expanding the footprint of Deep Transcranial Magnetic Stimulation (Deep TMS) across the United States and beyond.
“I am proud of the team, as they stretched beyond expectations and achieved the best quarter in our company’s history,” said Joseph Perekupka, Vice President of Sales Operations, North America. “We are truly building a sustainable world-class medical device company based on strong fundamentals that is ultimately changing the way brain disorders are being treated, one patient at a time.”
BrainsWay is well-positioned with full-service marketing, sales, operations, and support teams, including retaining legal, reimbursement, and public relations firms that help provide exceptional support to existing and prospective customers. The company fosters a diligent, creative, and innovative culture of a highly skilled and motivated workforce. BrainsWay continues to accumulate clinical data of thousands of patients that are benefiting from Deep TMS.
“We sold the most units in company history in Q4 of 2016, enabling an increase in 2016 income by approximately 27%, reaching $2.9M, compared with revenues of $2.3M in Q4 2015. We continue improving our financial performance quarter over quarter towards profitability” said Hadar Levy, chief financial officer of BrainsWay. The future is promising with a sound business model, marketing that reaches both patients and providers, and building both great products and teams.