Revenue Growth: Q4 revenue increased by 22% to $280.6 million, and full-year revenue rose by 23% to $1,055.7 million.
Clinician Expansion: The clinician base grew by 18% to 6,645, with significant additions in both Q4 and the full year.
Visit Volumes: Q4 saw a 20% increase in visit volumes to 1.8 million, with a full-year increase to 6.9 million.
Net Loss: Q4 net loss reported at $45.0 million, with a full-year net loss of $186.3 million, primarily due to stock-based compensation and legal settlements.
Adjusted EBITDA: Positive $20.3 million in Q4 and $59.0 million for the full year, reflecting operational improvements.
2024 Outlook: Revenue projected between $1.19 billion to $1.24 billion, with positive Free Cash Flow expected
On February 28, 2024, LifeStance Health Group Inc (NASDAQ:LFST), a leading provider of outpatient mental health care, released its 8-K filing, detailing its financial performance for the fourth quarter and full year ended December 31, 2023. The company, known for its virtual and in-person mental health services for a range of conditions, reported a significant increase in revenue and clinician numbers, despite facing net losses largely attributed to stock-based compensation and legal settlements.
Financial Performance and Challenges
LifeStance's revenue growth was driven by an expanded clinician base and increased visit volumes, with a notable improvement in total revenue per visit. The company's net loss, while a point of concern, was impacted by non-recurring expenses such as stock-based compensation and the settlement of a shareholder class action lawsuit. Despite these challenges, LifeStance achieved a positive Adjusted EBITDA, indicating operational efficiency and a potential for future profitability.
Financial Achievements and Industry Significance
The company's financial achievements, particularly the growth in Center Margin to $302.1 million for the full year, underscore its ability to scale operations while maintaining profitability in the healthcare providers and services industry. This is critical for LifeStance, as it indicates the company's capacity to manage costs effectively while expanding its service offerings.
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