0001845257false00018452572025-02-272025-02-27

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2025

 

 

LifeStance Health Group, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-40478	86-1832801
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
4800 N. Scottsdale Road Suite 2500
Scottsdale, Arizona				85251
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 602 767-2100

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		LFST		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On February 27, 2025, LifeStance Health Group, Inc. ("LifeStance Health Group", "LifeStance" or the "Company") issued a press release announcing its results of operations for the fourth quarter and full year ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1.

The information furnished under Item 2.02 of this Current Report on Form 8-K, including the exhibit, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference into LifeStance Health Group's filings with the SEC under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

A slide presentation, which includes supplemental information related to LifeStance Health Group, is furnished as Exhibit 99.2. The information furnished under Item 7.01 of this Current Report on Form 8-K, including the exhibit, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference into LifeStance Health Group's filings with the SEC under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit		Description
99.1		Press Release dated February 27, 2025.
99.2		Slide presentation providing supplemental information.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			LifeStance Health Group, Inc.
Date:	February 27, 2025	By:	/s/ David Bourdon
			David Bourdon Chief Financial Officer and Treasurer (principal financial and accounting officer)

 

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Exhibit 99.1

 

Investor Relations Contact

Monica Prokocki

VP of Finance & Investor Relations

602-767-2100

investor.relations@lifestance.com

 

LifeStance Reports Fourth Quarter and Full Year 2024 Results

 

SCOTTSDALE, Ariz. – February 27, 2025 – LifeStance Health Group, Inc. (Nasdaq: LFST), one of the nation’s largest providers of outpatient mental healthcare, today announced financial results for the fourth quarter and full year ended December 31, 2024.

(All results compared to prior-year comparative period, unless otherwise noted)

2024 Highlights and 2025 Outlook

“The team delivered exceptional performance in 2024,” said Ken Burdick, Chairman and CEO of LifeStance. “We grew revenue 19%, more than doubled Adjusted EBITDA, and generated strong Free Cash Flow of $86 million. We have delivered consistently strong financial and operational performance over the last two years, and have begun to demonstrate the true potential of LifeStance. Looking ahead to 2025, we feel we are well-positioned to continue our strong momentum while delivering on our mission of expanding access to affordable, high quality mental healthcare.”

Financial Highlights
		Q4 2024				Q4 2023				Y/Y					FY 2024				FY 2023				Y/Y
(in millions)
Total revenue		$	325.5			$	280.6				16	%			$	1,251.0			$	1,055.7				19	%
Income (loss) from    operations			1.1				(32.3	)			(103	%)				(31.6	)			(189.1	)			(83	%)
Center Margin			109.4				83.3				31	%				402.4				302.1				33	%
Net loss			(7.1	)			(45.0	)			(84	%)				(57.4	)			(186.3	)			(69	%)
Adjusted EBITDA			32.8				20.3				62	%				119.7				59.0				103	%
As % of Total revenue:
Income (loss) from    operations			0.3	%			(11.5	%)								(2.5	%)			(17.9	%)
Center Margin			33.6	%			29.7	%								32.2	%			28.6	%
Net loss			(2.2	%)			(16.0	%)								(4.6	%)			(17.6	%)
Adjusted EBITDA			10.1	%			7.2	%								9.6	%			5.6	%

 

(All results compared to prior-year period, unless otherwise noted)

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Balance Sheet, Cash Flow and Capital Allocation

For the year ended December 31, 2024, LifeStance provided $107.3 million cash flow from operations, including $62.3 million during the fourth quarter of 2024. The Company ended the fourth quarter with cash of $154.6 million and net long-term debt of $279.8 million.

2025 Guidance

LifeStance is providing the following outlook for 2025:

 

Conference Call, Webcast Information, and Presentations

LifeStance will hold a conference call today, February 27, 2025 at 8:30 a.m. Eastern Time to discuss the fourth quarter and full year 2024 results. Investors who wish to participate in the call should dial 1-800-715-9871, domestically, or 1-646-307-1963, internationally, approximately 10 minutes before the call begins and provide conference ID number 4372752 or ask to be joined into the LifeStance call. A real-time audio webcast can be accessed via the Events and Presentations section of the LifeStance Investor Relations website (https://investor.lifestance.com), where related materials will be posted prior to the conference call.

