Business
LifeStance Reports First Quarter 2023 Results
SCOTTSDALE, Ariz., May 10, 2023 (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 10, 2023 (GLOBE NEWSWIRE) -- LifeStance Health Group, Inc. (Nasdaq: LFST), one of the nation’s largest providers of outpatient mental healthcare, today announced financial results for the first quarter ended March 31, 2023. (All results compared to prior-year comparative period, unless otherwise noted)Q1 2023 Highlights and FY 2023 Outlook Total revenue of $252.6 million increased $49.5 million or 24% compared to revenue of $203.1 millionTotal clinicians of 5,961 up 19%, a sequential net increase of 330 in the first quarterNet loss of $34.2 million compared to net loss of $62.3 million, primarily driven by stock-based compensationAdjusted EBITDA of $10.1 million compared to Adjusted EBITDA of $12.5 millionRaising revenue and Center Margin guidance: Now expecting full year 2023 revenue of $990 million to $1.02 billion and Center Margin of $274 to $290 million; reaffirming full year 2023 Adjusted EBITDA guidance of $50 to $62 million “We kicked off the year with positive momentum, thanks to the commitment and dedication of our employees, including nearly 6,000 clinicians,” said Ken Burdick, Chairman and CEO of LifeStance. “The team remains focused on execution of our priorities of simplifying administrative complexity and gaining operating leverage. At the same time, we are making progress against our strategic initiatives to improve operational performance, lay the foundation for profitable and sustainable growth, and deliver on our mission of expanding access to high-quality, affordable mental healthcare.” Financial Highlights Q1 2023 Q1 2022 Y/Y (in millions) Total revenue $252.6 $203.1 24%Loss from operations (34.1) (64.9) (47%)Center Margin 69.6 54.2 28%Net loss (34.2) (62.3) (45%)Adjusted EBITDA 10.1 12.5 (19%)As % of Total revenue: Loss from operations (13.5%) (32.0%) Center Margin 27.6% 26.7% Net loss (13.5%) (30.7%) Adjusted EBITDA 4.0% 6.2% (All results compared to prior-year period, unless otherwise noted) Total revenue grew 24% to $252.6 million. Strong revenue growth in the first quarter was driven primarily by net clinician growth and increased visit volumes.Loss from operations was $34.1 million, primarily driven by stock-based compensation expense of $23.9 million. Net loss was $34.2 million.Center Margin grew 28% to $69.6 million, or 27.6% of total revenue.Adjusted EBITDA declined 19% to $10...