BrainsWay Ltd. BWAY has announced the expanded availability of its Deep Transcranial Magnetic Stimulation (Deep TMS) technology in South Korea. This latest development is expected to address the growing demand for advanced noninvasive neurostimulation treatments.
The company is encouraged by the sales growth momentum over the past few quarters. According to BrainsWay, the latest extended availability of this device is projected to elevate its installed base in the country to more than 20 Deep TMS systems, marking a significant milestone in the company's global expansion.
More Into the News
According to BrainsWay, the expanded access to Deep TMS aligns with its goal to address mental health globally. Deep TMS, delivered through a patented coil design within a patient-friendly helmet, targets affected brain structures with a magnetic field, stimulating crucial neural networks.
The technology's success in positively impacting mental health patients in South Korea underscores its effectiveness in addressing major depressive disorders, the primary indication for which it is currently cleared in the country.
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In this regard, we note that BrainsWay's commitment to superior science is evidenced by its three FDA-cleared indications, including major depressive disorders, obsessive-compulsive disorders and smoking addiction.
Global Expansion in Noninvasive Neurostimulation
BrainsWay plays a prominent role in advanced noninvasive neurostimulation treatments globally. With offices in Burlington, MA, and Jerusalem, Israel, the company is dedicated to increasing global awareness and access to Deep TMS. As the technology continues to make strides in South Korea, BrainsWay solidifies its role as a transformative force in mental health, poised for continued progress and impact on a global scale.
According to a Strategic Market Research report, the global neurostimulation device market is expected to witness a CAGR of 12.8%, reaching $5.41 billion in 2022 and is projected to soar to $50.7 billion by 2030.
The market is fueled by the rising awareness of mental diseases, a surge in neurological disorders and a growing aging population globally. Non-invasive treatments, the acknowledgment of neurostimulation therapies and the prevalence of chronic pain in the elderly contribute to the increasing demand for neurostimulation devices.
Share Price Performance
Shares of BWAY surged 206.2% in the past year against the industry’s 5.8% decline.
Zacks Rank and Other Key Picks
BrainsWay currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader medical space are Haemonetics HAE, Insulet PODD and DexCom DXCM. Haemonetics and DexCom each presently carry a Zacks Rank #2, and Insulet sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Haemonetics’ stock has increased 3.9% in the past year. Earnings estimates for Haemonetics have increased from $3.86 to $3.89 in 2023 and $4.11 to $4.15 in 2024 in the past 30 days.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 16.1%. In the last reported quarter, it posted an earnings surprise of 5.3%.
Estimates for Insulet’s 2023 earnings per share have increased from $1.90 to $1.91 in the past 30 days. Shares of the company have dropped 35.6% in the past year compared with the industry’s decline of 5.8%.
PODD’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 105.1%. In the last reported quarter, it delivered an average earnings surprise of 77.4%.
Estimates for DexCom’s 2023 earnings per share have increased from $1.41 to $1.43 in the past 30 days and to $1.44 in the past seven days. Shares of the company have increased 2.1% in the past year compared with the industry’s decline of 5.1%.
DXCM’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 36.4%. In the last reported quarter, it delivered an average earnings surprise of 47.1%.
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