About LifeStance Health Group, Inc.

Founded in 2017, LifeStance (Nasdaq: LFST) is reimagining mental health. We are one of the nation’s largest providers of virtual and in-person outpatient mental healthcare for children, adolescents and adults experiencing a variety of mental health conditions. Our mission is to help people lead healthier, more fulfilling lives by improving access to trusted, affordable, and personalized mental healthcare. LifeStance and its supported practices employ approximately 7,400 psychiatrists, advanced practice nurses, psychologists and therapists and operates across 33 states and more than 550 centers. To learn more, please visit www.LifeStance.com.

We routinely post information that may be important to investors on the “Investor Relations” section of our website at investor.lifestance.com. We encourage investors and potential investors to consult our website regularly for important information about us.

Forward-Looking Statements

Statements in this press release and on the related teleconference that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements. These statements include, but are not limited to, statements with respect to: full year and first quarter guidance and management's related assumptions; business plans and objectives; and other statements contained in this press release that are not historical facts. When used in this press release and on the related teleconference, words such as “may,” “will,” “should,” “could,” “intend,” “potential,” “continue,” “anticipate,” “believe,” “estimate,” “expect,” “plan,” “target,” “predict,” “project,” “seek” and similar expressions as they relate to us are intended to identify forward-looking statements. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: if reimbursement rates paid by third-party payors are reduced or if third-party payors otherwise restrain our ability to obtain or deliver care to patients, our business could be harmed; we may not grow at the rates we historically have achieved or at all, even if our key metrics may imply future growth, including if we are unable to successfully execute on our growth initiatives and business strategies; if we fail to manage our growth effectively, our expenses could increase more than expected, our revenue may not increase proportionally or at all, and we may be unable to execute on our business strategy; our ability to recruit new clinicians and retain existing clinicians; we conduct business in a heavily regulated industry and if we fail to comply with these laws and government regulations, we could incur penalties or be required to make significant changes to our operations or experience adverse publicity, which could have a material adverse effect on our business,

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results of operations and financial condition; we are dependent on our relationships with supported practices, which we do not own, to provide healthcare services, and our business would be harmed if those relationships were disrupted or if our arrangements with these entities became subject to legal challenges; we operate in a competitive industry, and if we are not able to compete effectively, our business and financial condition would be harmed; the impact of health care reform legislation and other changes in the healthcare industry and in health care spending on us is currently unknown, but may harm our business; if our or our vendors’ security measures fail or are breached and unauthorized access to our employees’, patients’ or partners’ data is obtained, our systems may be perceived as insecure, we may incur significant liabilities, including through private litigation or regulatory action, our reputation may be harmed, and we could lose patients and partners; our business depends on our ability to effectively invest in, implement improvements to and properly maintain the uninterrupted operation and data integrity of our information technology and other business systems; our existing indebtedness could adversely affect our business and growth prospects; and other risks and uncertainties set forth under “Risk Factors” included in the reports we have filed or will file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings made with the Securities and Exchange Commission. LifeStance does not undertake to update any forward-looking statements made in this press release to reflect any change in management's expectations or any change in the assumptions or circumstances on which such statements are based, except as otherwise required by law.

Non-GAAP Financial Information

This press release contains certain non-GAAP financial measures, including Center Margin, Adjusted EBITDA, and Adjusted EBITDA margin. Tables showing the reconciliation of these non-GAAP financial measures to the comparable GAAP measures are included at the end of this release. Management believes these non-GAAP financial measures are useful in evaluating the Company’s operating performance, and may be helpful to securities analysts, institutional investors and other interested parties in understanding the Company’s operating performance and prospects. This press release also refers to Free Cash Flow, which is calculated as net cash provided by (used in) operating activities less purchases of property and equipment. Management believes Free Cash Flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our operations that, after investments in property and equipment, can be used for future growth. These non-GAAP financial measures, as calculated, may not be comparable to companies in other industries or within the same industry with similarly titled measures of performance. Therefore, the Company’s non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP, such as net loss or loss from operations.

