Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Investor Presentation (August 2026)
23 slides from Lifestance Health's investor presentation, August 2026
Slide 1: Reimagining Mental Health
Reimagining Mental Health I N V E S TO R P R E S E N TAT I O N • AU G U S T 2 0 2 6 Financial information through June 30, 2026
Slide 2: Disclaimers
Disclaimers Cautionary Note Regarding Forward-Looking Statements This presentation and related oral statements, including during any question and answer portion of the presentation, contain forward-looking statements about LifeStance Health Group, Inc. and its subsidiaries (“LifeStance”) and the ind
Slide 3: Scaled National Outpatient Mental Healthcare Provider
Scaled National Outpatient Mental Healthcare Provider LifeStance is one of the nation's largest providers of ~90% of the U.S. Population Has in-person and virtual outpatient mental health care Access to LifeStance Either Virtually or In-Person for children, adolescents and adults experiencing a vari
Slide 4: Building the Leading Outpatient Mental Health Platform
Building the Leading Outpatient Mental Health Platform Nation’s largest Comprehensive Tech-enabled platform In-network outpatient mental outpatient mental supporting hybrid reimbursement health practice based healthcare across model of virtual and in- providing affordable on number of centers acuity
Slide 5: Large Market Opportunity Driven by the Unmet Need for Mental Healthcare
Large Market Opportunity Driven by the Unmet Need for Mental Healthcare Massive Opportunity Addressing Critical Need Strong Underlying Tailwinds Estimated cost of mental Accelerating need for mental health Americans living with a $282B health illness on U.S. post-pandemic 60M+ mental health illness
Slide 6: Simplifying the Path to High-Quality Mental Health Care
Simplifying the Path to High-Quality Mental Health Care The Problem: Care Is Hard The Solution: LifeStance Why LifeStance Wins to Access and Trust Simplifies the Journey • Patients don’t know where to start • Employed clinician model ensures • Unmatched national scale: or who to trust consistent qua
Slide 7: We Deliver Clinically Meaningful Outcomes at National Scale
We Deliver Clinically Meaningful Outcomes at National Scale Real-World Outcomes Across a Diverse, National Population Clinically significant • Analysis of ~180,000 patients 79% improvement in initiating care between Sep 2024 depression and Dec 2025 symptoms¹ • Data spans 33 states, reflecting broad
Slide 8: LifeStance Growth Horizons
3 - Ye a r O u t l o o k • Mid-teens annual revenue growth LifeStance Growth Horizons • Mid-teens Adjusted EBITDA margins by full-year 2028 Set Standards in Optimize and Industry Fortify and Grow Differentiate Establish Centers of Excellence in core Build Scale Our Core diagnoses/ populations Delive
Slide 9: Annual Trends
Annual Trends Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) +13% +18% +25% +44% 8,040 $1,424 $461 $158 $402 7,383 $1,251 $120 $302 6,645 $1,056 $237 $59 5,631 $860 $53 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Center Margin (% of total
Slide 10: Quarterly Trends
Quarterly Trends Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) +11% +26% +41% +94% 8,542 $435.4 $153.0 8,349 $66.0 7,996 8,040 $403.5 $135.9 7,708 $126.3 $51.1 $382.2 $116.6 $48.8 $363.8 $108.4 $345.3 $40.2 $34.0 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Slide 11: Financial Priorities and Capital Allocation
Financial Priorities and Capital Allocation BALANCE SHEET & CASH FLOW FOCUS ON FREE CASH FLOW GENERATION & AS OF 6/30/26 DISCIPLINED CAPITAL DEPLOYMENT $226M $259M • Greater focus on operating leverage and profitability • Investments in working capital improvements Cash & Cash Equivalents Net Long-t
Slide 12: 2026 Guidance
