Brainsway Ltd (BWAY) 2025 Q3 法說會逐字稿

Good day, and welcome to the BrainsWay third quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Brian Ritchie with LifeSci Advisors. Please go ahead.

大家好，歡迎參加 BrainsWay 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給 LifeSci Advisors 的 Brian Ritchie。請繼續。

Thank you all, and welcome to BrainsWay's third 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 and Ido, followed by a detailed discussion of the financials. Then we will open up the call for your questions. Earlier today, BrainsWay released financial results for the three months ended September 30, 2025.

謝謝各位，歡迎參加 BrainsWay 2025 年第三季財報電話會議。今天與我們在一起的是 BrainsWay 的執行長 Hadar Levy 和財務長 Ido Marom。今天的電話會議形式為：首先討論 Hadar 和 Ido 的最新趨勢和業務進展，然後詳細討論財務狀況。接下來我們將開放提問環節。今天早些時候，BrainsWay 發布了截至 2025 年 9 月 30 日的三個月的財務業績。

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.

新聞稿副本可在公司投資者關係網站上查閱。在將電話轉交給 Hadar 之前，我想提醒各位，本次電話會議，包括管理層的準備發言和問答環節，可能包含有關 BrainsWay 未來運營和財務業績、業務計劃和前景以及產品和研發管線預期等方面的預測或其他前瞻性陳述，所有這些都受到風險和不確定性的影響，包括地緣、政治供應鏈和其他原因導致的會計市場發展因素。

Additional information regarding these and other risks are available in the company's earnings release and its other filings with the SEC, including the Risk Factors section contained in BrainsWay's Form 20-F. Finally, please note that the company's 6-K will be filed tomorrow at approximately 6:00 AM Eastern Time in accordance with the SEC's operating schedule.

有關這些風險和其他風險的更多信息，請參閱公司的盈利報告以及向美國證券交易委員會提交的其他文件，包括 BrainsWay 20-F 表格中的“風險因素”部分。最後，請注意，根據美國證券交易委員會的運作時間表，該公司將於明天美國東部時間早上 6 點左右提交 6-K 表格。

I would now like to turn the call over to Hadar.

現在我想把電話交給哈達爾。

Thank you, Brian. Welcome, everyone, and thank you for joining us today. We are excited to announce record quarterly revenue of $13.5 million reported in the third quarter of 2025. This represents a 29% increase compared with the same period last year. In addition, we shipped a total of 90 Deep TMS systems during the quarter, representing a 43% increase compared to the same period last year.

謝謝你，布萊恩。歡迎各位，感謝你們今天加入我們。我們很高興地宣布，2025 年第三季營收創歷史新高，達到 1,350 萬美元。與去年同期相比，成長了29%。此外，本季我們共交付了 90 套 Deep TMS 系統，比去年同期成長了 43%。

This brings our total installed base to more than 1,600 systems across the globe. With our quarterly results continuing to trend towards the higher end of expectations and improved visibility into the remainder of the year, we are raising the midpoint of our guidance for the full year 2025, including increasing our revenue guidance to a range of $51 million to $52 million, which is up from our previous guidance of $50 million to $52 million.

這使得我們在全球的安裝系統總數超過 1600 套。由於我們的季度業績持續向預期的較高水平發展，並且對今年剩餘時間的可見性有所提高，我們將 2025 年全年業績指引的中點值上調，包括將收入指引提高到 5,100 萬美元至 5,200 萬美元，高於我們先前 5,000 萬美元至 5,200 萬美元的指引。

We now expect to report operating profit in the range of 6% to 7% of revenue, up from the previous guidance of 4% to 5% and adjusted EBITDA in the range of 13% to 14% for the year, up from the previous guidance of 12% to 13%. Let me now take a deeper dive into our performance and why we believe our long-term growth is being built into the current execution of our strategy.

