Business
LifeStance Reports Fourth Quarter and Full Year 2022 Results
SCOTTSDALE, Ariz., March 08, 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., March 08, 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 fourth quarter and full year ended December 31, 2022. (All results compared to prior-year comparative period, unless otherwise noted)2022 Highlights and 2023 Outlook Fourth quarter revenue increased 21% to $229.4 million and full year revenue of $859.5 million increased $192.0 million or 29% compared to revenue of $667.5 millionClinician base increased 18% to 5,631 clinicians, including 200 net clinician adds in the fourth quarter and 841 for the full yearNet loss of $46.7 million in the fourth quarter and $215.6 million for the full year, primarily driven by stock and unit-based compensationAdjusted EBITDA of positive $10.2 million in the fourth quarter and positive $52.7 million for the full yearExpecting full year 2023 revenue of $980 million to $1.02 billion, Center Margin of $270 to $290 million, and Adjusted EBITDA of $50 to $62 million “The fourth quarter and full year of 2022 concluded on a positive note. We are encouraged by the early signs of improvement but fully recognize that we have much work ahead,” said Ken Burdick, Chairman and CEO of LifeStance. “Our focus remains on streamlining and standardizing our business over the next two years, which will pave the way for profitable and sustainable growth, and long-term value creation for our shareholders.” Financial Highlights Q4 2022 Q4 2021 Y/Y FY 2022 FY 2021 Y/Y (in millions) Total revenue $229.4 $190.1 21% $859.5 $667.5 29%Loss from operations (46.0) (113.8) (60%) (210.2) (286.4) (27%)Center Margin 62.7 54.2 16% 237.0 201.5 18%Net loss (46.7) (108.0) (57%) (215.6) (307.2) (30%)Adjusted EBITDA 10.2 11.4 (11%) 52.7 49.2 7%As % of Total revenue: Loss from operations (20.1%) (59.9%) (24.5%) (42.9%) Center Margin 27.3% 28.5% 27.6% 30.2% Net loss (20.4%) (56.8%) (25.1%) (46.0%) Adjusted EBITDA 4.4% 6.0% 6.1% 7.4% (All results compared to prior-year period, unless otherwise noted) In the fourth quarter, total revenue grew 21% to $229.4 million, and for the full year, total revenue grew $192.0 million or 29% to $859.5 million compared to revenue of $667.5 million. Strong revenue growth in the fourth quarter was driven primarily by increased visit volumes.In the fo...