Brainsway Ltd (BWAY) 2024 Q3 法說會逐字稿

Good day and welcome to the BrainsWay third quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 BrainsWay 2024 年第三季財報電話會議。（操作員指示）請注意，此事件正在記錄中。

I would now like to turn the conference over to Brian Ritchie of LifeSci Advisors. Please go ahead.

現在，我想將會議交給 LifeSci Advisors 的 Brian Ritchie。請繼續。

Thank you, all, and welcome to BrainsWay's third quarter 2024 earnings conference call. With us today are BrainsWay's Chief Executive Officer, Hadar Levy; and Chief Financial Officer, Ido Marom. The format for today's call will be a discussion of recent trends and business updates from Hadar followed by a detailed discussion of the financials. Then, we will open up the call for your questions.

謝謝大家，歡迎參加 BrainsWay 2024 年第三季財報電話會議。今天與我們在一起的有 BrainsWay 的執行長 Hadar Levy；和財務長 Ido Marom。今天的電話會議形式是討論 Hadar 的最新趨勢和業務更新，然後詳細討論財務狀況。然後，我們將開始回答你們的提問。

Earlier today, BrainsWay released financial results for the three and nine months ended September 30, 2024. A copy of the press release is available on the company's Investor Relations website.

今天早些時候，BrainsWay 發布了截至 2024 年 9 月 30 日的三個月和九個月的財務表現。新聞稿的副本可在本公司的投資者關係網站上查閱。

Before I turn the call over to Hadar, I would like to remind you that this conference call, including both management's prepared remarks and the question-and-answer session, may contain projections or other forward-looking statements regarding among other topics, BrainsWay's anticipated future operating and financial performance, business plans and prospects, and expectations for its products and pipeline, which are all subject to risks and uncertainties, including shifting market conditions resulting from geopolitical supply chain and other factors, as well as the use of non-GAAP financial information.

在我將電話轉給哈達爾之前，我想提醒您，本次電話會議（包括管理層的準備好的評論和問答環節）可能包含有關 BrainsWay 預期未來運營和財務業績、業務計劃和前景以及對其產品和渠道的期望等主題的預測或其他前瞻性陳述，這些都受風險和不確定性的影響，包括由地緣政治供應鏈和其他因素的財務供應鏈和其他因素。

Additional information regarding these and other risks are available in the company's earnings release and in its other filings with the SEC, including the Risk Factors section contained in BrainsWay's Form 20-F.

有關這些風險和其他風險的更多信息，請參閱公司的收益報告和向美國證券交易委員會提交的其他文件，包括 BrainsWay 的 20-F 表格中包含的風險因素部分。

I would now like to turn the call over to Hadar. Please go ahead, Hadar.

現在我想將電話轉給哈達爾。請繼續，哈達爾。

Thank you, Brian. Welcome, everyone, and thank you for joining us today. As reported earlier this morning, we had another outstanding quarter of growth. Most importantly, global market demand for our industry-leading Deep TMS system continues to be strong and led to a year-over-year increase of 26% in revenue to $10.5 million for the third quarter of 2024.

謝謝你，布萊恩。歡迎大家，感謝大家今天的參加。正如今天早上報導的那樣，我們又度過了一個出色的季度。最重要的是，全球市場對我們行業領先的 Deep TMS 系統的需求持續強勁，並推動 2024 年第三季營收年增 26% 至 1,050 萬美元。

In addition, we generated positive quarterly net income for the fourth consecutive quarter and positive adjusted EBITDA and cash flow from operations for the fifth consecutive quarter. Our performance this past quarter speaks to the strength of our team and market-leading technology.

此外，我們連續四季實現季度淨收入為正，連續五季實現調整後 EBITDA 和營運現金流量為正。我們上個季度的表現證明了我們團隊的實力和市場領先的技術。

However, we still see significant room for development, and we are focused on expanding our position as a leader in the industry by executing our long-term growth strategy by making key investments across three core areas, including developing our next generation Deep TMS 360 system, conducting clinical trials to broaden and enhance treatment capabilities, and extending our commercial presence through targeted sales and marketing efforts.

