Emyria delivers record revenue as national clinic network takes shape
Emyria Limited (ASX: EMD) has reported record first-half revenue of $1,554,497 for H1 FY26, representing 136% growth on the prior corresponding period. The result marks a commercial inflection point for the Emyria Empax Clinic National Expansion, driven by the company’s expanding clinic footprint and the commencement of insurer-funded treatments across multiple Australian states. With a cash position of $10,502,022 at 31 December 2025, the mental health treatment provider is positioned to accelerate its scalable, capital-light rollout without near-term dilution risk.
The revenue acceleration follows the establishment of dual reimbursement pathways covering both private health insurance and government payers. This positions Emyria to access a broader patient population whilst reducing reliance on a single funding source. The company’s transition from early-stage development to revenue-generating platform is underpinned by evidence-based clinical outcomes that have attracted external payer validation.
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What is psychedelic-assisted therapy and why are insurers funding it?
Psychedelic-assisted therapy represents a medically supervised treatment approach for conditions such as Treatment-Resistant Depression (TRD) and Post-Traumatic Stress Disorder (PTSD). Patients receive therapeutic compounds in controlled clinical environments under direct medical supervision, combined with psychological support before, during, and after treatment sessions.
The commercial significance lies in the treatment model’s potential to deliver durable outcomes with fewer sessions compared to traditional mental health care, which often requires ongoing, long-term intervention. For insurers, positive long-term patient outcomes can reduce the total cost-of-care burden over time. This economic value proposition has driven external payers, including private health insurers and government departments, to fund access to these programs.
The involvement of both private and government payers signals confidence in the clinical evidence base and the long-term economic value of the treatment model. For investors, reimbursement pathways de-risk patient acquisition costs and create more predictable revenue streams compared to entirely out-of-pocket payment models.
Dual reimbursement pathways now secured
Emyria has established two distinct funding channels enabling patients to access its Empax clinic programs across multiple states. This dual-pathway structure diversifies revenue sources and expands the addressable patient population beyond those able to fund treatment privately.
Medibank agreement expanded nationally
Medibank’s private health insurance funding agreement now covers Emyria’s TRD and PTSD programs across Perth and Brisbane clinics. Following the reporting period, Medibank confirmed that funding will extend to Victoria when that clinic commences operations in Q3 FY26. The national expansion of this agreement validates Emyria’s evidence-based care approach and demonstrates the repeatability of its reimbursement model as the clinic network scales.
The Medibank agreement represents a significant validation point for investors. Private health insurers typically conduct rigorous clinical and economic assessments before funding new treatment modalities, particularly for emerging therapies. Multi-state coverage indicates confidence in both clinical outcomes and the operational consistency of Emyria’s delivery model.
Government payer access secured through DVA
The Department of Veterans’ Affairs now funds eligible veterans for PTSD and TRD treatments through Emyria’s programs. This landmark decision establishes government payer support alongside private insurance, creating revenue diversification and reducing concentration risk. Government payer involvement typically signals confidence in long-term clinical evidence and economic value, as public funding decisions are subject to stringent evaluation processes.
| Payer Type | Payer Name | Conditions Covered | States Covered |
|---|---|---|---|
| Private Health Insurance | Medibank | TRD, PTSD | WA, QLD, VIC (from Q3 FY26) |
| Government | Department of Veterans’ Affairs | TRD, PTSD | National |
National Empax clinic network now operational
Emyria has established clinics operating or secured across Western Australia, Queensland, and Victoria. The company’s hospital-integrated model enables geographic expansion without large capital expenditure requirements, preserving cash whilst accelerating rollout timelines. This capital-light approach differentiates Emyria’s expansion strategy from traditional healthcare infrastructure models.
Demand indicators provide forward revenue visibility, with 83 patient screenings already booked for Q3 FY26 as at 31 January 2026. The screening pipeline demonstrates sustained patient demand as the clinic network scales, supporting revenue growth projections for the current financial year.
Key expansion milestones include:
- Perth clinic operational (Western Australia)
- Brisbane clinic operational (Queensland)
- Victoria clinic secured, commencing Q3 FY26
- Hospital-integrated model enables low-capital-expenditure rollout
The hospital-integrated approach allows Emyria to leverage existing healthcare infrastructure rather than building standalone facilities. This reduces upfront capital requirements, accelerates time-to-market for new clinic locations, and provides operational efficiencies through shared resources and established clinical pathways.
Long-term PTSD outcomes reinforce clinical thesis
Emyria released post-period clinical data in February 2026 demonstrating 12+ month treatment outcomes for its PTSD program. Data as of 31 December 2025 showed approximately 67% durable remission and approximately 76% ongoing clinically significant benefits among treated patients. These long-term outcome measures strengthen the company’s value proposition to insurers seeking lower total cost-of-care compared to ongoing standard treatments.
Real-world outcome data of this nature enhances Emyria’s negotiating position with prospective payers. Durable remission rates extending beyond 12 months support the economic case for reimbursement at scale, as sustained symptom reduction can reduce the need for ongoing medical intervention and associated healthcare system costs.
Greg Hutchinson, Executive Chairman
“The first half of FY26 represents a pivotal step forward for Emyria, with record revenue growth, expanding insurer and government payer support, and national clinic progress all reinforcing the strength and scalability of our model.”
Financial position and outlook
Emyria strengthened its balance sheet with an $8 million institutional placement in November 2025, supporting a cash position of $10,502,022 at 31 December 2025. This cash runway enables continued execution of the national clinic strategy without near-term capital raising requirements, reducing short-term dilution risk for existing shareholders.
The company reported an H1 FY26 loss of $2,374,782, compared to $968,997 in H1 FY25. Management has framed this loss increase as deliberate investment in national expansion infrastructure and clinical workforce to support multi-state operations. Per-clinic costs are expected to moderate as the network scales and operational leverage improves through shared infrastructure and established clinical protocols.
Strategic priorities heading into CY2026 include:
- Accelerate national Empax clinic rollout
- Expand insurer and government payer agreements
- Build proprietary real-world dataset to inform innovation pipeline
- Convert strong patient demand into revenue growth
The company’s revenue trajectory, combined with expanding reimbursement coverage and strong forward bookings, positions it to demonstrate operational leverage as per-clinic costs decline with scale. The proprietary clinical dataset generated through patient treatment also represents a strategic asset for future therapy development and regulatory submissions.
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Industry recognition validates clinical model
Emyria received two external awards during the reporting period, providing third-party validation of its clinical delivery model. In August 2025, the company was recognised with the National Outstanding Clinic of the Year Award at the Patients Australia Awards, acknowledging leadership in patient-centred care and clinical impact at a national level.
In November 2025, Emyria was awarded the Wesfarmers Wellbeing Platinum Award at the WA Innovators of the Year, recognising outstanding innovation advancing medical and social wellbeing. Whilst these awards are not revenue-generating milestones, they reinforce Emyria’s positioning as a leader in evidence-based mental health care delivery and support credibility with prospective payers and clinical partners.
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