Brainsway Ltd (BWAY) 2025 Q1 法說會逐字稿

Good day, and welcome to the BrainsWay first quarter 2025 earnings conference call. (Operator instructions) Please -- please note, this event is being recorded. I would now like to turn the conference over to Brian Ritchie of Lifesci Advisors. Please go ahead.

大家好，歡迎參加 BrainsWay 2025 年第一季財報電話會議。（操作員指示）請－請注意，此事件正在被記錄。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 first quarter 2025 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 2025 年第一季財報電話會議。今天與我們一起的有 BrainsWay 的首席執行官 Hadar Levy 和首席財務官 Ido Marom。今天電話會議的形式是討論 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您的問題。

Earlier today, BrainsWay released financial results for the three months ended March 31, 2025. A copy of the press release is available on the company's Investor Relations website. 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.

今天早些時候，BrainsWay 發布了截至 2025 年 3 月 31 日的三個月的財務業績。新聞稿副本可在公司投資者關係網站上查閱。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發言和問答環節）可能包含有關 BrainsWay 預期的未來運營和財務業績、業務計劃以及對其產品和渠道的前景和期望等主題的預測或其他前瞻性陳述，所有這些都受風險和不確定性的影響，包括因地緣政治、供應鏈其他因素和其他因素的市場條件變化。

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

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。現在我想把電話轉給哈達爾。請繼續。

Thank you, Brian. Welcome, everyone, and thank you for joining us today. We are excited to share that we have carried the strong momentum from last year into 2025. In the first quarter, we generated $11.5 million in revenue, marking a 27% increase year-over-year. In addition, we shipped a total of 81 Deep TMS systems, representing a 42% increase compared to the first quarter of 2024.

謝謝你，布萊恩。歡迎大家，感謝你們今天的到來。我們很高興地告訴大家，我們已將去年的強勁勢頭延續到了 2025 年。第一季度，我們的營收為 1,150 萬美元，年增 27%。此外，我們共出貨了 81 套 Deep TMS 系統，與 2024 年第一季相比成長了 42%。

In addition, we have signed a backlog and remaining performance obligation totaling nearly $60 million, providing clear visibility into future growth. This overall performance reflects the growing demand for our Deep TMS platform and further reinforce our leadership position in the noninvasive neuromodulation space.

此外，我們還簽署了總額近 6,000 萬美元的積壓訂單和剩餘履約義務，為未來的成長提供了清晰的前景。這一整體表現反映了我們深部經顱磁刺激 (Deep TMS) 平台日益增長的需求，並進一步鞏固了我們在非侵入性神經調節領域的領導地位。

Our commercial growth, particularly in the US, is being driven by expanded adoption of Deep TMS in the treatment of obsessive compulsive disorder, or OCD, anxious depression and other mental health conditions. Let me take a minute to review the execution of our sales strategy. Over the past year, we have been highly focused on strengthening our customer base and driving near-term growth by engaging large enterprise networks with multiyear agreements.

我們的商業成長，特別是在美國，是由深部經顱磁刺激在強迫症（OCD）、焦慮性憂鬱症和其他精神健康狀況治療中的廣泛應用所推動的。請容許我花一點時間來回顧我們的銷售策略的執行情況。在過去的一年裡，我們高度重視加強我們的客戶基礎，並透過與大型企業網路簽訂多年期協議來推動近期成長。

As part of these agreements, we have elevated our customer service to better handle the unique and evolving need at each of these accounts. As a result, we are taking this engagement deeper and building valuable partnerships that offer both sides real value beyond the traditional onetime sales approach we used previously.

作為這些協議的一部分，我們提升了客戶服務水平，以更好地滿足每個帳戶的獨特和不斷變化的需求。因此，我們正在加深這種合作並建立有價值的合作夥伴關係，為雙方提供超越我們以前使用的傳統一次性銷售方式的真正價值。

We have also continued to scale our pay-per-use and lease-based model, which supports recurring revenue and provides more flexibility for providers. These efforts are creating a more predictable and sustainable foundation of BrainsWay's future. However, what truly sets BrainsWay apart and confirm our position as an undisputed leader in the TMS market is our technological and clinical differentiation.

