BrainsWay : Corporate Presentation March 2024

Elevating

Mental Health

Treatment

Nasdaq/TASE: BWAY

March 2024

Disclaimer

Safe Harbor and Non-GAAP Financial Measures

This presentation does not constitute an offer or invitation to sell or issue, or any solicitation of an offer to subscribe for or acquire any of the Company's securities or to participate in any investment in the Company. This presentation shall not constitute advertising or misconstrued as being commercial and/or promotional in nature.

No representation or warranty is made to the accuracy or completeness of this presentation. You must make your own investigation and assessment of the matters contained herein. In particular, no representation or warranty is given, and the Company has no responsibility, as to the achievement or reasonableness of any forecasts, estimates, or statements as to prospects contained or referred to in this presentation.

This presentation contains information that includes or is based on forward‐looking statements within the meaning of the federal securities law. These statements are not guarantees of future performance, are based on current expectations of future events and are subject to various risks and uncertainties that could cause our actual activities, timing or results to differ materially from those expressed or implied in such statements. Such factors include, but are not limited to: continued business impact from the COVID-19 global pandemic; weakening of economic conditions that could adversely affect the level of demand for our products; pricing pressures generally; difficulties or delays in manufacturing; legislative and regulatory actions; changes in reimbursement level from third‐party payors; product liability claims; the impact of federal legislation to reform the United States healthcare system; changes in financial markets; changes in the competitive environment; failure to gain sufficient market adoption of our products; regulatory actions or delays; and our ability to realize anticipated operational and manufacturing efficiencies. Additional information concerning these and other factors, including the Risk Factors set forth therein, is contained in our filings with the U.S. Securities and Exchange Commission.

The forward-looking statements in this presentation are made based upon our current expectations. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, the presentation contains certain data and information that we obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. If any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements. All forward-looking statements included in this presentation are made only as of the date of this presentation. We assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors.

Certain non-GAAP financial measures are included in this presentation, which are designed to complement the financial information presented in accordance with IFRS, because management believes such measures are useful to investors. These non-GAAP financial measures should be considered only as supplemental to, and not superior to, financial measures provided in accordance with IFRS. Other companies may calculate similarly titled non-GAAP financial measures differently than the Company.

Corporate Presentation March 2024

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BrainsWay at a Glance

Advancing Neuroscience to Improve Health and Transform Lives

• Market leader in TMS
• Cleared in multiple large underserved mental health disorder markets
• Broad reimbursement among commercial and governmental payors
• New indication opportunities and geographic expansion for growth
• Proven, differentiated noninvasive neurostimulation platform technology
• Attractive business model and financial profile
• Superior science, evidence, and support

Corporate Presentation March 2024

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BrainsWay by the Numbers

Strong Fundamentals for Growth - Turnaround has Begun

$9.0m

Revenue

Q4 2023

1,101

Total Installed Base (*)

as of Q4 2023

600

OCD Systems

as of Q4 2023

Corporate Presentation March 2024

75%

Gross Margin

Q4 2023

160,000+1

Patients Treated

4.8m+ individual treatments

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Core FDA Clearances

12 CE Clearance

$46.3m

Cash Balance

as of Q4 2023

$0.8M

Adjusted EBITDA

Q4 2023

Positive Operating & Net income

35+

Completed Clinical Trials

340+ Deep TMS publications

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Continuum of Care for Depression and OCD

Massive Underserved Markets

Major Depressive Disorder

21m

Clinical Depression Sufferers/year2 60-90% comorbid anxiety symptoms3

7m

Treatment-Resistant Patients who do NOTachieve remission after 4 courses

of medications & psychotherapy4

Deep TMSTM

(Transcranial Magnetic Stimulation)

ECT

(Electroconvulsive Therapy)

Primary Care /

Psychiatry

Intensive /

Interventional

Psychiatry

Obsessive-Compulsive Disorder

3m

Obsessive-Compulsive Disorder

Sufferers/year2

1.5m

Treatment-Resistant Patients who do NOTrespond to any medications or psychotherapy5-7

Deep TMSTM

(Transcranial Magnetic Stimulation)

Intensive Program

(Intensive Outpatient, Residential, Hospitalization)

Invasive & Experimental	Surgery
(e.g. Deep Brain Stimulation)

Invasive & Experimental

(e.g. Deep Brain Stimulation)

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Transcranial Magnetic Stimulation (TMS)

Established Technology with Demonstrated Safety and Efficacy

Comprehensively Studied

Over 20,000 published papers on TMS8

How Does it Work?

1. An electromagnetic coil is placed over the scalp
2. A fast current is produced in the coil
3. Electromagnetic field is induced in the brain
4. These fields activate neural activity

Corporate Presentation March 2024

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Evolution of TMS

TMS has Been Used for >35 Years with BrainsWay Pioneering Key Innovations

	George et al.		Traditional TMS		BrainsWay		BrainsWay
	first to		is cleared by the		is first TMS		expands
	demonstrate		FDA for		device to		depression
	antidepressant		treatment-		receive FDA		indication for
	effects of		resistant		clearance for		Anxious
	repetitive TMS		depression		OCD		Depression
1985	1995	2000	2008	2013	2018	2020	2021
Barker		Roth & Zangen		BrainsWay		BrainsWay is
performs		invent the		receives FDA		first TMS device
motor cortex		H-Coil, which		clearance for		to receive FDA
stimulation		stimulates deep		Deep TMS		clearance for
with TMS		brain structures,		therapy for		Smoking
		in collaboration		Depression		Addiction
		with the NIH
Corporate Presentation March 2024						7

BrainsWay Delivers Proven Records

Deep TMS Therapy Has Significant Appeal to Providers and Patients

Noninvasive	No Anesthesia	Well-Tolerated	~3 to 20 Minute	Easy to	Strong
Technology	Required	by Patients	Sessions	Administer	Reimbursement

Corporate Presentation March 2024

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BrainsWay Deep TMS Advantages over Traditional TMS1

BrainsWay's Clinical Advantages are Clear and Compelling

BrainsWay Deep TMS

1.8 to 2.0 cm9,10

Extensive - 17 cm10

More Reliable Targeting

	Deep and Broad
Deep TMS H1 Coil	RCT Data in Multiple Indications

Depth

Brain Volume

Stimulated

Therapy

Delivery

Structures

Treated

Platform Technology

Traditional TMS

0.7cm to 1.0cm9

Limited - 3 cm10

Prone to Targeting Errors

Superficial and Focal

RCT Data Limited to Depression

in the commercial

depression space use

variations of the

traditional "figure-8"

TMS coil design

Deep TMS activates more neurons and reduces likelihood of targeting errors

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Robust Platform Technology

Multiple Clearances and Significant Market Expansion Potential

Anterior Cingulate Cortex	Bilateral Insula
	OCD		Smoking Addiction
	Post-Stroke Rehabilitation*		Parkinson's Disease*

Left Dorsolateral Prefrontal Cortex	Motor Cortex
 Depression/Anxious Depression		Multiple Sclerosis*
		Chronic Pain*

Corporate Presentation March 2024

~$11B of Total Addressable Market in current FDA- cleared indications11

• Depression / Anxious Depression
• OCD
• Smoking Addiction

*Indicates conditions still being researched. Not cleared by the FDA for safety and efficacy.

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