Empax Clinic Revenue Surges to $700K as Medibank Expands Funding Across States
Emyria reports strong revenue growth driven by expanded insurer-funded mental health programs, marking a significant step in national access to evidence-based PTSD and treatment-resistant depression care.
- Empax clinical service revenue surges with Medibank-funded patient uptake
- Multi-year agreement expanded to include TRD programs in Perth and Brisbane
- First multi-state insurer-backed rollout for PTSD and TRD treatments in Australia
- Workforce and infrastructure expanded to support growing patient volumes
- Issued loyalty options and completed share sale to institutional investors
Emyria’s Strategic Expansion in Mental Health Care
Emyria Limited (ASX, EMD) has delivered a compelling quarterly update, underscoring its leadership in evidence-based mental health treatments for Post-Traumatic Stress Disorder (PTSD) and Treatment-Resistant Depression (TRD). The company’s latest activity report for the quarter ending September 2025 highlights significant revenue growth fueled by insurer-funded patient programs, particularly through an expanded partnership with Medibank Private Ltd.
Following the initial Medibank agreement signed in mid-2025, Emyria has broadened its insurer-funded access to include TRD treatments alongside PTSD programs, now covering both Perth and Brisbane clinics. This marks the first time in Australia that such specialized mental health care is supported by major private health insurance across multiple states, a milestone that validates Emyria’s scalable, psychiatrist-led care model.
Revenue Growth and Operational Scaling
The Empax clinics have seen a rapid increase in patient uptake, driving a surge in clinical service revenue to $700,000 for the quarter. This growth reflects strong demand for affordable, insurer-backed mental health care. To accommodate this, Emyria has expanded its workforce and treatment infrastructure at the Perth clinic and is advancing the Brisbane Empax clinic within Avive Health’s licensed private hospital. The Brisbane site is expected to begin patient dosing late in Q4 2025, with a ramp-up planned through the first half of 2026.
Emyria’s capital-light expansion strategy leverages partnerships with leading private hospital operators, enabling efficient scaling into major metropolitan markets. The company holds exclusive rights at the Brisbane facility and first refusal options for additional hospitals in Victoria and South Australia, positioning it well for further national rollout.
Capital Structure and Shareholder Engagement
In addition to operational progress, Emyria issued nearly 165 million loyalty options to shareholders, exercisable at $0.05 each, expiring in March 2027. This move aims to reward long-term investors while supporting future capital needs. The company also completed a share sale of over 9 million shares from less than marketable parcels, facilitating liquidity for smaller shareholders and attracting new institutional investors aligned with Emyria’s growth ambitions.
Despite net operating cash outflows of $964,000 driven by workforce and infrastructure investments, Emyria ended the quarter with a healthy cash balance of $3.8 million, providing a solid runway for continued expansion.
Outlook and Market Positioning
Looking ahead, Emyria is poised to sustain revenue momentum as insurer-funded programs become fully operational across multiple states. The company continues to build its real-world clinical evidence base, which underpins program optimization and payer engagement, further differentiating its offerings in a competitive mental health services landscape.
Executive Chairman Greg Hutchinson emphasized the significance of the quarter, noting that insurer funding validates Emyria’s scalable clinical protocols and national growth strategy. The company’s focus on affordable, specialist-led care supported by robust data positions it as a national leader in treating complex mental health conditions.
Bottom Line?
Emyria’s insurer-backed expansion signals a new era in accessible, evidence-based mental health care across Australia.
Questions in the middle?
- How quickly will patient volumes ramp up at the new Brisbane Empax clinic?
- What additional insurers might partner with Emyria to broaden funded access?
- How will loyalty option exercises impact share dilution and capital structure?