然而，我們仍然看到了巨大的發展空間，我們專注於擴大我們在行業中的領先地位，透過執行我們的長期成長策略，在三個核心領域進行重點投資，包括開發我們的下一代 Deep TMS 360 系統、進行臨床試驗以拓寬和增強治療能力，並透過有針對性的銷售和行銷努力擴大我們的商業影響力。

These investments in our long-term vision are supported by a strong balance sheet with no debt. As of September 30, 2024, we reported $48.4 million in cash. In addition, subsequent to the end of the quarter, we recently completed a strategic private investment equity financing with Valor Equity Partners for approximately $20 million in gross proceeds to date before any exercise of warrants by Valor.

我們長期願景中的這些投資得到了強勁且無債務的資產負債表的支持。截至 2024 年 9 月 30 日，我們報告的現金為 4,840 萬美元。此外，在本季結束後，我們最近與 Valor Equity Partners 完成了一項策略性私募投資股權融資，在 Valor 行使認股權證之前，迄今為止的總收益約為 2000 萬美元。

As a result, our pro forma cash position after the contribution from this financing is currently approximately $68.4 million. I'll discuss our strategy for this investment in a moment.

因此，在獲得此項融資後，我們的預期現金狀況目前約為 6,840 萬美元。我稍後將討論我們這項投資的策略。

In terms of guidance, our outlook for the fourth quarter of 2024 remains highly positive and we are increasing our full-year 2024 revenue guidance to a range of $40 million to $41 million. This would represent growth of 26% to 29% of our full-year 2023 revenue. Moreover, we are providing initial profitability guidance. Specifically, we anticipate generating operating income of 3% to 4% and adjusted EBITDA of 10% to 11% for the full year 2024.

在指引方面，我們對 2024 年第四季的展望仍然非常樂觀，我們將 2024 年全年營收指引上調至 4,000 萬美元至 4,100 萬美元之間。這意味著我們 2023 年全年營收將成長 26% 至 29%。此外，我們也提供初步的獲利指導。具體而言，我們預計 2024 年全年營業收入將成長 3% 至 4%，調整後 EBITDA 將成長 10% 至 11%。

I'd now like to take a few moments to dive a little deeper into the key growth driver behind the momentum in our business. Starting out with a closer look at our sales team's performance. In the first nine months of the year, we have shipped a net total of 177 systems, a 12% increase over the same period last year.

現在，我想花一點時間更深入地探討我們業務發展勢頭背後的關鍵成長動力。首先仔細觀察我們的銷售團隊的表現。今年前九個月，我們共淨出貨177套系統，較去年同期成長12%。

Importantly, we also have the most advanced TMS technology platform in the market. As a result, we are constantly well-positioned to work with some of the largest enterprise mental health group and networks. For example, in September, we announced an order of 14 of our innovative Deep TMS systems for a large and growing enterprise network customer on the East Coast of the US.

重要的是，我們還擁有市場上最先進的TMS技術平台。因此，我們始終有能力與一些最大的企業心理健康團體和網絡合作。例如，9月份，我們宣布向美國東海岸一家大型且不斷成長的企業網路客戶訂購 14 套創新的 Deep TMS 系統。

As a growing segment of our customer base, these enterprise accounts have been a major driver behind large and repeat orders for our Deep TMS system over the past year. In addition, by elevating our customer base, we have seen new [door] open to additional enterprise customers of the same size in caliber, if not larger.

作為我們客戶群中不斷增長的一部分，這些企業帳戶在過去的一年裡一直是我們 Deep TMS 系統獲得大額訂單和重複訂單的主要驅動力。此外，透過擴大我們的客戶群，我們看到了向更多同等規模甚至更大的企業客戶打開的新大門。

With the opportunity to achieve additional large and repeat orders from both new and existing enterprise customers, we see additional room to grow in the years to come. Another part of our growth strategy has been successfully implemented in the extension of global distribution and sales network. This network is made up of distribution agreement, [aging] arrangement, and direct sales effort in key territories around the world such as in Canada, Israel, Europe, and Asia.

