Business in Brief


Brainsway to lease depression treatment to Harvard-affiliated hospital

Shares of Brainsway, which developers technology to treat brain disorders, closed up 3.3% on the Tel Aviv Stock Exchange Wednesday, after the company made two upbeat announcements. First, Brainsway announced positive results in a final study of deep transcranial magnetic stimulation of schizophrenia patients. The study reported a clear statistical improvement in patients who received the treatment, relative to the control group. The company also announced a deal to lease its system to Harvard University’s McClean Hospital, for the treatment of depression. Payment will be based on the number of patients treated at the prestigious psychiatric hospital, above an unspecified minimum sum. The Deep TMS device delivers brief magnetic pulses to the brain by passing high currents through an electromagnetic coil placed near a patient’s scalp (Shelly Appelberg)

Ormat reports accelerated recovery

Ormat Technologies’ recovery continued into the fourth quarter of 2013 at a faster rate than anticipated. The renewable energy company on Wednesday reported net income of $8.2 million, or 18 cents per share, for the last quarter of 2013, compared to net losses of $229.0 million, or $5.04 per share, for the parallel 2012 period. Revenue rose 15.5% from the last quarter of 2012. “During 2013 and the first part of 2014, we successfully completed nine power plants with approximately 270 MW of gross generating capacity,” said CEO Dita Bronicki, whose family owns the company along with First Israel Mezzanine Investors Fund. (Yoram Gabison)

Elbit Cochin Island threatens to withdraw from bidding for Greek airport project

Elbit Cochin Island, one of the few suitors for Greece’s biggest real estate project at the former international airport of Hellenikon, threatened Wednesday to pull out of the race, leaving only two contenders in the sale that has dragged on for about three years. “Regrettably, we cannot submit an offer unless certain essential clarifications are given and improvements made to the share purchase agreement,” an Elbit Cochin spokesman told Reuters just a day before a deadline for binding bids, The company is a unit of holding company Elbit Imaging. Ownership rights and property taxation were also among the regulatory issues that Elbit Cochin wanted more clarity on, the spokesman said. (Reuters)

Sodastream earnings fizzle in Q4 2013

SodaStream, the home beverage manufacturer, reported reduced net income on increased revenues for the fourth quarter of 2013 on Wednesday. While revenue increased 26.4%, to $168.1 million, from $132.9 million in the last quarter of 2012, net income dropped to $700,000, from $7.5 million. Adjusted net income for the last quarter of 2013 was $3.5 million, compared to $9.4 million in the fourth quarter of 2012. “While the fourth quarter proved to be more challenging than we expected there were several highlights, along with important lessons from the past year that give us confidence about the future,” CEO Daniel Birnbaum said, adding, “Our ability to grow revenue ... including selling a record 4.4 million soda makers and increasing gas refill unit sales 30% to a record 21.5 million, underscores the high level of consumer interest and activity in home carbonation.” (TheMarker)

Tel Aviv-100 hits all-time high on interest rate cut

The Tel Aviv-100 Index hit an all-time high of 1,253 points Wednesday, as all the leading indexes closed in the green. Shares were buoyed by the decision by the Bank of Israel to cut its representative interest rate to 0.75% at the beginning of the week, and despite the losses on Wall Street and in Europe. The blue-chip Tel Aviv-25% gained 1% to close at 1,349 points. The broader Tel Aviv-100 also gained 1%. The Banks-5 gained 9%, while the Real Estate-15 gained 0.3%. Total turnover was 1.16 billion shekels. Notable shares included Clal Biotechnology, which gained 17% after announcing that it was conducting negotiations to sell subsidiary Andromeda to an American drug company. (Eran Azran)

SodaStream's 2014 Super Bowl commercial starring Scarlett Johansson.Credit: SodaStream Frame grab



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