Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 12

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 12
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 the products of our competitors. If we are not successful in convincing others of the merits of Deep TMS
or educating them on the use of the Deep TMS system, they may not use our system or use them effectively and we may be unable to increase
our revenues.

   8  

Deep TMS competes with several existing Traditional
TMS competitors, including Neuronetics, Magventure, Neurocare (MAG & More), Cloud TMS, Magstim, Nexstim Yingchi, Sebers (Remed/Blossom),
Magnus Medical, NeuroQuore, and BTL. Competing TMS therapy companies have developed or may develop treatments that have improved efficacy
when compared to our products or that require a less significant investment of resources from physicians. Likewise, psychiatrists and
other customers may not be able to easily compare Deep TMS to our focal TMS competitors given limited data from head-to-head studies and
marketing campaigns and tactics employed by competitors which may have access to greater resources than we do.

We also face competition from pharmaceutical and
other companies, many of which have greater resources than we do, that develop competitive products, such as anti-depressant medications
(including but not limited to a nasal spray utilizing the drug esketamine, which was approved in 2022 by the FDA for use in conjunction
with an oral antidepressant) and to a lesser degree, ECT, home-use alternatives such as transcranial direct current stimulation (TDCS)
devices, prescription digital therapeutics (PDTs), and other neuromodulation treatment options. Our commercial opportunity could be reduced
or eliminated if these competitors develop and commercialize anti-depressant medications or other treatments that are safer or more effective
than Deep TMS, or are offered at more competitive prices, are more easily administered to patients or are otherwise more attractive to
our customers and patients. At any time, these and other potential market entrants may develop treatment alternatives that may make Deep
TMS less competitive.

We also note that competition varies based on the
indication, and some of the indications we are advancing may face marketability challenges based on existing treatment options. For example,
there are a variety of smoking cessation products currently available on the market, including nicotine patch treatment. Electronic cigarettes,
or e-cigarettes, are also widely available substitutes for tobacco smoking. Deep TMS for smoking cessation may not be a marketable alternative
to these existing options, particularly to the extent smokers need to pay out-of-pocket