Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 160

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 160
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 leverage our platform technology, which includes the ability to treat multiple indications
using different H-Coil helmets, to facilitate transactions utilizing combined pricing models often involving a single system with one
or more add-on helmets. These flexible offerings are designed to facilitate market penetration by addressing the differing clinical needs
and risk tolerance among our customer base. We commercialize Deep TMS for OCD based generally on either the sale model, or as part of
a fixed-fee lease model together with our MDD system. Following our receipt of FDA clearance for smoking addiction, we completed controlled
and limited market releases of our system for this indication, and are currently in the process of a clinical data collection effort to
facilitate a long term commercial plan for this product.

As of December 31, 2024, we had an installed base
of approximately 1,353 Deep TMS systems, whereby 578 systems were leased from us, and an additional 775 systems were sold by us prior
to December 31, 2024. Our installed base increased by 252 systems during 2024. In addition, as of December 31, 2024, we had shipped 743
H7 Coils as additional coils attached to certain of our new and existing systems following our receipt in August 2018 of marketing approval
from the FDA for our OCD system.

For the year ended December 31, 2024, our revenues
were $41.0 million compared to $31.8 million for the year ended December 31, 2023, representing an increase of 29% over the revenues generated
in 2023. Our net income for the year ended December 31, 2024 was $2.9 million, compared to net loss of $4.2 million for the year ended
December 31, 2023.

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As of December 31, 2024, we had an accumulated deficit
of $98.4 million. Our primary sources of capital to date have been from public offerings in Israel and in the United States, and private
placements of our securities, grants from the Israel Innovation Authority (IIA), borrowings under our credit facilities, the lease and
sale and commercialization of our products and services.

We expect our research, development, and clinical
trials expenses to increase in connection with our ongoing activities, particularly as we continue to develop next generation technology
(including in the areas of multichannel and rotational field TMS), rollout additional