透過有機會從新舊企業客戶那裡獲得更多大額訂單和重複訂單，我們看到未來幾年還有更多的成長空間。我們成長策略的另一部分已成功實施，即擴展全球分銷和銷售網絡。該網絡由分銷協議、[時效]安排和遍布加拿大、以色列、歐洲和亞洲等世界主要地區的直銷工作組成。

We have seen steady demand grow across these countries and are pleased by the new opportunities we're seeing through our distribution partners. For example, last month, we announced the placement of 15 new Deep TMS systems in Taiwan and in South Korea. The systems will be used by mental health centers and are indicative of the continued commercial success we are having in the East Asian market.

我們看到這些國家的需求穩定成長，我們對透過分銷合作夥伴看到的新機會感到高興。例如，上個月，我們宣佈在台灣和韓國安裝 15 個新的 Deep TMS 系統。該系統將被心理健康中心使用，並表明我們在東亞市場的持續商業成功。

Looking ahead, we are always seeking additional regulatory approvals and no broadened reimbursement coverage in order to drive further demand for an access to our system. Under this directive, we recently announced that the Israeli Ministry of Defense Rehabilitation Department granted approval for the reimbursement of Deep TMS therapy for qualifying patients at Israeli public hospital with post-traumatic stress disorder, often referred to as PTSD.

展望未來，我們始終在尋求額外的監管批准，並且不擴大報銷範圍，以進一步推動對我們系統的存取需求。根據該指令，我們最近宣布，以色列國防部復健部門批准為以色列公立醫院符合條件的創傷後壓力症候群（通常稱​​為 PTSD）患者報銷深部 TMS 治療費用。

We will continue working to expand the available reimbursement for PTSD within the country with the goal of potentially including more Israeli medical centers as well as adding private clinic settings.

我們將繼續努力擴大國內對創傷後壓力症候群的報銷範圍，目標是可能涵蓋更多的以色列醫療中心以及增加私人診所。

Turning to R&D, in September, we were pleased to welcome Dr. Richard Bermudes as our new Chief Medical Officer. Dr. Bermudes brings extensive experience with TMS and brain stimulation therapies as a practicing physician for over 20 years. He has been at the forefront of improving mental health through innovative care for decades.

談到研發，9 月份，我們很高興歡迎 Richard Bermudes 博士擔任我們的新首席醫療官。作為一名擁有 20 多年執業經驗的醫師，Bermudes 博士在 TMS 和腦刺激療法方面擁有豐富的經驗。幾十年來，他一直站在透過創新護理改善心理健康的前沿。

I would also like to thank Dr. Aron Tendler, who has served as our Chief Medical Officer since 2015 and will continue to serve as a collaborator on important strategic research projects for a significant contribution to BrainsWay.

我還要感謝 Aron Tendler 博士，他自 2015 年起擔任我們的首席醫療官，並將繼續擔任重要策略研究計畫的合作者，為 BrainsWay 做出重大貢獻。

Our multicenter clinical trial, evaluating an accelerated treatment protocol for our Deep TMS system to treat major depressive disorder is now fully underway with enrollment progressing nicely. We believe that positive outcomes for this study, if achieved, could make Deep TMS more efficient and appealing to patients, which have the potential to further extend the possibilities for a unique therapeutic platform.

