BrainsWay Reports Preliminary Record Fourth Quarter Revenue and Full-Year 2020 Financial Results
16 Febbraio 2021 - 1:00PM
BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the
“Company”), a global leader in the advanced noninvasive treatment
of brain disorders, today announced certain preliminary unaudited
Fourth Quarter Financial Results.
Preliminary Financial
Results
- For the three months ended December
31, 2020, Brainsway achieved record quarterly revenues in the range
of $6.8 million and $7.1 million, representing a sequential
increase of between 13.3% and 18.3% compared to the previous
quarter, and an increase of between 7.9% and 12.7% compared to Q4
2019 demonstrating strong recovery and acceleration in the business
as the operating environment continues to improve.
- Full-year 2020 revenues were in the
range of between $21.8 million and $22.1 million, representing a
decrease of between 4.3% and 5.6% compared to the prior year due to
the effects of COVID-19.
- As of December 31, 2020,
BrainsWay’s Deep TMS installed base was 629 total systems after
adding 36 systems during the fourth quarter, representing an
increase of 18.7% compared to prior year results.
- As of December 31, 2020, the
Company had shipped 216 OCD coils as add-on helmets to certain of
BrainsWay’s new and existing systems since marketing clearance was
obtained in 2019. The progress comes as the Company continues to
validate its differentiated TMS technology’s unique ability to
treat multiple psychological disorders, enabling penetration into
its existing installed base as well as de novo accounts.
- Cash and cash equivalents as of
December 31, 2020 amounted to $17.1 million, compared with
approximately $16.0 million at the end of the previous
quarter.
- As of the date hereof, the Company
is debt free.
“We are very pleased that the Company has
achieved such a strong finish to 2020,” said Christopher von Jako,
Ph.D., President and Chief Executive Officer of BrainsWay. “Our
strong results reflect continued growing demand for our Deep TMS
system in depression and OCD. We believe that even amidst the
pandemic – and to some extent, because of the heightened focus on
mental health it has caused – our proprietary Deep TMS technology’s
approval in multiple indications continues to be a key
differentiator in the market as we continue to increase adoption
across the U.S. We are excited at the prospect of leveraging this
momentum in 2021.”
Financial GuidanceWhile
BrainsWay does not intend to provide quarterly financial guidance
as standard practice, given the extenuating circumstances caused by
COVID-19, the Company believes that it is important that investors
and analysts have an understanding of the current state of its
business in this evolving healthcare environment. Therefore,
BrainsWay has provided the above preliminary unaudited financial
results. Actual results may differ materially from the foregoing
estimates due to developments or other information that may arise
between now and the time the financial results for the fourth
quarter of 2020 are finalized. These preliminary results should not
be viewed as a substitute for the Company’s fourth quarter reviewed
and year end audited consolidated financial statements prepared in
accordance with IFRS.
About BrainsWayBrainsWay is a
commercial stage medical device company focused on the development
and sale of non-invasive neurostimulation products using the
Company’s proprietary Deep Transcranial Magnetic Stimulation (Deep
TMS) platform technology. The Company received marketing
authorization from the U.S. Food and Drug Administration (FDA) for
its products for a variety of patient populations, including in
2013 for patients with major depressive disorder (MDD), in 2018 for
patients with obsessive-compulsive disorder (OCD), and in 2020 for
patients with smoking addiction. BrainsWay is currently conducting
clinical trials of Deep TMS in various psychiatric, neurological,
and addiction disorders. To learn more, please
visit www.brainsway.com
Forward Looking StatementsThis
press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements may be preceded by the words “intends,” “may,”
“will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,”
“estimates,” “aims,” “believes,” “hopes,” “potential” or similar
words, and include statements regarding preliminary financial
results for the fourth quarter revenue and full-year 2020 financial
results. These forward-looking statements and their
implications are based on the current expectations of the
management of the Company only and are subject to a number of
factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
The following factors, among others, could cause actual results to
differ materially from those described in the forward-looking
statements: inadequacy of financial resources to meet future
capital requirements; changes in technology and market
requirements; delays or obstacles in launching and/or successfully
completing planned studies and clinical trials; failure to obtain
approvals by regulatory agencies on the Company’s anticipated
timeframe, or at all; inability to retain or attract key employees
whose knowledge is essential to the development of Deep TMS
products; unforeseen difficulties with Deep TMS products and
processes, and/or inability to develop necessary enhancements;
unexpected costs related to Deep TMS products; failure to obtain
and maintain adequate protection of the Company’s intellectual
property, including intellectual property licensed to the Company;
the potential for product liability; changes in legislation and
applicable rules and regulations; unfavorable market perception and
acceptance of Deep TMS technology; inadequate or delays in
reimbursement from third-party payers, including insurance
companies and Medicare; inability to commercialize Deep TMS,
including internationally, by the Company or through third-party
distributors; product development by competitors; inability to
timely develop and introduce new technologies, products and
applications, and the effect of the global COVID-19 health pandemic
on our business and continued uncertainty and market impact
relating thereto.
Any forward-looking statement in this press
release speaks only as of the date of this press release. The
Company undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by any
applicable securities laws. More detailed information about the
risks and uncertainties affecting the Company is contained under
the heading “Risk Factors” in the Company’s filings with the U.S.
Securities and Exchange Commission. Investors and security holders
are urged to read these documents free of charge on the SEC’s web
site at http://www.sec.gov.
Contact: BrainsWay: Hadar LevySVP and General
ManagerHadarL@brainsway.com
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