BURLINGTON, Mass. and JERUSALEM - BrainsWay Ltd. (NASDAQ & TASE: BWAY), a company specializing in noninvasive neurostimulation treatments for mental health disorders, has appointed Dr. Richard A. Bermudes as its new Chief Medical Officer (CMO), starting September 1, 2024. The outgoing CMO, Dr. Aron Tendler, will continue his association with BrainsWay through collaboration on strategic research projects.
Dr. Bermudes brings over two decades of experience in the field of brain stimulation therapies, including Transcranial Magnetic Stimulation (TMS), to BrainsWay. His background combines clinical practice, research, and a role in developing innovative mental health technologies. He has co-founded a behavioral health care network, been instrumental in adopting new therapies in the treatment landscape, and initiated successful telehealth programs.
Hadar Levy, BrainsWay's CEO, expressed confidence in Dr. Bermudes' qualifications, emphasizing his extensive experience with TMS and his research and entrepreneurial background. Levy also acknowledged Dr. Tendler's significant contributions during his tenure as CMO since 2015.
Dr. Bermudes is associated with the UC Davis Department of Psychiatry and Behavioral Sciences and has made academic contributions as a Diplomat of the Academy of Cognitive Therapy. He is also recognized as a leading clinician in the TMS field and is the lead editor of a well-regarded book on TMS clinical applications.
BrainsWay is known for its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS) platform technology, which has been FDA-cleared for treating major depressive disorder, obsessive-compulsive disorder, and smoking addiction. The company continues to conduct clinical trials on Deep TMS for various psychiatric, neurological, and addiction disorders.
This news is based on a press release statement and does not include any forward-looking statements or predictions. BrainsWay remains committed to advancing neuroscience and broadening access to Deep TMS globally.
In other recent news, BrainsWay Ltd. has reported a notable 37% year-over-year revenue increase in Q1 2024, marking positive net income for the second consecutive quarter. The company's strong financial position was further bolstered by the shipment of 57 Deep Transcranial Magnetic Stimulation (Deep TMS) systems during this period. BrainsWay also confirmed its revenue guidance for the full year 2024 to be between $37 million and $40 million, indicating a growth of 16% to 26% from the previous year's revenue.
In addition to these financial highlights, BrainsWay has expanded its market reach by entering the Canadian healthcare sector. This move was facilitated by an exclusive distribution agreement mandating minimum yearly orders, beginning with 11 Deep TMS systems for 2024. The company's Deep TMS technology, approved in Canada for treating major depressive disorder (MDD) and obsessive-compulsive disorder (OCD), will now be more accessible to Canadian patients.
In other developments, the FDA has expanded the age range for BrainsWay's Deep TMS system, now allowing it to be administered to patients aged 22 to 86 with MDD. This approval marks the first time a TMS treatment has been indicated for patients over 68 and is the 10th FDA approval for BrainsWay. The company continues to plan for further expansion both domestically and internationally, with specific focus on markets in the U.S., Far East, Korea, Taiwan, and India.
InvestingPro Insights
As BrainsWay Ltd. (NASDAQ: BWAY) welcomes a new Chief Medical Officer, investors are closely monitoring the company's financial health and market performance. With a market capitalization of $132.26 million, BrainsWay has been making strides in the field of noninvasive neurostimulation treatments. The company's stock has experienced a strong return over the last year, with a 143.08% increase in its year-to-date price total return. This impressive growth trajectory is further highlighted by a significant 39.82% return over the last three months, indicating robust investor confidence in the company's direction and potential for future growth.
An InvestingPro Tip suggests that BrainsWay is trading at a high earnings multiple, with a current P/E ratio of 220.33. This high valuation relative to near-term earnings growth indicates that investors are willing to pay a premium for the company's shares, possibly due to expectations of future profitability and expansion of its Deep TMS technology. Additionally, BrainsWay's revenue has shown a solid growth of 42.0% over the last twelve months as of Q2 2024, reflecting the company's increasing market presence and demand for its treatments.
Despite analysts not anticipating the company to be profitable this year, BrainsWay's liquid assets exceed its short-term obligations, providing financial stability and the ability to invest in strategic initiatives like the appointment of Dr. Bermudes as CMO. With a total of 13 InvestingPro Tips available, investors can explore additional insights to better understand BrainsWay's financial position and market opportunities.
To gain a deeper understanding of BrainsWay's financial metrics and market performance, investors can access more InvestingPro Tips by visiting https://www.investing.com/pro/BWAY.
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