Business
LifeStance Reports Second Quarter 2022 Results
SCOTTSDALE, Ariz., Aug. 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., Aug. 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 June 30, 2022. (All results compared to prior-year comparative period, unless otherwise noted)Q2 2022 Highlights and FY 2022 Outlook Revenue of $209.5 million increased $49.0 million or 31% compared to revenue of $160.5 millionTotal clinicians of 5,226 up 31%, a net increase of 237 in the second quarterNet loss of $68.7 million compared to net loss of $70.0 million, primarily driven by stock-based compensation expense of $57.5 millionAdjusted EBITDA of positive $14.6 million compared to Adjusted EBITDA of positive $14.5 millionExpecting full year 2022 revenue and Center Margin toward the bottom end of the previously guided ranges of $865 million to $885 million and $240 million to $255 million, respectively, due to refined clinician seasonality assumptions; reaffirming Adjusted EBITDA guidance of $63 million to $67 million \"We delivered another quarter of solid results,” said Michael Lester, Chairman and CEO of LifeStance. “This quarter was highlighted by profitability performance that was consistent with our expectations. We are proud of the critical role we play in helping patients navigate their mental health journey while demonstrating the effectiveness of our unique hybrid business model, which is focused on meeting patient needs through innovations that make mental health care more affordable and accessible.\" Financial Highlights Q2 2022 Q2 2021 Y/Y (in millions) Total revenue $209.5 $160.5 31%Loss from operations (60.5) (47.0) 29%Center Margin 59.8 51.2 17%Net loss (68.7) (70.0) (2%)Adjusted EBITDA 14.6 14.5 1%As % of Total revenue: Loss from operations (28.9%) (29.3%) Center Margin 28.5% 31.9% Net loss (32.8%) (43.6%) Adjusted EBITDA 7.0% 9.1% (All results compared to prior-year period, unless otherwise noted) Revenue grew 31% to $209.5 million. Strong revenue growth was supported by a 31% net increase in total clinicians, driven by hiring and acquisitions. Second quarter revenue performance was impacted by approximately $4 million of incremental clinician time off in June relative to expectations.Loss from operations of $60.5 million, primarily driven by stock-based compensation expense of $57.5...