Business
LifeStance Reports First Quarter 2024 Results
SCOTTSDALE, Ariz., May 09, 2024 (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, 2024 (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, 2024. (All results compared to prior-year comparative period, unless otherwise noted)Q1 2024 Highlights and FY 2024 Outlook Revenue of $300.4 million increased 19% compared to revenue of $252.6 millionClinician base increased 15% to 6,866 clinicians, a sequential net increase of 221 in the first quarterFirst quarter visit volumes increased 15% to 1.9 millionNet loss of $21.1 million, primarily driven by stock-based compensation, compared to net loss of $34.2 millionAdjusted EBITDA of positive $27.7 million compared to Adjusted EBITDA of $10.1 millionFor full year 2024, reiterating expectations for revenue of $1.19 billion to $1.24 billion; raising Center Margin expectations to $353 to $373 million; raising Adjusted EBITDA expectations to $88 to $98 million; and reiterating expectations for positive Free Cash Flow “I’m proud of the results achieved by our clinicians and team members this quarter. We met or exceeded expectations for the sixth consecutive quarter while delivering organic revenue growth of 19% and driving margin expansion,” said Ken Burdick, Chairman and CEO of LifeStance. “We also successfully navigated cash collection challenges that affected many healthcare providers, reinforcing LifeStance’s differentiation and resilience.” Financial Highlights Q1 2024 Q1 2023 Y/Y (in millions) Total revenue $300.4 $252.6 19%Loss from operations (16.8) (34.1) (51%)Center Margin 94.7 69.6 36%Net loss (21.1) (34.2) (38%)Adjusted EBITDA 27.7 10.1 174%As % of Total revenue: Loss from operations (5.6%) (13.5%) Center Margin 31.5% 27.6% Net loss (7.0%) (13.5%) Adjusted EBITDA 9.2% 4.0% (All results compared to prior-year period, unless otherwise noted) Revenue grew 19% to $300.4 million. Strong revenue growth in the first quarter was driven primarily by higher visit volumes from net clinician growth and improvements in total revenue per visit.Loss from operations was $16.8 million, primarily driven by stock-based compensation. Net loss was $21.1 million.Center Margin grew 36% to $94.7 million, or 31.5% of total revenue.Adjusted EBITDA increased 174% to $27.7 million, or 9.2% of total revenue. Adjus...