Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q2 2026 Earnings Presentation
17 slides from Lifestance Health's earnings presentation, Aug 6, 2026
Slide 1: Reimagining Mental Health
Reimagining Mental Health Q 2 2 0 2 6 E a r n i n g s P re s e n t a ti o n • A u g u s t 6 , 2 0 2 6
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 8,542 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 $1,585M Revenue | TTM(1) 20% Y/Y
Slide 4: Q2 2026 Highlights
Q2 2026 Highlights • Q2 Revenue of $435.4 million increased 26% year-over-year • Total clinicians of 8,542 increased +11% Y/Y; 193 net clinician adds in Q2 • Q2 visit volumes of 2.6 million increased +19% Y/Y • Q2 Center Margin of $153.0 million, or 35.2% as a percentage of revenue • Q2 Adjusted EBI
Slide 5: Q2 2026 Results
Q2 2026 Results Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) +11% +26% +41% +94% 8,542 $435.4 $66.0 $153.0 7,708 $345.3 $108.4 $34.0 Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 Center Margin (% of total revenue) Adj. EBITDA (% of total revenue) 31.4% 35.2% 9.8% 15.2%
Slide 6: Quarterly Trends
Quarterly Trends Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) 8,542 $435.4 $153.0 8,349 $66.0 7,996 8,040 $403.5 $135.9 7,708 $382.2 $126.3 $363.8 $345.3 $116.6 $108.4 $51.1 $48.8 $40.2 $34.0 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1
Slide 7: Balance Sheet, Cash Flow, and Capital Allocation
Balance Sheet, Cash Flow, and Capital Allocation Balance Sheet & Cash Flow Capital Allocation $226M $259M Cash & Cash Equivalents Net Long-term Debt* New Centers Acquisitions $133M $23M Selective deployment Disciplined to enable clinician investments and market growth to drive growth Operating Cash
Slide 8: 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 - $220) Note: C
Slide 9: Appendix
HEALTH Appendix
Slide 10: Quarterly Statements of Operations and Comprehensive Income (Loss)
Quarterly Statements of Operations and Comprehensive Income (Loss) 2026 2025 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Total revenue $435.4 $403.5 $382.2 $363.8 $345.3 $333.0 Operating expenses Center costs, excluding depreciation and amortization 282.3 267.5 255.9 247.2 236.9 223.2 General and administrative expenses
Slide 11: Quarterly GAAP to Non-GAAP Reconciliations – Center Margin
Quarterly GAAP to Non-GAAP Reconciliations – Center Margin 2026 2025 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Income (loss) from operations $30.7 $22.3 $18.1 $7.4 ($3.0) $1.6 Adjusted for: Depreciation and amortization 14.2 13.3 13.4 13.6 14.0 13.8 (1) General and administrative expenses 108.1 100.3 94.8 95.6 97.4 94
Slide 12: Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2026 2025 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Net income (loss) $23.6 $14.2 $11.7 $1.1 ($3.8) $0.7 Adjusted for: Interest expense, net 2.6 1.8 2.9 2.8 2.9 3.1 Depreciation and amortization 14.2 13.3 13.4 13.6 14.0 13.8 Income tax provision (benefit) 3.
Slide 13: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics 2026 2025 ($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 $13
Slide 14: Quarterly Balance Sheets
Quarterly Balance Sheets 2026 2025 ($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 15: 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) $0.7 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 27.6
Slide 16: Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow
Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF) 2026 2025 ($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 $46
Slide 17: Quarterly Visits and Total Revenue Per Visit
Quarterly Visits and Total Revenue Per Visit 2026 2025 Q2 Q1 Q4 Q3 Q2 Q1 Total Revenue ($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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