Lifestance Health Group, Inc. · NASDAQ:LFST
Lifestance Health — Q2 2025 Earnings Presentation
18 slides from Lifestance Health's earnings presentation, Aug 7, 2025
Slide 1: Reimagining Mental Health
Reimagining Mental Health Q 2 2 0 2 5 E a r n i n g s P re s e n t a t i o n • A u g u s t 7 , 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 7,708 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 $1,317M Revenue | TTM(1) 14% Y/Y
Slide 4: Q2 2025 Highlights
Q2 2025 Highlights • Q2 Revenue of $345.3 million increased 11% year-over-year • Total Clinicians of 7,708 increased +11% Y/Y; 173 net clinician adds in Q2 • Q2 Visit Volumes of 2.2 million increased +12% Y/Y • Q2 Center Margin of $108.4 million, or 31.4% as a percentage of revenue • Q2 Adjusted EBI
Slide 5: Q2 2025 Results
Q2 2025 Results Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) +11% +11% +11% +19% 7,708 $345.3 $108.4 $34.0 $312.3 $97.8 6,960 $28.6 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Center Margin (% of total revenue) Adj. EBITDA (% of total revenue) 31.3% 31.4% 9.2% 9.8% No
Slide 6: Quarterly Trends
Quarterly Trends Clinicians Revenue (in $M) Center Margin (in $M) Adjusted EBITDA (in $M) $345.3 $109.4 $109.8 $108.4 7,708 $333.0 $34.6 $34.0 7,535 $32.8 $325.5 $100.4 $30.7 7,383 $312.3 $312.7 $97.8 $28.6 7,232 6,960 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'24 Q3'24 Q4'24 Q1'
Slide 7: Balance Sheet, Cash Flow, and Capital Allocation
Balance Sheet, Cash Flow, and Capital Allocation Balance Sheet & Cash Flow Capital Allocation $189M $273M Cash & Cash Equivalents Net Long-term Debt* De Novos Acquisitions $61M $15M Selective deployment Potential for disciplined to enable clinician and M&A in 2025 market growth Operating Cash Flow (
Slide 8: 2025 Guidance
2025 Guidance (All $ in M) FY 2025 Q3 2025 Planning Assumptions Revenue $1,400 – $1,440 $345 – $365 • Assumes 25 to 30 de novo (Reaffirmed) center openings • Potential for M&A not reflected in Center Margin $441 – $465 $105 – $119 planning assumptions (Raised from $440 - $464) Adj. EBITDA $140 – $15
Slide 9: Appendix
HEALTH Appendix
Slide 10: Quarterly Statements of Operations and Comprehensive (Loss) Income
Quarterly Statements of Operations and Comprehensive (Loss) Income 2025 2024 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Total revenue $345.3 $333.0 $325.5 $312.7 $312.3 $300.4 Operating expenses Center costs, excluding depreciation and amortization 236.9 223.2 216.0 212.3 214.5 205.7 General and administrative expenses
Slide 11: GAAP to Non-GAAP Reconciliations – Center Margin
Quarterly GAAP to Non-GAAP Reconciliations – Center Margin 2025 2024 ($M) Q2 Q1 Q4 Q3 Q2 Q1 (Loss) income from operations ($3.0) $1.6 $1.1 $0.0 ($15.9) ($16.8) Adjusted for: Depreciation and amortization 14.0 13.8 14.7 15.1 18.6 22.6 (1) General and administrative expenses 97.4 94.4 93.7 85.3 95.2 8
Slide 12: GAAP to Non-GAAP Reconciliations – Adjusted EBITDA
Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA 2025 2024 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Net (loss) income ($3.8) $0.7 ($7.1) ($6.0) ($23.3) ($21.1) Adjusted for: Interest expense, net 2.9 3.1 9.4 5.4 5.8 5.9 Depreciation and amortization 14.0 13.8 14.7 15.1 18.6 22.6 Income tax (benefit) provi
Slide 13: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics 2025 2024 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 7,708 7,535 7,383 7,232 6,960 6,836 Total Revenue $345.3 $333.0 $325.5 $312.7 $312.3 $300.4 Center costs, excluding depreciation and amortization 236.9 223.2 216.0 212.3 214.5 205.7 Center Margin (Non-GAAP) $108.4 $10
Slide 14: Balance Sheets
Quarterly Balance Sheets 2025 2024 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Current assets Cash and cash equivalents 188.9 134.3 154.6 102.6 87.0 49.5 Patient accounts receivable, net 129.5 140.4 131.8 158.2 167.2 175.9 Prepaid expenses and other current assets 40.4 29.9 26.1 26.2 23.6 18.7 Total current assets 358.8
Slide 15: Statements of Cash Flows
Statements of Cash Flows Six Months Ended Six Months Ended ($M) Q1’25 Q1’24 Q2’25 Q2’24 CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) income ($3.1) $0.7 ($44.4) ($21.1) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization
Slide 16: Clinician Count
Clinician Count 2025 2024 Q2 Q1 Q4 Q3 Q2 Q1 Prior Reported Ending Clinicians 7,708 7,535 7,424 7,269 6,984 6,866 Updated Ending Clinicians 7,708 7,535 7,383 7,232 6,960 6,836 Adjustment — — (41) (37) (24) (30) In the first quarter of 2025, and in conjunction with its focus on standardization efforts
Slide 17: GAAP to Non-GAAP Reconciliations – Free Cash Flow
Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF) 2025 2024 ($M) Q2 Q1 Q4 Q3 Q2 Q1 Net cash provided by (used in) operating activities $64.4 ($3.1) $62.3 $22.7 $44.0 ($21.8) Purchases of property and equipment ($7.8) ($7.2) ($6.3) ($5.1) ($5.1) ($5.1) Free Cash Flow $56.6 ($10.3) $56
Slide 18: Visits and Total Revenue Per Visit
Quarterly Visits and Total Revenue Per Visit 2025 2024 Q2 Q1 Q4 Q3 Q2 Q1 Total Revenue ($M) $345.3 $333.0 $325.5 $312.7 $312.3 $300.4 Total Visits (000s) 2,199 2,098 2,033 1,973 1,969 1,912 Total Revenue Per Visit (TRPV) $157.0 $158.7 $160.1 $158.5 $158.6 $157.1 Subtotals in the schedule above may n
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