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Investor Deck | November 2025 Advanced Noninvasive Neurostimulation T reatments for Mental Health Disorders Investor Deck November 2025 Nasdaq/TASE: BWAY
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Investor Deck | November 2025 Safe Harbor and Non-GAAP/IFRS Financial Measures This presentation does not constitute an offer or invitation to sell or issue, or any solicitation of an offer to subscribe for or acquire, any securities of the Company , nor to participate in any investment. This presentation shall not constitute advertising or be construed as commercial or promotional in nature. No representation or warranty is made as to the accuracy or completeness of this presentation. Y ou must make your own investigation and assessment of the matters contained herein. In particular , no responsibility is assumed as to the achievement or reasonableness of any forecasts, estimates, or statements as to prospects contained or referred to in this presentation. This presentation contains inf ormation that includes or is based on forward-looking statements within the meaning of the federal securities laws. Such statements are not guarantees of future performance. They reflect current expectations and are subject to risks and uncertainties that could cause actual results to diff er materially from those expressed or implied. Factors include, but are not limited to: continued business impact from COVID-19; adverse economic conditions; changes in demand and pricing; manuf acturing difficulties or delays; legislative and regulatory actions; changes in reimbursement; third-party payor decisions; product liability claims; U.S. healthcare reform; financial market conditions; competitive dynamics; failure to achieve sufficient market adoption; regulatory actions or delays; and our ability to realize expected operational and manuf acturing efficiencies. Additional inf ormation about these and other risks is contained in our filings with the U.S. Securities and Exchange Commission. If one or more of these factors materialize, or if underlying assumptions prove incorrect, actual results may diff er materially. This presentation also includes market and industry data from government and private publications and internal estimates and projections based on a number of assumptions. We undertake no obligation to update any forward-looking statement as a result of new inf ormation, future events, or otherwise. Certain non-GAAP/IFRS financial measures are included in this presentation. These measures are presented to complement the financial inf ormation prepared in accordance with IFRS because management believes they are useful to investors. For example, Adjusted EBITDA, a non-IFRS measure, is widely used by investors and securities analysts to evaluate a company’s operating performance without regard to one-time items (such as restructuring and litigation expenses) that can vary substantially from company to company. Management also uses Adjusted EBITDA with IFRS measures for planning purposes, including preparation of annual operating budgets, as a measure of operating performance. These non-GAAP/IFRS measures should be considered only as supplements to, and not superior to, financial measures prepared in accordance with IFRS. Other companies may calculate similarly titled non-GAAP/IFRS measures diff erently than the Company. 2
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Investor Deck | November 2025 BrainsWay: Global Leader in Transcranial Magnetic Stimulation (TMS) Installed base of >1,600 systems > 7M individual treatment Established reimbursement September 16, 2025: FDA Clearance for Accelerated Deep TMS Protocol for MDD 2013 - Major Depressive Disorder (MDD) 2018 - Obsessive-Compulsive Disorder (OCD) 2020 - Smoking Addiction 2021- Anxious Depression 4 FDA-cleared indications 3
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Investor Deck | November 2025 Q3 2025 Highlights Strong Growth & Profitability • Revenue: $13.5 M (+29% YoY) • Gross Margin: 75% • Adjusted EBITDA *: $ 2.0 M (+81%) • Net Profit: $1.6 M (+137%) • Cash: ~$71 M as of Sept 30, 2025 Momentum Across the Business • Remaining Performance Obligations: $ 65 M (up 37% YoY) • Shipments: 90 Deep TMS systems (+43%), installed base > 1,600 • ~70% of new engagements as multi -year leases • FDA Clearance: Accelerated protocol for Major Depressive Disorder (MDD) • NIH Grant: $2.5 M for Stanford/PAVIR study on Deep TMS for Alcohol Use Disorder • Strategic Investments: 4 minority stakes 4 “We’re driving record adoption and sustained profitability, building long- term value through clinical innovation, strategic investments, and durable recurring revenue.” *Adjusted EBITDA is a non-IFRS measure. See slide 33 for operating income results, the closest IFRS measure, and the reconciliation table in the Company’s earnings release.
