BrainsWay Ltd. (NASDAQ:BWAY) Q1 2021 Earnings Conference Call May 20, 2021 8:30 AM ET Company Participants Bob Yedid - LifeSci Advisors, LLC Chris von Jako - President & Chief Executive Officer Scott Areglado - Chief Financial Officer Conference Call Participants Steven Lichtman - Oppenheimer Jeffrey Cohen - Ladenburg Thalmann Kyle Mikson - Cantor Fitzgerald Jason Wittes - Northland Capital Markets Operator Greetings, and welcome to the BrainsWay First Quarter 2021 Earnings Conference Call. At this time, al ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period from _____ to ______ ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) ...

Financial Data and Key Metrics Changes - BrainsWay achieved record quarterly revenues of $7.1 million in Q4 2020, a 17% increase from Q3 2020 and a 12% increase from Q4 2019 [9][29] - Full year 2020 revenue was $22.1 million, down 5% compared to 2019, primarily due to the pandemic's impact on customer operations [29] - Gross profit for Q4 2020 was $5.5 million, with a gross margin of 78%, compared to 77% in Q4 2019 [30] - The company reported a net loss of $267,000 in Q4 2020, an improvement from a net loss of $1.7 million in Q4 2019 [33] Business Line Data and Key Metrics Changes - The install base of Deep TMS systems increased to 629 by the end of 2020, reflecting a 19% increase from the end of 2019 [30] - Recurring revenue for Q4 2020 was $3.4 million, consistent with Q4 2019 [29] - The company plans to expand its sales force from 13 to 18 territories, a nearly 40% increase, to enhance market penetration [20] Market Data and Key Metrics Changes - Over 60 commercial insurers and all seven MACs provided nationwide Medicare coverage for Deep TMS for depression by the end of 2020, covering over 275 million lives [19] - The pandemic has led to an increase in depression and OCD trends, with one in three adults affected by pandemic-related anxiety [12][13] Company Strategy and Development Direction - The company intends to utilize proceeds from a recent financing to expand its sales force and invest in commercialization and marketing initiatives [10] - BrainsWay is focused on securing reimbursement for OCD treatments and expanding its digital marketing strategy [15][23] - The introduction of Deep TMS for smoking addiction represents a new commercial offering, with initial treatments already underway [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for steady business progression in 2021, anticipating better performance in the second half of the year [12][37] - The company is monitoring the ongoing impact of the pandemic on operations and expects to see increased patient treatment volumes as conditions stabilize [11][12] Other Important Information - The company has a strong balance sheet with cash and equivalents of $17.2 million as of December 31, 2020, not including $41.9 million in net proceeds from a follow-on offering closed in March 2021 [34] - BrainsWay's Deep TMS system has been the subject of 32 completed randomized control clinical trials, more than any other company in the field [26] Q&A Session Summary Question: Can you comment on first half trends? - Management indicated that first half trends are similar to Q4 2020, with expectations for continued progression as COVID-19 conditions improve [37] Question: How many systems sold in Q4 went to existing users versus new customers? - Approximately 40% of the 36 systems sold went to existing customers, with the remaining 60% to new customers [39] Question: What is the confidence level regarding OCD reimbursement? - Management expressed improved confidence due to positive meetings with payers and the complexity of OCD treatment options [40] Question: What are the expectations for operating expenses in 2021? - Operating expenses are expected to increase, particularly in sales and marketing, but not dramatically compared to 2020 [43] Question: Can you provide insights on lease versus purchase trends? - The company expects lease versus purchase trends to remain stable, with a preference for leasing among customers [62] Question: What is the outlook for the smoking cessation program? - The rollout of the smoking cessation program is expected to be gradual, with a focus on data collection and market understanding [75] Question: What are the plans for new indications? - Management indicated plans to launch new studies for potential indications later in the year, including addiction and neurological conditions [77]

Brainsway Ltd. (NASDAQ:BWAY) Q3 2020 Earnings Conference Call November 18, 2020 8:30 AM ET Company Participants Bob Yedid - LifeSci Advisors, Investor Relations Chris von Jako - President & Chief Executive Officer Judy Huber - Chief Financial Officer Conference Call Participants Steven Lichtman - Oppenheimer Jayson Bedford - Raymond James Jeffrey Cohen - Labenberg Kyle Mixon - Cantor Fitzgerald Operator Greetings, and welcome to the Brainsway Third Quarter 2020 Earnings Conference Call. At this time, all pa ...

