BrainsWay Ltd. (NASDAQ:BWAY) Q4 2023 Earnings Conference Call March 6, 2024 8:30 AM ET
Company Participants
Troy Williams - IR, LifeSci Advisors
Hadar Levy - CEO
Ido Marom - CFO
Conference Call Participants
Jeffrey Cohen - Ladenburg Thalmann
Steven Lichtman - Oppenheimer & Co.
Operator
Good morning everyone. My name is Chris and I will be your conference operator today. At this time I would like to welcome everyone to BrainsWay’s Fourth Quarter and Full Year 2023 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks there will be a question-and-answer session. Thank you. Troy Williams, Investor Relations from LifeSci Investors. You may begin.
Troy Williams
Welcome to BrainsWay's fourth quarter and full year 2023 earnings conference call. With us today are BrainsWay's Chief Executive Officer, Hadar Levy; and Chief Financial Officer, Ido Marom. The format for today's call will be a discussion of recent trends and business updates from Hadar followed by a detailed discussion of the financials. Then we will open up the call for your questions. Earlier today, BrainsWay released financial results for the three and 12 months December 31, 2023. A copy of the press release is available on the company's Investor Relations website.
Before I turn the call over to Hadar, I would like to remind you that this conference call, including both management's prepared remarks and the question-and-answer session may contain projections or other forward-looking statements regarding, among other topics, BrainsWay's anticipated future operating and financial performance, business plans and prospects, and expectations for its products and pipeline, which are all subject to risks and uncertainties, including shifting market conditions resulting from geopolitical, supply chain, and other factors. As well as the use of non-GAAP financial information. Additional information regarding these and other risks are available in the company's earnings release and in its other filings with the SEC including the Risk Factors section contained in BrainsWay's Form 20-F. I would now like to turn the call over to Hadar. Hadar?
Hadar Levy
Thank you, Troy. Welcome, everyone and thank you for joining us today. I'm excited to discuss the strong momentum that currently exists throughout our entire business, as well as our positive outlook for 2024. As a reminder, we previously set a goal to grow the company's 2023 top line over 2022, while targeting break-even operating income and positive adjusted EBITDA in the fourth quarter. I am thrilled to report that we significantly exceeded those expectations. Specifically, our revenues grew 17% in 2023, as compared to 2022. Most importantly, we generated positive quarterly net income in the fourth quarter. In Q4, we also recorded positive adjusted EBITDA and cash flow from operations for the second consecutive quarter.