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Investor Deck | November 2025 Going Forward,All About Execution Steady Quarterly Revenue Growth 90 Systems Shipped / +43% Growth (Q3 25 vs. Q2 24) Strong Profitability Strong Visibility To Future Business Revenue Guidance Clean Balance Sheet (6/30/25) 75% gross margins (Q3 25) $7M adjusted EBITDA* (Q3 25 annualized) +81% adjusted EBITDA growth * (Q3 25 vs. Q2 24) 10 consecutive quarters of positive free cash flow 70% of recent customer engagements structured as multi-year lease agreements 93% customer retention rate Recurring revenue poised to increase: Remaining performance obligations (RPO) from customers under multi-year contracts: $65M (as of June 2025) $51-52M for Fiscal 2025 Book-to-Bill Ratio: 1.3x $71M Cash No debt 5 5.8 8.1 8.2 8.6 9.2 10.0 10.5 11.4 11.7 12.6 13.5 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 *Adjusted EBITDA is a non-IFRS measure. See slide 33 for operating income results, the closest IFRS measure, and the reconciliation table in the Company’s earnings release.
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Investor Deck | November 2025 The ARR Model 4.6 5.5 5.6 6 6.1 6.7 6.8 7.4 7.2 8.1 8.8 2 2.3 2.7 3 3 3.3 3.7 4 4.3 4.5 4.7 -2.9 -0.6 0.3 0.8 0.7 1.2 1.1 1.4 1.3 1.5 2.0 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Sale Lease Adj. EBITDA * ———— Business Model - Leasing YoY growth 12.611.410.5109.19.08.37.86.6 $13M Recurring $17.4M Recurring +34% Recurring revenue growth(+34% YoY) Exceeds Non-Recurring Revenue growth (+23% YoY) 6 11.5 13.5 *Adjusted EBITDA is a non-IFRS measure. See slide 33 for operating income results, the closest IFRS measure, and the reconciliation table in the Company’s earnings release.
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Investor Deck | November 2025 Focused on ARR and Operating Leverage Recurring Revenue Growth Exceeds Non-Recurring Revenue Growth 2023 2024 2025 (est.) % Growth $ Millions Recurring Revenue $10.0 $14.0 $18.4 +31% Non-Recurring Revenue $21.7 $27.0 $33.7 +25% Revenue Mix Shift T owards ARR -$10 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 2023 2024 2025 2026 Booking Revenue Opex EBITDA Strong Operating Leverage Recent revenue growth: >25% Targeted future operating expense growth: <15% 2023 Actual vs. 2025 Guidance: Revenue increased by $25M Operating expenses increased by only <$8M Future ($ in Millions) 7*Adjusted EBITDA is a non-IFRS measure. See slide 33 for operating income results, the closest IFRS measure, and the reconciliation table in the Company’s earnings release.
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Investor Deck | November 2025 We transformed to a winning business model One time sale ———— Business Model - Leasing A high-margin ARR model From: To: Built To Sca e 8
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Investor Deck | November 2025 Roadmap to Growth: Key Drivers Organic Growth Strategic Equity Investments in Mental Health Providers New Indications New Care Settings / T erritories 2025 Future 9
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Investor Deck | November 2025 Removes barriers, boosts adoption Reduces upfront capital commitment for physicians Provides 4-5 years contracts Built for today’s market: solves high-rate CapEx hesitation and staffing constraints Clinics pay only when they treat: faster adoption & utilization ~$250–300K ~$900K–$1.0M/yr Psychiatrist salaries potential growth Fix Lease Model & Pay Per Use Driving $65M RPO – U.S. Only 10
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Investor Deck | November 2025 Roadmap to Growth: Key Drivers Organic Growth Strategic Equity Investments in Mental Health Providers New Indications New Care Settings / T erritories 2025 Future 11
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Investor Deck | November 2025 Strategic Partnership With Valor Equity Partners Valor , a leading $20B equity firm behind market leaders, is now BrainsWay’s largest investor and an active partner in our scale strategy 12
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Investor Deck | November 2025 Strategic Initiative Led by Valor Fund RPO Costs Net Income 200+ Identified Mental Health Clinics as Potential Partners No Added OPEX Each deal can deliver Significant incremental gross margin Each deal can potentially add 10-15 Clinics Annually Strategic Equity Investments in Mental Health Providers New Strategy to Accelerate Company Growth 13