我們現在預計全年營業利潤率將達到營收的 6% 至 7%，高於先前預期的 4% 至 5%；調整後 EBITDA 將達到全年的 13% 至 14%，高於先前預期的 12% 至 13%。現在讓我更深入地探討我們的業績，以及我們為什麼相信我們的長期成長正在融入我們當前策略的執行中。

As I have mentioned previously, we made the decision approximately two years ago to focus our attention on selling to large enterprise customers who value our technology and high level of customer service to support their Deep TMS systems.

正如我之前提到的，大約兩年前，我們決定將注意力集中在向重視我們技術和高水準客戶服務的大型企業客戶銷售產品，以支援他們的深度 TMS 系統。

To this end, we have structured multiyear lease agreement, which in turn provide us a steady foundation from which to grow our business and maintain gross margin every year. As a result of our team's dedication to this sales model, we have transitioned the majority of our sales over with approximately 70% of our recent customer engagement being lease agreements.

為此，我們制定了多年租賃協議，這為我們提供了一個穩定的基礎，使我們能夠發展業務並每年保持毛利率。由於我們團隊致力於這種銷售模式，我們已將大部分銷售額轉移至此，最近約 70% 的客戶互動都是租賃協議。

And I want to highlight that the customers are aligned with this type of engagement as we have had a high rate of customer retention with many customers deciding to extend and even expand their agreement out several years. And this outcome really highlights the scalability of our business.

我想強調的是，客戶也認同這種合作方式，因為我們的客戶留存率很高，許多客戶決定延長甚至擴大他們的合作協議期限數年。這項結果充分凸顯了我們業務的可擴展性。

And while perhaps the initial focus each quarter is on the revenue numbers, internally, we also find value in looking at our book-to-bill ratio for the quarter, which was 1.3x, indicating that bookings were solidly above our billing.

雖然每個季度的首要關注點可能是收入數字，但我們內部也發現，查看本季度的訂單出貨比也很有價值，該比率為 1.3 倍，表明訂單量遠高於我們的出貨量。

And our remaining performance obligation under existing customer agreement was $65 million at the end of the quarter. These are just a couple of metrics, which we believe reflects a strong market demand momentum and give us confidence in our forward visibility and revenue trajectory. I am proud of how effectively our team has executed our business model to date.

截至本季末，我們根據現有客戶協議剩餘的履約義務為 6,500 萬美元。以上僅列舉了幾個指標，我們認為這些指標反映了強勁的市場需求勢頭，並讓我們對未來的發展前景和收入成長軌跡充滿信心。我為我們團隊迄今為止高效執行商業模式而感到自豪。

Let me take a minute to walk you through our strategy, which includes three main key pillars, which we believe are our key to driving long-term growth, 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. At the core of these initiatives is our regulatory approvals and clinical data, which continued to set Deep TMS apart and allow us to lead the market.

讓我花一分鐘時間向您介紹我們的策略，該策略包括三個主要支柱，我們相信這是我們推動長期成長的關鍵：一、進一步提高市場對深部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、透過全球擴張和醫療系統整合來擴大患者的治療機會。這些舉措的核心在於我們的監管批准和臨床數據，正是這些使 Deep TMS 脫穎而出，並讓我們在市場中保持領先。

Most recently, we announced that the US FDA has granted an expansion of the treatment protocol for the Deep TMS system to include an accelerated protocol for major depressive disorder or MDD treatment. 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 compared to an accelerated protocol, which involves a significantly shorter acute phase, taking place over several treatment days.

最近，我們宣布美國 FDA 已批准擴大 Deep TMS 系統的治療方案，使其包含針對重度憂鬱症 (MDD) 的加速治療方案。提醒一下，傳統的深度 TMS 治療方案包括為期四週的急性治療階段，每天進行一次治療。相較之下，加速治療方案的急性期明顯縮短，治療時間僅需幾天。

This is a very exciting development for us in the treatment centers using our systems, as we believe the accelerated protocol has the potential to improve convenience and thereby make Deep TMS substantially more appealing to prospective patients.