我們也持續擴大按使用付費和租賃模式，以支援經常性收入並為供應商提供更多靈活性。這些努力為 BrainsWay 的未來奠定了更可預測和可持續的基礎。然而，真正讓 BrainsWay 脫穎而出並確立我們在 TMS 市場無可爭議的領先地位的是我們的技術和臨床差異化。

In fact, a growing number of customers have switched from other TMS technologies to BrainsWay, citing our clinical performance and economic value as primary reasons. Building on this market positioning, the next phase of our growth strategy focused on three key pillars: one, further elevating market awareness of Deep TMS and its clinical impact; two, advancing our R&D road map to unlock new and expanded treatment indication; and three, broadening patient access through global expansion and health system integration.

事實上，越來越多的客戶從其他 TMS 技術轉向 BrainsWay，主要原因是我們的臨床表現和經濟價值。基於這個市場定位，我們下一階段的成長策略將集中在三大關鍵支柱上：一、進一步提升市場對深部經顱磁刺激 (Deep TMS) 及其臨床影響的認識；二、推進我們的研發路線圖，以解鎖新的和擴大的治療適應症；三、透過全球和醫療系統整合，擴大患者的治療機會。

We believe that these activities are critical as we work to further cement our role in shaping the future of mental health treatment. In terms of opportunities to drive greater access to Deep TMS through new and expanded indication, we are well positioned to ramp up activity around OCD in 2025. Our data for this indication are highly encouraging, demonstrating that over 60% of patients respond positively to Deep TMS therapy.

我們相信，這些活動至關重要，因為我們致力於進一步鞏固我們在塑造心理健康治療未來方面的作用。就透過新的和擴大的適應症來推動更多人獲得深部經顱磁刺激 (Deep TMS) 的機會而言，我們已做好準備，在 2025 年加大圍繞強迫症 (OCD) 的活動。我們針對此適應症的數據非常令人鼓舞，顯示超過 60% 的患者對深部 TMS 療法有正面反應。

This high response rate underscores the efficacy of our system and its potential to help improve the quality of life for approximately 400,000 patients suffering from OCD annually. It's also worth noting that we are the first TMS therapy approved for OCD, further elevating over the rest of the industry. Anxious depression is another indication where our system was the first TMS device cleared by the FDA as an effective treatment. I'm pleased to announce that doctors in the US are continuing to report an increase in Deep TMS treatment for anxious depression.

如此高的回應率凸顯了我們系統的有效性及其每年幫助改善約 40 萬名強迫症患者生活品質的潛力。另外值得注意的是，我們是第一個獲得批准用於治療強迫症的 TMS 療法，進一步提升了業界其他療法的水平。焦慮性憂鬱症是另一個指徵，我們的系統是第一個被 FDA 批准為有效治療的 TMS 裝置。我很高興地宣布，美國醫生報告稱，深部經顱磁刺激治療焦慮性憂鬱症的病例不斷增加。

As a reminder, this refers to patients with major depressive disorder who also exhibit comorbid and anxiety symptoms. This is a large addressable medical need that affects approximately 10 million to 16 million adults in the US each year.

提醒一下，這指的是患有重度憂鬱症並同時表現出合併症和焦慮症狀的患者。這是一個巨大的可解決的醫療需求，每年影響美國約 1000 萬至 1600 萬成年人。

We are also making steady progress in bringing increased attention to our clinical data supporting the use of Deep TMS therapy for post-traumatic stress disorder or PTSD. We have already made steady progress over the last two quarters following the initial approval for reimbursement of Deep TMS therapy in Israel. As we look ahead, we are working to expand the available reimbursement for PTSD in Israel with the goal of potentially include more Israeli medical centers as well as adding private clinic settings.

