Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q3 2025 Earnings Presentation
18 slides from Lifestance Health's earnings presentation, Nov 6, 2025
Slide 1: Reimagining Mental Health
Reimagining Mental Health Q 3 2 0 2 5 E a r n i n g s P re s e n t a t i o n • N o v e m b e r 6 , 2 0 2 5
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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
Slide 3: LifeStance: Reimagining Mental Healthcare
LifeStance: Reimagining Mental Healthcare 7,996 Clinicians 11% Y/Y Growth OUR MISSION Increasing access to trusted, affordable, and personalized mental healthcare OUR VISION A truly healthy society where mental and physical healthcare are unified to make lives better $1,368M Revenue | TTM(1) 13% Y/Y
Slide 4: Q3 2025 Highlights
Q3 2025 Highlights • Q3 Revenue of $363.8 million increased 16% year-over-year • Total Clinicians of 7,996 increased +11% Y/Y; 288 net clinician adds in Q3 • Q3 Visit Volumes of 2.3 million increased +17% Y/Y • Q3 Center Margin of $116.6 million, or 32.0% as a percentage of revenue • Q3 Adjusted EBI
Slide 5: Q3 2025 Results
Q3 2025 Results Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) +11% +16% +16% +31% 7,996 $363.8 $116.6 $40.2 7,232 $312.7 $100.4 $30.7 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Center Margin (% of total revenue) Adj. EBITDA (% of total revenue) 32.1% 32.0% 9.8% 11.1%
Slide 6: Quarterly Trends
Quarterly Trends Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) 7,996 $363.8 $116.6 $40.2 7,708 $345.3 $109.4 $109.8 $108.4 7,535 $333.0 $34.6 $34.0 7,383 $325.5 $100.4 $32.8 7,232 $312.7 $30.7 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2
Slide 7: Balance Sheet, Cash Flow, and Capital Allocation
Balance Sheet, Cash Flow, and Capital Allocation Balance Sheet & Cash Flow Capital Allocation $204M $269M Cash & Cash Equivalents Net Long-term Debt* New Centers Acquisitions $89M $25M Selective deployment Potential for disciplined to enable clinician and M&A in 2025 market growth Operating Cash Flo
Slide 8: 2025 Guidance
2025 Guidance (All $ in M) FY 2025 Q4 2025 Planning Assumptions Revenue $1,410 – $1,430 $368 – $388 • Assumes 20 to 25 new center (Midpoint Reaffirmed) openings • Potential for M&A not reflected in Center Margin $448 – $462 $113 – $127 planning assumptions (Raised from $441 - $465) Adj. EBITDA $146
Slide 9: Appendix
HEALTH Appendix
Slide 10: Quarterly Statements of Operations and Comprehensive Income (Loss)
Quarterly Statements of Operations and Comprehensive Income (Loss) 2025 2024 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total revenue $363.8 $345.3 $333.0 $325.5 $312.7 $312.3 $300.4 Operating expenses Center costs, excluding depreciation and amortization 247.2 236.9 223.2 216.0 212.3 214.5 205.7 General and adminis
Slide 11: GAAP to Non-GAAP Reconciliations – Center Margin
Quarterly GAAP to Non-GAAP Reconciliations – Center Margin 2025 2024 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Income (loss) from operations $7.4 ($3.0) $1.6 $1.1 $0.0 ($15.9) ($16.8) Adjusted for: Depreciation and amortization 13.6 14.0 13.8 14.7 15.1 18.6 22.6 (1) General and administrative expenses 95.6 97.4 94.
Slide 12: GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2025 2024 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net income (loss) $1.1 ($3.8) $0.7 ($7.1) ($6.0) ($23.3) ($21.1) Adjusted for: Interest expense, net 2.8 2.9 3.1 9.4 5.4 5.8 5.9 Depreciation and amortization 13.6 14.0 13.8 14.7 15.1 18.6 22.6 Income ta
Slide 13: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics 2025 2024 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 7,996 7,708 7,535 7,383 7,232 6,960 6,836 Total Revenue $363.8 $345.3 $333.0 $325.5 $312.7 $312.3 $300.4 Center costs, excluding depreciation and amortization 247.2 236.9 223.2 216.0 212.3 214.5 205.7 Center Margin
Slide 14: Balance Sheets
Quarterly Balance Sheets 2025 2024 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Current assets Cash and cash equivalents 203.9 188.9 134.3 154.6 102.6 87.0 49.5 Patient accounts receivable, net 121.1 129.5 140.4 131.8 158.2 167.2 175.9 Prepaid expenses and other current assets 35.4 40.4 29.9 26.1 26.2 23.6 18.7 Total
Slide 15: Statements of Cash Flows
Statements of Cash Flows Nine months ended Six months ended Nine months ended Six months ended ($M) Q1’25 Q1’24 Q3’25 Q2’25 Q3’24 Q2’24 CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) income ($2.0) ($3.1) $0.7 ($50.3) ($44.4) ($21.1) Adjustments to reconcile net (loss) income to net cash provided by
Slide 16: Clinician Count
Clinician Count 2025 2024 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Prior Reported Ending Clinicians 7,996 7,708 7,535 7,424 7,269 6,984 6,866 Updated Ending Clinicians 7,996 7,708 7,535 7,383 7,232 6,960 6,836 Adjustment — — — (41) (37) (24) (30) In the first quarter of 2025, and in conjunction with its focus on standa
Slide 17: GAAP to Non-GAAP Reconciliations – Free Cash Flow
Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF) 2025 2024 ($M) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net cash provided by (used in) operating activities $27.3 $64.4 ($3.1) $62.3 $22.7 $44.0 ($21.8) Purchases of property and equipment ($10.3) ($7.8) ($7.2) ($6.3) ($5.1) ($5.1) ($5.1) Free Cash Flow
Slide 18: Visits and Total Revenue Per Visit
Quarterly Visits and Total Revenue Per Visit 2025 2024 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total Revenue ($M) $363.8 $345.3 $333.0 $325.5 $312.7 $312.3 $300.4 Total Visits (000s) 2,299 2,199 2,098 2,033 1,973 1,969 1,912 Total Revenue Per Visit (TRPV) $158.2 $157.0 $158.7 $160.1 $158.5 $158.6 $157.1 Subtotals in t
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