對於使用我們系統的治療中心來說，這是一個非常令人興奮的進展，因為我們相信加速方案有可能提高便利性，從而使深度經顱磁刺激對潛在患者更具吸引力。

As a reminder, Deep TMS is the only TMS modality cleared by the FDA and with peer-reviewed published clinical evidence for a broad range of indications, including depression, anxious depression, late life depression, OCD, and smoking addiction. We are also supporting the evaluation of accelerated protocol for these other indications.

提醒大家，深部 TMS 是唯一獲得 FDA 批准的 TMS 療法，並有同行評審發表的臨床證據證明其適用於多種適應症，包括憂鬱症、焦慮性憂鬱症、老年憂鬱症、強迫症和吸菸成癮。我們也支持對其他適應症的加速治療方案進行評估。

For example, the US NIH recently awarded approximately $2.5 million in five-year grant for the clinical study evaluating the mechanism of action and potential efficacy of the accelerated Deep TMS protocol to treat alcohol use disorder or AUD.

例如，美國國立衛生研究院 (NIH) 最近撥款約 250 萬美元，為期五年，用於一項臨床研究，該研究旨在評估加速深度 TMS 方案治療酒精使用障礙 (AUD) 的作用機制和潛在療效。

This study will be conducted by research team led by Dr. Claudia Padula and Dr. Michelle Madore of Stanford University and the Palo Alto Veterans Institute of Research. This study, which is posted on clinicaltrial.gov for any of you that would like to review the details, will utilize our novel Deep TMS 360 system, which has been designed to provide more comprehensive and uniform stimulation of the neurons in the targeted brain regions.

這項研究將由史丹佛大學和帕洛阿爾托退伍軍人研究所的 Claudia Padula 博士和 Michelle Madore 博士領導的研究團隊進行。這項研究已發佈在 clinicaltrial.gov 上，任何有興趣了解詳情的人都可以查看。該研究將採用我們新型的 Deep TMS 360 系統，該系統旨在對目標腦區的神經元進行更全面、更均勻的刺激。

The accelerated protocol being evaluated in this study is similar to the accelerated protocol for MDD, including an acute phase taking place over several treatment days as compared to the traditional protocol, which is several weeks.

本研究評估的加速方案與 MDD 的加速方案類似，包括急性期，治療時間僅為幾天，而傳統方案則需要數週時間。

Moving on to our investment initiatives. As previously announced in late 2024, we identified a new opportunity to generate shareholder value by making minority interest investment in mental health providers as well as other enterprises that we believe are complementary to our business.

接下來談談我們的投資計畫。正如我們在 2024 年底宣布的那樣，我們發現了一個透過對心理健康服務提供者以及我們認為與我們業務互補的其他企業進行少數股權投資來創造股東價值的新機會。

This strategy allows us to tap into the market we know well, building additional market awareness, R&D road map, data analysis capabilities and expanding access to Deep TMS while avoiding stepping into an operational role outside of our core focus of Deep TMS.

這項策略使我們能夠進入我們熟悉的市場，建立額外的市場認知度、研發路線圖、數據分析能力，並擴大對 Deep TMS 的訪問範圍，同時避免涉足 Deep TMS 核心業務之外的營運角色。

To support us in this initiative, Valor Equity Partner made a $20 million strategic equity investment in our company. This investment provided us with the capital needed to quickly move ahead with this strategy on a broader, more meaningful scale. We are pleased with the rollout of this initiative to date, which most recently included our third and fourth investment in 2025.

為了支持我們的這項計劃，Valor Equity Partner 向我們公司進行了 2,000 萬美元的策略性股權投資。這項投資為我們提供了所需的資金，使我們能夠以更廣泛、更有意義的規模迅速推進這項策略。我們對這項計劃迄今為止的進展感到滿意，最近還包括我們在 2025 年的第三筆和第四筆投資。

This recent strategic investment have come quickly on the heels of our first two agreements with Stella Mental Health and Axis. This collaboration is already making meaningful contribution as utilization of Deep TMS system at those clinics is up over 50% from the start of our relationship.