Center Margin and Adjusted EBITDA anticipated for the first quarter of 2025 and full year 2025 are calculated in a manner consistent with the historical presentation of these measures at the end of this release. Reconciliation for the forward-looking first quarter of 2025 and full year 2025 Center Margin, Adjusted EBITDA guidance and Free Cash Flow is not being provided, as LifeStance does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation. As such, LifeStance management cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results.

Management acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results.

# # # #

 

Consolidated Financial Information and Reconciliations

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CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands, except for par value)

 

 

		December 31,
		2024				2023
CURRENT ASSETS
Cash and cash equivalents		$	154,571			$	78,824
Patient accounts receivable, net			131,802				125,405
Prepaid expenses and other current assets			26,137				21,502
Total current assets			312,510				225,731
NONCURRENT ASSETS
Property and equipment, net			166,041				188,222
Right-of-use assets			147,878				170,703
Intangible assets, net			190,799				221,072
Goodwill			1,293,346				1,293,346
Other noncurrent assets			7,724				10,895
Total noncurrent assets			1,805,788				1,884,238
Total assets		$	2,118,298			$	2,109,969
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable		$	7,242			$	7,051
Accrued payroll expenses			117,461				102,478
Other accrued expenses			46,942				35,012
Contingent consideration			—				8,169
Operating lease liabilities, current			49,449				46,475
Other current liabilities			7,792				3,688
Total current liabilities			228,886				202,873
NONCURRENT LIABILITIES
Long-term debt, net			279,790				280,285
Operating lease liabilities, noncurrent			148,699				181,357
Deferred tax liability, net			14,329				15,572
Other noncurrent liabilities			309				952
Total noncurrent liabilities			443,127				478,166
Total liabilities		$	672,013			$	681,039
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock – par value $0.01 per share; 25,000 shares authorized as of    December 31, 2024 and December 31, 2023; 0 shares issued and outstanding as    of December 31, 2024 and December 31, 2023			—				—
Common stock – par value $0.01 per share; 800,000 shares authorized as of    December 31, 2024 and December 31, 2023; 382,735 and 378,725 shares    issued and outstanding as of December 31, 2024 and December 31, 2023,    respectively			3,827				3,789
Additional paid-in capital			2,259,818				2,183,684
Accumulated other comprehensive income			929				2,303
Accumulated deficit			(818,289	)			(760,846	)
Total stockholders' equity			1,446,285				1,428,930
Total liabilities and stockholders’ equity		$	2,118,298			$	2,109,969

 

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consolidated statements of operations and comprehensive loss

(unaudited)

(In thousands, except for Net Loss per Share)

		Year Ended December 31,
		2024				2023				2022
TOTAL REVENUE		$	1,250,970			$	1,055,665			$	859,542
OPERATING EXPENSES
Center costs, excluding depreciation and amortization   shown separately below			848,571				753,569				622,525
General and administrative expenses			363,062				410,793				377,993
Depreciation and amortization			70,950				80,437				69,198
Total operating expenses		$	1,282,583			$	1,244,799			$	1,069,716
LOSS FROM OPERATIONS		$	(31,613	)		$	(189,134	)		$	(210,174	)
OTHER EXPENSE
Gain (loss) on remeasurement of contingent    consideration			1,725				3,972				(1,688	)
Transaction costs			(827	)			(89	)			(722	)
Interest expense, net			(26,535	)			(21,220	)			(19,928	)
Other expense			(363	)			(112	)			(218	)
Total other expense		$	(26,000	)		$	(17,449	)		$	(22,556	)
LOSS BEFORE INCOME TAXES			(57,613	)			(206,583	)			(232,730	)
INCOME TAX BENEFIT			170				20,321				17,166
NET LOSS		$	(57,443	)		$	(186,262	)		$	(215,564	)
NET LOSS PER SHARE, BASIC AND DILUTED			(0.15	)			(0.51	)			(0.61	)
Weighted-average shares used to compute basic and   diluted net loss per share			379,147				367,457				355,278
NET LOSS		$	(57,443	)		$	(186,262	)		$	(215,564	)
OTHER COMPREHENSIVE (LOSS) INCOME
Unrealized (losses) gains on cash flow hedge, net   of tax			(1,374	)			(971	)			3,274
COMPREHENSIVE LOSS		$	(58,817	)		$	(187,233	)		$	(212,290	)