我們也在穩步推進，讓人們更專注於支持使用深部經顱磁刺激療法治療創傷後壓力症候群（PTSD）的臨床數據。在以色列首次批准深部經顱磁刺激治療的報銷後，我們在過去兩個季度取得了穩步進展。展望未來，我們正在努力擴大以色列對創傷後壓力症候群 (PTSD) 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。

I will conclude this section of my comments by saying that we continue to advance the randomized multicenter US clinical trial evaluating an accelerated treatment protocol for the Deep TMS system for major depressive disorder or MDD treatment as compared to the current standard of care Deep TMS protocol.

我將以此部分評論作為結論：我們將繼續推進隨機多中心美國臨床試驗，該試驗評估深部經顱磁刺激系統針對重度憂鬱症或 MDD 治療的加速治療方案，並與目前的標準深部經顱磁刺激治療方案進行比較。

As a reminder, the traditional Deep TMS protocol involves a four week acute treatment phase with one session on each day of treatment. This is now being compared to an accelerated protocol, which involves a significantly shorter acute phase taking place over several treatment days. This has the potential to improve convenience and thereby make Deep TMS substantially more appealing to prospective patients.

提醒一下，傳統的深部經顱磁刺激 (Deep TMS) 方案包括四周的急性治療階段，每天進行一次治療。目前，人們正在將其與加速方案進行比較，該方案涉及在幾天的治療時間內顯著縮短的急性期。這有可能提高便利性，使深部經顱磁刺激對潛在患者更具吸引力。

While I have spent a lot of time today discussing our top line performance and future growth drivers, our team has done a tremendous job balancing our expense management while generating this high level of revenue growth. This has allowed us to consistently report strong gross margin of 75%. We also increased our operating income and adjusted EBITDA margin and generated positive cash flow from operations.

雖然我今天花了很多時間討論我們的營收表現和未來成長動力，但我們的團隊在平衡費用管理的同時實現瞭如此高的收入成長，做得非常出色。這使我們能夠持續實現 75% 的強勁毛利率。我們也增加了營業收入和調整後的 EBITDA 利潤率，並產生了正的經營現金流。

This brings me to the international trade and tariff policies that have dominated the global news cycle for the past few months. We are actively monitoring our potential exposure to the recent changes to these policies, especially as they pertain to the US, Israel and European Union. While specific policies and timing of implementation remain fluid, we do not accept there to be a material impact to our gross margin for the current year.

這讓我想到了過去幾個月佔據全球新聞頭條的國際貿易和關稅政策。我們正在積極監控這些政策的最新變化對我們可能帶來的影響，特別是與美國、以色列和歐盟相關的政策變化。雖然具體政策和實施時間仍不確定，但我們不認為這會對本年度的毛利率產生重大影響。

As a result, we are reiterating our full year 2025 financial guidance of between $49 million to $51 million in revenue. This would represent a growth of 20% to 24% over 2024. We also anticipate generating operating income of 3% to 4% and adjusted EBITDA of 11% to 12% for full year 2025.

因此，我們重申 2025 年全年財務指導，收入在 4,900 萬美元至 5,100 萬美元之間。這意味著到 2024 年將成長 20% 至 24%。我們也預期 2025 年全年營業收入將成長 3% 至 4%，調整後 EBITDA 將成長 11% 至 12%。

With that, I will now turn the call over to Ido for his review of our first quarter 2025 financial results. Ido?

現在，我將把電話交給 Ido，讓他審查我們 2025 年第一季的財務表現。我願意？

Thank you, Hadar. Revenue for the first quarter of 2025 was $11.5 million, a 27% increase compared to the prior year period revenue of $9.1 million. We placed 81 Deep TMS systems in the first quarter. Our installed base was 1,434 systems as of March 31, 2025, compared to 1,158 systems at the same point in the prior year. Gross profit for the first quarter of 2025 was $8.6 million or a 75% gross margin. This is compared to $6.8 million during the prior year period at the same gross margin.