這項最新的策略投資緊隨我們與 Stella Mental Health 和 Axis 達成的兩項協議之後。這項合作已經取得了顯著成效，這些診所使用深度經顱磁刺激（Deep TMS）系統的次數比我們開始合作時增加了 50% 以上。

During the third quarter, we also announced an initial strategic investment in Neurolief LTD, a developer of the world's first wearable non-invasive multichannel brain neuromodulation platform that is designed for use at home. This agreement includes a milestone-based funding for up to an additional $11 million of convertible loan over two tranches, along with an option to fully acquire the company.

第三季度，我們也宣布對 Neurolief LTD 進行初步策略投資，該公司是世界上第一個可穿戴式非侵入式多通道腦神經調節平台的開發商，該平台專為家庭使用而設計。該協議包括一項基於里程碑的融資計劃，該計劃將分兩期提供最高 1,100 萬美元的可轉換貸款，並包含一項完全收購該公司的選擇權。

These strategic investments are an exciting new part of our story, and we look forward to helping each business grow initially through the additional fund the investment provide, but also through strategic counsel as they look to navigate faster and larger growth.

這些策略投資是我們發展歷程中令人興奮的新篇章，我們期待透過投資提供的額外資金幫助每家企業實現初步成長，同時也將透過策略諮詢，幫助他們應對更快、更大的成長。

We look forward to identifying additional investment, and we'll keep you updated on these initiatives. This is a truly exciting time in our history as we continue to identify ways to drive long-term shareholder growth. As we just heard, there is significant momentum in all aspects of our business, so much so that it is too much to cover on this call. Therefore, we will be hosting a virtual Investor and Analyst Day on December 1 to further discuss our operations, clinical, regulatory and financial progress. Additional details will be announced shortly.

我們期待找到更多投資機會，並將及時向您報告這些舉措的進展。在我們不斷探索推動股東長期成長的途徑之際，這無疑是我們歷史上一個令人興奮的時刻。正如我們剛才聽到的，我們業務的各個方面都取得了顯著進展，以至於這次電話會議無法一一詳述。因此，我們將於 12 月 1 日舉辦線上投資者和分析師日活動，進一步討論我們的營運、臨床、監管和財務進展。更多詳情將於近期公佈。

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

接下來，我將把電話交給 Ido，讓他來回顧我們 2025 年第三季的財務表現。我願意？

Thank you, Hadar. As Hadar noted, Q3 2025 was another record quarter for BrainsWay with revenue of $13.5 million, representing a 29% increase compared with the $10.5 million reported for the same period last year. During the quarter, we placed 90 Deep TMS systems, bringing our total installed base to more than 1,600 systems as of September 30, 2025.

謝謝你，哈達爾。正如 Hadar 指出的那樣，2025 年第三季度是 BrainsWay 的另一個創紀錄季度，收入為 1350 萬美元，比去年同期報告的 1050 萬美元增長了 29%。本季度，我們安裝了 90 套 Deep TMS 系統，截至 2025 年 9 月 30 日，我們的總安裝量已超過 1600 套系統。

Gross profit for the quarter was $10.2 million, up $2.4 million from $7.7 million in the prior year period, while maintaining a strong gross margin of 75% compared with 74% for the same period last year. This stability continues to reflect the strength of our recurring revenue model and disciplined cost management.

本季毛利為 1,020 萬美元，比去年同期的 770 萬美元增加了 240 萬美元，同時維持了 75% 的強勁毛利率，而去年同期為 74%。這種穩定性持續反映了我們經常性收入模式的優勢和嚴格的成本管理。

Turning to operating expenses. Sales and marketing totaled $4.7 million compared to $4.1 million in Q3 2024, an increase of approximately $0.6 million, driven by targeted investment in commercial expansion and marketing programs. Research and development expenses were $2.4 million compared to $1.8 million last year, an increase of $0.6 million, primarily from our ongoing clinical trials and development activities.

