Second quarter revenues of $3.7 million represent a quarterly record and a 57% increase over second quarter 2017
Recently announced FDA clearance of Deep TMS system for treatment of OCD expected to drive further revenue growth
HACKENSACK, N.J., August 27, 2018 – BrainsWay Ltd. (TASE: BRIN), a leader in the advanced non-invasive treatment of brain disorders, today announced the Company’s financial results for the three months ended June 30, 2018, and provided a corporate update.
Second Quarter 2018 Financial Highlights
“We continue to generate significant revenue growth through the leasing and use of our Deep Transcranial Magnetic Stimulation system (Deep TMS),” said Yaacov Michlin, Chief Executive Officer of BrainsWay. “Our strong second quarter revenues of $3.7 million represented growth of 57% over the second quarter of 2017. Additionally, our backlog of committed projected revenues grew to more than $29 million at the end of the second quarter of 2018.”
“We were extremely pleased to recently receive De Novo clearance from the U.S. Food & Drug Administration (FDA) for our Deep TMS system for the treatment of obsessive-compulsive disorder (OCD) in adults. With more than two million U.S. adults suffering from OCD, this indication represents a substantial market opportunity for BrainsWay. As such, we expect the launch of Deep TMS for OCD to drive further revenue growth for the Company, and are already receiving significant interest from current and new customers in potentially adding our OCD helmet to their clinics. With FDA clearances for Deep TMS in major depressive disorder (MDD), and now OCD, BrainsWay continues to strengthen its leadership position in the non-invasive treatment of common brain disorders, and we look forward to continuing to develop our innovative technology for additional psychiatric indications,” concluded Mr. Michlin.
At June 30, 2018, the Company had cash, cash equivalents and short-term deposits of $11.6 million, as compared to cash, cash equivalents and short-term deposits of $14.6 million as of December 31, 2017.