LifeStance Health Group, Inc. (LFST) is one of the largest outpatient mental health platforms in the United States. The company provides a wide range of mental health services through a tech-enabled care delivery model that combines virtual and in-person care settings. LifeStance employs thousands of licensed mental health clinicians to deliver affordable, accessible, and outcome-driven mental healthcare to patients.
- Outpatient Mental Health Services - Offers comprehensive mental health treatments, including therapy and psychiatric care, through both virtual and in-person settings to meet diverse patient needs.
- Technology-Enabled Care - Utilizes purpose-built technological tools such as online assessments, digital provider communication, and seamless referral systems to enhance patient care and streamline operations.
- In-Network Insurance Services - Maintains relationships with insurance payors to provide affordable care with minimal out-of-pocket costs for patients.
- Clinician Recruitment and Retention - Focuses on expanding its clinician base through in-house recruiting and de novo strategies to increase geographic reach and service capacity.
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- Given the recent transition from a stock-based to a cash-based incentive program for clinicians, can you elaborate on how you expect this change to impact clinician recruitment and retention in a highly competitive talent market?
- Your Q1 results show modest revenue and TRPV changes despite the effect of recent payer rate decreases; what specific strategies are you deploying to counteract these headwinds and how sustainable are these actions going forward?
- With specialty services like TMS and Spravato poised to grow faster than core business, what are the key operational and regulatory challenges you foresee in scaling these offerings, and how will these hurdles impact the overall margin profile?
- The digital patient check-in tool has been highlighted as improving collections and DSO performance; can you quantify its direct financial benefits and outline the risks if the current high virtual visit ratio declines over time?
- As the relaxed regulations for virtual prescribing of controlled substances are set to expire, what detailed operational adjustments are planned to ensure compliance and maintain clinical efficiency, and how might this transition affect patient access?
Research analysts who have asked questions during LifeStance Health Group earnings calls.
Craig Hettenbach
Morgan Stanley
4 questions for LFST
Jamie Perse
The Goldman Sachs Group, Inc.
4 questions for LFST
Brian Tanquilut
Jefferies
3 questions for LFST
Kevin Caliendo
UBS
2 questions for LFST
Lisa Gill
JPMorgan Chase & Co.
2 questions for LFST
Richard Close
Canaccord Genuity Group
2 questions for LFST
Andrea Zayco Narvaez Alfonso
UBS
1 question for LFST
David Larsen
BTIG
1 question for LFST
Jack Senft
William Blair
1 question for LFST
Matthew Mardula
William Blair
1 question for LFST
Ryan Daniels
William Blair & Company, L.L.C.
1 question for LFST
Stephanie Davis
Barclays
1 question for LFST
Steve Dechert
KeyBanc Capital Markets
1 question for LFST
| Customer | Relationship | Segment | Details |
|---|---|---|---|
UnitedHealthcare | Fee-for-service arrangements | All | 17% of 2024 revenue ($212.66M) ; 19% of 2024 A/R ($25.04M) |
Elevance Health, Inc. | Fee-for-service arrangements | All | 15% of 2024 revenue ($187.65M) ; 15% of 2024 A/R ($19.77M) |
Recent press releases and 8-K filings for LFST.
- LifeStance Health Group Inc. reported Q2 2025 revenue of $345.3 million, an 11% increase year-over-year.
- The company's Q2 2025 Adjusted EBITDA was $34.0 million, or 9.8% as a percentage of revenue.
- Total clinicians increased to 7,708 in Q2 2025, up 11% year-over-year, with 173 net clinician adds during the quarter.
- LifeStance ended Q2 2025 with a cash position of $188.9 million.
- For full-year 2025, the company raised its guidance for Center Margin to $441 - $465 million and Adjusted EBITDA to $140 - $150 million, while reaffirming revenue guidance of $1,400 - $1,440 million.
- Lifeist Wellness Inc.'s wholly owned subsidiary, Mikra Cellular Sciences, signed a strategic partnership on May 26, 2025, with the ASICS Runkeeper app and Race Roster.
- This collaboration aims to engage athletes seeking mental clarity, focus, and endurance, with Mikra launching exclusive fitness Challenges within the Runkeeper app in June.
- The partnership is expected to accelerate customer acquisition and reduce traditional marketing costs by leveraging the established user bases of Runkeeper and Race Roster.
- The first event generated 39,000 new users and more than 7,500 entries, proving to be a highly cost-effective addition to Mikra's conversion strategy.
- Leadership transition was emphasized with the CEO shift from Ken to Dave and a new CFO appointment, ensuring seamless continuity and enhanced strategic oversight.
- Operational excellence and profitable growth remain top priorities, with investments in digital tools (e.g., patient check-in solution) and initiatives to optimize clinician scheduling and retention.
- Guidance updates include expectations for low to mid single-digit payer rate increases and margin expansion targets, with long-term EBITDA margin goals of 15-20%.