BrainsWay Comments on Evernorth's Elimination of TMS Prior Authorization
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 18 2026
0mins
Should l Buy BWAY?
BrainsWay (BWAY) commented on the recent news issued by Evernorth Behavioral Health, a division of the Cigna Group (CI), which serves over 18 million covered lives across 12 states, that it will no longer require prior authorization for transcranial magnetic stimulation, TMS, for contracted providers whose patients have coverage under Evernorth and Cigna Healthcare plans. The Evernorth press release stated that the change will be effective on March 6, 2026. "Evernorth's decision to eliminate the requirement for contracted providers to have patients obtain prior authorizations for TMS treatment marks an important step forward in expanding patient access to this effective and well-accepted therapy. This change empowers providers to deliver timely care to patients who meet Evernorth's TMS policy selection criteria," stated Hadar Levy, CEO at BrainsWay.
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Analyst Views on BWAY
Wall Street analysts forecast BWAY stock price to rise
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 11.845
Low
19.00
Averages
26.33
High
30.00
Current: 11.845
Low
19.00
Averages
26.33
High
30.00
About BWAY
Brainsway Ltd is an Israel-based company engaged in the development and marketing of medical devices for the treatment of various neurological and psychopathological disorders. The Company primarily offers Transcranial Magnetic Stimulation (TMS) system, a medical device that enables direct non-invasive activation of deep brain structures. Its TMS system uses magnetic pulses to stimulate neurons and consequently modulates the physiological activity of the brain. TMS system is used in various clinical applications including: major depressive disorders, obsessive-compulsive disorder, smoking addiction and others various psychiatric, neurological, and addiction disorders.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
BrainsWay to Report Q4 and Full Year 2025 Results on March 11
- Earnings Announcement: BrainsWay will report its Q4 and full year 2025 financial results before the U.S. market opens on March 11, 2026, highlighting the company's ongoing advancements in noninvasive neurostimulation technologies.
- Conference Call Details: The company will host a conference call and webcast at 8:30 AM Eastern Time to discuss the financial results and provide updates on business operations, ensuring investors receive timely and critical information.
- Technological Leadership: BrainsWay is the first and only TMS company to obtain three FDA-cleared indications, focusing on treating major depressive disorder, obsessive-compulsive disorder, and smoking addiction, showcasing its innovative capabilities and clinical efficacy in mental health.
- Clinical Trial Progress: The company is conducting multiple clinical trials of Deep TMS aimed at expanding its applications in psychiatric, neurological, and addiction disorders, further solidifying its market leadership position.
See More
BrainsWay Makes $2.5M Investment in BrainStim Health
- Investment Amount: BrainsWay announced a minority investment of up to $2.5 million in BrainStim Health, a Canadian mental health clinic operator, with an initial investment of $1 million and potential milestone-based investments reaching $1.5 million, aiming to strengthen its market position in mental health.
- Equity Structure: This investment allows BrainsWay to receive a preferred, annually compounding security in BrainStim while securing a minority stake, which not only safeguards future financial returns but also enhances its competitive edge in the mental health treatment market.
- Strategic Partnership: CEO Hadar Levy noted that this investment marks the fifth minority stake in growth-oriented clinical service platforms announced by the company, demonstrating its ongoing expansion strategy in the mental health sector.
- Market Reaction: Despite being viewed as a strategic move, BrainsWay's ADRs traded lower following the investment announcement, reflecting market caution regarding the deal and potentially impacting its short-term stock performance.
See More
BrainsWay Enters Strategic Investment Agreement with BrainStim Health
- Strategic Investment Agreement: BrainsWay has entered into a strategic equity financing agreement with Canada's BrainStim Health, initially investing $1 million with a potential additional $1.5 million, aimed at expanding access to and awareness of advanced mental health interventions.
- Market Expansion Initiative: This investment marks BrainsWay's fifth minority stake in growth-oriented clinical service platforms, indicating the company's commitment to advancing scientific and clinical progress in the mental health sector through its Deep TMS technology.
- Collaborative Outlook: The Chief Medical Officer of BrainStim stated that partnering with BrainsWay will enhance their value proposition and drive organizational growth, particularly in providing mental health services for veterans and first responders.