接下來談談營運費用。銷售和行銷總額為 470 萬美元，而 2024 年第三季為 410 萬美元，增加了約 60 萬美元，這主要得益於對商業擴張和行銷計劃的定向投資。研發費用為 240 萬美元，而去年為 180 萬美元，增加了 60 萬美元，主要來自我們正在進行的臨床試驗和開發活動。

General and administrative expenses were $1.8 million compared to $1.5 million in the prior year period, an increase of $0.3 million due in part to additional legal fees and due diligence costs related to new investments. Operating profit was approximately $1.3 million, which is a $1 million increase compared with the $0.3 million reported for the same period last year.

一般及行政費用為 180 萬美元，而去年同期為 150 萬美元，增加了 30 萬美元，部分原因是與新投資相關的額外法律費用和盡職調查費用。營業利潤約 130 萬美元，比去年同期報告的 30 萬美元增加了 100 萬美元。

Adjusted EBITDA increased to $2 million from $1.1 million in the prior year period. Net profit for the quarter was $1.6 million compared to $0.7 million in the same period of 2024, demonstrating the operating leverage in our model as we scale. From a balance sheet perspective, we ended the quarter with $70.7 million in cash and cash equivalents, up $1.1 million from $69.6 million at year-end 2024.

調整後 EBITDA 從去年同期的 110 萬美元增至 200 萬美元。本季淨利潤為 160 萬美元，而 2024 年同期為 70 萬美元，這表明隨著我們規模的擴大，我們的模式具有營運槓桿效應。從資產負債表的角度來看，本季末我們擁有現金及現金等價物 7,070 萬美元，比 2024 年底的 6,960 萬美元增加了 110 萬美元。

This increase was driven primarily by very strong collection during the quarter despite deploying $7.3 million for our minority equity investment as part of our strategic initiative. Remaining performance obligations grew to $65 million, a 37% year-over-year increase, providing strong visibility into future revenues.

儘管我們作為策略舉措的一部分，投入了 730 萬美元用於少數股權投資，但本季收款情況依然非常強勁，這主要推動了成長。剩餘履約義務增至 6,500 萬美元，年增 37%，為未來收入提供了良好的可視性。

Cash flow from operations in the quarter was positive, further reinforcing the strength of our recurring model and high collection efficiency. Our capital structure remains debt-free, giving us significant flexibility to pursue strategic growth initiatives, including the investment program Hadar outlined earlier.

本季經營活動產生的現金流為正，進一步鞏固了我們經常性收入模式的優勢和較高的收款效率。我們的資本結構仍然沒有債務，這使我們能夠靈活地推行策略性成長計劃，包括 Hadar 先前概述的投資計劃。

As Hadar mentioned, after a strong third quarter and increased visibility for the remainder of the year, we have raised the midpoint of our guidance for the full year 2025, which includes revenue guidance of $51 million to $52 million, up from our previous guidance of $50 million to $52 million. This guidance represents a year-over-year growth rate of 24% to 27%.

正如 Hadar 所提到的，在第三季表現強勁且對今年剩餘時間的前景更加明朗之後，我們提高了 2025 年全年業績指引的中位數，其中包括 5,100 萬美元至 5,200 萬美元的收入指引，高於我們之前 5,000 萬美元至 5,200 萬美元的指引。這一預期代表著同比增長率在 24% 至 27% 之間。

We also expect operating profit in the range of 6% to 7% of revenue, up from our previous guidance of 4% to 5% and adjusted EBITDA in the range of 13% to 14% for the year, up from our previous guidance of 12% to 13%.

我們也預期全年營業利潤率將達到營收的 6% 至 7%，高於先前預期的 4% 至 5%；調整後 EBITDA 將達到全年的 13% 至 14%，高於先前預期的 12% 至 13%。

The increased operating and adjusted EBITDA margins reflect the increased scale of our operations. This concludes my remarks, and I will now turn the call back to the operator to please open up the call for questions. Operator?