2026 Guidance (All $ in M) FY 2026 Q3 2026 Planning Assumptions Revenue $1,685 – $1,725 $420 – $440 • Assumes 20 to 30 new center (Raised from $1,640 - $1,680) openings Center Margin $570 – $594 $140 – $152 (Raised from $547 - $571) Adj. EBITDA $215 – $235 $49 – $59 (Raised from $200 - $220) Note: C
Slide 13: Leadership Team with Deep Roots Across the Healthcare Ecosystem
Leadership Team with Deep Roots Across the Healthcare Ecosystem Dave Bourdon Ryan McGroarty Stephanie Eken Dan Ferris Richard Hall Chief Executive Officer Chief Financial Officer Chief Medical Officer Chief Growth Officer Chief Shared Services Officer Lisa Miller Ryan Pardo Vaughn Paunovich Toi Vale
Slide 14: Investment Highlights
Investment Highlights Massive market opportunity 60M+ Americans living with a mental illness(1) Scaled leader in outpatient mental healthcare 8,500+ employed clinicians serving >1M unique patients Durable competitive advantages Hybrid virtual & in-person care at >575 centers across 33 states Track r
Slide 15: Appendix
HEALTH Appendix
Slide 16: Quarterly Statements of Operations and Comprehensive Income (Loss)
Quarterly Statements of Operations and Comprehensive Income (Loss) 2026 2025 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Total revenue $435.4 $403.5 $382.2 $363.8 $345.3 $333.0 Operating expenses Center costs, excluding depreciation and amortization 282.3 267.5 255.9 247.2 236.9 223.2 General and administrative expenses
Slide 17: Quarterly GAAP to Non-GAAP Reconciliations – Center Margin
Quarterly GAAP to Non-GAAP Reconciliations – Center Margin 2026 2025 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Income (loss) from operations $30.7 $22.3 $18.1 $7.4 ($3.0) $1.6 Adjusted for: Depreciation and amortization 14.2 13.3 13.4 13.6 14.0 13.8 (1) General and administrative expenses 108.1 100.3 94.8 95.6 97.4 94
Slide 18: Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2026 2025 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Net income (loss) $23.6 $14.2 $11.7 $1.1 ($3.8) $0.7 Adjusted for: Interest expense, net 2.6 1.8 2.9 2.8 2.9 3.1 Depreciation and amortization 14.2 13.3 13.4 13.6 14.0 13.8 Income tax provision (benefit) 3.
Slide 19: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics 2026 2025 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 8,542 8,349 8,040 7,996 7,708 7,535 Total Revenue $435.4 $403.5 $382.2 $363.8 $345.3 $333.0 Center costs, excluding depreciation and amortization 282.3 267.5 255.9 247.2 236.9 223.2 Center Margin (Non-GAAP) $153.0 $13
Slide 20: Quarterly Balance Sheets
Quarterly Balance Sheets 2026 2025 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Current assets Cash and cash equivalents 225.9 194.8 248.6 203.9 188.9 134.3 Patient accounts receivable, net 111.0 122.9 95.7 121.1 129.5 140.4 Prepaid expenses and other current assets 41.1 38.2 71.8 35.4 40.4 29.9 Total current assets 378.
Slide 21: Statements of Cash Flows
Statements of Cash Flows ($M) Six Months Ended Q2’26 Q1’26 Six Months Ended Q2’25 Q1’25 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $37.9 $14.2 ($3.1) $0.7 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 27.6
Slide 22: Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF)
Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF) 2026 2025 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Net cash provided by (used in) operating activities $99.9 $33.1 $57.6 $27.3 $64.4 ($3.1) Purchases of property and equipment ($12.0) ($10.8) ($10.9) ($10.3) ($7.8) ($7.2) Free Cash Flow $87.9 $22.3 $46
Slide 23: Quarterly Visits and Total Revenue Per Visit
Quarterly Visits and Total Revenue Per Visit 2026 2025 Q2 Q1 Q4 Q3 Q2 Q1 Total Revenue ($M) $435.4 $403.5 $382.2 $363.8 $345.3 $333.0 Total Visits (000s) 2,613 2,468 2,394 2,299 2,199 2,098 Total Revenue Per Visit (TRPV) $166.6 $163.5 $159.6 $158.2 $157.0 $158.7 Subtotals in the schedule above may n
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