Brainsway reported record second-quarter results, with revenue up 35% to $17.1 million and adjusted EBITDA more than doubling to $3.5 million. The company shipped a record 125 Deep TMS systems in the quarter, a 42% increase year over year, and raised its full-year guidance. Brainsway makes a non-invasive deep transcranial magnetic stimulation platform for mental health disorders. The results extend a run of steady commercial growth as the company builds out its provider network and treatment indications.

Brainsway made a $3M minority equity investment in Radial Health as part of Radial's Series A. Radial operates a management services organisation supporting a national network of Brain Medicine clinics that deliver non-invasive psychiatric treatments including Deep TMS. For Brainsway, the stake continues a strategy of taking positions in mental health provider networks to expand adoption of its technology. It follows a similar minority investment the company made in Hopemark Health earlier this year.

Brainsway presented its first 12-month durability data for the SWIFT accelerated Deep TMS protocol at the Clinical TMS Society annual meeting. Drawn from patients who completed the company's FDA pivotal trial, the prospective follow-up reported a remission rate above 80% one year after treatment, alongside a decline in severe functional impairment. SWIFT reduces clinic visits by around 70% compared to the standard protocol.