我們的多中心臨床試驗正在評估我們的深部經顱磁刺激系統治療重度憂鬱症的加速治療方案，目前該試驗正在全面進行中，招募工作進展順利。我們相信，如果這項研究取得積極成果，將使深部經顱磁刺激 (Deep TMS) 更有效率、對患者更具吸引力，並有可能進一步擴展獨特治療平台的可能性。

Before I turn the call over to Ido, I want to say how excited we are to have recently completed the strategic $20 million equity financing with Valor. I refer to this financing as strategic because this capital better positions us to explore new markets, revenue channels, commercial partnerships, and ultimately strengthen the potential for accelerated growth of Deep TMS.

在我將電話轉給 Ido 之前，我想說一下我們對最近與 Valor 完成 2000 萬美元策略股權融資感到非常興奮。我將這筆融資稱為策略性的，因為這筆資本使我們能夠更好地探索新市場、收入管道、商業合作夥伴關係，並最終增強 Deep TMS 加速成長的潛力。

We will now also have access to strategic resources of Valor Equity Partners, which has provided some of today's most exciting tech companies including SpaceX, Tesla, Neuralink, Harmony Biosciences, and K Health with unique expertise to solve the challenges of growth and scale.

我們現在還可以獲得 Valor Equity Partners 的策略資源，該公司為 SpaceX、Tesla、Neuralink、Harmony Biosciences 和 K Health 等當今一些最令人興奮的科技公司提供了獨特的專業知識，以解決成長和規模帶來的挑戰。

In closing, our team is executing our strategy on several fronts, and we see tremendous opportunities to grow, increase profitability, and build shareholder value. However, perhaps most importantly, we are dedicated to leading our industry in providing impactful and accessible solution for patients worldwide.

最後，我們的團隊正在多個方面執行我們的策略，我們看到了巨大的成長、提高獲利能力和創造股東價值的機會。然而，也許最重要的是，我們致力於引領我們的行業，為全球患者提供有效且可訪問的解決方案。

With that, I will now turn the call over to Ido for his review of our third quarter 2024 financial results. Ido?

說完這些，我現在將電話轉給 Ido，請他審查我們 2024 年第三季的財務表現。我願意？

Thank you, Hadar. Revenue for the third quarter of 2024 was $10.5 million, a 26% increase compared to the prior-year period revenue of $8.3 million. We placed 63 Deep TMS systems in the third quarter. Our total installed base was 1,278 systems as of September 30, 2024, compared to 1,041 systems at the same point in the prior year.

謝謝你，哈達爾。2024 年第三季的營收為 1,050 萬美元，較去年同期的 830 萬美元成長 26%。我們在第三季安裝了 63 個 Deep TMS 系統。截至 2024 年 9 月 30 日，我們的總安裝基數為 1,278 個系統，而去年同期為 1,041 個系統。

Gross profit for the third quarter of 2024 was $7.7 million or a 74% gross margin. This is compared to $6.2 million or 74% gross margin during the prior-year period.

2024 年第三季的毛利為 770 萬美元，毛利率為 74%。相較之下，去年同期的毛利率為 620 萬美元，毛利率為 74%。

Moving on to operating expenses. For the third quarter of 2024, sales and marketing expenses were $4.1 million compared to $3.6 million for the third quarter of 2023. Research and development expenses were $1.8 million compared to $1.5 million in the third quarter of 2023.

繼續討論營運費用。2024 年第三季的銷售和行銷費用為 410 萬美元，而 2023 年第三季為 360 萬美元。研發費用為 180 萬美元，而 2023 年第三季為 150 萬美元。

General and administrative expenses for the third quarter of 2024 were $1.5 million compared to $1.2 million for the third quarter of 2023. Operating profit for the third quarter was approximately $300,000 compared to an operating loss of $133,000 for the same period in 2023. Adjusted EBITDA was $1.1 million, representing the fifth consecutive quarter of positive adjusted EBITDA and compared to $344,000 for the third quarter of 2023.