謝謝你，哈達爾。2025 年第一季的營收為 1,150 萬美元，與去年同期的 910 萬美元營收相比成長 27%。我們在第一季安裝了 81 個 Deep TMS 系統。截至 2025 年 3 月 31 日，我們的安裝基數為 1,434 個系統，而去年同期為 1,158 個系統。2025 年第一季的毛利為 860 萬美元，毛利率為 75%。相比之下，去年同期的毛利率為 680 萬美元。

Moving on to operating expenses. For the first quarter of 2025, sales and marketing expenses were $4.2 million compared to $3.8 million for the first quarter of 2024. Research and development expenses were $2.3 million compared to $1.6 million in the first quarter of 2024. General and administrative expenses for the first quarter of 2025 were $1.5 million compared to $1.3 million for the first quarter of 2024.

繼續討論營運費用。2025 年第一季的銷售和行銷費用為 420 萬美元，而 2024 年第一季為 380 萬美元。研發費用為 230 萬美元，而 2024 年第一季為 160 萬美元。2025 年第一季的一般及行政費用為 150 萬美元，而 2024 年第一季為 130 萬美元。

Operating profit for the first quarter was approximately $576,000 compared to approximately $93,000 for the same period in 2024. Adjusted EBITDA was about $1.3 million, representing the seventh consecutive quarter of positive adjusted EBITDA compared to $715,000 for the first quarter of 2024.

第一季營業利潤約為 576,000 美元，而 2024 年同期約為 93,000 美元。調整後的 EBITDA 約為 130 萬美元，這是連續第七個季度實現正調整後 EBITDA，而 2024 年第一季為 715,000 美元。

For the first quarter ended March 31, 2025, we recorded net profit of about $1.1 million compared to $111,000 in the same period of 2024. We reported cash, cash equivalents and short-term deposits of about $72 million on March 31, 2025.

截至 2025 年 3 月 31 日的第一季度，我們實現淨利潤約 110 萬美元，而 2024 年同期為 111,000 美元。我們報告稱，截至 2025 年 3 月 31 日，現金、現金等價物和短期存款約為 7,200 萬美元。

Based on our backlog and US pipeline and continued momentum internationally, we expect revenue in the range of $49 million to $51 million for the full year 2025, which represents 20% to 24% growth over 2024 revenue. In addition, we anticipate reporting operating profit of 3% to 4% of revenue and adjusted EBITDA of 11% to 12% for the full year 2025.

根據我們的積壓訂單和美國管道以及國際上的持續發展勢頭，我們預計 2025 年全年收入將在 4,900 萬美元至 5,100 萬美元之間，比 2024 年收入增長 20% 至 24%。此外，我們預計 2025 年全年營業利潤將佔營收的 3% 至 4%，調整後 EBITDA 將佔 11% 至 12%。

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。我現在請接線生打開電話，以便提問。操作員？

(Operator Instructions)

（操作員指示）

Steve Lichtman, Oppenheimer & Company.

史蒂夫·利希特曼，奧本海默公司。

Thank you. Congratulations on how doing on the quarter. I guess the first question, another quarter where systems came in well ahead. As you look at the wins that you're seeing in the field, any sense you can give us in terms of how much is sort of greenfield opportunity that you're getting, meaning sort of market expansion versus perhaps some competitive conversions?

謝謝。恭喜您本季取得的良好業績。我想第一個問題是，在另一個季度中系統遙遙領先。當您看到自己在該領域的勝利時，您能否告訴我們，您獲得了多少全新的機會，也就是市場擴張還是一些競爭性的轉變？

Yeah, hi, Steve. Good morning. Thank you for the question. I think the environment today remains very positive and reasonably strong. And we have experienced some large commercial wins recently in the marketplace that's increasing our demand for the Deep TMS system. I would say that roughly around 80% of our new sales coming from a greenfield, which means new customers and 20% relates to conversion from the competition. Obviously, some of the new system installed are also coming from an expansion of our current customer base.