 

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CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(In thousands)

		Year Ended December 31,
		2024				2023				2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(57,443	)		$	(186,262	)		$	(215,564	)
Adjustments to reconcile net loss to net cash provided by (used in) operating    activities:
Depreciation and amortization			70,950				80,437				69,198
Non-cash operating lease costs			39,502				39,987				38,161
Stock-based compensation			76,172				99,388				187,430
Deferred income taxes			(958	)			(21,920	)			(16,733	)
Loss on debt extinguishment			5,032				—				3,380
Amortization of discount and debt issue costs			1,666				2,101				1,949
(Gain) loss on remeasurement of contingent consideration			(1,725	)			(3,972	)			1,688
Other, net			1,431				7,080				218
Change in operating assets and liabilities, net of businesses acquired:
Patient accounts receivable, net			(6,397	)			(24,175	)			(21,663	)
Prepaid expenses and other current assets			(3,332	)			(3,070	)			(3,431	)
Accounts payable			501				(5,605	)			7,667
Accrued payroll expenses			14,984				26,484				12,100
Operating lease liabilities			(46,748	)			(37,564	)			(13,169	)
Other accrued expenses			13,625				10,207				1,558
Net cash provided by (used in) operating activities		$	107,260			$	(16,884	)		$	52,789
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment			(21,566	)			(40,520	)			(79,255	)
Acquisitions of businesses, net of cash acquired			—				(19,820	)			(60,206	)
Net cash used in investing activities		$	(21,566	)		$	(60,340	)		$	(139,461	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of discount			287,809				57,753				257,324
Payments of debt issue costs			(1,818	)			(188	)			(7,266	)
Payments of long-term debt			(289,494	)			(2,470	)			(187,766	)
Prepayment for debt paydown			—				—				(1,609	)
Payments of contingent consideration			(6,444	)			(7,668	)			(12,515	)
Taxes related to net share settlement of equity awards			—				—				(904	)
Net cash (used in) provided by financing activities		$	(9,947	)		$	47,427			$	47,264
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			75,747				(29,797	)			(39,408	)
Cash and Cash Equivalents - Beginning of period			78,824				108,621				148,029
CASH AND CASH EQUIVALENTS – END OF PERIOD		$	154,571			$	78,824			$	108,621
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest, net		$	24,992			$	21,044			$	14,365
Cash paid for taxes, net of refunds		$	57			$	80			$	2,237
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING AND    FINANCING ACTIVITIES
Equipment financed through finance leases		$	—			$	—			$	363
Contingent consideration incurred in acquisitions of businesses		$	—			$	1,985			$	11,221
Acquisition of property and equipment included in liabilities		$	1,469			$	3,827			$	7,891
Surrender of common stock		$	—			$	—			$	982

 

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RECONCILIATION OF loss FROM OPERATIONS TO CENTER MARGIN

		Year Ended December 31,
		2024				2023				2022
(in thousands)
Loss from operations		$	(31,613	)		$	(189,134	)		$	(210,174	)
Adjusted for:
Depreciation and amortization			70,950				80,437				69,198
General and administrative expenses (1)			363,062				410,793				377,993
Center Margin		$	402,399			$	302,096			$	237,017

 