2024 年第三季的一般和行政費用為 150 萬美元，而 2023 年第三季為 120 萬美元。第三季營業利潤約為 30 萬美元，而 2023 年同期營業虧損為 13.3 萬美元。調整後 EBITDA 為 110 萬美元，連續第五個季度實現正調整後 EBITDA，而 2023 年第三季為 344,000 美元。

For the third quarter ended September 30, 2024, we recorded net income of approximately $650,000 compared to a net loss of $230,000 in the same period of 2023. We ended the third quarter with cash equivalent and short-term deposits of $48.4 million as compared to $46.3 million on December 31, 2023, and $48.1 million at June 30, 2024.

截至 2024 年 9 月 30 日的第三季度，我們記錄的淨收入約為 65 萬美元，而 2023 年同期的淨虧損為 23 萬美元。截至第三季度，我們的現金等價物和短期存款為 4,840 萬美元，而 2023 年 12 月 31 日為 4,630 萬美元，2024 年 6 月 30 日為 4,810 萬美元。

As Hadar mentioned earlier, based on our backlog in the US pipeline and continued momentum internationally, we continue to expect revenue in the range of $40 million to $41 million for full year 2024, which represents 25% to 29% growth over 2023 revenue.

正如哈達爾之前提到的，基於我們在美國管道中的積壓訂單和國際上的持續發展勢頭，我們繼續預計 2024 年全年收入將在 4000 萬美元至 4100 萬美元之間，比 2023 年收入增長 25% 至 29%。

In addition, we anticipate reporting positive cash flow and profitability for the full year. As part of our guidance, we expect to report operating income of 3% to 4% and adjusted EBITDA of 10% to 11% for the full year of 2024.

此外，我們預計全年現金流和獲利能力將為正。作為我們指引的一部分，我們預計 2024 年全年營業收入將成長 3% 至 4%，調整後 EBITDA 將成長 10% 至 11%。

This concludes our prepared remarks. I will now ask the operator to please open up the call for questions. Operator?

我們的準備好的演講到此結束。現在我請接線生打開電話，以便提問。操作員？

(Operator Instructions) Steven Lichtman, Oppenheimer.

（操作員指示）史蒂文·利希特曼，奧本海默。

Thank you. Good morning and congratulations, Hadar and Ido. Hadar, first question on Valor. Can you talk about where you think you can leverage their expertise the most? What are the areas of primary focus there? Certainly, you talked about the TMS network. I think you've also talked about the at-home market. A little bit more, if you could, on where you see their expertise playing a part?

謝謝。早上好，祝賀哈達爾和伊多。哈達爾，第一個問題是關於勇氣。您能談談您認為在哪些方面可以最大程度地利用他們的專業知識嗎？那裡主要關注的領域是什麼？當然，您談到了 TMS 網路。我想您也談到了家居市場。如果可以的話，您認為他們的專業知識在哪些方面發揮了作用？

Yeah, sure. Good morning, Steven, and thank you for the question. I think we feel very blessed to partner with Valor Equity Partners. I think what this fund is [pretty] expert is to scaling up some growth, ventures, and opportunities around reimbursement, around opening some additional doors to large-scale enterprise accounts.

是的，當然。早安，史蒂文，謝謝你的提問。我認為我們很榮幸能與 Valor Equity Partners 合作。我認為這檔基金擅長的是擴大成長、投資和報銷方面的機會，以及為大型企業帳戶打開一些額外的大門。

So I believe helping us to make this technology much more accessible to a large enterprise account and help us and provide all the necessary support around reimbursement and operations could be a great help for where we are today.

因此，我相信幫助我們使這項技術更容易被大型企業帳戶所接受，並幫助我們提供有關報銷和營運的所有必要支持，對於我們今天的狀況將有很大的幫助。

Great. And it's great to see the accelerated TMS program or trial underway. How quickly do you anticipate that in rolling? And can you remind us the follow-up period? So can you give a sense of when we could potentially see data there?