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Investor Deck | November 2025 • $5M investment • 20+ clinics • 30,000 patients treated to date • $2.3M in initial investment • Additional $1M milestone- based investment • Clinics in Colorado • $2.5M in initial investment • Additional $1.5M milestone- based investment • Clinics in Texas Leading Mental Health (Northeast) • Clinics in NY, Boston, Florida, PA ? How do we partner? Deals signed in 2025: Access to Data Access to Patients Best-in-class Infrastructure forExpansion 14
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Investor Deck | November 2025 Roadmap to Growth: Key Drivers Organic Growth Strategic Equity Investments in Mental Health Providers New Indications New Care Settings / T erritories 2025 Future 15
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Investor Deck | November 2025Investor Deck | September 2025 03 02 01 Explore extending deep TMS treatments with At- home* therapy - start in clinic, continue at home 04 Bigger reach: taps ~50% telemedicine activity, clinic-prescribed home device grows TAM without extra marketing and feeds in-clinic use. Patients can go directly to their primary care physician (PCP) Structured deal: $5M convertible debt; milestone tranches; call option to acquire Clean P&L: no consolidation, no added OPEX Extending to Home-Use Neuromodulation August 21, 2025: Announced Structured M&A Option 16*Neurolief’s at-home therapy is not yet FDA-cleared
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Investor Deck | November 2025 Europe – 37M Depression Patients India – 57M Depression Patients China – 71M Depression Patients Japan – 6M Depression Patients Australia – 1.3M Depression Patients Existing Partnership: Europe India China Australia Japan International Growth Opportunities 17
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Investor Deck | November 2025 Upcoming Planned Milestones and Catalysts* 36 + Mid-Term • Neurolief Home use device launch** • Full enterprise rollout (10+ accounts) • Broader coil adoption • New payer coverage wins Long-Term • Neurology portfolio • BrainsWay 360 global launch • Selective global expansion 12 Near-Term • FDA accelerated protocol clearance • New AUD trial launch • FDA adolescent MDD clearance • First 5 enterprise deployments • FDA Comorbid PTSD application Month 12-36 Month Month 18 *Milestones on this slide are forward looking in nature. See cover slide. **Neurolief’s at-home therapy is not yet FDA-cleared
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Investor Deck | November 2025 Roadmap to Growth: Key Drivers Organic Growth Strategic Equity Investments in Mental Health Providers New Indications New Care Settings / T erritories 2025 Future 19
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Investor Deck | November 2025 From 6 weeks To 6 days* • Accelerated Deep TMS protocol: 1,800 iTBS pulses at 110% of MT using the H1 coil • 30 total sessions • Flexible scheduling - days can be non- consecutive 87.8 87.5 78 87.5 Accel H1 Standard H1 Accelerated T rial Outcomes (n=104 patients enrolled, 89 completers mITT outcomes displayed) Response (mITT, PP) Remission (PP) —— Accelerated T reatment 20*Acute phase, before required maintenance sessions
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Investor Deck | November 2025 —— Indications 28.3M $2B/year 85% Smoking Addiction U.S Adult Smokers nearly spent by smokers on Quitting of them don't succeed With Brainsway: 1 patients quit for 4 weeks 67% of 6-week completers remained non-smokers for+3 months ~ ~ Only TMS Addiction Clearance 3out of 1st and 21
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Investor Deck | November 2025 Pre-tx Post-tx 3 Month 6 Month 0 20 10 40 30 50 BSS PHQ-9 PCL-5 PTSD New Article (2024)* Real-world evidence showing significant reductions in comorbid PTSD symptoms in MDD patients for up to 6 months after treatment • 99 patients in VA clinic • H1-coil, FDA-approved depression protocol • 3-week taper (maintenance) • Significant reductions in PTSD symptoms, depression, and suicidal thoughts observed immediately after treatment, at 3 months, and at 6 months • Impressive outcomes of response and remission Hickson et al., Psychiat Res. 2024 Timepoint 22*Deep TMS is not FDA-cleared for PTSD. Data collection efforts underway.
