Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 166

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 166
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.0 million for the year ended December 31, 2024. The increase in revenues
is primarily attributed to an increase in leases and sales of our Deep TMS systems to customers. Revenues from sales and leases were 55%
and 35%, respectively, of the revenues for the year ended December 31, 2024, compared to 64% and 27%, respectively, of the revenues for
the year ended December 31, 2023.

  97  

Cost of revenues
and gross margin

Our cost of revenues was
$10.4 million for the year ended December 31, 2024 compared to $8.3 million for the year ended December 31, 2023. The increase of $2.1
million, or 26% is primarily attributed to an increase in sales volumes. There has been no material change in our gross margin as a percentage
of revenue for the last three years.

Research and
development expenses, net

Our research and development expenses, net, were
$7.2 million for the year ended December 31, 2024 compared to $6.7 million for the year ended December 31, 2023. The increase of $0.5
million, or 7%, is primarily attributed to an increase in headcount and in investments in clinical trial and post-marketing studies.

Selling and
marketing expenses

Our selling and marketing expenses were $16.2 million for the year ended
December 31, 2024 compared to $16.5 million for the year ended December 31, 2023. The decrease of $0.3 million, or 2%, is primarily attributed
to a decrease in the costs of the commercial team in the United States. These cost savings included decreased headcounts and costs associated
with same, recruiting expenses, advertising and promotional expenses. The Company also improved its cost effectiveness for marketing expenses
by targeting the investments to specific groups and growing markets.

General and
administrative expenses

Our general and administrative expenses were $5.8
million for the year ended December 31, 2024 compared to $5.3 million for the year ended December 31, 2023. The increase of $0.5 million,
or 9%, is primarily attributed to termination of equity awards and related forfeiture of share-based payments in 2023 in connection with
the restructuring process that occurred in 2023.

Finance expenses,
net

Our finance income