Business
LifeStance Reports Second Quarter 2023 Results
SCOTTSDALE, Ariz., Aug. 09, 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., Aug. 09, 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 second quarter ended June 30, 2023. (All results compared to prior-year comparative period, unless otherwise noted)Q2 2023 Highlights and FY 2023 Outlook Total revenue of $259.6 million increased $50.1 million or 24% compared to total revenue of $209.5 millionTotal clinicians of 6,132 up 17%, a sequential net increase of 171 in the second quarterNet loss of $45.5 million compared to net loss of $68.7 million, primarily driven by stock-based compensation expenseAdjusted EBITDA of $14.1 million compared to Adjusted EBITDA of $14.6 millionRaising revenue and Center Margin guidance: Now expecting full year 2023 revenue of $1.01 to $1.04 billion and Center Margin of $280 to $300 million; reaffirming full year 2023 Adjusted EBITDA guidance of $50 to $62 million “In the first half of the year, we made solid progress toward execution of our long-term goals,” said Ken Burdick, Chairman and CEO of LifeStance. “In addition to continued operational improvements, we rolled out a new companywide outcomes-informed care program that will highlight the great work that our clinicians do in caring for our patients. LifeStance’s size and scale uniquely positions us to measure quality and outcomes in a disciplined way, and we are excited about this step on our journey to using data and analytics to better inform care and enhance mental health treatment.” Financial Highlights Q2 2023 Q2 2022 Y/Y (in millions) Total revenue $259.6 $209.5 24%Loss from operations (48.4) (60.5) (20%)Center Margin 73.0 59.8 22%Net loss (45.5) (68.7) (34%)Adjusted EBITDA 14.1 14.6 (3%)As % of Total revenue: Loss from operations (18.6%) (28.9%) Center Margin 28.1% 28.5% Net loss (17.5%) (32.8%) Adjusted EBITDA 5.4% 7.0% (All results compared to prior-year period, unless otherwise noted) Total revenue grew 24% to $259.6 million. Strong revenue growth in the second quarter was driven primarily by net clinician growth and increased visit volumes.Loss from operations was $48.4 million, primarily driven by stock-based compensation expense of $33.1 million. Net loss was $45.5 million.Center Margin grew 22% to $73.0 million, or 28.1% of total revenue.Adjusted EBITDA declin...