Emyria Limited has reported strong quarterly revenue growth driven by the expansion of its Empax clinic network across multiple Australian states, supported by a recent $8 million institutional placement to fund its national rollout and workforce expansion.
- Group revenue reaches approximately $892,000 for the quarter
- Empax clinics operational or secured in Western Australia, Queensland, and Victoria
- Institutional placement raises $8 million to accelerate national expansion
- Dual reimbursement pathways active with private insurers and government payers
- Treatment bed capacity expanded, with new clinics commencing patient treatments
Emyria’s National Expansion Gains Momentum
Emyria Limited (ASX – EMD), a pioneer in evidence-based intensive mental health treatments, has taken significant strides in its national expansion strategy during the December 2025 quarter. The company’s Empax clinic network, which delivers psychedelic-assisted therapies integrated within hospital settings, now spans three states – Western Australia, Queensland, and Victoria. This expansion is underpinned by a capital-light model that leverages hospital partnerships to scale treatment capacity efficiently.
Revenue growth was a highlight of the quarter, with group company revenue reaching approximately $892,000. This growth reflects increasing patient throughput and the maturation of reimbursement pathways, including both private health insurer Medibank and government funding via the Department of Veterans’ Affairs. These dual reimbursement streams provide a robust foundation for sustainable revenue generation as the network expands.
Operational Highlights and Clinic Developments
The Perth clinic in Western Australia remains the operational benchmark, having expanded from six to seven treatment beds, with approval for an eighth bed anticipated soon. The clinic also increased its clinical workforce, including authorised psychiatrists and therapists, supporting higher patient volumes. Forward bookings indicate strong demand, with 67 initial patient screenings scheduled for the first quarter of 2026.
In Queensland, the Brisbane Empax clinic commenced insurer-funded treatments in late December 2025, activating three treatment beds and recruiting over 20 therapists. This successful launch validates the replicability of Emyria’s clinical and reimbursement framework across jurisdictions.
Victoria marks a new frontier for Emyria, with the first Empax clinic secured at Avive Health’s Mornington Peninsula mental health hospital. Set to become operational in the second quarter of 2026, this clinic will initially offer three treatment beds. Notably, Emyria has secured exclusive rights to roll out Empax clinics across all Avive Health sites nationwide, providing a promising pipeline for future growth.
Financial Strength and Strategic Outlook
Emyria bolstered its balance sheet with an $8 million institutional placement completed in November 2025, attracting specialist life-sciences and healthcare investors. The capital raised is earmarked for accelerating the national rollout of Empax clinics, expanding the clinical workforce, and supporting reimbursement initiatives for veterans and workers’ compensation cohorts.
Despite net operating cash outflows of approximately $1.08 million driven by workforce expansion and clinic activations, the company ended the quarter with a healthy cash balance of $10.5 million. This financial position supports Emyria’s disciplined capital deployment strategy as it scales operations throughout 2026.
Executive Chairman Greg Hutchinson emphasised the transition from early validation to national execution, highlighting the operational success of clinics in Perth and Brisbane and the strategic importance of the Victorian expansion. Looking ahead, Emyria aims to increase treatment bed capacity, enhance patient volumes through matured reimbursement processes, and continue improving patient outcomes across its network.
Bottom Line?
With a solid foundation and capital in place, Emyria is poised to accelerate its national Empax clinic rollout, but execution risks and reimbursement maturation remain key watchpoints.
Questions in the middle?
- How quickly will the Victorian clinic ramp up to full operational capacity?
- What impact will dual reimbursement pathways have on patient volume growth?
- Can Emyria sustain its capital-light model while expanding into new states?