<SEC-DOCUMENT>0001171843-22-001719.txt : 20220309
<SEC-HEADER>0001171843-22-001719.hdr.sgml : 20220309
<ACCEPTANCE-DATETIME>20220309073008
ACCESSION NUMBER:		0001171843-22-001719
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220309
FILED AS OF DATE:		20220309
DATE AS OF CHANGE:		20220309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brainsway Ltd.
		CENTRAL INDEX KEY:			0001505065
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35165
		FILM NUMBER:		22723910

	BUSINESS ADDRESS:	
		STREET 1:		19 HARTUM STREET, BYNET BUILDING, 3RD FL
		STREET 2:		Har HaHotzvim
		CITY:			Jerusalem
		STATE:			L3
		ZIP:			91451
		BUSINESS PHONE:		972 2 581-3140

	MAIL ADDRESS:	
		STREET 1:		19 HARTUM STREET, BYNET BUILDING, 3RD FL
		STREET 2:		Har HaHotzvim
		CITY:			Jerusalem
		STATE:			L3
		ZIP:			91451
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_030722.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong></strong><strong>For the month of March 2022</strong></p><p style="text-align: center;">Commission File Number: <strong>001-35165</strong></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>BRAINSWAY LTD.</strong></font><br />(Translation of registrant's name into English)</p><p style="text-align: center;"><strong><!--19 Hartum Street-->19 Hartum Street<br /> Bynet Building, 3rd Floor<br /> Har HaHotzvim<br /> Jerusalem, 9777518, Israel<br /> </strong>(Address of principal executive office)</p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br />Form 20-F [&#160;X ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;&#160; ]</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#160;</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &#160;</p><p>This Form 6-K is incorporated by reference into the Company's Registration Statement on Form S-8 filed with the Securities and Exchange Commission on April 22, 2019 (Registration No. 333-230979) and the Company's Registration Statement on Form F-3 filed with the Securities and Exchange Commission on September 17, 2021 (Registration No. 333-259610).</p><hr style="page-break-after: always;" noshade="noshade" /><p> <p style="text-align: center;"><font style="font-size: 10pt;"><strong>EXHIBIT INDEX</strong></font>&#160;</p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Exhibit</strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Title</strong></font></td></tr><tr><td>&#160;</td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;"><a href="exh_991.htm">BrainsWay Reports Fourth Quarter and Full-Year 2021 Financial Results and Operational Highlights</a> </font></td></tr></table></p><p /><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><strong>SIGNATURES</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%"><strong>&#160;&#160;&#160;&#160;BRAINSWAY LTD.&#160;&#160;&#160;&#160;</strong></td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">(Registrant)</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr><tr valign="top"><td width="47%">Date: March 9, 2022</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%">&#160;&#160;&#160;&#160;/s/ Christopher R. von Jako, Ph.D&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Christopher R. von Jako, Ph.D</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">President and Chief Executive Officer</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr></table></body></html>
</TEXT>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p>

<p style="text-align: center;"><font style="font-size: 14pt;"><strong>BrainsWay Reports Fourth Quarter and Full-Year 2021 Financial Results
and Operational Highlights</strong></font></p>

<p style="text-align: center;"><strong></strong></p>

<p>

<p align="center"><em>Revenue Growth of 34% in 2021, with Record Quarterly and Annual Revenues</em><br /></p>

<p align="center"><em>Continued Progress in Expanding FDA Labeling for Deep TMS&#153; and Increasing Payor Coverage</em></p>

<p align="center"><em>Conference call to be held today, March 9, 2022, at 8:30 AM ET</em></p>

<p align="justify">BURLINGTON, Mass. and JERUSALEM, March 09, 2022 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (NASDAQ &amp; TASE: BWAY) (&#8220;BrainsWay&#8221;
or the &#8220;Company&#8221;), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, today
reported fourth quarter and full year 2021 financial results and provided an operational update.</p>

<p><strong>Recent Financial and Operational Highlights</strong></p>

<ul type="disc">

<li style="text-align:justify;">For the year ended December 31, 2021 revenues were $29.7 million, a 34% increase as compared to 2020.</li>

<li style="text-align:justify;">Cash, cash equivalents and short-term deposits as of December 31, 2021, amounted to $57.3 million,&#160;an
increase of $2.0 million compared with $55.3 million at the end of the previous quarter, reflecting positive cash flow from operations
in the quarter.</li>

<li style="text-align:justify;">Received final Local Coverage Determination (LCD) from one of the Medicare Administrative Contractors
(MACs) covering over 9 million patients in the U.S, providing coverage applicable to Deep TMS&#153; for the treatment of OCD.</li>

