The medical device company
Brainsway
-2.32%
Base:1,338
opening:1,338
Tall:1,369
low:1,270
change:808,496
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The dual surpasses analysts’ forecasts for the third quarter with a loss of 5 cents per share on revenue of $ 8.1 million. The market expected a deeper loss of 6 cents per share on revenue of $ 6.78 million.
Compared to the same quarter last year, this is a 34% growth in revenue, and the bottom line is a deepening of the loss to a total of $ 1.8 million compared to $ 1 million a year earlier. The gross profit margin in the third quarter was approximately 76%, compared with 75% in the corresponding quarter.
Operating expenses increased by approximately 45% of a total of approximately $ 5.1 million in the quarter, corresponding to the current 7.4 million. Thus, the operating loss doubled from about $ 586,000 at the time to $ 1.23 million now. At the end of the period, the company had cash and cash equivalents of approximately $ 55.3 million, compared to $ 17.2 million at the end of the previous year.
The company reported on the basis of regulations of approximately 717 units from the Deep TMS systems, an increase of approximately 22% compared to the number of systems at the end of the corresponding quarter last year. The company reported on the basis of installations of about 280 systems for the treatment of OCD which constitutes 39% of the total installation base. The reports come against the backdrop of granting FDA approval to one of the company’s systems designed to address the reduction of anxiety symptoms among depressed patients.
Dr. Christopher von Jaco, President and CEO of Brainsway: “We show growth from year to year in 5 consecutive quarters and believe that the progress we have made during this period will continue. Additional helmets for OCD treatments are now included in almost 40% of our installation base, and reflect a high level of increased customer demand as a result of recent insurance coverage. Great health.
“Our efforts to prepare for the full commercial launch of our smoking addiction treatment are in full swing, with limited launch of this product, alongside publication in World Psychiatry of positive data from our pivotal experiment in this important indication.”
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