EMD expands capacity at Perth clinic - national rollout continues

Published 11-DEC-2025 13:15 P.M.

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Our Investment Emyria (ASX: EMD) just put out an update on the national rollout of its psychedelics treatment clinics heading into 2026.

A few months ago EMD signed an agreement with Medibank - which would see Medibank pay for all the costs of its “psychedelics for mental health” treatment.

(These treatments are typically valued between $20,000 and $30,000 per patient)

And then a few weeks ago we saw the announcement by The Department of Veteran Affairs who will now fully fund psychedelic treatment for eligible veterans for Treatment Resistant Depression and PTSD.

(Source)

And now it seems like funding commitments from Medibank and the DVA are leading to more demand for EMD’s care protocol.

Today EMD put out an update on how its responding to that demand at its Perth clinic as well as nationally:

Here were our key takeaways:

EMD expanded the perth clinic with a third treatment room now operational.
Approvals for a fourth room were granted this week - EMD expects to have that room ready and operating in Q1-2026.
EMD said that 67 initial screenings were scheduled for Q1-2026.
EMD increased the number of authorised prescribers (psychiatrists who can administer the company’s treatment) from 2 to 5 (with 5 more applications in progress).
39 therapists in Perth were now trained and contracted to deliver EMD’s care protocol.

Basically to us it looks like EMD is putting in all of the groundwork to meet demand - which is looking really strong.

For context - in Brisbane, EMD is just finishing treatment of the first 3 patients and the initial screenings booked nationwide are at ~67 just for Q1-2026…

(source)

We also note, this is just from the rollout of the Perth and Brisbane clinics.

EMD also recently exercised an option to open a clinic in Victoria AND said that a further 2 sites were under consideration…

(Source)

With EMD recently closing out a $8M raise the company is also relatively well funded to grow its national footprint - which should mean 2026 is a big year for the company.

Here is how we see EMD’s rollout strategy playing out:

Because EMD is in the fortunate position of securing a “payer” for its services, its main focus is on scaling up its operations.

We have Invested in EMD to see it not only become the market leader in the Australian psychedelics care, but build a monopoly on delivering these services.

At the same time, we recognise that there is no guarantee of success here, this is small cap investing and there are risks involved.

We think EMD has a very defensible market position because it has:

Authorisation from the TGA to deliver MDMA-assisted care to patients (this is not easy to get)
A Payer Agreement with Medibank to cover the cost of these therapies to its members (years in the making).
Data that shows it works and continues to work months after the patient is treated.
A means to deliver therapies through physical clinics that it owns and operates (EMD is now looking to expand its footprint by licensing hospital space).
Scale potential with an approved protocol from the TGA that it can “franchise” out to other clinics looking to deliver assisted therapies.

What’s next for EMD?

Revenues from Medibank deal increasing🔄

According to EMD’s recent announcement, the Brisbane site has recently started receiving revenue from the Medibank deal. So we wait to see how much will be booked in the current and then next full quarter. So we could start to see increasing revenues in upcoming quarterly reports.

More new sites opened🔄

Now that EMD has signed on with Avive Health we want to see other potential sites that it can scale up its clinics to, Victoria has been announced as the next site planned to be opened.

Expand care offering to new indications and/or new drug therapies🔄

We want to see EMD expand its assisted therapy programs to psilocybin and ketamine, also for different mental health conditions like anxiety, treatment resistant depression etc...