- Revenue Increased by 87 percent to $3.4 million compared to Q3 2015
- Gross profit exceeds 83 percent to approximately $2.8 million compared to Q3 2015
- Third quarter Non-GAAP dilution of $356,000 compared to $459,000 in Q3 2015
- Cash flow increases by $60,000 compared to the Q2 2016 cash flow
HACKENSACK, N.J., Nov. 28, 2016 (GLOBE NEWSWIRE) -- Brainsway® USA Inc., a subsidiary of Brainsway Ltd. (TASE:BRIN), a leader in the advanced non-invasive treatment of brain disorders, announced today promising Q3 2016 results. The report shows continuous strong financial performance and the increase is mainly due to the sale of new systems in the U.S. market.
"We continue improving our financial performance quarter over quarter towards profitability. Despite its growing investment in clinical trials, research and development, and marketing, the company managed to decrease its monthly burn rate to less than $120,000 and generate positive cash flow in Q3. Brainsway has enough cash position to execute its strategic plan,” said Hadar Levy, chief financial officer of Brainsway.
Joseph Perekupka, VP of North American Sales Operations said, "Our strategy to focus on the commercialization for the U.S. market is working and our growth exceeds our expectations during Q3 this year. We are also happy to announce that patient recruitment for our OCD trial will soon be complete. To date, the company has recruited 88 out of a total of 98 patients needed to complete the trial and are preparing to file for FDA clearance in 2017. Brainsway will strengthen its growth plans with a strong sales force and new regional sales managers. Currently, 85 percent of the American population have insurance coverage for Brainsway's treatment while we continue to obtain clinical data and receive further positive indications in a variety of clinical trials. The company continues to seek collaborations with strategic partners and key opinion leaders in the U.S., as well as medical centers offering Deep TMS."
About Brainsway
Brainsway Ltd./ Brainsway USA is a leader in non-invasive treatments for brain disorders utilizing Deep Transcranial Magnetic Stimulation (Deep TMS). Our unique patented technology was developed in collaboration with the National Institute of Health (NIH) and is FDA and CE cleared to treat patients with depression who are not currently responding to medication. The treatment has been enthusiastically supported by many academic communities and is widely covered by most insurance payers. For more information, please visit www.brainsway.com.
Forward-Looking Statements
This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements.