BrainsWay Ltd.

Good morning, everyone. My name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to BrainsWay's first quarter 2024 financial results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. Thank you, Troy Williams, Investor Relations from Life Science Advisors. You may begin your conference.

Thank you, Julie, and welcome to BrainsWay's first quarter 2024 earnings conference call. With us today are BrainsWay's Chief Executive Officer, Adar Levy, and Chief Financial Officer, Ido Marone. The format for today's call will be a discussion of recent trends and business updates from Adar, 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 March 31st, 2024. A copy of the press release is available on the company's investor relations website. Before I turn over the call to Dar, 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 pipelines. which are all subject to risks and uncertainties, including shifting market conditions as resulting from geopolitical, supply chain, and other factors, as well as the use of non-GAAP financial information. Additional information regarding these and other risks are available in the company's earnings release and in its filings with the SEC, including the risk factor sections contained in Brainsway's Form 20F. I would now like to turn the call over to Hadar.

Thank you, Troy. Welcome everyone and thank you for joining us today. I'm thrilled to report on the continued significant tailwind present throughout our entire business. As such, our outlook for the remainder of 2024 remains highly positive and we are well positioned to achieve the full year top line growth we anticipated and sustained the previously forecasted profitability momentum and positive cash generation. More on that in a moment. Let me begin, though, with an overview of our strong results from the first quarter. Our revenue grew 37% year over year in the first quarter of 2024. In addition, we generated positive quarterly net income for the second consecutive quarter. Also, our gross margin improved nearly 200 basis points year over year, and we recorded positive adjusted EBITDA and cash flow from operations for the third consecutive quarter. Based on these excellent results and our expectations for continued strong performance throughout the remainder of the year, we are reiterating our previously provided full year 2024 revenue guidance of 37 million to 40 million. This would represent growth of 16% to 26% of the full year 2023 revenue. In addition, We continue to anticipate that our profitability momentum and positive cash generation will continue throughout 2024. As our first quarter results and future expectations would indicate, we remain confident in the upward trajectory of our overall business, as well as the current market dynamics and the opportunities that lay ahead. I'd now like to take a few moments to discuss the key growth drivers behind the momentum in our business. We continue to optimize our existing commercial process, including enhancing our emphasis on larger institutional and enterprise customers that are playing an increasingly important role within the industry. We remain focused on adding our deep TMS technology into this expanding large mental health groups and networks. As our results indicate, we continue to execute well on this strategy. Recent key agreements include increased collaboration with significant existing partner, Katie's Way Plus, which provides comprehensive mental health services tailored to the unique needs of active duty military members, veterans, and their families. Katie's Way Plus recently ordered an additional 18 deep TMS systems and will now have an extensive network of approximately 40 devices. Moreover, our international business continues to perform extremely well. To this end, we recently installed our 11 deep TMS systems in Israel, a geography in which we have steadily increased our presence following the recent increase in reimbursement rates there. Looking more closely, At the first quarter, we shipped a net total of 57 systems. Moreover, demand for the OCD treatment indication continued to grow as we shipped 31 OCD quells as add-on elements to certain new and existing systems. Approximately 50% of our total install base now includes OCD treatment capability. In addition, we continue to be supported by an extremely strong balance sheet with 47.8 million in cash with no debt as of March 31st, 2024. In order to further leverage the favorable current commercial trends in our business, we recently appointed Honi Groen as Vice President of International Sales. Honi has over three decades of experience in global sales and business development within the medical technology industry, and she will be instrumental in advancing our efforts to expand BrainSway's global footprint. We are also focused on driving more long-term growth. This is being accomplished by expanding the clinical and real-world evidence in support of deep TMS in multiple large disease areas. The most recent example of this are the previously discussed human neuroscience publication on Parkinson's disease and the Journal of Clinical Medicine publication on late-life depression. Moreover, we recently appointed Dr. Gilad Mosaev as Chief Technology Officer. Dr. Mosaev has over 20 years of experience in the medical device industry, with a substantial portion of that time spent leading R&D efforts at multiple companies. He will be critical in our efforts to expand BrainSway innovative technology platform. In closing, we believe Rainsway remains in the strongest position it has ever been in. We have started 2024 just as we ended last year, which is with strong tailwinds throughout all aspects of our business. To reiterate, we continue to forecast top-line growth for full year 2024 of 16% to 26% over full year 2023 revenue. In addition, looking even further ahead, We remain focused on driving and leading innovation within the TMS industry and are highly confident in our ability to continue capturing significant market share, both in the US and internationally. With that, I will now turn the call over to Ido for his review for our first quarter 2024 financial results. Ido.