H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Brainsway (BWAY – Research Report) today and set a price target of $15.00.
Ram Selvaraju has given his Buy rating due to a combination of factors, beginning with Brainsway’s financial performance which surpassed expectations, indicating a robust year-over-year growth. In the initial quarter of 2024, Brainsway’s revenues reached $9.1 million, outperforming Selvaraju’s estimate and reflecting a 37% growth compared to the previous year. Moreover, the company achieved break-even earnings per share, a significant improvement over the anticipated net loss. Selvaraju’s revised projections suggest continued revenue growth, with expectations of sustainable profitability and incremental sales increases, leading him to adjust the price target upwards.
Additionally, Selvaraju finds promise in Brainsway’s strategic advancements on reimbursement and system placements, particularly in the U.S. market. He highlights the company’s recent progress, such as the positive real-world outcomes from a post-marketing study for major depressive disorder (MDD) treatments and an expanding global footprint, with notable advancements in South Korea and Israel. Improved reimbursement conditions and system installations in these international markets are expected to contribute to Brainsway’s steady growth trajectory, reinforcing the Buy rating.
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Brainsway (BWAY) Company Description:
Brainsway Ltd. engages in the research, development and marketing of medical device for non-invasive treatment of the brain disorders. Its technology enables handling of a wide range of indications through the TMS Deep system developed by the company. Brainsway operates through the following segments: Major depression and Obsessive Compulsive Disorder (OCD). The company was founded by Avner Hagai, Yiftach Roth, Abraham Zangen, and David Zacut on November 7, 2006 and is headquartered in Jerusalem, Israel.
