Brainsway (NASDAQ:BWAY) appears deeply undervalued, given its strong unit sales, clear path to profitability, and large addressable market. Although Brainsway is not currently the market leader, they have arguably superior technology to competitors and are focused on obtaining clearance to treat a wider range of conditions. As revenue recovers from the impact of COVID-19 lockdowns, the company’s share price could appreciate significantly, particularly with potential catalysts like insurance reimbursement approval for the treatment of Obsessive Compulsive Disorder (OCD) and Food and Drug Administration (FDA) clearance for smoking cessation.

Transcranial magnetic stimulation (TMS) is primarily used as a second line treatment for patients with Major Depressive Disorder (MDD) who repeatedly fail to respond or incur intolerable side effects during other treatments. MDD has a massive societal burden with an estimated economic impact in the U.S. of $210 billion per year. The current first line treatment for MDD is pharmacotherapy/psychotherapy and is

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