RECONCILIATION OF NET loss TO ADJUSTED EBITDA

		Year Ended December 31,
		2024				2023				2022
(in thousands)
Net loss		$	(57,443	)		$	(186,262	)		$	(215,564	)
Adjusted for:
Interest expense, net			26,535				21,220				19,928
Depreciation and amortization			70,950				80,437				69,198
Income tax benefit			(170	)			(20,321	)			(17,166	)
(Gain) loss on remeasurement of contingent   consideration			(1,725	)			(3,972	)			1,688
Stock-based compensation expense			76,172				99,388				187,430
Loss on disposal of assets			363				112				218
Transaction costs (1)			827				89				722
Executive transition costs			644				636				1,274
Litigation costs (2)			1,591				51,034				851
Strategic initiatives (3)			1,292				3,925				—
Real estate optimization and restructuring   charges (4)			(309	)			10,970				—
Amortization of cloud-based software   implementation costs (5)			843				—				—
Other expenses (6)			172				1,786				4,091
Adjusted EBITDA		$	119,742			$	59,042			$	52,670

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ReimaginingMental Health Q4 2024 Earnings Presentation • February 27, 2025 Exhibit 99.2

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Forward-Looking Statements DISCLAIMERS Cautionary Note Regarding Forward-Looking Statements This presentation and related oral statements, including during any question and answer portion of the presentation, contain forward-looking statements about LifeStance Health Group, Inc. and its subsidiaries (“LifeStance”) and the industry in which LifeStance operates, including statements regarding: full-year and first quarter guidance and management’s related assumptions; the Company's financial position; business plans and objectives; including capital allocation; and potential for disciplined acquisitions; operating results; working capital and liquidity; and other statements contained in this presentation that are not historical facts. These statements are subject to known and unknown uncertainties and contingencies outside of LifeStance's control and which are largely based on our current expectations and projections about future events and financial trends that we believe may affect LifeStance's financial condition, results of operations, business strategy, and prospects. LifeStance's actual results, events, or circumstances may differ materially from these statements. Forward-looking statements include all statements that are not historical facts. Words such as “anticipate,” “believe,” “envision,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “contemplate” and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties, factors and assumptions, including, among other things: if reimbursement rates paid by third-party payors are reduced or if third-party payors otherwise restrain our ability to obtain or deliver care to patients, our business could be harmed; we may not grow at the rates we historically have achieved or at all, even if our key metrics may imply future growth, including if we are unable to successfully execute on our growth initiatives and business strategies; if we fail to manage our growth effectively, our expenses could increase more than expected, our revenue may not increase proportionally or at all, and we may be unable to execute on our business strategy; our ability to recruit new clinicians and retain existing clinicians; we conduct business in a heavily regulated industry and if we fail to comply with these laws and government regulations, we could incur penalties or be required to make significant changes to our operations or experience adverse publicity, which could have a material adverse effect on our business, results of operations and financial condition; we are dependent on our relationships with supported practices, which we do not own, to provide health care services, and our business would be harmed if those relationships were disrupted or if our arrangements with these entities became subject to legal challenges; we operate in a competitive industry, and if we are not able to compete effectively, our business and financial performance would be harmed; the impact of health care reform legislation and other changes in the healthcare industry and in health care spending on us is currently unknown, but may harm our business; if our or our vendors' security measures fail or are breached and unauthorized access to our employees', patients' or partners' data is obtained, our systems may be perceived as insecure, we may incur significant liabilities, including through private litigation or regulatory action, our reputation may be harmed, and we could lose patients and partners; our business depends on our ability to effectively invest in, implement improvements to and properly maintain the uninterrupted operation and data integrity of our information technology and other business systems; our existing indebtedness could adversely affect our business and growth prospects; and the other factors set forth in our filings with the Securities and Exchange Commission. The forward-looking statements, together with statements relating to our past performance, should not be regarded as a reliable indicator of our future performance. We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as may be required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future mergers, dispositions, joint ventures, or investments. Use of Non-GAAP Financial Measures In addition to financial measures presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes certain non-GAAP financial measures, including Center Margin, Adjusted EBITDA, and Adjusted EBITDA Margin. These non-GAAP measures are in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The non-GAAP financial measures used by LifeStance may differ from the non-GAAP financial measures used by other companies. A reconciliation of these measures to the most directly comparable U.S. GAAP measure is included in the Appendix to these slides or as otherwise described in these slides. Market and Industry Data This presentation also contains information regarding our market and industry that is derived from third-party research and publications. This information involves a number of assumptions and limitations. Forecasts, assumptions, expectations, beliefs, estimates and projections involve risk and uncertainties and are subject to change based on various factors.

