BRAINSWAY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
U.S. dollars in thousands
June 30, | December 31, | ||||
2023 | 2022 | ||||
ASSETS | (Unaudited) | (Audited) | |||
Current Assets | |||||
Cash and cash equivalents | $ | 43,168 | $ | 47,581 | |
Short-term deposits | 271 | 271 | |||
Trade receivables, net | 3,416 | 4,844 | |||
Inventory | 3,301 | 3,837 | |||
Other current assets | 1,914 | 1,556 | |||
52,070 | 58,089 | ||||
Non-Current Assets | |||||
System components | 1,678 | 1,220 | |||
Leased systems, net | 3,292 | 3,118 | |||
Other property and equipment | 990 | 1,008 | |||
Other long-term assets | 1,217 | 1,042 | |||
7,177 | 6,388 | ||||
$ | 59,247 | $ | 64,477 | ||
LIABILITIES AND EQUITY | |||||
Current Liabilities | |||||
Trade payables | $ | 539 | $ | 1,116 | |
Deferred revenues | 1,984 | 1,477 | |||
Liability in respect of research and development grants | 803 | 1,057 | |||
Derivative liabilities | 102 | - | |||
Other accounts payable | 4,031 | 4,491 | |||
7,459 | 8,141 | ||||
Non-Current Liabilities | |||||
Deferred revenues and other liabilities | 4,858 | 4,923 | |||
Liability in respect of research and development grants | 5,575 | 6,016 | |||
10,433 | 10,939 | ||||
Equity | |||||
Share capital | 365 | 364 | |||
Share premium | 140,551 | 138,146 | |||
Share-based payment reserve | 3,826 | 6,180 | |||
Currency Translation Adjustments | (2,188) | (2,188) | |||
Accumulated deficit | (101,199) | (97,105) | |||
41,355 | 45,397 | ||||
$ | 59,247 | $ | 64,477 | ||
BRAINSWAY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. dollars in thousands (except per share data)
For the three months ended | For the six months ended | ||||||||||
June 30, | June 30, | ||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
(Unaudited) | (Unaudited) | ||||||||||
Revenues | $ | 7,829 | $ | 8,006 | $ | 14,454 | $ | 15,976 | |||
Cost of revenues | 2,095 | 2,192 | 3,887 | 4,059 | |||||||
Gross profit | 5,734 | 5,814 | 10,567 | 11,917 | |||||||
Research and development expenses, net | 1,902 | 1,731 | 3,687 | 3,307 | |||||||
Selling and marketing expenses | 3,983 | 4,552 | 8,895 | 8,698 | |||||||
General and administrative expenses | 1,192 | 1,539 | 2,995 | 3,402 | |||||||
Total operating expenses | 7,077 | 7,822 | 15,577 | 15,407 | |||||||
Operating loss | (1,343) | (2,008) | (5,010) | (3,490) | |||||||
Finance income (expense), net | (135) | (329) | 1,272 | (653) | |||||||
Loss before income taxes | (1,478) | (2,337) | (3,738) | (4,143) | |||||||
Taxes on income | 185 | 113 | 356 | 300 | |||||||
Net loss and total comprehensive loss | $ | (1,663) | $ | (2,450) | $ | (4,094) | $ | (4,443) | |||
Basic and diluted net loss per share | $ | (0.05) | $ | (0.07) | $ | (0.12) | $ | (0.13) | |||
BRAINSWAY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
For the three months ended | For the six months ended | ||||||||||
June 30, | June 30, | ||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
(Unaudited) | (Unaudited) | ||||||||||
Cash flows from operating activities: | |||||||||||
Total comprehensive loss | $ | (1,663) | $ | (2,450) | $ | (4,094) | $ | (4,443) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Adjustments to profit or loss items: | |||||||||||
Depreciation and amortization | 101 | 154 | 194 | 296 | |||||||
Depreciation of leased systems | 239 | 246 | 472 | 491 | |||||||
Impairments and disposals | 211 | 301 | 457 | 233 | |||||||
Finance expenses, net | 199 | 329 | (1,272) | 653 | |||||||
Cost of share based payment | 103 | 408 | 52 | 782 | |||||||
Income taxes | 185 | 113 | 356 | 300 | |||||||
