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Brain Scientific Inc. (BRSF) Releases 2020 Financial, Business Results
May 11, 2021

Brain Scientific Inc. (BRSF) Releases 2020 Financial, Business Results

  • BRSF made strides on operations front to improve lead times, quality control
  • Company experienced revenue growth, increase in assets and R&D
  • Brain Scientific has identified that only 30% of U.S. hospitals have equipment for routine EEGs due to cost and space constraints

Brain Scientific (OTCQB: BRSF), a commercial-stage, health-care company, announced it has filed its annual report for the fiscal year that ended Dec. 31, 2020 (https://ibn.fm/GCazt). The company reported key business highlights and substantial growth as well as outlined milestones expected to be completed over the next two years. 

“In 2020, Brain Scientific made good progress toward our vision of introducing transformative brain diagnostic solutions that apply cutting-edge technologies and establish a new innovative norm for clinicians,” said Boris Goldstein, chairman of the board of directors. “We made strides on the operations front to improve lead times and quality control, as well as connections to expand our customer base in early 2021.” 

From 2019 to 2020, BRSF experienced a revenue growth from $489,202 to $544,275, and an increase in assets from $291,002 to $440,218. The company’s liabilities also increased, with 80% of the increase coming from the addition of derivative liabilities and convertible notes payable. The research and development efforts of the company also increased, up an impressive 266% from the previous year. 

The company’s two FDA-cleared products, the NeuroCap(TM) and NeuroEEG(TM), will soon be manufactured in the United States, with a rollout to follow in the Canadian market. Currently, both devices are available on a limited basis to ICUs, acute care settings and other emergency departments throughout the country. 

Brain Scientific has developed innovative products that are disrupting the EEG norms. The NeuroCap, a disposable pre-gelled headset, is disposable and easy to set up. It offers a cost-effective EEG solution to obtain rapid EEGs in routine clinical and research settings where recording of STAT EEGs is desired.

The NeuroEEG is a portable, wireless and cost-effective EEG system that fits in the palm of a hand, and requires minimal training to use.

Throughout 2020 and the global pandemic, the need for disposable, easy, and quick-to-use EEG options became even more evident. The NeuroCap and NeuroEEG help minimize contact between patients and the medical worker, provide a more sanitary solution, and can be used in a broad variety of settings. In fact, BRSF has identified that only 30% of U.S. hospitals have equipment for routine EEGs due to cost and space constraints. 

The devices’ accessibility and quality have made it ideal for use in R&D as well, from concussion research (https://ibn.fm/ybdot) to potentially uncovering new treatment options to reduce autism symptoms in children (https://ibn.fm/1zraT).

For more information, visit the company’s website at www.BrainScientific.com/Invest-Now.

NOTE TO INVESTORS: The latest news and updates relating to BRSF are available in the company’s newsroom at https://ibn.fm/BRSF

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