Washington-based LifeStance Health is a tech-enabled in-person mental healthcare provider and telepsychiatry platform. The company’s platform offers online assessments, video consultations for individual and group therapy, appointment scheduling, and medication management. These services are also available at LifeStance’s clinics while the company also provides additional in-person services including intensive therapeutic programs, cognitive behavioral therapy, dialectical behavioral therapy, and Transcranial Magnetic Stimulation therapy.
LifeStance Health is one of the largest outpatient mental health platforms in the US by the number of employed clinicians and geographic scale. As of December 2021, the company had a network of more than 4,790 licensed mental health clinicians operating out of 500 centers across 32 states. Additionally, the company had served 570,000 unique patients in 2021.
Funding and financials
The company filed for an initial public offering in May 2021 and began trading on the Nasdaq under the ticker “LFST” in June 2021. The IPO was priced at USD 18.00 per share for 40 million, and LifeStance raised USD 720 million. The funds will be used to open more centers, build out its technology, and repay its outstanding debt.
In FY 2022, net losses for the period shrunk to USD 216 million from USD 307 million in FY 2021 representing a 30% YoY reduction. The company achieved revenues of USD 860 million for the period, implying a 29% YoY growth. This was attributed to an increase in user visits throughout the year. For FY 2023, the company expects to earn full-year revenues between USD 980 million and USD 1,020 million (representing a YoY growth between 14%–19%) and expects adjusted EBITDA between USD 50 million and USD 62 million (representing a YoY change between -5%–18%).
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