HACKENSACK, N.J., April 05, 2017 (GLOBE NEWSWIRE) -- 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 Chairman of the Board. “The feedback from the market and our growth rate has been exceptional.”
Brainsway’s 2016 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 a great quarter in terms of systems installations, in the United States,” said Joseph Perekupka, Vice President of Sales Operations in 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 outcomes for thousands of patients that are benefiting from Deep TMS.
The strong financial performance helps the company to continue to invest in research and development. “We pride ourselves as the innovative leader in non-invasive brain stimulation, and continue to lead in both industry sponsored clinical trials and research and development spending,” said Yaacov Michlin, newly appointed CEO of Brainsway. The future is promising with a strong pipeline of potential new products, a sound business model, and a great team.
About Brainsway
Brainsway is dedicated to the research, development and marketing of a medical device for non-invasive treatment of prevalent brain disorders. The system, developed and manufactured by the company, is based on a unique and revolutionary technology known as Deep Transcranial Magnetic Stimulation (TMS), which can reach deep into the brain, generating neural stimulation or inhibition. The company’s systems are sold worldwide, and have been cleared by the FDA and CE, with medical coverage for 90 percent of the U.S. population. The company’s current focus is on commercialization and increasing the penetration of the U.S. market for treating severe depression.
Brainsway Deep TMS is indicated by the FDA only for the treatment of depressive episodes in adult patients suffering from Major Depressive Disorder, who failed to achieve satisfactory improvement from previous anti-depressant medication treatment in the current episode. FDA 510(k) No. K122288.