BrainsWay Ltd. (NASDAQ: BWAY) completed a $1 million milestone‑based investment in Axis Integrated Mental Health, a Colorado‑based management services organization that serves several mental‑health clinics. The new capital brings BrainsWay’s total commitment to Axis to $3.3 million, following an earlier $2.3 million equity investment announced in August 2025.
The milestone structure ties the additional $1 million to Axis’s revenue performance, reinforcing BrainsWay’s recurring‑revenue model and accelerating the deployment of its Deep TMS technology across Axis’s clinic network. By investing in a provider that already integrates psychiatry, psychotherapy, and Deep TMS, BrainsWay expands its U.S. presence while ensuring that capital is deployed only when Axis demonstrates measurable growth.
BrainsWay’s 2025 financial results provide a strong foundation for the investment. The company reported revenue of $52.2 million, adjusted EBITDA of $7 million, and net income of $7.6 million, all up 27 % from the prior year. Cash on hand reached $68 million with no debt, and remaining performance obligations stood at $70 million, up 43 %. These figures illustrate the firm’s robust cash position and ability to fund strategic expansion.
The broader Deep TMS market is expanding, supported by FDA clearances for major depressive disorder, obsessive‑compulsive disorder, and smoking addiction, and by recent reimbursement developments. Evernorth Behavioral Health’s decision to eliminate prior authorization for BrainsWay’s TMS treatment, effective March 6, 2026, further removes a barrier to adoption and enhances the market’s tailwinds.
BrainsWay CEO Hadar Levy said the partnership would help Axis deploy capital to grow and expand access to care, while Axis CEO Chris Perez highlighted the collaboration as a key component of its growth strategy. The investment is viewed by analysts as a positive step toward deepening BrainsWay’s footprint in the U.S. mental‑health market.
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