LifeStance Health Group Reports Q2 2024 Financial Results

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LifeStance Health Group Reports Q2 2024 Financial Results

LifeStance Health Group, Inc. (NASDAQ: LFST), one of the nation's largest providers of outpatient mental healthcare, announced its financial results for the second quarter ended June 30, 2024.

Key Financial Metrics

Metric Q2 2023 Q2 2024 Year-Over-Year Change Consensus Estimates Beat/Miss
Revenue $259.6 million $312.3 million +20% $307.56 million Beat
EPS -$0.12 -$0.07 N/A -$0.07 Met
Adjusted EBITDA $14.1 million $28.6 million +103% N/A N/A

LifeStance Health delivered strong performance for Q2 2024 with a 20% increase in revenue and a significant 103% rise in Adjusted EBITDA compared to the same period last year. The company met the consensus estimate for EPS and exceeded revenue expectations, underlining robust operational execution.

Revenue Performance by Segment

Segment Q2 2024 Revenue Prior Guidance Beat/Miss
Total Revenue $312.3 million N/A N/A

Revenue growth in the second quarter was primarily driven by an increase in visit volumes due to net clinician growth and higher total revenue per visit.

Operational Data

Key Operational Metric Q2 2023 Q2 2024 Year-Over-Year Change
Clinician Base 6,125 6,984 +14%
Second Quarter Visit Volumes 1.74 million 2.0 million +15%

The clinician base saw a sequential net increase of 118 clinicians during the quarter, contributing to a 15% rise in visit volumes.

Comments from Company Officers

"We continue to execute on our plan. In the first half of 2024, we achieved revenue growth of 20%, delivered operating leverage, and generated positive free cash flow," said Ken Burdick, Chairman and CEO of LifeStance. "We are raising full-year 2024 expectations and remain confident in our ability to deliver on our financial commitments while continuing to improve operational performance."

Forward Guidance

LifeStance raised its full-year 2024 guidance: - Full Year Revenue: $1.2 billion to $1.242 billion - Center Margin: $363 million to $383 million - Adjusted EBITDA: $90 million to $100 million - Q3 2024 Revenue: $290 million to $310 million - Q3 2024 Adjusted EBITDA: $15 million to $21 million

Stock Price Movement

Following the earnings release, LifeStance Health’s stock saw a minor increase of 0.73%.

LifeStance continues to show operational and financial improvements, suggesting positive trends for future performance.

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