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Building the Leading Outpatient Mental Health Platform Increasing access to trusted, affordable, and personalized mental healthcare A truly healthy society where mental and physical healthcare are unified to make lives better OUR VISION OUR MISSION Tech-enabled platform supporting hybrid model of virtual and in-person care In-network reimbursement providing affordable access to high-quality care National platform with unmatched scale Multidisciplinary clinician model composed of W-2 employed psychiatrists, APNs, psychologists & therapists 7,424Clinicians 12% Y/Y Growth $1,251M Revenue 19% Y/Y Growth 7.9M Visits 550+ Centers in 33 States 1 2 3 4 Note: Unless otherwise stated, data is as of December 31, 2024 LifeStance: Reimagining Mental Healthcare

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Q4 and FY 2024 Highlights Q4 Revenue of $325.5 million increased 16% year-over-yearFY Revenue of $1,251.0 million increased 19% year-over-year Total Clinicians of 7,424 increased +12% Y/Y; 779 net clinician adds in 2024 and 155 net clinician adds in Q4 Q4 Visit Volumes of 2.0 million increased +14% Y/Y; FY Visit Volumes of 7.9 million increased +15% Y/Y Q4 Center Margin of $109.4 million, or 33.6% as a percentage of revenueFY Center Margin of $402.4 million, or 32.2% as a percentage of revenue Q4 Adjusted EBITDA of $32.8 million, or 10.1% as a percentage of revenueFY Adjusted EBITDA of $119.7 million, or 9.6% as a percentage of revenue Ended Q4 with a Cash position of $154.6 million Note: See reconciliation of GAAP to non-GAAP measures in the Appendix to this presentation. Amounts above may not cross-foot due to rounding. Amounts are unaudited.

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Clinicians Q4 2024 Results Adjusted EBITDA (in $M) Center Margin (in $M) Revenue (in $M) 7.2% 10.1% 29.7% 33.6% Center Margin (% of total revenue) +31% +16% +12% +62% Adj. EBITDA (% of total revenue) Note: See reconciliation of GAAP to non-GAAP measures in the Appendix to this presentation. Amounts above may not cross-foot due to rounding. Amounts are unaudited.

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Quarterly Trends Clinicians Adjusted EBITDA (in $M) Adj. EBITDA (% of total revenue) Center Margin (in $M) Revenue (in $M) Center Margin (% of total revenue) 29.7% 31.5% 31.3% 32.1% 33.6% 7.2% 9.2% 9.2% 9.8% 10.1% Note: See reconciliation of GAAP to non-GAAP measures in the Appendix to this presentation. Amounts in the schedule above may not cross-foot due to rounding. Amounts are unaudited.

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Balance Sheet, Cash Flow, and Capital Allocation *Long-Term Debt is Net of Current Portion and Unamortized Discount and Debt Issue Costs Balance Sheet & Cash Flow Capital Allocation Evolving from purely growth mindset to balanced set of objectives that include operational excellence, profitable growth, and disciplined capital deployment $280M Net Long-term Debt* Cash & Cash Equivalents $155M $107M Operating Cash Flow (YTD) $22M Capital Expenditures (YTD) De Novos Selective deployment to enable clinician and market growth Acquisitions Potential for disciplined M&A in 2025