偉大的。很高興看到加速 TMS 計劃或試驗正在進行中。您預計滾動的速度有多快？您能提醒我們後續時間嗎？那麼您能否透露一下我們何時可以在那裡看到數據？

Yeah. So this is more likely a 2025 clearance that we are hoping to receive from the FDA. We are hoping to complete the recruitment in -- sometime in Q1 2025 and the submission will probably take some additional months. So we're expecting to finalize everything somewhere in the second or the third quarter of 2025.

是的。因此，我們希望從 FDA 獲得 2025 年的批准，這種可能性更大。我們希望在 2025 年第一季的某個時候完成招聘，提交可能還需要幾個月的時間。因此，我們預計將在 2025 年第二季或第三季的某個時候完成所有工作。

Got it. And then lastly, just on the P&L. Obviously, the gross margin continues to afford you flexibility on the OpEx side. I appreciate the guidance for the year now. How are you thinking about balancing investment versus drop through looking forward? What opportunities do you see maybe to reinvest on the OpEx side, again, given the firm gross margin that you have?

知道了。最後，只討論損益表。顯然，毛利率繼續為您提供營運支出方面的靈活性。我現在很感謝今年的指導。您如何考慮平衡投資與未來損失？考慮到您現有的公司毛利率，您認為在營運支出方面有哪些機會可以再投資？

We have lots of plans also to embed into the OpEx budget in 2025. But we are also looking to balance it with some of our -- while targeting a positive EBITDA for 2025 as well. Definitely, we are going to try and continue to invest in research and development and in clinicals to build the long-term growth of the company. But most important, on the sales and in marketing while keeping the growth margin very healthy in a consistent manner similar to what we've seen in 2024.

我們還有很多計劃要納入 2025 年的營運支出預算中。但我們也希望透過我們的一些措施來平衡這一點——同時也將 2025 年的 EBITDA 定為正值。毫無疑問，我們將努力繼續投資於研發和臨床，以實現公司的長期成長。但最重要的是，在銷售和行銷方面，保持非常健康的成長幅度，類似於我們在 2024 年看到的水平。

Okay, got it. Thanks, Hadar.

好的，明白了。謝謝，哈達爾。

Thank you, Steven.

謝謝你，史蒂文。

Jeffrey Cohen, Ladenberg Thalmann & Company.

傑弗瑞‧柯恩（Jeffrey Cohen），拉登伯格‧塔爾曼公司（Ladenberg Thalmann & Company）。

Hi, good morning, Hadar and Ido. Thanks for taking our questions. A couple from our end. I guess, firstly, could you talk about year-to-date units [place] which is tracking a fair amount better than our estimated -- talk about lease versus sold and what trends you're seeing there? And maybe how that looks for 2025? And also, could you mention coil helmets or coil helmets as a percent of fleet? Thank you.

嗨，早上好，哈達爾和伊多。感謝您回答我們的問題。我們這邊有一對夫婦。我想，首先，您能否談談年初至今的單位數[地點]，其跟踪情況比我們的估計要好得多 - 談談租賃與銷售的情況以及您看到的趨勢？那麼 2025 年的情況如何？另外，您能否提到線圈頭盔或線圈頭盔佔艦隊的百分比？謝謝。

Yeah. Ido, do you want to maybe just give an overview about lease versus sales, trends, the number of units? I will complete the picture.

是的。Ido，您是否想簡單介紹一下租賃與銷售的情況、趨勢以及單位數量？我會把這幅畫完成。

Yeah, sure. So in terms of the revenue in our books for this current quarter, we are more or less a ratio of [60:40] to the capital sales. But this was in terms of revenue recognition due to orders that we already received in the past. In terms of new sales, new booking, which actually create our backlog for the future, we see kind of an increase towards the lease agreements versus the sales of the (inaudible) more or less the opposite than the revenue recognition in the books -- currently around the [60:40] to the lease versus the capital.

是的，當然。因此，就本季帳面上的收入而言，我們的資本銷售額比例約為 [60:40]。但這是根據我們過去已經收到的訂單而確認的收入。就新銷售、新預訂而言，這實際上為我們的未來創造了積壓訂單，我們看到租賃協議與銷售額相比有所增加（聽不清楚），與帳簿上的收入確認大致相反——目前租賃與資本的比例約為 [60:40]。

It was another question that I forgot?

