Takes from Interventional Psych KOL on TMS, Spravato, Psychedelics (LFST)

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Takes from Interventional Psych KOL on TMS, Spravato, Psychedelics (LFST)

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USA | Healthcare Services EquityJuneResearch18, 2026

Takes from Interventional Psych KOL on TMS,

Spravato, Psychedelics (LFST)

We hosted a KOL discussion with Interventional Psychiatrist Dr. Alik Widge

(University of Minnesota) to discuss trends in TMS, Spravato, and psychedelic

therapies. Key takes: (1) demand is robust & patient driven with penetration

not near peak, (2) Both TMS & Spravato should be margin accretive to clinics/

operators, and (3) psychedelics remain a burgeoning oppty that should be

additive not substitutive to the current state. Link to our replay HERE.

Strong, Patient-Led Demand Driving TMS/Spravato Uptake. Our KOL, Dr. Widge, characterized

demand as "insatiable" and notes that his patients are predominantly finding his clinic via online

search and social channels, with limited reliance on traditional referral bases. His clinic remains

booked out ~3 months, and incremental clinical capacity would likely be absorbed immediately,

suggesting persistent unmet demand. Importantly, Dr. Widge does not believe the market is near

peak penetration, citing increasing depression/TRD prevalence and a continued shift toward non-

pharmacologic treatment modalities.

TMS Is The Go-To Therapy: Combines Safety, Clinical Effectiveness, and Attractive Economics.

Our KOL highlighted TMS as their center's core modality, serving ~200 patients per year (3

TMS chairs). He explains the economics as highly attractive for clinic operators, with treatments

administered over ~20-minute sessions across a ~6-week daily visit course, with payors

reimbursing anywhere from $2,500 to $6,000 per treatment course. The model is low-cost, requiring