BrainsWay Achieves Strong Momentum in Q4 2025, Exceeds Revenue Guidance with 27% Growth
BrainsWay, a pioneering company in transcranial magnetic stimulation (TMS) technology, has reported impressive results for the fourth quarter and full year 2025. In a recent conference call, CEO Hadar Levy highlighted the company's strong momentum, achieving a 27% increase in revenue to $14.5 million for the quarter.
This growth not only surpasses the high end of BrainsWay's guidance for 2025 but also demonstrates the company's ability to scale its recurring revenue model, with a book-to-bill ratio of 1.4x and a remaining performance obligation of $70 million, representing approximately 43% growth from last year.
The success can be attributed to BrainsWay's strategic decision to focus on large enterprise customers who value the company's technology and high-level service support. This shift has enabled the company to build a highly attractive recurring revenue model, with the majority of its enterprise customers signed up for long-term leasing agreements and experiencing a high rate of customer renewals.
This approach provides meaningful stability and visibility into BrainsWay's revenue and growth potential, extending for years into the future. The company's operational discipline has also led to expanding margins and increased profitability, with 10 consecutive quarters of profitability achieved in 2025.
As part of its long-term growth strategy, BrainsWay continues to target expanded reimbursement coverage with payers across the U.S., driven by broader adoption of Deep TMS. The company's clinical research has produced positive results across multiple new indications and patient segments, further solidifying its position in the market.
"We closed 2025 with strong momentum," said CEO Hadar Levy during the conference call. "This puts us slightly above the high end of our guidance for 2025, with a steady wind at our back as we head into 2026."
The company's expanding backlog reflects not only strong demand but also its ability to efficiently monetize long-term commitments through recurring leasing contracts. BrainsWay shipped 95 Deep TMS systems during the fourth quarter and has an installed base of approximately 1,700 systems worldwide.
With a remaining performance obligation of $70 million, representing approximately 43% growth from last year, BrainsWay is well-positioned for continued success in 2026. The company's strong momentum, driven by its recurring revenue model and expanding market share, makes it an exciting player to watch in the TMS technology space.
