Depression treatment update: Brain Magnets
Transcranial magnetic stimulation (TMS) is a technology that involves wearing a helmet or having pads placed over your scalp and having magnetic pulses delivered to specific areas of the brain. It has been proven effective (and has been approved by the FDA) for depression, migraine headaches, obsessive compulsive disorder (OCD) and addiction to cigarette smoking. Recent research indicates TMS may aid recovery from stroke. Researchers are experimenting with the magnets to determine whether TMS may one day be used for a variety of maladies including Alzheimer’s Disease.
In September 2025 New York Medicaid approved TMS for depression treatment, joining California and Vermont. This opens up a big market. What’s more, many other states will likely follow suit. Medicare already covers TMS for depression treatment across the USA.
BrainsWay, a TMS device manufacturer, recently received FDA clearance for an accelerated Deep TMS treatment protocol for certain types of depression, allowing shorter session durations (3-minutes per session) while maintaining efficacy. This may boost patient compliance and provider adoption.
Let’s say you want to invest.
I’ve been posting on TMS for some time. There are several private and public companies that I follow. I invest in several. NB I’m not advising you to buy or sell anything (except my books, which you should definitely buy, simply owning them will make you a wealthy, beautiful genius). My previous post can be seen here
brain2mind.substack.com/p/br…
The biggest player in the space is Brainsway, which produces a TMS machine called DeepTMS. It is being marketed for Depression, OCD and smoking in the USA and worldwide. It’s also marketed for several other indications worldwide outside the USA (bipolar disorder, PTSD, schizophrenia, Alzheimer's, autism, chronic pain, multiple sclerosis, post-stroke rehabilitation, and Parkinson's). It is an Israeli company, whose ADR trades on NASDAQ as BWAY. In August, BWAY, Following strong Q2 2025 results, the company increased its full-year revenue forecast to $50-52 million (from $49-51 million), with operating income margins of 4-5% and Adjusted EBITDA of 12-13%. This reflects record quarterly sales of $11.5 million in Q1 2025 (up 27% YoY) and significant system shipments.
Neuronetics (which produces a TMS machine called NeuroStar (marketed for Depression, OCD and smoking) trades on NASDAQ as STIM, with a September 2025 market cap of $180 Million.
Magstim, a privately held company in the UK, is currently held by Welcony. Welcony, in turn, is backed by Telegraph Hill Partners, a San Francisco based private equity company. Magstim’s machine is being marketed internationally to treat depression, anxiety and OCD. It is distinguished from the pack by the progress their scientists are making in EEG guided TMS.
Magventure, a privately held company in Denmark in partnership with Magnus Medical, a privately held USA based company, has received FDA approval to treat adolescents. MagVenture’s TMS Therapy system is now approved for treatment for major depressive disorder (MDD) in patients aged 15-21 who haven’t responded to antidepressants. This addresses a critical gap, as over 5 million U.S. adolescents face MDD annually.
eNeura, a privately held company, produces a TMS machine called SpringTMS or Cerena. The FDA has cleared eNeura for treating and preventing migraines in adults and teens aged 12 .