Current indications include depressive disorder (including reduction of anxiety symptoms, commonly referred to as anxious depression), obsessive-compulsive disorder, and smoking addiction. The Israel Ministry of Defense's Rehabilitation Department has granted approval for the reimbursement of Deep TMS therapy for qualifying patients with post-traumatic stress disorder (PTSD) at Israeli public hospitals, expanding the company's addressable market and establishing strong domestic reimbursement pathways.
Cyborg Score Rationale
As of June 2025, BrainsWay has trailing 12-month revenue of $46.1M, demonstrating commercial traction. The company benefits from multiple FDA clearances, expanding insurance coverage, and growing international reimbursement, though the modest market cap of ~$281M reflects competitive pressures in the neurostimulation market.
Top Insights
BrainsWay increased its presence in Israel with 11 recent system installations driven by a 45% increase in reimbursement rates
The company's flagship technology is based on deep transcranial magnetic stimulation, aimed at helping smokers quit (FDA cleared since August 2020)
BrainsWay holds CE Mark clearance outside of North America for numerous additional psychiatric and neurological conditions including post-traumatic stress disorder and Alzheimer's disease
Recent Valor Equity Partners partnership signals institutional validation and growth capital for market expansion
Named Competitors
TMS Systems — Transcranial magnetic stimulation systems for depression treatment
Deep Brain Stimulation — Invasive neuromodulation alternatives
Esketamine — Pharmaceutical treatment for treatment-resistant depression
Recent Developments
(January 2026) FDA approval of Neurolief's Proliv Rx neuromodulation system for major depressive disorder
(December 2025) Optum expanded Deep TMS coverage for teens, broadening addressable patient population
(September 2024) Israel Ministry of Defense granted PTSD reimbursement approval at Israeli hospitals
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