BrainsWay Ltd. announced that Premera Blue Cross Blue Shield has adopted a new final medical policy covering the company’s accelerated SWIFT (Short‑Course with Intrinsic Field Targeting) Deep TMS protocol for patients aged 15 and older with moderate to severe major depressive disorder. The policy, effective for dates of service on or after March 4, 2026, marks the first time a payer has formally covered the SWIFT protocol, which delivers the same clinical outcomes as the standard Deep TMS regimen but in a shorter, 38‑session course spread over six days and four weeks.
The coverage expands BrainsWay’s payer base and provides a new revenue stream for its accelerated treatment offering. By removing the need for functional MRI or other expensive neuronavigational equipment, the SWIFT protocol lowers the cost of care and shortens the treatment timeline, making it more attractive to insurers and patients alike. Premera’s policy covers more than 2.8 million lives across Alaska and Washington, giving BrainsWay access to a sizable patient population that can benefit from the accelerated protocol.
BrainsWay’s recent financial performance underscores the potential impact of this coverage expansion. In Q4 2023 the company reported revenue of $9.0 million, a 50% year‑over‑year increase, and in Q1 2024 revenue rose to $9.1 million, a 37% increase. Both quarters ended with positive net income and a gross margin of 75%, reflecting strong pricing power and efficient cost management. The new payer coverage is expected to accelerate revenue growth by expanding the market for the SWIFT protocol and reinforcing BrainsWay’s position as a leader in neuromodulation for depression.
CEO Hadar Levy said the Premera decision “marks a first among payers” and highlighted the patient‑centric benefit of completing treatment in just six days. VP of Medical Affairs Colleen Hanlon added that the company’s clinical trial and real‑world evidence demonstrate comparable response and remission outcomes for the SWIFT protocol versus the standard Deep TMS regimen, underscoring the scientific validity of the accelerated approach.
The policy’s approval is a strategic win for BrainsWay’s competitive positioning. It validates the company’s accelerated protocol, which has already been FDA‑cleared, and signals to other payers that the SWIFT protocol is a viable, cost‑effective alternative to traditional Deep TMS. The coverage also aligns with broader payer trends toward value‑based care and shorter treatment courses, positioning BrainsWay to capture a growing share of the neuromodulation market.
The SWIFT protocol’s FDA clearance and its design—requiring no functional MRI—reduce upfront costs and streamline clinical workflows. By offering a 38‑session, 6‑day course that achieves the same outcomes as the standard 4‑week regimen, BrainsWay can deliver higher patient throughput and lower per‑patient costs, enhancing its appeal to insurers and expanding its reimbursement footprint.
With Premera’s policy in place, BrainsWay is poised to accelerate adoption of the SWIFT protocol across its existing and new markets. The coverage expansion not only opens a new revenue stream but also strengthens the company’s evidence‑based case for accelerated neuromodulation, reinforcing its leadership in the rapidly evolving mental‑health treatment landscape.
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