BrainsWay Expands U.S. Insurance Coverage for OCD Treatment

Key Facts

Chief Executive Officer Hadar Levy said the company continues its efforts to raise awareness of the treatment, including “expanding access to patient care by increasing coverage for innovative interventional psychiatric treatments.” The announcement expands the number of people eligible for coverage, compared with the more than 86 million the company said were covered in March 2026. But broader coverage does not by itself mean those people will use the treatment or that additional revenue has already been generated. The statement set no commercial growth target tied to the announcement, linking it instead to expanded coverage and access to care.

The announcement follows the company’s disclosure in its annual report that coverage terms vary among payers. BrainsWay said reimbursement eligibility generally requires failure of two to four drug trials, placing the treatment in the care pathway for patients who have not responded to prior medications. The report also cited a final local coverage determination issued by Palmetto GBA, one of Medicare’s administrative contractors, for Deep TMS treatment of OCD in 2022. This background shows that an increase in the number of people covered by policies does not eliminate differences in eligibility rules from one payer to another. The announced coverage therefore indicates broader potential access, while actual use depends on the terms applied by each payer.

BrainsWay generally markets its Deep TMS system for OCD by selling the system or including it in a fixed-fee rental with its system for depression. This pricing model means expanded coverage is not automatically tied to a specific number of treatment sessions or a known amount of revenue. Operationally, the company said it shipped a record 125 Deep TMS systems in the second quarter of 2026, up 42% from the same period a year earlier. Its installed base was about 1,949 systems as of that quarter. These figures provide context on the scale of the company’s system deployment, but do not break out the impact of the new coverage announcement on shipments or revenue.

Financially, BrainsWay’s second-quarter 2026 revenue rose 35% to 17.1 million dollars, compared with 12.6 million dollars in the corresponding quarter of 2025. In results for the same period, the company raised its fiscal 2026 revenue outlook to a range of 68–70 million dollars, from a previous range of 66–68 million dollars. It said the updated outlook implies growth of about 30–34% compared with 2025 revenue. Remaining performance obligations stood at 80.4 million dollars as of June 30, 2026, up 30% year over year. These operational and financial indicators are separate from the coverage announcement, and the company does not attribute revenue growth or the higher outlook to the announcement alone.

As part of efforts to expand coverage for its treatments, BrainsWay announced on October 13 that more than 70 million people in the United States had access to policies covering the accelerated SWIFT protocol. On clinical evidence related to the device authorization, the U.S. Food and Drug Administration said headache was the most common side effect in the study. It was reported by 37.5% of BrainsWay device recipients, compared with 35.3% of placebo recipients. No serious device-related adverse events were reported, according to the FDA.

BrainsWay’s device was the first noninvasive medical device to receive FDA authorization for OCD treatment, according to the agency’s explanation of the regulatory decision. This places the treatment among noninvasive magnetic stimulation options authorized for this use, without making the company the first to receive authorization for this type of treatment overall. In the stock market, BWAY shares closed at 11.25 dollars on October 23, 2026, after closing at 11.44 dollars in the previous session. These are the available closing prices and do not include the intraday trading range. The share price is being watched as the market tracks growth indicators and the announced coverage, while the expansion statement set no timeline for a subsequent step.