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Investor Deck | November 2025 Upside Potential: Deep TMS 360 Research* • Potential Novel solution being explored for shorter treatment, better efficacy, and possible new indications • Enables activation of greater numbers of neurons in the brain than currently available forms of TMS May be uniquely suited for older adults with neurodegenerative conditions and reduced neuroplasticity Today’s TMS: Single coil • Neurons aligned parallel to coil ’s electrical field are more likely to be stimulated • As a result, only a fraction of neurons in the targeted brain region are actually impacted • Deep TMS 360: Rotational Field system has 2 perpendicular orthogonal TMS coils • 2 coils are operated with short time lag (milliseconds) in order to induce a circularly rotating electrical field • Results in uniform stimulation of neurons oriented across a wide range of directions • Launched study on post -stroke rehabilitation in 1H 2024 • Launching alcohol use disorder trial in Q3 2025 • Plans to initiate feasibility studies on various neurology indications (dementia, Parkinsons, Alzheimer's) in [2H 2025] Overview Deep TMS 360 Clinical Plans 23 *Deep TMS 360 is being investigated for clinical trial research and is not commercially available. This slide is forward-looking only.
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Investor Deck | November 2025 Expanding TAM in a Massive Market Major Depressive Disorder (MDD) & Anxious Depression, OCD, Smoking Addiction Alcohol Use Disorder (AUD) Alzheimer Post-Stroke Future Pipeline Indications Note: Other than MDD/Anxious Depression, OCD, and Smoking Addiction, the above indications are currently investigational, not available in the U.S, and not cleared by the FDA. U.S Patient population FDA cleared indications49M 29M 8M 24
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Investor Deck | November 2025 25 How it works: • An electromagnetic H-coil is placed on the scalp • A rapid current flows through the coil • This generates a magnetic field that induces an electric field in the brain • The changing electric field depolarizes axons and triggers action potentials • ~2.5× deeper penetration than standard TMS • Deeper, broader stimulation activates more neurons Noninvasive T echnology Well-T olerated by Patients Short Sessions Investor Deck | September 2025 35 Years of Established T echnology With Demonstrated Safety and Efficacy 25
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Investor Deck | November 2025 All competitors in the commercial depression space use variations of the traditional “figure-8” TMS coil design Technological distinctions do not necessarily correlate with clinical outcomes BrainsWay Deep TMS Traditional TMS BrainsWay Deep TMS vs. Traditional TMS 1.8 to 2.0 cm9,10 Extensive -17 cm10 More Reliable Targeting Deep and Broad RCT Data in Multiple Indications 0.7cm to 1.0 cm9 Limited - 3 cm10 Prone to Targeting Errors Superficial and Focal RCT Data Limited to Depression Features Depth Brain Volume Stimulated Therapy Delivery Structures Treated Technology Platform Clear , compelling technological advantage 26
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Investor Deck | November 2025 Depression Clinical Efficacy: Demonstrated Safety and Efficacy After 30 sessions Response 81.6 % Remission 65.3 % • Durability in TMS is >1 Year in ~50% of Responders • A published abstract of 200 patients from a single BrainsWay site showed average durability of 860 days • ~2 in 3 patients achieved remission with Deep TMS • 1,351 MDD patients who received at least 20 Deep TMS sessions • No systemic side effects 27
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Investor Deck | November 2025 OCD Clinical Efficacy After 29 sessions Response 57.9 % Durability of 1+ Years 87.0 % • 219 patients across 22 centers • Sustained response achieved in ~20 sessions • No systemic side effects • n = 60 patients (from pivotal and post-market studies) • Durability = time from end of Deep TMS course to change in ongoing treatment 28
