BrainsWay (BWAY) Expands Foothold in Taiwan With Deep TMS
BrainsWay Ltd. BWAY, a pioneer in advanced noninvasive neurostimulation treatments for mental health disorders, has taken a step toward addressing global mental health crisis by expanding the availability of its Deep Transcranial Magnetic Stimulation (Deep TMS) technology in Taiwan.
In partnership with Unison Healthcare Group, the company is expanding its presence in Taiwan. This strategic step aligns perfectly with BrainsWay's mission to improve health and transform lives, particularly for individuals struggling with treatment-resistant mental health disorders.
Closing the Treatment Gap
Depression is a global health challenge affecting over 260 million individuals, with many experiencing insufficient relief from conventional pharmaceutical treatments. BrainsWay aims to bridge this treatment gap by increasing access to Deep TMS worldwide, especially for those in dire need of help. The company's recent expansion in Taiwan underscores its commitment to ensuring that geographical barriers do not limit access to innovative mental health care.
Strategic Partnership With Unison Healthcare Group
The collaboration between BrainsWay and Unison Healthcare Group signifies a coordinated effort to enhance access and awareness of Deep TMS in Taiwan. By engaging with prominent hospitals, clinics and thought leaders, this partnership is actively combating needless suffering caused by treatment-resistant major depressive disorder. Unison's proactive engagement has led to the swift adoption of this groundbreaking technology across the country.
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Targeting Untapped Taiwanese Market
Taiwan, despite its well-developed healthcare system, has a substantial portion of patients who lack access to adequate mental healthcare. BrainsWay and Unison Healthcare Group's initiative "Charitable Treatment – Mental Health Support Program" is a commendable effort to address this issue. By offering economically disadvantaged patients free treatment using cutting-edge medical technology like Deep TMS, the companies are making significant strides toward improving mental health access.
The recent deployment of 16 Deep TMS systems in the region, with an additional five systems slated for installation, showcases the commitment to ensuring that individuals struggling with treatment-resistant depression have access to innovative solutions.
Market Prospects
Going by a Grand View Research report, the global transcranial magnetic stimulation system market is projected to experience remarkable growth, with a current value of $1.04 billion in 2021 and an estimated CAGR of 9.03% from 2022 to 2030. Key drivers include the escalating occurrence of neurological disorders like Alzheimer’s and Parkinson’s, along with heightened awareness of transcranial magnetic stimulators among healthcare professionals.
Market players are reinforcing their positions by introducing advanced product portfolios through mergers, acquisitions and global expansion. Technological innovations, particularly in systems like the Deep TMS System, are anticipated to unlock significant growth avenues. The FDA's clearance for BrainsWay's Deep TMS System to address anxiety comorbid symptoms with depression underscores the potential of such advancements.
Price Performance
In the past year, BrainsWay shares have declined 26.9% compared with the industry’s dip of 1.6%.
Zacks Rank and Other Key Picks
BWAY currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader medical space are Elevance Health, Inc. ELV, Integer Holdings Corporation ITGR and Patterson Companies, Inc. PDCO.
Elevance Health reported second-quarter 2023 adjusted EPS of $9.04, beating the Zacks Consensus Estimate by 2.5%. Revenues of $43.38 billion surpassed the Zacks Consensus Estimate by 4.5%. It currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Elevance Health has a long-term estimated growth rate of 12.1%. ELV’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 2.8%.
Integer Holdings reported second-quarter 2023 adjusted EPS of $1.14, beating the Zacks Consensus Estimate by 15.2%. Revenues of $400 million surpassed the Zacks Consensus Estimate by 8.9%. It currently carries a Zacks Rank #2.
Integer Holdings has a long-term estimated growth rate of 12.1%. ITGR’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 8.4%.
Patterson Companies has a Zacks Rank of 1. PDCO has an estimated long-term growth rate of 9.2%.
Patterson Companies’ earnings surpassed estimates in three of the trailing four quarters and missed once, with the average surprise being 4.5%.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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