<li style="text-align:justify;">As of December 31, 2021, BrainsWay&#8217;s Deep TMS installed base was 754 total systems, a 20% increase
compared to prior year results.</li>

<li style="text-align:justify;">As of December 31, 2021, the Company had shipped 302 OCD coils as add-on helmets to certain of BrainsWay&#8217;s
new and existing systems.<br /></li></ul>

<p align="justify">&#8220;Our fourth quarter revenues reflect the continued solid execution by our team,&#8221; stated Christopher von
Jako, Ph.D., President and Chief Executive Officer of BrainsWay. &#8220;We generated $29.7 million in revenue for full-year 2021, which
represented a 34% increase over full-year 2020. Moreover, demand for our Deep TMS therapy in multiple indications led to a strong close
to the year, as we generated $8.5 million in revenue for the fourth quarter of 2021 &#8211; a robust 20% increase over our fourth quarter
2020. This is particularly noteworthy given the recent Omicron surge, and we have now demonstrated year-over-year growth in six consecutive
quarters. We anticipate that the current positive operating trends that drove our significant momentum in 2021, highlighted by recent
achievements on the commercial, clinical, regulatory, and reimbursement fronts, will lead to further growth for BrainsWay in 2022 and
beyond.&#8221;</p>

<p align="justify"></p>

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<p style="text-align: justify">&#8220;Importantly, we continue to achieve important progress in securing reimbursement for Deep TMS in OCD,&#8221;
continued Dr. von Jako. &#8220;Our most recent achievement in this arena was the final LCD issued by the Palmetto GBA MAC, which covers
over 20% of the Medicare population and now brings the total number of covered lives eligible for Deep TMS OCD coverage to approximately
60 million. We also continue to publish compelling data on Deep TMS in multiple key areas, with our most recent publications highlighting
our innovative technology in alcohol use disorder, OCD, and anxious depression.&#8221;</p>

<p><strong>Fourth Quarter 2021 Financial Results</strong></p>

<ul type="disc">

<li style="text-align:justify;">Total revenues for the fourth quarter of 2021 were $8.5 million, compared to $7.1 million in the fourth
quarter of 2020, an increase of 20%.</li>

<li style="text-align:justify;">Gross margin for the fourth quarter of 2021 was 77%, relatively consistent with the gross margin for the
fourth quarter 2020.</li>

<li style="text-align:justify;">Operating expenses for the fourth quarter totaled $8.0 million, compared with $5.9 million for the fourth
quarter of 2020.</li>

<li style="text-align:justify;">Operating loss for the fourth quarter was $1.5 million, compared with $407,000 for the same period in
2020.</li></ul>

<p><strong>Financial Results for the Full-Year Ended December 31, 2021</strong></p>

<ul type="disc">

<li style="text-align:justify;">Total revenue for the year ended December 31, 2021 was $29.7 million, an increase of 34% from revenues
of $22.1 million generated in 2020.</li>

<li style="text-align:justify;">Cash provided by operations was $0.9 million for the year ended December 31, 2021, compared to cash used
for operations of $1.4 million in 2020.</li>

<li>Net loss for the year was $6.5 million, compared to a loss of $5.4 million in 2020.</li>

<li style="text-align:justify;">As of December 31, 2021, the Company had cash, cash equivalents, and short-term deposits of approximately
$57.3 million, compared with $17.2 million on December 31, 2020. This cash balance includes cash generated in Q4 2021 and approximately
$42.3 million in net proceeds from the follow-on equity offering closed in March 2021.<br /></li></ul>

<p><strong>Conference Call and Webcast</strong></p>

<p align="justify">BrainsWay&#8217;s management will host a conference call on Wednesday, March 9, 2022, at 8:30 a.m. Eastern Time to
discuss these results and answer questions.</p>

<p><strong><em><u>Wednesday, March 9</u></em></strong><sup><strong><em><u>th</u></em></strong></sup><strong><em><u>, at 8:30 AM Eastern
Time:</u></em></strong></p>

