BRAINSWAY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
U.S. dollars in thousands
March 31, | December 31, | |||||||
2024 | 2023 | |||||||
ASSETS | (Unaudited) | (Audited) | ||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 12,382 | $ | 10,520 | ||||
Short-term deposits | 35,196 | 35,465 | ||||||
Restricted cash | 271 | 271 | ||||||
Trade receivables, net | 4,339 | 3,780 | ||||||
Inventory | 3,832 | 3,717 | ||||||
Other current assets | 1,373 | 1,712 | ||||||
57,393 | 55,465 | |||||||
Non-Current Assets | ||||||||
System components | 1,495 | 1,273 | ||||||
Leased systems, net | 3,600 | 3,700 | ||||||
Other property and equipment | 779 | 817 | ||||||
Other long-term assets | 1,876 | 1,717 | ||||||
7,750 | 7,507 | |||||||
$ | 65,143 | $ | 62,972 | |||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Trade payables | $ | 892 | $ | 758 | ||||
Deferred revenues | 5,480 | 2,504 | ||||||
Liability in respect of research and development grants | 1,035 | 1,008 | ||||||
Other accounts payable | 5,415 | 5,491 | ||||||
12,822 | 9,761 | |||||||
Non-Current Liabilities | ||||||||
Deferred revenues and other liabilities | 4,483 | 5,553 | ||||||
Liability in respect of research and development grants | 5,841 | 6,077 | ||||||
10,324 | 11,630 | |||||||
Equity | ||||||||
Share capital | 367 | 367 | ||||||
Share premium | 140,449 | 140,344 | ||||||
Share-based payment reserve | 4,560 | 4,360 | ||||||
Currency Translation Adjustments | (2,188) | (2,188) | ||||||
Accumulated deficit | (101,191) | (101,302) | ||||||
41,997 | 41,581 | |||||||
$ | 65,143 | $ | 62,972 |
BRAINSWAY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
U.S. dollars in thousands (except per share data)
For the three months ended
March 31,
2024 | 2023 | ||||
(Unaudited) | |||||
Revenues | $ | 9,095 | $ | 6,625 | |
Cost of revenues | 2,283 | 1,792 | |||
Gross income | 6,812 | 4,833 | |||
Research and development expenses, net | 1,626 | 1,785 | |||
Selling and marketing expenses | 3,827 | 4,912 | |||
General and administrative expenses | 1,266 | 1,803 | |||
Total operating expenses | 6,719 | 8,500 | |||
Operating income (loss) | 93 | (3,667) | |||
Finance income | 618 | 1,424 | |||
Finance expenses | 428 | 17 | |||
Income (loss) before income taxes | 283 | (2,260) | |||
Taxes on income | 172 | 171 | |||
Net income (loss) and total comprehensive income (loss) | $ | 111 | $ | (2,431) | |
Basic and diluted net income (loss) per share | $ | 0.00 | $ | (0.07) |
BRAINSWAY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
For the three months ended
March 31,
2024 | 2023 | ||||
(Unaudited) | |||||
Cash flows from operating activities: | |||||
Total comprehensive income (loss) | $ | 111 | $ | (2,431) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||
Adjustments to profit or loss items: | |||||
Depreciation and amortization | 62 | 93 | |||
Depreciation of leased systems | 255 | 233 | |||
Impairments and disposals | 251 | 246 | |||
Finance expenses, net | (190) | (1,407) | |||
Cost of share based payment | 305 | (51) | |||
Income taxes | 172 | 171 | |||
Total adjustments to reconcile income (loss) | 855 | (715) | |||
Changes in asset and liability items: | |||||
Increase in trade receivables | (574) | (493) | |||
Increase in inventory | (53) | (928) | |||
Decrease (increase) in other current assets | 264 | (222) | |||
Increase (decrease) in trade payables | 150 | (535) | |||
Increase (decrease) in other accounts payable | (365) | 447 | |||
Increase in deferred revenues and other liabilities | 1,924 | 700 | |||
Total changes in asset and liability | 1,346 | (1,031) | |||
Cash paid and received during the period for: | |||||
Interest paid | (11) | (31) | |||
Interest received | 877 | 674 | |||
Income taxes paid | - | (7) | |||
Total cash paid and received during the period | 866 | 636 | |||
Net cash provided by (used in) operating activities: | 3,178 | (3,541) | |||
Cash flows from investing activities: | |||||
Proceeds from (purchase of) property and equipment and system components, net | (724) | 66 | |||
Proceeds from sub-lease asset | 20 | - | |||
Investment in long-term deposits, net | (6) | (2) | |||
Net cash provided by (used in) investing activities | (710) | 64 | |||
Cash flows from financing activities: | |||||
Repayment of liability in respect of research and development grants | (532) | - | |||
Repayment of lease liability | (57) | (66) | |||
Net cash used in financing activities | (589) | (66) | |||
Exchange rate differences on cash and cash equivalents | (17) | 13 | |||
Increase (decrease) in cash and cash equivalents | 1,862 | (3,530) | |||
Cash and cash equivalents at the beginning of the period | 10,520 | 47,581 | |||
Cash and cash equivalents at the end of the period | $ | 12,382 | $ | 44,051 | |
(a) Significant non cash transactions: | |||||
Recognition of new lease liability and right-of-use | 72 | 24 | |||
Termination of lease liability and right-of-use | - | 11 | |||
BRAINSWAY LTD.
A reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable IFRS measure, is set forth below:
U.S. dollars in thousands (except share and per share data)
Net income (loss) and total comprehensive income (loss)
Finance income, net
Income taxes
Depreciation and amortization
Depreciation of leased systems
Cost of share based payment
Restructuring and litigation Cost
Adjusted EBITDA
For the three months ended March 31,
2024 2023
(Unaudited)
$ | 111 | $ | (2,431) |
(190) | (1,407) | ||
172 | 171 | ||
62 | 93 | ||
255 | 233 | ||
305 | (51) | ||
- | 535 | ||
$ | 715 | $ | (2,857) |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Brainsway Ltd. published this content on 16 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2024 14:01:09 UTC.