- Technological Leadership: BrainsWay's Deep TMS technology has received three FDA approvals, and the company is dedicated to increasing global awareness and access through ongoing clinical trials and scientific research.
See More
BrainsWay Shares Rise as Cigna Removes TMS Authorization Requirements
- Policy Change Impact: Cigna's Evernorth Behavioral Health unit has decided to eliminate prior authorization requirements for TMS depression therapy starting March 6, significantly reducing administrative burdens for BrainsWay and enhancing treatment accessibility.
- Facilitating Treatment Promotion: By removing administrative hurdles, Evernorth's new policy allows providers to focus more on patient care, thereby improving treatment outcomes and potentially increasing BrainsWay's market share.
- Positive Market Reaction: Following this announcement, BrainsWay's shares rose on Wednesday, reflecting investor optimism regarding the company's future performance and bolstering confidence in its TMS treatment offerings.
- Strategic Significance: This policy change not only enhances BrainsWay's competitiveness in the U.S. market but may also encourage other insurers to consider similar policy adjustments, further expanding the market acceptance of TMS therapy.
See More
BrainsWay Partners with Evernorth to Enhance TMS Accessibility
- Policy Change Impact: Evernorth's announcement to eliminate prior authorization for TMS treatment effective March 6, 2026, will benefit over 18 million patients, significantly enhancing their access to effective therapies and driving demand for BrainsWay's services.
- Patient Benefits: This policy change allows more patients suffering from major depressive disorder and obsessive-compulsive disorder to receive timely TMS treatment, reducing administrative hurdles and enabling providers to focus more on patient care, thereby improving overall treatment efficiency.
- Sustained Technological Edge: BrainsWay continues to leverage its proprietary H-coil technology and extensive clinical research to solidify its leadership in the non-invasive brain stimulation field, which is expected to further boost its penetration in the U.S. market.
- Future Growth Potential: With increasing recognition of TMS technology, BrainsWay plans to expand its clinical trials to explore applications in psychiatry, neurology, and addiction disorders, thereby enhancing its market competitiveness and brand influence.
See More
BrainsWay Changes ADS Ratio to 1:1 Structure
- ADS Ratio Change: BrainsWay Ltd. announced a change in its American Depositary Shares (ADS) to a 1-to-1 ratio from the current 2-to-1, effective before trading begins on March 3, resulting in each existing ADS holder receiving an additional ADS, effectively a 2-for-1 forward split.
- Market Impact: The company indicated that the trading price of its ADSs is expected to be halved following the ratio change, which may influence short-term holding decisions among investors, although ordinary shares remain unaffected by this adjustment.
- No Action Required: BrainsWay noted that ADS holders are not required to take any action to accommodate this change, a convenience aimed at reducing operational complexity for investors and maintaining market stability.
- Stock Performance: Following the announcement, BrainsWay's stock price surged by 32.18%, closing at $11.54, reflecting a positive market reaction to the adjustment, although future price volatility remains a concern.
See More
BrainsWay to Report Q4 and Full Year 2025 Results on March 11
- Earnings Announcement: BrainsWay will report its Q4 and full year 2025 financial results before the U.S. market opens on March 11, 2026, highlighting the company's ongoing advancements in noninvasive neurostimulation technologies.
- Conference Call Details: The company will host a conference call and webcast at 8:30 AM Eastern Time to discuss the financial results and provide updates on business operations, ensuring investors receive timely and critical information.
- Technological Leadership: BrainsWay is the first and only TMS company to obtain three FDA-cleared indications, focusing on treating major depressive disorder, obsessive-compulsive disorder, and smoking addiction, showcasing its innovative capabilities and clinical efficacy in mental health.
- Clinical Trial Progress: The company is conducting multiple clinical trials of Deep TMS aimed at expanding its applications in psychiatric, neurological, and addiction disorders, further solidifying its market leadership position.
See More
BrainsWay Makes $2.5M Investment in BrainStim Health
- Investment Amount: BrainsWay announced a minority investment of up to $2.5 million in BrainStim Health, a Canadian mental health clinic operator, with an initial investment of $1 million and potential milestone-based investments reaching $1.5 million, aiming to strengthen its market position in mental health.