<table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="vertical-align: middle ; ">United States:</td>
    <td style="vertical-align: middle ; ">877-407-3982</td></tr>
  <tr>
    <td style="vertical-align: middle ; ">Israel:</td>
    <td style="vertical-align: middle ; ">1 809 406 247</td></tr>
  <tr>
    <td style="vertical-align: middle ; ">International:</td>
    <td style="vertical-align: middle ; ">1 201-493-6780</td></tr>
  <tr>
    <td style="vertical-align: middle ; ">Conference ID:</td>
    <td style="vertical-align: middle ; ">13727217</td></tr>
  <tr>
    <td style="vertical-align: middle ; ">Webcast:</td>
    <td style="vertical-align: middle ; ">https://viavid.webcasts.com/starthere.jsp?ei=1530336&amp;tp_key=1c81195bcb</td></tr>
  </table>

<p align="justify">To listen to a live webcast, please visit the Investors section of the BrainsWay website at www.BrainsWay.com. Please
access the Company&#8217;s website at least 10 minutes ahead of the conference call to register. The webcast replay will be available
on the website for two weeks following the completion of the call.</p>

<p align="justify"></p>

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<p style="text-align: justify"><strong>About BrainsWay<br /></strong>BrainsWay is a global leader in advanced noninvasive neurostimulation treatments
for mental health disorders. The Company is boldly advancing neuroscience with its proprietary Deep Transcranial Magnetic Stimulation
(Deep TMS&#153;) platform technology to improve health and transform lives. BrainsWay is the first and only TMS company to obtain three
FDA-cleared indications backed by pivotal studies demonstrating clinically proven efficacy. Current indications include major depressive
disorder (including reduction of anxiety symptoms, commonly referred to as anxious depression), obsessive-compulsive disorder, and smoking
addiction. The Company is dedicated to leading through superior science and building on its unparalleled body of clinical evidence. Additional
clinical trials of Deep TMS in various psychiatric, neurological, and addiction disorders are underway. Founded in 2003, with offices
in Burlington, MA and Jerusalem, Israel, BrainsWay is committed to increasing global awareness of and broad access to Deep TMS. For the
latest news and information about BrainsWay, please visit&#160;www.brainsway.com.</p>

<p><strong>Forward Looking Statements</strong><br />This press release contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words &#8220;intends,&#8221; &#8220;may,&#8221;
&#8220;will,&#8221; &#8220;plans,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;projects,&#8221; &#8220;predicts,&#8221;
&#8220;estimates,&#8221; &#8220;aims,&#8221; &#8220;believes,&#8221; &#8220;hopes,&#8221; &#8220;potential&#8221; or similar words. These
forward-looking statements and their implications are based on the current expectations of the management of the Company only and are
subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking
statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking
statements: inadequacy of financial resources to meet future capital requirements; changes in technology and market requirements; delays
or obstacles in launching and/or successfully completing planned studies and clinical trials; failure to obtain approvals by regulatory
agencies on the Company&#8217;s anticipated timeframe, or at all; inability to retain or attract key employees whose knowledge is essential
to the development of Deep TMS products; unforeseen difficulties with Deep TMS products and processes, and/or inability to develop necessary
enhancements; unexpected costs related to Deep TMS products; failure to obtain and maintain adequate protection of the Company&#8217;s
intellectual property, including intellectual property licensed to the Company; the potential for product liability; changes in legislation
and applicable rules and regulations; unfavorable market perception and acceptance of Deep TMS technology; inadequate or delays in reimbursement
from third-party payers, including insurance companies and Medicare; inability to commercialize Deep TMS, including internationally, by
the Company or through third-party distributors; product development by competitors; inability to timely develop and introduce new technologies,
products and applications; continuation and/or exacerbation of the global supply chain crisis and its impact on the Company&#8217;s ability
to source components, meet customer demand, fill orders, maintain pricing levels and support the Company&#8217;s service needs; and the
effect of the global COVID-19 health pandemic on our business and continued uncertainty and market impact relating thereto.</p>

<p>Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation
to publicly update or review any forward- looking statement, whether as a result of new information, future developments or otherwise,
except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the
Company is contained under the heading &#8220;Risk Factors&#8221; in the Company&#8217;s filings with the U.S. Securities and Exchange
Commission, including the Company's Annual Report on Form 20-F. Investors and security holders are urged to read these documents free
of charge on the SEC&#8217;s web site at http://www.sec.gov.</p>

<p><strong>Contacts: </strong><br /><u>BrainsWay:</u><br />Scott Areglado<br />SVP and Chief Financial Officer<br />844-386-7001<br />Scott.Areglado@BrainsWay.com</p>

<p><u>Investors:</u><br />Bob Yedid<br />LifeSci Advisors<br />646-597-6989<br />Bob@LifeSciAdvisors.com</p>

