revenue
68–70 $million
FY 2026
official guidance
Brainsway Ltd.
Last · —$11.51-0.41 (-3.44%)live · yahoo · 59m ago
Market cap$463.31M—
P/E · TTM50.0fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Positive quarter supports a constructive, but not risk-free, investment view:
revenue rose 35% to $17.1 million, shipments increased 42% to 125 systems, adjusted EBITDA rose 141% to $3.5 million, and FY2026 revenue guidance increased to $68–$70 million. The core bull case is accelerating SWIFT adoption, a 1,950-system installed base and $80.4 million of RPO; the main tension is that management provided little hard data on SWIFT utilization, ProlivRx traction or returns from its minority-investment strategy, while the stated adjusted EBITDA and operating-margin ranges remain unusually wide.
Themes
- Swift Protocol
- Deep Tms
- Installed Base
- Reimbursement
- Behavioral Health Investments
- Neurolief Prolivrx
Near term
The raised FY2026 revenue guide implies sustained second-half execution; RPO growth of 30% provides some visibility, but management did not quantify the timing or conversion of the $80.4 million balance.
SWIFT reimbursement and provider adoption are the key near-term demand indicators. Management cited 57 million covered lives, but did not provide the requested percentage of new cases using SWIFT or actual utilization data.
Watch cash deployment into behavioral-health clinic investments. The company remains debt-free with $62.4 million of cash, but the strategy could shift capital away from the core Deep TMS business before returns are demonstrated.
The 90-day ProlivRx soft-launch period and reported commercial milestones should clarify whether Neurolief becomes a meaningful platform asset or requires additional capital.
Longer term
The installed-base flywheel could be attractive if higher utilization, recurring revenue and additional indications materially increase revenue per system without proportional sales expense.
FDA clearance for comorbid PTSD/MDD could expand the value of the existing installed base without requiring new equipment purchases, but the timing and probability of clearance remain uncertain.
SWIFT could improve clinic economics by increasing throughput, although management's claims were qualitative and payer coverage remains market-specific.
International expansion offers a stated opportunity across more than 170 million untreated patients, but this is an addressable-market estimate rather than a forecast supported by committed orders.
The broader interventional-psychiatry platform thesis depends on successful execution of clinic investments and home-use neuromodulation, areas with less operating history than the core Deep TMS business.
Competitive positioning remains unresolved: management acknowledged psychedelics and other treatment modalities as alternatives but did not quantify Deep TMS share gains, switching costs or differentiation beyond its evidence base.
Red flags
The guidance ranges are internally difficult to underwrite: operating margin is stated as 13.5%–40% of revenue and adjusted EBITDA as $13 million–$40 million. The upper bounds appear unusually high relative to current margins and were not explained on the call.
When asked for the percentage of new cases using SWIFT, management did not provide a company-wide figure and instead offered an ambiguous statement that adoption can approach 50% in a local area with reimbursement.
ProlivRx progress was described as 'very encouraging,' but no sales, patient, clinic, revenue or profitability KPIs were disclosed. The potential Neurolief acquisition remains contingent on unspecified commercial milestones.
Management links clinic minority investments to future bulk system orders, but provided no investment amounts, ownership economics, purchase commitments or evidence that these investments are already contributing materially to revenue.
The 6.3 million dollars of operating cash flow was attributed partly to payment terms on strategic deals, so the quarter's cash conversion may not represent normalized performance.
Forward outlook
revenue growth
30–34 pct
FY 2026
official guidance
operating margin
13.5–40 pct
FY 2026
official guidance
ebitda
13–40 $million
FY 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
1:30 PM UTC+1
Period
Sep 2026
Est. EPS
$0.09
Est. revenue
17.8M