是的，你好，史蒂夫。早安.謝謝你的提問。我認為今天的環境仍然非常積極且相當強勁。我們最近在市場上取得了一些重大的商業勝利，這增加了我們對 Deep TMS 系統的需求。我想說，我們大約 80% 的新銷售額來自綠地，也就是新客戶，20% 則來自競爭對手的轉換。顯然，一些新安裝的系統也來自於我們現有客戶群的擴展。

Got it. Thanks. You also mentioned your continued shift toward more sustainable revenue models like lease, but you also mentioned pay per use. Can you talk about that a little bit more and sort of your evolution on that and sort of where you are at this point in pay-per-use?

知道了。謝謝。您也提到了繼續轉向租賃等更永續的收入模式，但您也提到了按使用付費。您能否再多談這個問題以及您在這方面的進展情況，以及您在按使用付費方面目前所處的位置？

Yes. It depends on the specific segment of customers and territory. In Israel, for instance, we are only working with the pay-per-use model, which is a very unique and flexible business model for the provider and in some -- also with some other customers in the US. In this business model, we are providing the system with no upfront fee, and we are charging on per procedure. And we are also providing all the ecosystem around it, which is including the technician and operator for this specific business model.

是的。這取決於具體的客戶群和地理。例如，在以色列，我們只採用按使用付費模式，這對提供者來說是一種非常獨特和靈活的商業模式，對美國的一些其他客戶也是如此。在這種商業模式中，我們提供的系統不收取預付費用，而是按每個流程收費。我們還提供圍繞它的所有生態系統，包括針對此特定商業模式的技術人員和操作員。

The other business model is the fixed business model. It's a binding contract that our customer base is committed for us for the next four years, which if it's going to be most likely a high-volume clinic, that's most likely going to be the most preferred business model for them.

另一種商業模式是固定商業模式。這是一份具有約束力的合同，我們的客戶群承諾在未來四年內為我們提供服務，如果這很可能是一家高容量診所，那麼這很可能是他們最喜歡的商業模式。

Got it. Okay. Great. And then just lastly on clinical trials. I guess, can you give us a sense of when you think the accelerated protocol data might come in? And then also any update on potential new clinical trials in conjunction with psychedelic drugs. I know the ketamine centers is another opportunity certainly for you. Thanks.

知道了。好的。偉大的。最後是臨床試驗。我想，您能否告訴我們您認為加速協定資料何時可能到達？還有關於與迷幻藥有關的潛在新臨床試驗的任何最新消息。我知道氯胺酮中心對你來說肯定是另一個機會。謝謝。

Yeah. So we are making a very, very good progress on the clinical trial. We have submitted our results around the accelerated protocol to the FDA. And the expectation is to receive the FDA clearance towards the end of the year. We're also working on data collection for the PTSD and the treatment of adolescents suffering from MDD to expand our labeling in this area.

是的。因此，我們在臨床試驗上取得了非常非常好的進展。我們已經向 FDA 提交了有關加速協議的結果。預計今年底獲得 FDA 批准。我們也致力於收集 PTSD 的數據以及患有 MDD 的青少年的治療，以擴大我們在該領域的標籤。

And for both of them, again, the expectation is to submit data to the FDA and potentially also get the FDA clearance before the end of the year. And we are evaluating the protocol of combining Deep TMS treatment together with some psychedelic treatment in some major centers. So we are defining the protocol and our goal is to launch this clinical trial potentially in Q3 this year.

對於這兩家公司來說，他們的期望是向 FDA 提交數據，並可能在年底之前獲得 FDA 的批准。我們正在一些主要中心評估深部經顱磁刺激治療與一些迷幻治療相結合的方案。因此，我們正在製定協議，我們的目標是在今年第三季啟動這項臨床試驗。

Great. Thanks, Hadar.