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Investor Deck | November 2025 Economic Impact of Reimbursement Flexible Pricing Options Verified Return- on-Investment Up to $10k Revenue per Depression Patient Highly Profitable Procedure Increased Utilization 3 well-established CPT codes Reimbursement 250M+ covered for Depression Medicare & major commercial insurers in all 50 states 100M+ covered for OCD New policies – Cigna, Palmetto, Centene, HCSC, Tricare Strong Economic and Clinical Incentive for Adopters Robust Reimbursement Coverage Drives Compelling Clinician ROI 29
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Investor Deck | November 2025 30+ US 50+ OUS Deep TMSTM Coils Multi-Channel TMS Rotational Field Deep TMS Closed Loop TMS/EEGIssued Patents or Allowed Applications Most Extensive and Broadest TMS Intellectual Property Encompassing Core T echnology and Applications Key Portfolio Coverage AreasPatent Portfolio 30
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Investor Deck | November 2025 ❑ Limited reimbursement ❑ $8,500 average reimbursement ❑ Early days of selling medical devices to mental health channel ❑ Infrastructure of clinics following J&J Spravato approval ❑ One-time sale / Resistance to pay-per-use ❑ Openness to pay-per-use ❑ Psychiatrist only ❑ Path to expanding to Neurology ❑ Still educating about Deep TMS advantages over Traditional TMS ❑ Deep TMS advantages well understood 2020 2025 Legacy Adoption Barriers Overcome 31
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Investor Deck | November 2025 Strong Financial Momentum. $31.8 $41.0 $52.0 $29.6 $37.7 $0 . 0 0 $1 0. 00 $2 0. 00 $3 0. 00 $4 0. 00 $5 0. 00 $6 0. 00 2023A 2024A 2025 Guidance 9/2024 YTD 9/2025 YTD Revenue Growth -$2.4 $4.5 $7.0 $3.1 $4.8 - $3. 00 - $2. 00 - $1. 00 $0 . 0 0 $1 . 0 0 $2 . 0 0 $3 . 0 0 $4 . 0 0 $5 . 0 0 $6 . 0 0 $7 . 0 0 2023A 2024A 2025 Guidance 9/2024 YTD 9/2025 YTD Adjusted EBITDA *($ in Millions) ($ in Millions) 17% Growth 29% Growth 27% Growth 27% Growth 11% EBITDA Margin 13% EBITDA Margin 10% EBITDA Margin 13% EBITDA Margin 11% EBITDA Margin 32*Adjusted EBITDA is a non-IFRS measure. See slide 33 for operating income results, the closest IFRS measure, and the reconciliation table in the Company’s earnings release.
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Investor Deck | November 2025 YTD 2025 VS. YTD 2024 33 Actual Actual USD in thousands YTD 2025 YTD 2024 $ % Revenues 37,680 29,602 8,078 27% Cost of Revenues 9,412 7,532 1,880 25% Gross profit 28,268 22,070 6,198 28% Gross Margin 75.02% 74.56% Research and Development expenses 7,072 5,146 1,926 37% Selling and Marketing expenses 13,831 11,731 2,100 18% General and Administrative expenses 4,958 4,233 725 17% Total Operating expenses 25,861 21,110 4,751 23% Operating Profit 2,407 960 1,447 151% % Operating Profit 6% 3% Finance Income, net 2,762 763 1,999 262% Income Tax expense 469 350 119 34% Net Income 4,700 1,373 3,327 242% Adjusted EBITDA 4,767 3,080 1,687 55% % EBITDA 13% 10% Basic Net Income Per Share $ 0.12 $ 0.04 0.08 211% Diluted Net Income Per Share $ 0.11 $ 0.04 0.07 175% Variance
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Investor Deck | November 2025 Q3 2025 Balance Sheet 34 USD in thousands As of September 30, As of June 30, As of December 31, 2025 2025 2024 $ % $ % ASSETS Cash and cash equivalents 70,458 67,912 69,345 2,546 4% 1,113 2% Restricted cash 251 251 271 - 0% (20) -7% Short-term deposits - 10,087 - (10,087) -100% - 100% Trade receivables, net 5,129 3,871 4,596 1,258 32% 533 12% Inventory 4,418 4,190 4,426 228 5% (8) 0% Other current financial assets 1,079 949 - 130 14% 1,079 #DIV/0! Other current assets 1,598 1,771 1,032 (173) -10% 566 55% Total Current Assets 82,933 89,031 79,670 (6,098) -7% 3,263 4% Non-Current Assets 30,129 22,533 14,646 7,596 34% 15,483 106% Total Assets 113,062 111,564 94,316 1,498 1% 18,746 20% - LIABILITIES AND EQUITY - Current Liabilities 25,993 25,508 15,346 485 2% 10,647 69% Non-Current Liabilities 17,004 17,924 16,657 (920) -5% 347 2% Equity 70,065 68,132 62,313 1,933 3% 7,752 12% - - Total Liabilities and Equity 113,062 111,564 94,316 1,498 1% 18,746 20% Change vs. 06/25 Change vs. 12/24
