Brainsway Reports Q2 2019 Financial Results

Brainsway (NASDAQ:BWAY, TASE:BWAY) has announced it has reported its Q2 2019 financial results for the quarter ended June 30, 2019.

As quoted in the press release:

Financial Results for the Second Quarter Ended June 30, 2019

• Quarterly record revenue of $5.7 million, an increase of 53% over the second quarter of 2018.
• Recurring (primarily lease) revenues of $3.2 million, an increase of 43% over the second quarter of 2018.
• Installed base of 456 Deep TMS systems, a quarter-over-quarter increase of 40 systems.
• 30 Deep TMS obsessive-compulsive disorder (OCD) coils shipped, reaching a total of 115 OCD coils as an add-on helmet to Brainsway’s Deep TMS systems since marketing clearance was obtained in August 2018.
• Gross margin for the second quarter of 2019 was 76%, compared to second quarter of 2018 gross margin of 77%.
• Research and development expenses for the quarter were $2.4 million, compared to $1.3 million in the same period in 2018. The increase was due to the continued development of Brainsway’s proprietary Deep TMS technology (including completion of the treatments for subjects recruited in the smoking cessation study and continued progress of clinical trials for the treatment of post-traumatic stress disorder), as well as lower Israel Innovation Authority (IIA) participation in expenses.
• Sales and marketing expenses for the second quarter of 2019 were $3.3 million, an increase of $1.4 million over the prior year. The increase was primarily driven by an expansion of the sales force and enhanced marketing activities for both MDD and OCD.
• General and administrative expenses for the quarter were $1.4 million, as compared to $0.7 million for the same period in 2018.  The increase was due to additional costs associated with becoming a public company in the U.S.
• Operating expenses totaled $7.0 million, compared to $3.9 million in the second quarter of 2018.  The increase was primarily driven by the enhanced sales and marketing activities, the increase in R&D expenses and, as mentioned above, the increased general and administrative costs incurred  following Brainsway’s IPO.

Click here to read the full press release.