偉大的。謝謝，哈達爾。

Thank you, Stephen.

謝謝你，史蒂芬。

Jeff Cohen, Ladenburg Thalmann.

傑夫·科恩、拉登堡·塔爾曼。

Hi, this is Destiny on for Jeff. Thank you for taking our questions. Just quickly in case I missed it, did you make any comments around OCD helmets that were shipped during the quarter and what that installed base looks like currently?

大家好，這是 Jeff 的《命運》。感謝您回答我們的問題。如果我錯過了，請問您對本季出貨的 OCD 安全帽以及目前安裝的基礎狀況有何評論？

We did not, but I can share with you that we shipped 57 OCD calls that bring us to close to 850 OCD calls around the globe.

我們沒有，但我可以與你們分享，我們發送了 57 個 OCD 電話，這使我們在全球範圍內的 OCD 電話數量接近 850 個。

Wow. Okay, got it. Thank you. And then looking ahead more with this 360 product, I'm curious I know it's still early. So just really hypothetically, how are you seeing this device fitting into a center?

哇。好的，明白了。謝謝。然後展望這款 360 產品的未來，我很好奇，我知道現在還為時過早。那麼，從假設的角度來看，您認為該設備如何適合中心？

So is this something that one of these larger accounts would have an existing system, a traditional system like they have now with the multiple different coils? Or is it something where -- as well as a 360 system? Or is it more so that a center would upgrade or switch out the device to a 360 in order to have it -- in order to have all the offerings. Does that make sense? Does my question make sense?

那麼，這些較大的帳戶中是否有一個現有的系統，一個像現在這樣的具有多個不同線圈的傳統系統？或者它是某種東西——以及 360 系統？或者更確切地說，中心會將設備升級或切換到 360 以便擁有它——以便擁有所有的產品。這樣有道理嗎？我的問題有意義嗎？

Absolutely. I think -- and I think the right answer is that it will be a mix of both, at least at the beginning. You know that TMS 360 has its own advantage. It's a revolutionary system that is aiming to provide us a shorter treatment with a better efficacy and to potentially treat areas that we hope to see some better effect like dementia and also some areas around addiction that currently, we believe as compared to the 104 system, we're supposed to see some better treatment.

絕對地。我認為——而且我認為正確的答案是兩者兼而有之，至少在開始時是這樣。您知道 TMS 360 有其自身的優勢。這是一個革命性的系統，旨在為我們提供更短的治療時間和更好的療效，並有可能治療我們希望看到更好效果的領域，如癡呆症以及一些成癮領域，目前，我們相信與 104 系統相比，我們應該看到更好的治療方法。

So I believe some of the customers will need to have both systems. Some of them will just ask to upgrade. It just depends on the segmentation and the profile of the potential customers. There is a greenfield customers on the addiction space that we didn't do much yet. And I believe that the next indication with the 360 is going to be a perfect match for that.

所以我相信有些客戶需要這兩個系統。有些人只會要求升級。這只取決於潛在客戶的細分和概況。在成癮領域，我們還沒有進行太多工作，還有一些未開發的客戶。我相信 360 的下一個跡象將會完美地契合這一點。

Excellent. Okay, thank you. I'm going to take the rest of my questions offline. Thank you for the time.

出色的。好的，謝謝。我將把剩餘的問題轉移到離線狀態。感謝您抽出時間。

Thank you, Destiny.

謝謝你，命運。

(Operator Instructions)

（操作員指示）

Ram Selvaraju, HC Wainwright.

拉姆·塞爾瓦拉朱、HC·溫賴特。

Good morning. This is Eduardo on for Ram. I'm curious if you're seeing any significant geopolitical risk related to potential disruption to the business? And if so, if you could quantify this?

早安.這是 Eduardo 代替 Ram 上場。我很好奇，您是否認為存在與業務潛在中斷相關的重大地緣政治風險？如果是的話，您能量化一下嗎？

Not necessarily. We're always living in an environment that is -- that we're seeing lots of, lots of changes with the MFM et cetera. But we don't see it as kind of a negative impact. We're always trying to evaluate things that are happening. Same goes with the tariff policies.