營業利潤率和調整後 EBITDA 利潤率的提高反映了我們業務規模的擴大。我的發言到此結束，現在我將把電話轉回給接線生，請他開始接受提問。操作員？

(Operator Instructions)

（操作說明）

Jeffrey Cohen, Ladenburg Thalmann.

Jeffrey Cohen，Ladenburg Thalmann。

Congrats on the quarter. So I guess, firstly, could you talk about the accelerated protocol and give us some sense of current treatments that are taking on the accelerated protocol and what you may expect over the coming quarters?

恭喜你本季取得佳績。所以我想，首先，您能否談談加速治療方案，並給我們介紹一下目前正在採用加速治療方案的治療方法，以及您對未來幾季的預期？

Yeah. I think the accelerated protocol is a really big news for patients around the world that is basically shortening the acute phase protocol from four weeks to only six days in which we are increasing the dosage, the amount of treatments per day to five treatments per day. The demand so far looks pretty good. And I think that, that's what's really driving the demand for the growth of the company.

是的。我認為加速治療方案對於世界各地的患者來說是一個真正的好消息，它基本上將急性期治療方案從四周縮短到僅六天，同時我們增加了劑量，將每天的治療次數增加到每天五次。目前來看，需求相當不錯。我認為這才是真正推動公司發展需求的因素。

Okay. Got it. And then secondly, could you talk about minority equity investments? Congrats on the handful already this year. But what might we expect as far as the pipeline and other investments over the coming quarters?

好的。知道了。其次，您能否談談少數股權投資？恭喜今年已經有這麼多成就。但在接下來的幾個季度裡，我們對管道建設和其他投資方面會有什麼預期呢？

Yeah. So we have a full hand of pipeline of this minority investment that we are speaking and exploring the option to collaborate with them. We still need to check the box on part of our due diligence process to make sure that this growing enterprise are growing, they are profitable.

是的。因此，我們有許多少數股權投資項目正在洽談中，我們正在探索與他們合作的可能性。我們仍需在盡職調查流程的某個環節進行核查，以確保這家正在發展壯大的企業確實在發展壯大，並且盈利。

They have the right management team and that we believe that they can execute upon their business plan. So the goal before the end of the year is to sign at least one more. And there is a handful of additional opportunities for 2026 that looks very promising.

他們擁有合適的管理團隊，我們相信他們能夠成功執行他們的商業計劃。因此，年底前的目標是至少再簽下一名球員。2026 年還有一些其他機會，看起來很有前景。

Got it. And then lastly for us, could you give us an update on Neurolief as far as any activity currently going on in Japan and EU and then talk about US timing or anticipated activities here.

知道了。最後，能否請您介紹Neurolief目前在日本和歐盟的活動進展，以及在美國的計畫或預期活動？

Yeah, I think we're all anticipating to -- for Neurolief to receive the FDA clearance toward the end of the year. We're hoping there won't be some additional delay with that, but things might look a little bit slow due to the current situation with the FDA administration. But we're hoping to get this FDA clearance for the end of the year. Once we get clearance for that, they're ready to market their -- to distribute their device through different channels.

是的，我想我們都期待Neurolief能在年底前獲得FDA的批准。我們希望不會再有額外的延誤，但由於目前FDA的批准情況，事情進展可能會有點緩慢。但我們希望在年底前獲得FDA的批准。一旦獲得許可，他們就可以開始銷售他們的產品——透過不同的管道分銷他們的設備。

It could be VA, it could be IDNs. And obviously, TMS clinics through BrainsWay customers. But the most promising one that we're waiting for is FDA clearance towards the end of the year.

可能是退伍軍人事務部（VA），也可能是綜合交付網路（IDN）。顯然，TMS 診所也是 BrainsWay 的客戶。但我們最期待的還是年底前獲得FDA的批准。

Carl Byrnes, Northland Capital Markets.

