Business
LifeStance Reports Second Quarter 2024 Results
SCOTTSDALE, Ariz., Aug. 08, 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., Aug. 08, 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 second quarter ended June 30, 2024. (All results compared to prior-year comparative period, unless otherwise noted)Q2 2024 Highlights and FY 2024 Outlook Revenue of $312.3 million increased 20% compared to revenue of $259.6 millionClinician base increased 14% to 6,984 clinicians, a sequential net increase of 118 in the second quarterSecond quarter visit volumes increased 15% to 2.0 millionNet loss of $23.3 million, primarily driven by stock-based compensation, compared to net loss of $45.5 millionAdjusted EBITDA of positive $28.6 million compared to Adjusted EBITDA of positive $14.1 millionFor full year 2024, raising revenue expectations to $1.2 billion to $1.242 billion; raising Center Margin expectations to $363 million to $383 million; raising Adjusted EBITDA expectations to $90 million to $100 million; and reiterating expectations for positive Free Cash Flow “We continue to execute on our plan. In the first half of 2024, we achieved revenue growth of 20%, delivered operating leverage, and generated positive free cash flow,” said Ken Burdick, Chairman and CEO of LifeStance. “We are raising full year 2024 expectations and remain confident in our ability to deliver on our financial commitments while continuing to improve operational performance.” Financial Highlights Q2 2024 Q2 2023 Y/Y (in millions) Total revenue $312.3 $259.6 20%Loss from operations (15.9) (48.4) (67%)Center Margin 97.8 73.0 34%Net loss (23.3) (45.5) (49%)Adjusted EBITDA 28.6 14.1 103%As % of Total revenue: Loss from operations (5.1%) (18.6%) Center Margin 31.3% 28.1% Net loss (7.5%) (17.5%) Adjusted EBITDA 9.2% 5.4% (All results compared to prior-year period, unless otherwise noted) Revenue grew 20% to $312.3 million. Strong revenue growth in the second quarter was driven primarily by higher visit volumes from net clinician growth and improvements in total revenue per visit.Loss from operations was $15.9 million, primarily driven by stock-based compensation. Net loss was $23.3 million.Center Margin grew 34% to $97.8 million, or 31.3% of total revenue.Adjusted EBITDA increased 103% to $28.6 million, or 9.2% of total revenue. Adjusted EBITDA as a perce...