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2025 Guidance (All $ in M) FY 2025 Q1 2025 Revenue $1,400 – $1,440 $320 – $340 Center Margin $440 – $464 $100 – $114 Adj. EBITDA $130 – $150 $27 – $33 Note: Center Margin and Adjusted EBITDA anticipated for first quarter of 2025 and full year 2025 are calculated in a manner consistent with the historical presentation of these measures in the Appendix to this presentation. Reconciliation for the forward-looking first quarter of 2025 and full year 2025 Center Margin, and Adjusted EBITDA guidance is not being provided, as LifeStance does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation. LifeStance management cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results. Planning Assumptions Assumes 25 to 30 de novo center openings Potential for M&A not reflected in planning assumptions

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Appendix

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2024 2023 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total revenue $325.5 $312.7 $312.3 $300.4 $280.6 $262.9 $259.6 $252.6   Operating expenses     Center costs, excluding depreciation and amortization 216.0 212.3 214.5 205.7 197.3 186.7 186.6 183.0 General and administrative expenses 93.7 85.3 95.2 88.9 93.4 130.9 101.9 84.6 Depreciation and amortization 14.7 15.1 18.6 22.6 22.2 19.6 19.5 19.1 Income (loss) from operations $1.1 0.0 (15.9) (16.8) (32.3) (74.4) (48.4) (34.1) Other expense (Loss) gain on remeasurement of contingent consideration (0.3) 0.0 (0.1) 2.0 (0.5) 1.9 1.5 1.0 Transaction costs (0.0) (0.0) (0.8) — — — (0.0) (0.1) Interest expense, net (9.4) (5.4) (5.8) (5.9) (5.5) (5.5) (5.1) (5.1) Other expense (0.3) (0.0) (0.0) (0.1) (0.0) (0.0) (0.0) (0.0) Total other expense (9.9) (5.4) (6.7) (4.0) (6.0) (3.6) (3.6) (4.2) Loss before income taxes ($8.9) (5.4) (22.6) (20.7) (38.3) (78.0) (52.0) (38.3) Income tax benefit (provision) 1.8 (0.6) (0.7) (0.4) (6.6) 16.4 6.5 4.0 Net loss ($7.1) ($6.0) ($23.3) ($21.1) ($45.0) ($61.6) ($45.5) ($34.2) Other comprehensive income (loss) Unrealized gains (losses) on cash flow hedge, net of tax 0.2 (1.9) (0.2) 0.6 (2.1) 0.2 2.1 (1.3) Comprehensive loss ($7.0) ($7.8) ($23.5) ($20.5) ($47.0) ($61.4) ($43.3) ($35.5) Subtotals in the schedule above may not foot or cross-foot due to rounding. Amounts are unaudited. Quarterly Statements of Operations and Comprehensive Loss

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2024 2023 2023 2023 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Income (loss) from operations $1.1 $0.0 ($15.9) ($16.8) ($32.3) ($74.4) ($48.4) ($34.1)   Adjusted for:   Depreciation and amortization 14.7 15.1 18.6 22.6 22.2 19.6 19.5 19.1 General and administrative expenses (1) 93.7 85.3 95.2 88.9 93.4 130.9 101.9 84.6 Center Margin $109.4 $100.4 $97.8 $94.7 $83.3 $76.2 $73.0 $69.6 Subtotals in the schedule above may not foot or cross-foot due to rounding. Amounts are unaudited. (1) Represents salaries, wages and employee benefits for our executive leadership, finance, human resources, marketing, billing and credentialing support and technology infrastructure and stock-based compensation for all employees.  Quarterly GAAP to Non-GAAP Reconciliations – Center Margin

