Business
LifeStance Reports Third Quarter 2021 Results
Third Quarter 2021 Highlights(All results compared to prior-year comparative period, unless otherwise noted) Revenue of $173.8 million increased $71.8 million
About this update from Lifestance Health Group, Inc.
[{"type":"text","content":"Third Quarter 2021 Highlights(All results compared to prior-year comparative period, unless otherwise noted) Revenue of $173.8 million increased $71.8 million or 70% compared to revenue of $102.0 millionTotal clinicians of 4,375 up 72%, a net increase of 400 clinicians in the third quarterNet loss of $120.5 million compared to net loss of $3.3 million, primarily driven by stock and unit-based compensationAdjusted EBITDA of $10.7 million compared to Adjusted EBITDA of $15.0 millionExpecting full year revenue toward the lower end of previously guided $668 million to $678 million range; Center Margin and Adjusted EBITDA expectations remain unchanged; anticipated incremental clinician holiday time off modestly impacting revenue projection; supporting employee self-care and well-being during this acutely stressful time as a result of COVID fatigue is aligned with the company’s mission SCOTTSDALE, Ariz., Nov. 08, 2021 (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 September 30, 2021. \"Our strong third quarter results demonstrate continued execution of our long-term strategic vision that is transforming the way mental health care is delivered,” said Michael Lester, Chairman and CEO of LifeStance. “Despite the labor challenges faced by the healthcare industry and others, our ability to attract high quality clinical talent—the heart of our organization—is a testament to our mission and commitment to a positive societal impact. We continue to prioritize the mental health of our patients, clinicians and team members.\" Financial Highlights Successor Three Months Ended September 30 2021 2020 Change (in thousands) Total revenue $173.8 $102.0 70.5%(Loss) income from operations (124.7) 2.7 (4,732.8%)Center Margin 52.1 33.1 57.1%Net loss (120.5) (3.3) 3,556.7%Adjusted EBITDA 10.7 15.0 (28.6%)As % of Total Revenue: (Loss) income from operations (71.7%) 2.6% Center Margin 29.9% 32.5% Net loss (69.3%) (3.2%) Adjusted EBITDA 6.2% 14.7% (All results compared to prior-year period, unless otherwise noted) Total revenue grew 70% to $173.8 million. Strong revenue growth was supported by a 72% increase in net clinicians, driven by hiring and acquisitions.Loss from operations was $124.7 million, primarily driv...