- Equity Structure: This investment allows BrainsWay to receive a preferred, annually compounding security in BrainStim while securing a minority stake, which not only safeguards future financial returns but also enhances its competitive edge in the mental health treatment market.
- Strategic Partnership: CEO Hadar Levy noted that this investment marks the fifth minority stake in growth-oriented clinical service platforms announced by the company, demonstrating its ongoing expansion strategy in the mental health sector.
- Market Reaction: Despite being viewed as a strategic move, BrainsWay's ADRs traded lower following the investment announcement, reflecting market caution regarding the deal and potentially impacting its short-term stock performance.
See More
BrainsWay Enters Strategic Investment Agreement with BrainStim Health
- Strategic Investment Agreement: BrainsWay has entered into a strategic equity financing agreement with Canada's BrainStim Health, initially investing $1 million with a potential additional $1.5 million, aimed at expanding access to and awareness of advanced mental health interventions.
- Market Expansion Initiative: This investment marks BrainsWay's fifth minority stake in growth-oriented clinical service platforms, indicating the company's commitment to advancing scientific and clinical progress in the mental health sector through its Deep TMS technology.
- Collaborative Outlook: The Chief Medical Officer of BrainStim stated that partnering with BrainsWay will enhance their value proposition and drive organizational growth, particularly in providing mental health services for veterans and first responders.
- Technological Leadership: BrainsWay's Deep TMS technology has received three FDA approvals, and the company is dedicated to increasing global awareness and access through ongoing clinical trials and scientific research.
See More
BrainsWay Shares Rise as Cigna Removes TMS Authorization Requirements
- Policy Change Impact: Cigna's Evernorth Behavioral Health unit has decided to eliminate prior authorization requirements for TMS depression therapy starting March 6, significantly reducing administrative burdens for BrainsWay and enhancing treatment accessibility.
- Facilitating Treatment Promotion: By removing administrative hurdles, Evernorth's new policy allows providers to focus more on patient care, thereby improving treatment outcomes and potentially increasing BrainsWay's market share.
- Positive Market Reaction: Following this announcement, BrainsWay's shares rose on Wednesday, reflecting investor optimism regarding the company's future performance and bolstering confidence in its TMS treatment offerings.
- Strategic Significance: This policy change not only enhances BrainsWay's competitiveness in the U.S. market but may also encourage other insurers to consider similar policy adjustments, further expanding the market acceptance of TMS therapy.
See More
BrainsWay Partners with Evernorth to Enhance TMS Accessibility
- Policy Change Impact: Evernorth's announcement to eliminate prior authorization for TMS treatment effective March 6, 2026, will benefit over 18 million patients, significantly enhancing their access to effective therapies and driving demand for BrainsWay's services.
- Patient Benefits: This policy change allows more patients suffering from major depressive disorder and obsessive-compulsive disorder to receive timely TMS treatment, reducing administrative hurdles and enabling providers to focus more on patient care, thereby improving overall treatment efficiency.
- Sustained Technological Edge: BrainsWay continues to leverage its proprietary H-coil technology and extensive clinical research to solidify its leadership in the non-invasive brain stimulation field, which is expected to further boost its penetration in the U.S. market.
- Future Growth Potential: With increasing recognition of TMS technology, BrainsWay plans to expand its clinical trials to explore applications in psychiatry, neurology, and addiction disorders, thereby enhancing its market competitiveness and brand influence.
See More
BrainsWay Changes ADS Ratio to 1:1 Structure
- ADS Ratio Change: BrainsWay Ltd. announced a change in its American Depositary Shares (ADS) to a 1-to-1 ratio from the current 2-to-1, effective before trading begins on March 3, resulting in each existing ADS holder receiving an additional ADS, effectively a 2-for-1 forward split.
- Market Impact: The company indicated that the trading price of its ADSs is expected to be halved following the ratio change, which may influence short-term holding decisions among investors, although ordinary shares remain unaffected by this adjustment.
- No Action Required: BrainsWay noted that ADS holders are not required to take any action to accommodate this change, a convenience aimed at reducing operational complexity for investors and maintaining market stability.
- Stock Performance: Following the announcement, BrainsWay's stock price surged by 32.18%, closing at $11.54, reflecting a positive market reaction to the adjustment, although future price volatility remains a concern.
See More
