BrainsWay (ADR) (BWAY)
Sells and leases Deep TMS systems for clinically regulated mental-health treatment.
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Deep TMS systems are sold and leased with related services for mental-health treatment. Revenue depends on commercialization of MDD, OCD, and smoking-addiction applications within a proprietary coil platform.
Deep TMS systems are sold and leased with related services for mental-health treatment. Commercialization centers on major depressive disorder, obsessive-compulsive disorder, and smoking addiction, while FDA authorizations also cover anxious depression, late-life depression, and accelerated MDD protocols.
Founded in 2003, the business is built around a proprietary coil platform extended through FDA clearances rather than unrelated franchises. Operations span Jerusalem and the United States, and Nasdaq-traded ADSs represent ordinary shares in a continuing dual-listing structure. Most employees are based in Israel, with the balance in the United States.
Sales, leasing, related service, clinical evidence, physician adoption, reimbursement, competition from other therapies, and FDA authorization shape the business.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 31, 2026 | H.C. Wainwright | Reiterate | Rating: —Target: $14 | Target: $19 |
| Aug 12, 2026 | BTIG | Reiterate | Rating: —Target: $18 | Target: $20 |
| Jul 20, 2026 | BTIG | Initiate | Rating: —Target: — | Target: $18 |
| Jul 17, 2026 | H.C. Wainwright | Reiterate | Rating: —Target: $17 | Target: $14 |
| May 26, 2026 | H.C. Wainwright | Target | Target: $30 | Target: $17 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $62.4M · Total debt $7.1M · Total assets $122.0M · Shareholders' equity $79.2M
- Revenue
- $17.4M
- Operating income
- $2.4M
- Net income
- $2.8M
No dividends on record.
| Institutions | 29.09% | 11.41M ADS | |
|---|---|---|---|
| 58 holders · as of Jun 30, 2026 | |||
| Insiders | 25.78% | 10.11M ADS | |
| 14 holders · as of Jun 22, 2026 | |||
| Strategic holders | 14.17% | 5.56M ADS | |
| 2 holders · as of Jun 3, 2026 | |||
| Other | 30.96% | 12.14M ADS | |
| remainder | |||
39.22M ADS (1 ADS = 2 ordinary shares) as of Aug 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
The share count is from the company's Dec 2022 annual report; nothing newer is on file here.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Jonathan K. Shulkin1,2Insiderdirector | 14.92% | 11.70M ordinary | filed Oct 8, 2025 |
Valor Management LLCInstitution | 13.55% | 5.31M ADS | as of Jun 30, 2026 |
The Phoenix Holdings Ltd.Strategic | 10.94% | 4.29M | filed Feb 7, 2022 |
The Vanguard GroupInstitution | 7.28% | 2.86M | filed Mar 30, 2022 |
Dr. David ZacutInsider | 5.66% | 2.22M | filed Nov 30, 2022 |
- Jonathan K. Shulkin's transaction reports restate only vehicles that traded; the 2025 ownership statement (5.85M) is used instead.
- Jonathan K. Shulkin reports a block also reported by Valor Management LLC; it is counted once, under Valor Management LLC.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 15, 2026 | Gilad Moiseyev | officer: Chief Technology Officer | −5,000 | |
| May 26, 2026 | Rayten Michal Ety Mitrany | director | −7,980 | |
| May 25, 2026 | Rayten Michal Ety Mitrany | director | −10,000 |
- Neuronetics
Nasdaq-listed U.S. TMS systems and mental-health treatment centers
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| BrainsWay (ADR) | $13.60 | +0.19% | $532.3M | 30.8 | 30.9 | 8.7 | +35.4% |
| Neuronetics | $2.92 | +2.28% | $198.3M | — | — | 1.3 | +9.1% |
| Median | — | — | 1.3 | +9.1% |