Monitor the resolution of the Magnus Medical patent dispute, as an unfavorable outcome could impact the commercialization of the newly cleared accelerated treatment protocol. The company's heavy reliance on a single customer (significant portion of revenue) represents a concentration risk that investors should track in future quarters.
Price Chart
Executive Summary
Brainsway's 20-F filing for 2025 shows strong financial growth with a 27% revenue increase to $52.2 million and net income of $7.6 million, driven by U.S. market expansion and new FDA clearances. The company's strategic investments in MSOs and Neurolief, along with a significant $20 million private placement, position it for continued growth, although its reliance on a single large customer and ongoing patent litigation with Magnus Medical present notable risks.
Key Facts
- Revenue increased 27.3% YoY to $52.2 million for 2025, with net income of $7.6 million
- U.S. revenue grew 33% to $44.2 million, now representing 85% of total revenue
- Received FDA clearance for adolescent MDD treatment (ages 15-21) and accelerated treatment protocol
- Completed $20 million private placement with Valor in November 2024
- Invested $9.8 million in MSOs (Axis, Tangient, Stella) and $11 million in Neurolief
- Faced patent infringement claim from Magnus Medical regarding accelerated TMS protocol
Financial Impact
Revenue of $52.2 million (+27.3% YoY) and net income of $7.6 million (+162% YoY)
Risk Factors
- Patent infringement lawsuit from Magnus Medical
- High customer concentration risk with a single customer
- Geopolitical risks from operations in Israel
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 12 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001171843-26-002568 |
| Exhibit: exh_23.htm | 0001171843-26-002568 |
| Exhibit: exh_424.htm | 0001171843-26-002568 |
| Exhibit: exh_421.htm | 0001171843-26-002568 |
| Exhibit: exh_121.htm | 0001171843-26-002568 |
| Exhibit: exh_122.htm | 0001171843-26-002568 |
| Exhibit: exh_151.htm | 0001171843-26-002568 |
| Exhibit: exh_13.htm | 0001171843-26-002568 |
| Exhibit: exh_8.htm | 0001171843-26-002568 |
| Document: 0001171843-26-002568-index-headers.html | 0001171843-26-002568 |
| Document: 0001171843-26-002568-index.html | 0001171843-26-002568 |
| Document: 0001171843-26-002568.txt | 0001171843-26-002568 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 9, 2026 16w ago | 6-K | $16.84 $15.13 | ▼ −10.15% | ▼ −14.24% | $15.13 (−10.15%) |
May 18, 2026 19w ago | 6-K | $16.84 $15.13 | ▼ −10.15% | ▼ −15.01% | $15.13 (−10.15%) |
May 13, 2026 20w ago | 6-K | $16.84 $15.13 | ▼ −10.15% | ▼ −14.59% | $15.13 (−10.15%) |
Apr 20, 2026 23w ago | 20-F | $13.55 $15.13 | ▲ +11.66% | ▲ +4.76% | $15.13 (+11.66%) |
Apr 15, 2026 24w ago | 6-K | $13.55 $15.13 | ▲ +11.66% | ▲ +3.52% | $15.13 (+11.66%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access