Business
LifeStance Reports First Quarter 2022 Results
SCOTTSDALE, Ariz., May 09, 2022 (GLOBE NEWSWIRE) -- LifeStance Health Group, Inc. (NASDAQ: LFST), one of the nation’s largest providers of outpatient mental
About this update from Lifestance Health Group, Inc.
[{"type":"text","content":"SCOTTSDALE, Ariz., May 09, 2022 (GLOBE NEWSWIRE) -- LifeStance Health Group, Inc. (NASDAQ: LFST), one of the nation’s largest providers of outpatient mental health care, today announced financial results for the quarter ended March 31, 2022. (All results compared to prior-year comparative period, unless otherwise noted)Q1 2022 Highlights and FY 2022 Outlook Revenue of $203.1 million increased $60.0 million or 42% compared to revenue of $143.1 millionTotal clinicians of 4,989 up 51%, a net increase of 199 in the first quarterNet loss of $62.3 million compared to net loss of $8.7 million, primarily driven by stock-based compensation expense of $59.9 millionAdjusted EBITDA of positive $12.5 million compared to Adjusted EBITDA of positive $12.6 millionReaffirming guidance: Expecting full year 2022 revenue of $865 million to $885 million, Center Margin of $240 million to $255 million, and Adjusted EBITDA of $63 million to $67 million \"We are pleased with the team’s disciplined execution of our strategy, which drove solid results in the first quarter, even through the recent pandemic surge and current labor market dynamics,” said Michael Lester, Chairman and CEO of LifeStance. “We believe that our first quarter performance positions us well for the balance of the year, and that our differentiated hybrid model will continue to drive our growth regardless of how patient care shifts between in-person and virtual visits. Additionally, patient demand for our services has never been stronger and our patient acquisition costs remain very low, as the vast majority of our patients come directly from sticky primary care referrals, in-network payor relationships, and organic online self-referrals. Most importantly, we are confident in our ability to continue expanding access to affordable, best-in-class outpatient mental healthcare to help people lead healthier, more fulfilling lives.\" Financial Highlights Q1 2022 Q1 2021 Y/Y (in millions) Total revenue $203.1 $143.1 42%Loss from operations (64.9) (0.9) 7,111%Center Margin 54.2 44.0 23%Net loss (62.3) (8.7) 616%Adjusted EBITDA 12.5 12.6 (1%)As % of Total Revenue: Loss from operations (32.0%) (0.6%) Center Margin 26.7% 30.7% Net loss (30.7%) (6.1%) Adjusted EBITDA 6.2% 8.8% (All results compared to prior-year period, unless otherwise noted) Revenue grew 42% to $203.1 million. Strong revenue gro...