卡爾拜恩斯，北地資本市場。

Congratulations on the quarter. I'm just curious what you're seeing in terms of system placements from the minority partners thus far. And then again, looking at adding five or so partnerships per year, what we should expect potentially in terms of incremental system placements? And then I'll jump back into the queue.

恭喜你本季取得佳績。我只是好奇到目前為止，您從少數合作夥伴那裡看到了哪些系統部署情況。那麼，考慮到每年新增五家左右的合作夥伴，我們應該預期系統部署量會增加多少呢？然後我再重新排隊。

Yeah. Each one of these minority investment is providing us with a business plan. And based on their expectation, they are planning to expand and to grow in between to an opening up additional 10 to 15 new clinics every year. Obviously, the first year is always the most challenging one to make sure that they've got all the necessary setup. But once they got the funding and they got everything they need, they should deliver on that, either by merger and acquisitions or opening some de novo clinics.

是的。每筆少數股權投資都為我們提供了一份商業計劃書。根據他們的預期，他們計劃逐步擴張，每年新增 10 至 15 家診所。顯然，第一年總是最具挑戰性的，確保他們做好一切必要的準備。但是一旦他們獲得了資金和所需的一切，他們就應該實現目標，要么透過合併和收購，要么開設一些新的診所。

So that's pretty aligned with our expectations. We're not sharing the data of current installed base that we received from our minority investment, but I can only share with you that aligned with our expectations. I did share a very important fact that with the most early investment that we've made with both Stella Mental Health and Axis, both of them grew their utilization rate more than 50% since inception, since the collaboration with us. And that's the most important sign. It means that they like the technology, they're utilizing this technology, and they're expanding, which is pretty aligned with our expectations.

這基本上符合我們的預期。我們不會透露我們從少數股權投資中獲得的目前已安裝用戶群數據，但我可以與您分享符合我們預期的數據。我確實分享了一個非常重要的事實，那就是自從我們與 Stella Mental Health 和 Axis 合作以來，這兩家機構的早期投資額都超過了 50%，而這兩家機構的利用率也都增加了 50% 以上。而這才是最重要的徵兆。這意味著他們喜歡這項技術，他們正在使用這項技術，並且他們正在擴大規模，這與我們的預期非常吻合。

(Operator Instructions)

（操作說明）

Ram Selvaraju, H.C. Wainwright.

拉姆‧塞爾瓦拉朱 (Ram Selvaraju)，H.C.溫賴特。

Congratulations on the quarter. I wanted to ask about, first of all, how you think you will alter metrics reporting going forward in general, if we can expect greater granularity on, for example, what you expect to be growth in total installed base, what you anticipate to be performance with respect to some of the individual minority investments and so on?

恭喜你本季取得佳績。首先我想問的是，您認為今後整體會如何改變指標報告方式？例如，我們是否可以期待更細緻的指標報告，例如，您預期總安裝基數的成長情況，您預期某些個別少數投資項目的績效表現等等？

And also, I wanted to ask a couple of specific questions about where we are currently. Firstly if you could elaborate on where you are with respect to the upgrade cycle across the installed base and how you expect that to play out over the course of the coming quarters, that would be very helpful.

另外，我還想問幾個關於我們目前處境的具體問題。首先，如果您能詳細說明您目前在已安裝設備的升級週期方面所處的位置，以及您預計在接下來的幾個季度中情況會如何發展，那將非常有幫助。

And then if you can offer us any granularity regarding the state of the international business and geographically speaking, where you expect the bulk of growth to come from as we look ahead to 2026?

那麼，如果您能提供一些關於國際業務狀況的具體信息，以及從地理上看，您預計到 2026 年，大部分增長將來自哪裡？

Yeah. Great. Thank you for the questions, and I'm hoping I won't forget anything. So in terms of the metrics or KPIs that we are measuring, I think it's going to be a mix of some very relative KPIs. It will be a number of systems that we are shipping on a quarterly basis, and we see some very consistent growth on that.