<p><br /></p>

<p><br /> <br /></p>

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<p></p>

<table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td colspan="7" style="text-align: center ; vertical-align: middle; "><strong>BRAINSWAY LTD.</strong></td></tr>
  <tr>
    <td colspan="7" style="text-align: center ; vertical-align: middle; "><strong>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</strong></td></tr>
  <tr>
    <td colspan="7" style="text-align: center ; vertical-align: middle; "><strong>U.S. dollars in thousands</strong></td></tr>
  <tr>
    <td style="text-align: center ; vertical-align: middle; ">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin" colspan="2">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin" colspan="2">&#160;</td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; "><strong>December 31,</strong></td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; "><strong>December 31,</strong></td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">&#160;</td>
    <td colspan="2" style="border-top: solid black 1pt ; text-align: center ; vertical-align: middle; "><strong>2021</strong></td>
    <td style="border-top: solid black 1pt ; text-align: center ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="border-top: solid black 1pt ; text-align: center ; vertical-align: middle; "><strong>2020</strong></td></tr>
  <tr>
    <td style="text-align: center ; vertical-align: middle; "><u>ASSETS</u></td>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">&#160;</td>
    <td colspan="5" style="text-align: center ; vertical-align: middle; "><strong>(Unaudited)</strong></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Current Assets</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="max-width:69%; width:69%; min-width:69%;;vertical-align: middle; text-align: left; padding-left: 10.0px; ">Cash and cash equivalents</td>
    <td style="max-width:4%; width:4%; min-width:4%;;text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; ">$</td>
    <td style="max-width:12%; width:12%; min-width:12%;;text-align: right ; vertical-align: middle; ">16,921</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; ">$</td>
    <td style="max-width:12%; width:12%; min-width:12%;;text-align: right ; vertical-align: middle; ">16,961</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Short-term deposits</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">40,428</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">221</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Trade receivables, net</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">6,332</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">5,582</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Other current assets</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">1,766</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">1,534</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Total current assets</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">65,447</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">24,298</td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Other long-term assets</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">954</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">163</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">System components</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">4,463</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">3,642</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Leased systems</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
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    <td colspan="2" style="text-align: right ; vertical-align: middle; ">&#160;</td>
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    <td colspan="2" style="text-align: right ; vertical-align: middle; ">137,566</td>
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    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">5,340</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
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  <tr>
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    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">(2,188)</td>
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    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">(83,756)</td>
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  <tr>
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    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
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  <tr>
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  <tr>
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    <td colspan="1" style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; ">75,732</td>
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  <tr>
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    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; ">&#160;</td>
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<p><br /> <br /></p>

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<p></p>

<table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
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  <tr>
    <td colspan="18" style="text-align: center ; vertical-align: middle; "><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS</strong></td></tr>
  <tr>
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  <tr>
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    <td class="hugin">&#160;</td>
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  <tr>
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  <tr>
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    <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: middle; text-align: left; padding-left: 20.0px; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
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    <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: center ; vertical-align: middle; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; vertical-align: middle; ">&#160;</td>
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    <td style="max-width:1%; width:1%; min-width:1%;;text-align: center ; vertical-align: middle; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: center ; vertical-align: middle; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; vertical-align: middle; ">&#160;</td>
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    <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: center ; vertical-align: middle; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; vertical-align: middle; ">&#160;</td>
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  <tr>
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    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
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    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">29,657</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
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    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">22,057</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">8,470</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
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    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">7,066</td>
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  <tr>
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    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">6,599</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">5,058</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">1,906</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">1,566</td>
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  <tr>
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    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">23,058</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">16,999</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">6,564</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">5,500</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
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  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Research and development expenses, net</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">6,393</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">5,823</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">2,032</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">1,576</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
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    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
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    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">15,880</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">11,283</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">4,518</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">2,999</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
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    <td style="text-align: center ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">5,784</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">4,722</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">1,466</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">1,332</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Total operating expenses</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">28,057</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">21,828</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">8,016</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">5,907</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Operating loss</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(4,999</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(4,829</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(1,452</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(407</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Finance expense, net</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(1,420</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(319</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(379</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(239</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Loss before taxes on income</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(6,419</td>
    <td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(5,148</td>
    <td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(1,831</td>
    <td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(646</td>
    <td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Taxes on income</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">43</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">237</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(484</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(240</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Net loss&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(6,462</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(5,385</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(1,347</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(406</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Basic and diluted net loss per share</td>
    <td class="hugin">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(0.21</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(0.24</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(0.04</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(0.02</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin" colspan="3">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td class="hugin" colspan="3">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td class="hugin" colspan="3">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
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  </table>