未必。我們始終生活在這樣的環境中——我們看到 MFM 等等發生了許多變化。但我們並不認為這是一種負面影響。我們總是試圖評估正在發生的事情。關稅政策也是如此。

We are actively monitoring everything around us. For now, we don't see any negative impact on our industry, but it doesn't mean that we're not actively monitoring this on a daily basis. We do believe that a Deep TMS technology holds multiple unique advantage over any kind of drug therapies. And even the tariff is not something that we consider is material for us today. So the overall environment is continue to be very positive for us.

我們正在積極監視周圍的一切。目前，我們還沒有看到對我們的行業有任何負面影響，但這並不意味著我們沒有每天積極地監控這一點。我們確實相信，深部經顱磁刺激技術比任何藥物療法都具有多種獨特的優勢。甚至關稅對我們今天來說也不是重要的事情。因此，整體環境對我們來說仍然非常有利。

Got it. That's helpful. And curious if -- are you likely to see any more meaningful upgrading of the current installed base this year or in 2026?

知道了。這很有幫助。我很好奇——今年或 2026 年，您是否有可能看到當前安裝基礎的更有意義的升級？

Yeah. Look, the demand continued to grow, and you see it in the numbers, like quarter-over-quarter, and I'm looking -- I'm comparing BrainsWay also to the competition. We are truly the market leader selling most of the number of systems, but most important, also the additional coils that providing additional treatment capabilities to our customer base. We'll continue to provide the demand to the market. We see -- we continue to see a constant demand not only for the H1 coil for depression, but also a growing demand for the H7 coil and also for the H4 coil for the addiction space.

是的。你看，需求持續成長，你可以從數字中看到這一點，例如季度環比增長，而且我正在將 BrainsWay 與競爭對手進行比較。我們確實是市場領導者，銷售大多數系統，但最重要的是，我們還銷售外部的線圈，為我們的客戶群提供額外的治療能力。我們將繼續滿足市場需求。我們看到——我們繼續看到不僅對用於治療憂鬱症的 H1 線圈的需求持續增長，而且對用於治療成癮的 H7 線圈和 H4 線圈的需求也在增長。

So I believe that a very healthy demand will continue to drive the adoption for Deep TMS system by the end of the year and also towards 2026.

因此，我相信，到今年年底以及到 2026 年，非常健康的需求將繼續推動 Deep TMS 系統的採用。

Okay. That's helpful. And then one final one, if I could. Just curious if you're considering implementing a stock repurchase program? And what would be the primary principal considerations that would determine the timing of that moving forward?

好的。這很有幫助。如果可以的話，我還有最後一個問題。只是好奇您是否正在考慮實施股票回購計劃？那麼，決定這進程時機的主要考量是什麼？

Not at the moment. I think for now, we are evaluating all the options on the table. There are lots of really great options today. We've got close to $72 million in our bank account, and we're aiming to expand the growth of our top line revenue and simultaneously continue and invest in the innovation and the future of this of this technology and product. We will continue to evaluate this option towards the end of the year after assessing all the opportunities on the table.

目前還沒有。我認為現在我們正在評估所有可用的選項。如今，確實有很多不錯的選擇。我們的銀行帳戶中有近 7,200 萬美元，我們的目標是擴大營業收入的成長，同時繼續投資於這項技術和產品的創新和未來。在評估了所有可能的機會後，我們將在年底繼續評估這個選擇。

All right, thank you so much. Those are all my questions.

好的，非常感謝。這些就是我的全部問題。

Thank you, Ram.

謝謝你，拉姆。

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

謝謝。我們的問答環節到此結束。我想將會議交還給 Hadar Levy 做最後總結。

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. Goodbye.

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，請盡情享受這一天的剩餘時間。再見。

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

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。