EMD opens Sydney clinic - now in Australia's four most populated states
Our psychedelic and mental health Investment Emyria (ASX: EMD) just opened its Sydney Empax clinic, with first patients already in treatment.
EMD delivers psychedelic-assisted therapies for PTSD and treatment-resistant depression through its growing network of specialist Empax clinics.
The clinic opened as scheduled, good to see EMD hitting another target on time.
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Today's news confirms EMD's fifth clinic, with the network now covering Australia's four most populated states - NSW, Victoria, Queensland and WA.
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The Sydney clinic takes EMD's total treatment beds from 14 to 18, allowing up to 90 dosing sessions per week (each bed = one dosing session per day if utilised).
Here is a slide from a recent EMD presentation showing how a clinic ramps up:
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That slide came from EMD's webinar, which you can watch in full here:
EMD now has its two Perth clinics operating above breakeven, Brisbane nearing that point and Victoria on the way after opening back in May.
EMD is utilising a low capex expansion model, by utilising existing space that it just needs to fit out, so is able to expand relatively quickly with relatively small upfront costs.
There are now a few clinics approaching (or already through) the 9-12 month breakeven point.
The financial numbers and revenues in the quarterly numbers are now something we will be looking out for closely.
Based on the map above, EMD is still eying off several more sites as it continues to expand.
EMD’s US strategy continues to strengthen
The US angle to EMD’s growth story is starting to get some serious momentum and the final dotpoint from today's announcement elaborated a bit on this:
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This follows on from EMD’s Chairman who just a few weeks back presented at the “Considerations for Potential Future Therapeutic Use of Psychedelic Drugs” hearing:
(here is a link for anyone who wants to watch EMD’s speech or go through the whole thing)
A few days following that, EMD announced the hire of Dr David Shulkin - the former US Secretary of Veterans Affairs - as a Strategic Advisor.
The second US centric move by EMD in a week.
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Why was an ASX small cap a speaker at a US FDA public hearing?
Because EMD is one of the only companies in the world running fully authorised, legal psychedelic therapy clinics.
EMD got that first mover advantage because the Australian TGA was first in the world to legalise psychedelic therapies back in 2023.
Ever since then EMD has been rolling out psychedelic therapy clinics across Australia.
EMD currently has:
TWO clinics operating in Western Australia, one in Queensland, one in Victoria and has TODAY confirmed the NSW opening.
EMD also has a payer deal with Australia’s largest private health insurer, Medibank, plus eligible veterans can have EMD's treatment funded by the Department of Veterans' Affairs (DVA).
Meaning the two organisations pay for their members to receive therapies at EMD’s clinics:
EMD’s rollout across Australia has taken the business from ~$1.3M in revenues in FY25 to ~$4M in FY26. (source)
EMD is currently capped at $38M with $7.3M cash in the bank at 30 June 2026.
So far so good in Australia, and we think those numbers can continue growing.
Of course, it’s a small cap stock we are talking about - no guarantees here.
A big part of why we are Invested in EMD is because we think psychedelic therapies will eventually become more accepted and eventually legalised around the world.
And IF/WHEN it does, EMD will be one of the companies that is able to copy and paste its business model in said country quickly.
We covered these updates last week here: EMD presents at US FDA psychedelics hearing and appoints former US Veterans Affairs Secretary as “strategic advisor”
What we want to see next from EMD
EMD execute its national rollout in Australia
We want to see EMD open more clinics around Australia.
Here are the milestones we are tracking:
- ✅ WA, QLD and VIC clinics - operational
- ✅ NSW recruitment completed
- ✅ NSW clinic opened (Open Today)
🔄 Revenue growth from existing clinics
With clinics now running in three states and NSW now open and operational, we want to see patient throughput and revenue building.
🔲 New payer deals
EMD has both Medibank Private (~$13BN market cap) and DVA (government program) as current “payers” for its treatment protocol.
A big win for EMD would be to get new payers into its network.
We note EMD also has approvals to treat Workcover patients in Australia.
The BIG new one would of course be out of the US.
🔲 Expansion into new indications
We also want to see EMD expand its therapy programs to new indications and drug therapies over time to broaden its addressable market beyond PTSD and treatment-resistant depression.
Below is an image we shared in a recent note which helps visualise the impact this would have on EMD’s business.
What we want to see over the coming months is that more of those circles move from the “scoping” stage into the “active” stage - this is where EMD gets the revenue.
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