<p><br /></p>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<p></p>

<table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td colspan="9" style="text-align: center ; vertical-align: middle; "><strong>BRAINSWAY LTD.</strong></td></tr>
  <tr>
    <td colspan="9" style="text-align: center ; vertical-align: middle; "><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS</strong></td></tr>
  <tr>
    <td colspan="9" style="text-align: center ; vertical-align: middle; "><strong>U.S. dollars in thousands</strong></td></tr>
  <tr>
    <td style="text-align: center ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: center ; vertical-align: middle; ">&#160;</td>
    <td class="hugin" colspan="3">&#160;</td>
    <td class="hugin">&#160;</td>
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  <tr>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
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    <td colspan="7" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; "><strong>For the twelve months <br />ended
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  <tr>
    <td style="max-width:69%; width:69%; min-width:69%;;text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="max-width:2%; width:2%; min-width:2%;;text-align: center ; vertical-align: middle; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ; vertical-align: middle; "><strong>2021</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: center ; vertical-align: middle; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: center ; vertical-align: middle; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; vertical-align: middle; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ; vertical-align: middle; "><strong>2020</strong></td>
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  <tr>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
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  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Cash flows from operating activities:</td>
    <td style="text-align: center ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
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    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(6,462</td>
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    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(5,385</td>
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  <tr>
    <td colspan="9" style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Adjustments to reconcile net loss to net cash (used
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  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Adjustments to profit or loss items:</td>
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    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Depreciation and amortization</td>
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    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">560</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">438</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
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    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">1,126</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">1,180</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Impairment and Destructions</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">1,295</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">1,061</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
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    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">-</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(5</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Finance expenses, net</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">1,420</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">319</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
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    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">1,893</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">799</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Taxes on income</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">43</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">237</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td class="hugin">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Changes in asset and liability items:</td>
    <td class="hugin">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
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    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(849</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(7</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
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    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(1,226</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(97</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Increase (decrease) in trade payables</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">289</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(552</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Increase in other accounts payable</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">815</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">515</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Increase in deferred revenues and other liabilities</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">2,039</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">320</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">&#160;</td>
    <td class="hugin">&#160;</td>
    <td colspan="3" style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">&#160;</td>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">&#160;</td>
    <td colspan="3" style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Cash paid and received during the year for:</td>
    <td class="hugin">&#160;</td>
    <td colspan="3" style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">&#160;</td>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">&#160;</td>
    <td colspan="3" style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Interest paid</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(62</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(71</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Interest received</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">17</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">61</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Taxes on income&#160;paid</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(14</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(249</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td class="hugin">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Cash provided by (used in) operating activities:</td>
    <td class="hugin">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">884</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(1,436</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td class="hugin">&#160;</td>
    <td colspan="3" style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Cash flows from investing activities:</td>
    <td class="hugin">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Purchase of property and equipment and system components, net</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(2,238</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(2,470</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Investment in short-term deposits</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(40,000</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">-</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Investment in long-term deposits</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">22</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">5</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Net cash used in investing activities</td>
    <td class="hugin">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(42,216</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(2,465</td>
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  <tr>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td class="hugin">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Cash flows from financing activities:</td>
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    <td colspan="3" style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">&#160;</td>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">&#160;</td>
    <td colspan="3" style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Repayment of liability in respect of research and development
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    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(761</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(655</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Receipt of government grants</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">492</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">42</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Repayment of lease liability</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(475</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(417</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Issuance of share capital</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">42,260</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">-</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Net cash provided by (used in) financing activities</td>
    <td class="hugin">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">41,516</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(1,030</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Exchange rate differences on cash and cash equivalents</td>
    <td class="hugin">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(224</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">218</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Decrease in cash and cash equivalents</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(40</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(4,713</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Cash and cash equivalents at the beginning of the year</td>
    <td class="hugin">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">16,961</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">21,674</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">Cash and cash equivalents at the end of the year</td>
    <td class="hugin">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">16,921</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">16,961</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">&#160;</td>
    <td class="hugin">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td class="hugin" colspan="3">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; ">(a) Significant non cash transactions:</td>
    <td class="hugin">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td class="hugin" colspan="3">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Purchase of property and equipment on credit</td>
    <td class="hugin">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">-</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">23</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Recognition of new lease liability and right-of-use</td>
    <td class="hugin">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">587</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">48</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Termination of lease liability and right-of-use</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(64</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">(51</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; ">)</td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; ">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin" colspan="3">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin" colspan="3">&#160;</td></tr>
  </table></p>

<p />

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