這是我忘記的另一個問題？

Jeff, I will also complete the picture on the number of units. So in Q3, we shipped 63 systems as compared to -- which is a very nice increase also from previous quarter. In terms of the additional H7 coils, we placed 47 -- 87 coils in Q3.

傑夫，我也將完成單位數量的圖片。因此，在第三季度，我們共出貨了 63 套系統，與上一季相比也有了非常可觀的成長。就額外的 H7 線圈而言，我們在第三季放置了 47 至 87 個線圈。

Okay. That's super helpful. Thanks for that. And then, I guess secondly, could you talk a little bit about some of these expanded territories? Remind us what existed prior to the 15 systems in Taiwan and South Korea as well as any specific commentary regarding APAC and also LatAm? Thank you.

好的。這非常有幫助。謝謝。然後，我想其次，您能否談談這些擴展的領土？請提醒我們，在台灣和韓國的 15 個系統之前存在什麼，以及有關亞太地區和拉丁美洲的任何具體評論？謝謝。

Yeah, we are currently not working in LatAm. I think the most growing markets for us as of today, is Asia Pacific and Europe. We continue to sign on a new distribution agreement. I think the most appealing one, the one in India, Taiwan, South Korea, and Japan. Japan could also be a very promising market, and we hope to see some of the benefits from it in mostly in 2025.

是的，我們目前不在拉丁美洲工作。我認為截至目前我們成長最快的市場是亞太地區和歐洲。我們繼續簽署新的分銷協議。我認為最有吸引力的是印度、台灣、韓國和日本。日本也可能是一個非常有前景的市場，我們希望在 2025 年左右看到它的一些好處。

In Europe, we continue to see some very good demand and growing demand for our products both in the mental health arena but also in neurology and rehabilitation centers. We continue to look for the right distribution channel and we believe this is the best way for us to expand our growth in those growing markets.

在歐洲，我們繼續看到我們的產品在精神健康領域、神經病學和復健中心的需求非常好且不斷增長。我們將繼續尋找正確的分銷管道，並相信這是我們在這些不斷成長的市場中擴大成長的最佳方式。

Thanks, that's helpful. And just a quick one for you though, if you could. Q3 share count and pro forma share count, any commentary there?

謝謝，這很有幫助。如果可以的話，我再給您簡單問一下。Q3 股票數量和預測股票數量，有什麼評論嗎？

Again, can you repeat the question?

再一次，你能重複這個問題嗎？

Share count for Q3 and pro forma?

第三季的股票數量和預測是多少？

Sure. It was very hard to hear you, so I apologize for that. Hadar, can you hear and maybe repeat for me?

當然。我很難聽清您的聲音，因此我深感抱歉。哈達爾，你能聽見並且再重複一次給我嗎？

I think we had share count of [34.2 million]. Any comment on that?

我認為我們的份額數[3420萬]對此有何評論？

34.2?

34.2？

Million shares, Ido. It was 34.2 million shares. Jeff, are you asking about the pro forma count?

百萬股，伊多。數量為3420萬股。傑夫，你問的是形式上的數量嗎？

Yes, if you have.

是的，如果你有的話。

The numbers are the same. It's the [$33 million to $34 million]. I can check the exact number. We will see a change in Q4, but no change that we had in Q3 about that. But I can check again and get back to you.

數字是相同的。這是[3,300 萬美元到 3,400 萬美元]。我可以查一下確切的數字。我們將在第四季度看到變化，但是與第三季度相比不會發生任何變化。但我可以再檢查一下並回覆您。

Okay, perfect. Thanks for taking our questions.

好的，完美。感謝您回答我們的問題。

(Operator Instructions) Ram, H.C. Wainwright.