是的。偉大的。謝謝你們的提問，希望我不要遺漏什麼。所以就我們衡量的指標或關鍵績效指標而言，我認為將會是一些非常相對的關鍵績效指標的組合。我們將按季度交付多個系統，並且我們看到這方面出現了非常穩定的成長。

It will be also the additional indications that we're also selling on top of the traditional one, it could be the OCD, the H7 or the H4 for addiction. That will be another important KPI, the book-to-bill ratio and most important, again, like is the new initiative with this minority investment that we most probably going to share much more information and trajectory on the Analyst Day meeting on December 1.

此外，除了傳統的檢測方法外，我們還在銷售其他檢測方法，例如強迫症、H7 或 H4 成癮檢測。訂單出貨比將是另一個重要的 KPI，而最重要的是，就像這項少數股權投資的新舉措一樣，我們很可能會在 12 月 1 日的分析師日會議上分享更多資訊和發展軌跡。

So I promise to give you a bit more details about some of those metrics and how you can all try and measure the progress of the company in 2026 and beyond. For your questions about the international growth. So we continue to strength our distribution channels, mainly, mainly, mainly in Asia Pacific and in Europe.

所以我承諾會向大家詳細介紹其中一些指標，以及大家如何嘗試衡量公司在 2026 年及以後的發展。關於您有關國際成長的問題。因此，我們將繼續加強分銷管道，主要、主要、主要在亞太地區和歐洲。

So I do expect a very strong trajectory from Japan, China, South Korea, Taiwan, Thailand, all this region, and India, of course, all these regions continue to grow their demand and increase awareness in this market, but also in the main countries in Europe, like Germany and France and Spain and Italy, we're seeing some constant demands in those markets. And last but not least, also the Israeli market is also growing in a very nice way. So overall, I think that the international growth is pretty aligned with our expectations.

因此，我預計日本、中國、韓國、台灣、泰國以及整個地區（當然還有印度）都將呈現非常強勁的成長動能。所有這些地區的需求都在持續成長，市場認知度也不斷提高。此外，在歐洲的主要國家，如德國、法國、西班牙和義大利，我們也看到這些市場有持續的需求。最後但同樣重要的是，以色列市場也以非常好的方式成長。所以總的來說，我認為國際成長與我們的預期基本一致。

I believe there is a chance for us to even expand faster with the additional indication that we currently cleared in those area, which is beyond the mental health, mainly some of them relates to addiction, some of them relates to neurology indications that we're seeing some good results in these areas. But that's a very, very promising target, market targets for the company for 2026 and beyond.

我相信，隨著我們目前在這些領域的進展，我們有機會更快地擴張。這些進展超越了心理健康的範疇，主要包括一些與成癮有關的領域，以及一些與神經系統相關的領域，這些領域都顯示出一些良好的效果。但這對公司而言是一個非常非常有前景的目標，也是公司 2026 年及以後的市場目標。

And just one other quick one if I may. Maybe this is more for Ido. Do you have any plans to alter the way in which you report revenue, particularly given the minority stakes that you are acquiring if you're going to break out revenue coming from those sources or any other changes that you anticipate with respect to top line item reporting?

如果可以的話，我再問一個問題。或許這更多是給伊多的。鑑於您正在收購少數股權，您是否有計劃改變收入報告方式？您是否打算單獨列出這些來源的收入？或者您預計在收入明細報告方面會有其他任何變化？

Yeah. So those minority investments won't impact our top line revenue. We still need to examine that with our auditors for the financial statements at the end of the year. But right now, those investments will be written either in their fair value or as an equity under the operating profit. So it's not part of our top line.

是的。因此，這些少數股權投資不會影響我們的總收入。我們還需要與審計師一起審查這一點，以便編制年底的財務報表。但目前，這些投資要麼以公允價值入賬，要麼作為營業利潤下的權益入賬。所以它不屬於我們主要的收入來源。

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

謝謝。我們的問答環節到此結束。我謹將會議交給哈達爾·列維先生，請他作總結發言。

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

偉大的。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。祝您今天餘下的時間愉快。再見。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。謝謝