Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 14

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 14
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 more difficult for us to maintain a business relationship with such clinic networks. For example, in January 2023
GreenBrook TMS Inc., which owns approximately 95 treatment centers offering TMS therapy in the Unites States, entered into an exclusive
relationship with Neuronetics, Inc., one of our competitors. Thereafter, in December 2024, Neuronetics acquired all of the issued and
outstanding shares of Greenbrook. Furthermore, any financial instability of these networks can have an adverse effect on our revenues.
In addition, our competitors may be acquired by enterprises that have more established distribution networks than we do, thus gaining
an integral distribution advantage over us.

   9  

We are dependent
on physicians and if we are unable to adequately train physicians and other treatment providers and operators or if they use the Deep
TMS inadequately, we may be unable to achieve our expected growth.

There is a learning process involved for treatment
providers to become proficient in the use of our Deep TMS systems, which requires us to spend considerable time and resources for training.
It is critical to the success of our commercialization efforts to train a sufficient number of physicians and to provide them with adequate,
ongoing instruction and training in the use of our Deep TMS systems. This training process generally requires physicians to review and
study product materials and engage in hands-on training sessions. This training process may also take longer than expected or be more
complicated than the physicians or their personnel are comfortable with and may therefore affect our ability to increase sales. Convincing
physicians to dedicate the time and energy necessary for adequate training is challenging, and we may not be successful in these efforts.

The use of our Deep TMS system to treat OCD requires
a special procedure to provoke the patient to exhibit symptoms of OCD while the patient is treated with Deep TMS. This procedure requires
special training and may make the treatment more difficult to apply than alternative treatments, as the treatment must be tailored for
the condition of each patient. As a result, this may lead to a variability of the overall results and between patients, which could discourage
use of Deep TMS for OCD. In addition, if the physicians and operators do not apply the treatment of OCD patients properly or experience
difficulties in the use of the system for OCD, this could reduce the level of satisfaction with this system for OCD, and adversely affect
our revenues and our operating results.

To the extent our customer physicians do not properly diagnose or select appropriate