BrainsWay Ltd. (NASDAQ:BWAY) Q2 2020 Earnings Conference Call August 12, 2020 8:30 AM ET Company Participants Bob Yedid - LifeSci Advisors, Investor Relations Christopher von Jako - President & Chief Executive Officer Judy Huber - Chief Financial Officer Conference Call Participants Jeffery Cohen - Ladenburg Thalmann Jayson Bedford - Raymond James Steven Lichtman - Oppenheimer & Co. Kyle Mixon - Cantor Fitzgerald Operator Greetings. Welcome to BrainsWay Second Quarter 2020 Earnings Conference Call. At this ...

BrainsWay Ltd. (NASDAQ:BWAY) Q1 2020 Earnings Conference Call June 24, 2020 8:30 AM ET Company Participants Bob Yedid - MD, LifeSci Advisors, IR Christopher von Jako - President and CEO Judy Huber - Chief Financial Officer Conference Call Participants Jayson Bedford - Raymond James Steven Lichtman - Oppenheimer & Co. Jeffery Cohen - Ladenburg Thalmann Operator Welcome, ladies and gentlemen, thank you for standing by. And welcome to the BrainsWay Reports First Quarter 2020 financial results and operational h ...

Call Start: 08:30 January 1, 0000 9:05 AM ET Brainsway Ltd. (NASDAQ:BWAY) Q4 2019 Earnings Conference Call March 23, 2020 08:30 AM ET Company Participants Bob Yedid - LifeSci Advisors Christopher von Jako - CEO Hadar Levy - COO and CFO Conference Call Participants Craig Bijou - Cantor Fitzgerald Jayson Bedford - Raymond James & Associates, Inc. Steven Lichtman - Oppenheimer & Co. Inc. Jeffery Cohen - Ladenburg Thalmann Operator Ladies and gentlemen, thank you for standing by and welcome to the Brainsway Rep ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

Financial Data and Key Metrics Changes - The company reported record quarterly revenue of $5.9 million, a 38% increase compared to Q3 2018 [14][20] - Recurring revenues reached $3.4 million, reflecting a 40% increase year-over-year [14][20] - Gross profit for Q3 2019 was $4.8 million, up 43% from $3.4 million in Q3 2018, with a gross margin of 81%, an increase from 78% in the prior year [20][22] Business Line Data and Key Metrics Changes - The installed base of Deep TMS systems increased by 138 units to a total of 488 systems, with a quarter-over-quarter increase of 32 systems [15] - The company shipped 132 OCD coils since obtaining marketing clearance in August 2018, with demand exceeding supply in Q3 [15][22] Market Data and Key Metrics Changes - The company entered exclusive distribution agreements in Taiwan, the Philippines, South Korea, and Thailand, expected to contribute to results in Q4 and beyond [19] - The U.S. market remains a primary focus, with strong demand anticipated for the Deep TMS system [24] Company Strategy and Development Direction - The company is focused on expanding its sales force and enhancing marketing activities globally, with plans to add two new sales reps in Q4 [16] - A robust clinical pipeline is in place, with ongoing studies in smoking cessation, PTSD, and opioid abuse, alongside efforts to develop new technologies [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong market demand for the Deep TMS system, with a positive outlook for Q4 and 2020 [24] - The company is actively pursuing reimbursement for OCD therapy in the U.S., which is expected to enhance growth opportunities [28][35] Other Important Information - The company ended Q3 with cash and cash equivalents of $23.9 million, down from $27.6 million at the end of Q2 2019, indicating a strong balance sheet to support growth initiatives [23][24] Q&A Session Summary Question: Sales disruption due to leadership changes - Management reported no disruption in sales due to recent leadership changes, stating business continued as usual [27] Question: Demand for OCD coils and reimbursement progress - Management acknowledged a seasonal decrease in demand for OCD coils but expects stronger demand in Q4, with ongoing efforts for reimbursement [28] Question: Growth expectations for business components in 2020 - Management indicated that the leasing model will remain the primary focus, with confidence in growth opportunities, especially with potential reimbursement for OCD [29] Question: Manufacturing issues affecting OCD orders - Management clarified that the decrease in orders was due to seasonality rather than manufacturing issues, with expectations for a ramp-up in Q4 [33] Question: Revenue opportunities in Asia - Management highlighted the significant market opportunity in Japan, with a leasing model expected to be used, pending reimbursement [39] Question: Timing of smoking cessation study results - Management confirmed results are expected to be published in the coming weeks as a press release [40] Question: Sales force efficiency and account management - Management stated that the current sales force is sufficient to cover key U.S. markets, with plans to add a few more reps [42] Question: Utilization trends and geographical strength - Management reported strong utilization rates, particularly in major U.S. hubs like California, New York, and Texas, which are expected to drive growth [46] Question: Trends in leasing versus purchasing for MDD - Management expects the leasing model to continue being favored, with some hospitals still opting for outright purchases [47]

