p strong LifeStance Health Group Reports Second Quarter 2024 Financial Results strongpp LifeStance
Intellectia.AI Updated: 1970-01-01
LifeStance Health Group Reports Second Quarter 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 2024 | Q2 2023 | QoQ% Change | YoY% Change | Wall Street Consensus |
|---|---|---|---|---|---|
| Revenue | $312.3 million | $259.6 million | +20.3% | +20.0% | $307.56 million |
| Earnings Per Share (EPS) | $-0.07 | — | — | — | $-0.07 |
| Net Loss | $23.3 million | $45.5 million | -48.7% | -48.7% | — |
| Adjusted EBITDA | $28.6 million | $14.1 million | +103% | +103% | — |
Interpretation: LifeStance Health Group demonstrated strong financial performance in Q2 2024 with a substantial 20% increase in revenue year-over-year (YoY), surpassing Wall Street's consensus estimate of $307.56 million. The company's net loss decreased significantly from $45.5 million to $23.3 million. Adjusted EBITDA more than doubled, showing improved profitability and operational efficiency.
Revenue Performance by Segment:
| Segment | Q2 2024 Revenue | Previous Guidance | YoY% Change |
|---|---|---|---|
| Total Revenue | $312.3 million | $307.56 million | +20.0% |
| Center Margin | $97.8 million | — | +34.0% |
| Adjusted EBITDA | $28.6 million | — | +103% |
Interpretation: The company's total revenue for Q2 2024 exceeded previous guidance and demonstrated robust YoY growth. Center Margin increased by 34% to $97.8 million, indicating better revenue efficiency from the company's healthcare centers. The sharp rise in Adjusted EBITDA underscores the firm's strong growth trajectory and efficient management.
Operational Data: * The number of clinicians increased by 14% to 6,984. * Visit volumes grew by 15% to 2.0 million.
Company Leadership Comments: "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: - Full Year 2024: - Revenue expectations raised to $1.2 billion to $1.242 billion. - Center Margin expected to be between $363 million to $383 million. - Adjusted EBITDA expected to be between $90 million to $100 million. - Q3 2024: - Revenue expected between $290 million to $310 million. - Center Margin expected between $83 million to $95 million. - Adjusted EBITDA expected between $15 million to $21 million.
Stock Price Movement: Following the earnings release, LifeStance's stock saw a -0.72% change.
In summary, LifeStance Health Group's Q2 2024 financial results illustrate strong revenue growth and improved profitability, driven primarily by increased visit volumes and clinician base expansion. The company's optimistic forward guidance reflects its confidence in continued operational and financial success.