Total adjustments to reconcile loss | 1,038 | 1,551 | 259 | 2,755 | |||||||
Changes in asset and liability items: | |||||||||||
Decrease (increase) in trade receivables | 1,928 | (1,072) | 1,435 | (1,135) | |||||||
Decrease (increase) in inventory | 1,295 | (792) | 367 | (2,105) | |||||||
Increase in other accounts receivable | (390) | (257) | (612) | (318) | |||||||
Increase (decrease) in trade payables | (46) | 1,073 | (581) | 561 | |||||||
Increase in other accounts payable | (1,230) | (384) | (738) | (894) | |||||||
Increase (decrease) in deferred revenues and other liabilities | (289) | (5) | 411 | 268 | |||||||
Total changes in asset and liability | 1,268 | (1,437) | 282 | (3,623) | |||||||
Cash paid and received during the period for: | |||||||||||
Interest paid | (10) | (11) | (22) | (23) | |||||||
Interest received | 366 | 304 | 1,040 | 307 | |||||||
Income taxes paid | (4) | (263) | (11) | (266) | |||||||
Total cash paid and received during the period | 352 | 30 | 1,007 | 18 | |||||||
Net cash provided by (used in) operating activities: | 995 | (2,306) | (2,546) | (5,293) | |||||||
Cash flows from investing activities: | |||||||||||
Proceeds from (purchase of) property and equipment and system components, net | (1,497) | 448 | (1,431) | 1,399 | |||||||
Withdrawal of (investment in) short-term deposits, net | - | 40,304 | - | 40,254 | |||||||
Investment in long-term deposits, net | (14) | (2) | (16) | (5) | |||||||
Net cash provided by (used in) investing activities | (1,511) | 40,750 | (1,447) | 41,648 | |||||||
Cash flows from financing activities: | |||||||||||
Repayment of liability in respect of research and development grants | (345) | - | (345) | (498) | |||||||
Receipt of government grants | 32 | - | 32 | 6 | |||||||
Repayment of lease liability | (64) | (150) | (130) | (298) | |||||||
Issuance of share capital, net | - | - | - | 1 | |||||||
Net cash used in financing activities | (377) | (150) | (443) | (789) | |||||||
Exchange rate differences on cash and cash equivalents | 10 | (225) | 23 | (313) | |||||||
Increase (decrease) in cash and cash equivalents | (883) | 38,069 | (4,413) | 35,253 | |||||||
Cash and cash equivalents at the beginning of the period | 44,051 | 14,105 | 47,581 | 16,921 | |||||||
Cash and cash equivalents at the end of the period | $ | 43,168 | $ | 52,174 | $ | 43,168 | $ | 52,174 | |||
(a) Significant non cash transactions: | |||||||||||
Recognition of new lease liability and right-of-use | 183 | 123 | 207 | 123 | |||||||
Termination of lease liability and right-of-use | 59 | - | 70 | - |
BRAINSWAY LTD.
A reconciliation of Adjusted EBITDA to net loss, the most directly comparable IFRS measure, is set forth below:
U.S. dollars in thousands (except share and per share data)
For the three months ended | For the six months ended | ||||||||
June 30, | June 30, | ||||||||
2023 | 2022 | 2023 | 2022 | ||||||
(Unaudited) | (Unaudited) | ||||||||
Net loss and total comprehensive loss | $ | (1,663) | $ | (2,450) | $ | (4,094) | $ | (4,443) | |
Finance (income) expense, net | 135 | 329 | (1,272) | 653 | |||||
Income taxes | 185 | 113 | 356 | 300 | |||||
Depreciation and amortization | 101 | 154 | 194 | 296 | |||||
Depreciation of leased systems | 239 | 246 | 472 | 491 | |||||
Cost of share based payment | 103 | 408 | 52 | 782 | |||||
Restructuring and litigation Cost | 267 | - | 802 | - | |||||
Adjusted EBITDA | $ | (633) | $ | (1,200) | $ | (3,490) | $ | (1,921) |
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Brainsway Ltd. published this content on 13 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 October 2023 17:26:29 UTC.