LifeStance Health Group, Inc.

Second quarter revenue grew 26% year over year to $435 million. Visit volumes were 2.6 million, up 19%, and total revenue per visit was $167, up 6%. Center Margin was $153 million, up 41%, and 35.2% of revenue. Adjusted EBITDA was $66 million, up 94%, with a 15.2% margin, and net income was $24 million, up $27 million from a year ago. Free cash flow was $88 million versus $57 million in the prior-year quarter. Full-year guidance was raised to revenue of $1.685 billion to $1.725 billion, Center Margin of $570 million to $594 million, and adjusted EBITDA of $215 million to $235 million. Third-quarter guidance calls for revenue of $420 million to $440 million, Center Margin of $140 million to $152 million, and adjusted EBITDA of $49 million to $59 million.

Dave Bourdon struck an upbeat tone, calling the quarter “another exceptional quarter” and emphasizing that the company exceeded every guided metric. He highlighted clinician growth, strong productivity, specialty services expansion, AI and workflow automation, and preparations for a new EHR planned for 2027. He also framed LifeStance as early in a long runway, with outcomes data and geographic expansion as key differentiators.

Ryan McGroarty focused on the quarter’s operating outperformance and the guidance raise. He cited revenue of $435 million, Center Margin of $153 million, adjusted EBITDA of $66 million, free cash flow of $88 million, cash of $226 million, net long-term debt of $259 million, net leverage of 0.2x, and gross leverage of 1.3x. He also announced a new $100 million share repurchase authorization, noted that $97 million of the prior authorization had already been deployed, and said stock-based compensation should be about $60 million to $70 million this year.

Analysts pressed on the sustainability of productivity, the drivers of revenue per visit, margin trends, specialty services rollout, the EHR transition, and M&A. Management said productivity remains strong but still has runway because only about 70% of clinician time is being utilized, and it plans to prioritize filling existing clinician capacity before adding more headcount. On revenue per visit, management said payer contracting is the main driver and that it has good visibility for the rest of the year. On specialty services and M&A, it said rollout is early and still being refined, while tuck-in acquisitions are mainly being used to open new geographies; larger deals and specialty acquisitions remain opportunistic.