BrainsWay makes and sells Deep Transcranial Magnetic Stimulation (Deep TMS) systems — medical devices that use magnetic pulses to stimulate targeted brain regions to treat mental health disorders. BrainsWay's systems are FDA-cleared for three indications: Major Depressive Disorder (MDD), Obsessive-Compulsive Disorder (OCD), and smoking addiction. MDD is the dominant revenue driver with the broadest insurance coverage and longest commercial history. OCD is a growing contributor as coverage expands. Smoking addiction has no reimbursement coverage yet and remains in early commercial development. The system uses a proprietary helmet with H-Coil electromagnets, and different coil configurations target different brain regions and disorders. Customers are psychiatrists, hospitals, and mental health clinics, primarily in the U.S., which represents roughly 85% of revenue. BrainsWay sells directly in the U.S. and through distributors internationally. BrainsWay generates revenue through outright system sales, multi-year fixed-fee leases, and services. Management has deliberately shifted toward leasing, which now represents roughly 70% of new customer engagements, generating recurring revenue and improving visibility. Clinics with an existing MDD system can add OCD capability via an add-on helmet, creating a low-cost cross-sell opportunity. BrainsWay has also taken minority stakes in mental health clinic networks to accelerate Deep TMS adoption, and holds a call option to acquire Neurolief, whose at-home neuromodulation device for MDD received FDA approval in early 2026.