Financial Data and Key Metrics Changes - The company reported record revenue of $5.7 million for Q2 2019, a robust increase of 53% compared to Q2 2018 [10][24] - Recurring revenue increased by 43% year-over-year, accounting for over 57% of total revenues [10][24] - Gross profit for Q2 2019 was $4.3 million, with a gross margin of 76%, slightly down from 77% in Q2 2018 [26] Business Line Data and Key Metrics Changes - The company installed 40 Deep TMS systems during the quarter and shipped 30 OCD coils, totaling 115 OCD coils shipped since receiving FDA marketing clearance [9][25] - The active installed base increased to 456 Deep TMS systems, reflecting a growth of 40 systems from the previous quarter [25] Market Data and Key Metrics Changes - There are approximately 16 million adults in the U.S. suffering from Major Depressive Disorder (MDD), with over 3 million not achieving remission after multiple antidepressant treatments [7] - The company estimates around 400,000 adults with Obsessive-Compulsive Disorder (OCD) are treatment-resistant and seeking alternatives [8] Company Strategy and Development Direction - The company aims to accelerate growth by expanding its sales force and enhancing marketing activities globally [12] - Plans to build clinical evidence for Deep TMS through key publications and studies are underway, with significant results published in reputable journals [13][15] - The company is expanding into additional territories, including exclusive distribution agreements in Taiwan and the Philippines, and has received regulatory clearance in Japan [17] Management's Comments on Operating Environment and Future Outlook - Management expressed strong confidence in business growth and highlighted the importance of insurance coverage for OCD therapy as a key growth driver [10][36] - The company is optimistic about the potential for OCD treatment and is actively working on reimbursement processes [36] Other Important Information - The company completed a successful NASDAQ IPO with gross proceeds of over $30 million [8] - Total operating expenses for Q2 2019 were $7 million, up from $3.9 million in Q2 2018, primarily due to investments in growth [29] Q&A Session Summary Question: Expectations for revenue in the second half - Management refrained from providing specific revenue guidance but noted the visibility from lease agreements and growth in additional territories [34][35] Question: Utilization of OCD systems - The company indicated that initial revenue from OCD systems is limited, with significant growth expected upon receiving insurance reimbursements [36] Question: Transition after the departure of the Head of Sales - Management assured that a strong team is in place to handle the transition smoothly and plans to expand the sales team [37] Question: Details on OCD coil sales - Approximately 50% of the 30 additional OCD coils sold were to new customers, with reimbursement being a major factor for clinics not ordering [39] Question: Features of the new stimulator - The new stimulator has been launched in the U.S. and is expected to enhance technical capabilities, with plans for further features linked to EEG [40] Question: Impact of Japan on revenue - Management does not expect a practical revenue impact from Japan in 2019, with a launch anticipated towards the end of the year [50]