Business
LifeStance Reports Third Quarter 2022 Results
SCOTTSDALE, Ariz., Nov. 08, 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., Nov. 08, 2022 (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 quarter ended September 30, 2022. (All results compared to prior-year comparative period, unless otherwise noted) Q3 2022 Highlights and FY 2022 Outlook Revenue of $217.6 million increased $43.8 million or 25% compared to revenue of $173.8 millionTotal clinicians of 5,431 up 24%, a net increase of 205 in the third quarterNet loss of $37.9 million compared to net loss of $120.5 million, primarily driven by stock-based compensation expense of $34.9 millionAdjusted EBITDA of positive $15.4 million compared to Adjusted EBITDA of positive $10.7 millionExpecting full year 2022 revenue of $845 to $850 million, Center Margin of $229 to $232 million, and Adjusted EBITDA of $50 to $53 million, due to lower than expected visit volume and higher than expected costs associated with the company’s employee health benefits program “While we are not yet fulfilling our potential, I am confident in our ability to better execute against the tremendous market opportunity in front of us,” said Ken Burdick, Chairman and CEO of LifeStance. “As our team establishes a strategic multi-year roadmap, we are focused on continuing our shift to organic growth, investing in strategic initiatives to build scalable infrastructure, and driving operating leverage and profitability.” Financial Highlights Q3 2022 Q3 2021 Y/Y (in millions) Total revenue $217.6 $173.8 25%Loss from operations (38.8) (124.7) (69%)Center Margin 60.3 52.1 16%Net loss (37.9) (120.5) (69%)Adjusted EBITDA 15.4 10.7 44%As % of Total revenue: Loss from operations (17.8%) (71.7%) Center Margin 27.7% 29.9% Net loss (17.4%) (69.3%) Adjusted EBITDA 7.1% 6.2% (All results compared to prior-year period, unless otherwise noted) Revenue grew 25% to $217.6 million. Strong revenue growth was supported by a 24% net increase in total clinicians, driven by hiring and acquisitions. Third quarter revenue performance fell slightly below expectations due to lower than expected visit volume.Loss from operations of $38.8 million, primarily driven by stock-based compensation expense of $34.9 million. Net loss of $37.9 million.Center Margin grew 16% to $60.3 million, or 27.7% of revenue. Center Margin as a ...