(操作員指令) Ram, H.C.溫賴特。

Good morning, Hadar and Ido. This is Dan on for Ram. Thanks for taking our questions and congratulations on the earnings [beat]. We wanted to ask, do you expect to see any disruption to your Israeli business for geopolitical risk? And where do you see the principal drivers of growth coming from in 2025? And I'd like to ask a follow-up, excuse me, a follow-up if I could.

早上好，哈達爾和伊多。這是 Dan 代替 Ram 上場。感謝您回答我們的問題，並祝賀您的收益[打]。我們想問一下，您是否預期地緣政治風險會對您的以色列業務造成影響？您認為 2025 年的主要成長動力來自哪裡？我想問一個後續問題，抱歉，如果可以的話，我想問一個後續問題。

Yeah, sure. So we don't see any disruption with currently coming from Israel. We've got a continuity plan in Israel in terms of production, and we have enough production, enough system to support the market for the next six months. But we're also exploring moving some of the operations outside of Israel, but currently, there is no disruption at all.

是的，當然。因此，我們沒有看到目前來自以色列的任何干擾。我們在以色列有一個生產方面的連續性計劃，我們有足夠的產量和足夠的系統來支援未來六個月的市場。但我們也在探索將部分業務轉移到以色列境外，目前，沒有任何中斷。

For your second question in terms of the 2025 growth, I think the main growth will continue to derive from focusing on repeat sales business, repeat customers, focusing on enterprise that potentially can sign with us on some strategic partnership and significant deals and the potential growth of the international business. I think all those three factors will continue to drive the growth of the revenue for the company.

對於您提出的第二個問題，即 2025 年的成長，我認為主要成長將繼續源於對重複銷售業務、回頭客的關注，關注可能與我們簽署某些策略合作夥伴關係和重大交易的企業以及國際業務的潛在成長。我認為這三個因素將繼續推動公司收入的成長。

Thank you. That makes sense. And what additional clinical indications do you expect to assess with Deep TMS going forward? Is there any specific areas or indications of interest? Thank you.

謝謝。這很有道理。您期望將來利用深部經顱磁刺激 (Deep TMS) 評估哪些其他臨床適應症？是否有任何特定領域或感興趣的跡象？謝謝。

Yeah. So I think on the horizon, we are looking to get FDA approval for a new protocol of accelerated Deep TMS, which we hope to get it in 2025. We also have on our horizon is the expansion labeling for adolescents suffering from major depression and PTSD. So we are, as we speak, we continue to collect the data in order to submit it to the FDA.

是的。因此我認為，我們正尋求 FDA 批准一種新的加速深部經顱磁刺激 (Deep TMS) 治療方案，我們希望在 2025 年獲得批准。我們還計劃擴大對患有重度憂鬱症和創傷後壓力症候群的青少年的標籤。因此，正如我們所說，我們會繼續收集數據以便將其提交給 FDA。

And this is for the -- I would say, on the short term on the horizon. For the long term, we are planning also to launch a multicenter trial in addiction for alcohol [use disorder]. And we're also evolving some additional neurology multicenter -- 12, it could be pain management or maybe Alzheimer, but it's still under discussions, internal discussions.

我想說的是，這是短期內的事。從長遠來看，我們還計劃進行一項針對酒精成癮的多中心試驗[使用障礙]。我們也正在開發一些額外的神經病學多中心——12，可能是疼痛管理或阿茲海默症，但它仍在討論中，內部討論中。

Thank you. I appreciate the answers and congratulations again.

謝謝。我很感謝您的答覆並再次表示祝賀。

Thank you so much.

太感謝了。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Hadar Levy for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給哈達爾·利維 (Hadar Levy)，請他作最後發言。

Thank you. I would like to thank all of the investors, analysts, and other participants for their interest in BrainsWay. With that, please enjoy the rest of your day.

謝謝。我要感謝所有投資者、分析師和其他參與者對 BrainsWay 的關注。好了，請享受您剩餘的一天。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。