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Investor Deck | November 2025 Moria Ben Soussan Vice President - R&D 15+ Years Med Device Dev Hadar Levy Chief Executive Officer 25+ Years Med Device Michael Cohen Vice President - US Sales 15+ Years Med Device Sales Dr. Colleen Hanlon Vice President - Medical Affairs 15+ Years Brain Stim Research Dr. Richard Bermudes Chief Medical Officer 15+ Years TMS Leadership Dr. Gilead Moiseyev Chief Technology Officer 20+ Years Med Device Dev Dor Hagai Vice President – Operations 10+ Years Supply Chain & Ops Ido Marom Chief Financial Officer 20+ Years Finance Successful, Experienced Medical Device Professionals - Decades of Results 35
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Investor Deck | November 2025 Summary Highlights Category Leader – Only Deep TMS platform with 4 FDA cleared indications Expanding TAM – New indications, Neurolief at-home entry, international scale Recurring Revenue Model – ~70% new deals are multi -year rentals High Visibility - $65M Remaining Performance Obligations (RPO) Strong Profitability – 10 straight quarters of positive free cash flow Backed to Scale – $71M cash; strategic partner Valor supports continued expansion 36
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Investor Deck | November 2025 References 1. BrainsWay Data on File 2. The National Institute of Mental Health: nimh.nih.gov 3. Kessler RC, et al. Comorbidity of DSM -III-R major depressive disorder in the general population: results from the US National Comorbidity Survey Br J Psychiatry Suppl. 1996 4. Trivedi MH et al. STAR*D Study Team (2006), Evaluation of outcomes with citalopram for depression using measurement -based care in STAR*D: implications for clinical practice. Am J Psychiatry. 2006 Jan; 163(1):28 -40. 5. Greist JH. The comparative effectiveness of treatments for obsessive -compulsive disorder. Bull Menninger Clin. 1998;62(4, sup pl 1A):A65–A81 6. Marks I. Behavior therapy for obsessive -compulsive disorder: a decade of progress. Can J Psychiatry. 1997;42:1021 –1027 7. Ballenger JC. Current treatments of the anxiety disorders in adults. Biol Psychiatry. 1999;46: 1579 –1594 8. Lawson McLean A. Publication trends in transcranial magnetic stimulation: a 30 -year panorama. Brain Stimul. 2019 May -Jun;12(3): 619 -627 9. BrainsWay Data on File; Depth, measured in phantom head, is from cortical surface toward brain center for which E -field >=100V/m for cali brated stimulator output. If measuring from scalp surface, an additional 1.5 cm should be added; See also, Guadagnin, V., et. al., 2016. Deep Transcranial Magnetic Stimulation: Modeling of Different Coil Configurations. 63, 1543 –1550. 10. Fiocchi, S., et. al., 2016. Modelling of the Electric Field Distribution in Deep Transcranial Magnetic Stimulation. 2016 11. Company estimates, references 3.4M adult MDD patients with insurance coverage and assumes 33 sessions per patient with an average session price of $70; Oppenheimer Research Report, 08/24/2020 12. Tendler, A, et al. Deep TMS H1 Coil treatment for depression: Results from a large post marketing data analysis. Psychiatry Research. Vol 324, June 2023, 115179 13. Senova S, et al. Durability of antidepressant response to repetitive transcranial magnetic stimulation: Systematic review and meta-analysis. Brain Stimulation 12 (2019) 119e128 14. Gersner R, et al. What is the durability of Deep TMS for Major Depressive Disorder. Brain Stimulation 13 (2020) 1842 -1862 15. Roth Y, et al. Real -world efficacy of deep TMS for obsessive -compulsive disorder: Post -marketing data collected from twenty -two clinical sites. J Psychiatr Res. 2020 Nov 4;S0022 3956(20)31065 -7 16. Harmelech T et al. Long -term outcomes of a course of deep TMS for treatment -resistant OCD. Brain Stimulation 15 (2022) 226e228 17.https://www.cdc.gov/tobacco/data_statistics/fact_sheets/cessation/smoking -cessation-fast-facts/index.html. Data as of 2018 fo r U.S. adults. 18. EY Parthenon Analysis 2018 https://www.smokefreeworld.org/sites/default/files/ey -p_smoking_cessation_landscape_analysis_key_findings.pdf 19. Zangen A et al. Repetitive transcranial magnetic stimulation for smoking cessation: a pivotal multicenter double -blind randomized cont rolled trial. World Psychiatry. 2021 Oct;20(3):397 -404 20. https://worldpopulationreview.com/country -rankings/depression -rates-by-country 37