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  2024 2023 2023 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1   Net loss ($7.1) ($6.0) ($23.3) ($21.1) ($45.0) ($61.6) ($45.5) ($34.2)   Adjusted for: Interest expense, net 9.4 5.4 5.8 5.9 5.5 5.5 5.1 5.1 Depreciation and amortization 14.7 15.1 18.6 22.6 22.2 19.6 19.5 19.1 Income tax (benefit) provision (1.8) 0.6 0.7 0.4 6.6 (16.4) (6.5) (4.0) Loss (gain) on remeasurement of contingent consideration 0.3 (0.0) 0.1 (2.0) 0.5 (1.9) (1.5) (1.0) Stock-based compensation 16.1 14.9 24.6 20.6 20.9 21.5 33.1 23.9 Loss on disposal of assets 0.3 0.0 0.0 0.1 0.0 0.0 0.0 0.0 Transaction costs (1) 0.0 0.0 0.8 — — — 0.0 0.1 Executive transition costs 0.1 — 0.6 0.0 — 0.1 0.4 0.2 Litigation costs (2) 0.5 0.2 0.3 0.5 1.8 45.4 3.4 0.4 Strategic initiatives (3) — 0.1 0.4 0.8 0.7 0.8 2.0 0.4 Real estate optimization and restructuring charges (4) (0.1) — (0.1) (0.1) 6.0 1.3 3.7 — Amortization of cloud-based software implementation costs (5) 0.4 0.3 0.2 0.0 — — — — Other expenses (6) — — 0.1 0.1 1.0 0.2 0.3 0.3 Adjusted EBITDA $32.8 $30.7 $28.6 $27.7 $20.3 $14.6 $14.1 $10.1     Subtotals in the schedule above may not foot or cross-foot due to rounding. Amounts are unaudited.   (1) - Primarily includes capital markets advisory, consulting, accounting and legal expenses related to our acquisitions and to our underwritten public offering completed in the second quarter of 2024. (2) - Litigation costs include only those costs which are considered non-recurring and outside of the ordinary course of business based on the following considerations, which we assess regularly: (i) the frequency of similar cases that have been brought to date, or are expected to be brought within two years, (ii) the complexity of the case (e.g., complex class action litigation), (iii) the nature of the remedy(ies) sought, including the size of any monetary damages sought, (iv) the counterparty involved, and (v) our overall litigation strategy. During the years ended December 31, 2024, 2023 and 2022, litigation costs included cash expenses related to three distinct litigation matters, including (x) a securities class action litigation, (y) a privacy class action litigation and (z) a compensation model class action litigation (3) - Strategic initiatives consist of expenses directly related to a multi-phase system upgrade in connection with our recent and significant expansion. During the years ended December 31, 2024 and 2023, we continued a process of evaluating and adopting critical enterprise-wide systems for (i) human resources management, (ii) clinician credentialing and onboarding process, and for the year ended December 31, 2023, (iii) a scalable electronic health resources system. Strategic initiatives represents costs, such as third-party consulting costs and one-time costs, that are not part of our ongoing operations related to these enterprise-wide systems. We considered the frequency and scale of this multi-part enterprise upgrade when determining that the expenses were not normal, recurring operating expenses. (4) - Real estate optimization and restructuring charges consist of cash expenses and non-cash charges related to our real estate optimization initiative, which include certain asset impairment and disposal costs, certain gains and losses related to early lease terminations, and exit and disposal costs related to our real estate optimization initiative to consolidate our physical footprint for the year ended December 31, 2023. As the decision to close these centers was part of a significant strategic project driven by a historic shift in behavior, the magnitude of center closures was greater than what would be expected as part of ordinary business operations and did not constitute normal recurring operating activities. During the year ended December 31, 2024, real estate optimization and restructuring charges consisted of certain gains and losses related to early lease terminations of previously abandoned real estate leases in 2023. (5) - Represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included within general and administrative expenses included in our consolidated statements of operations and comprehensive loss. (6) - Primarily includes costs incurred to consummate or integrate acquired centers, certain of which are wholly-owned and certain of which are supported practices, in addition to the compensation paid to former owners of acquired centers and related expenses that are not reflective of the ongoing operating expenses of our centers. Acquired center integration and other are components of general and administrative expenses included in our consolidated statements of operations and comprehensive loss. Former owner fees is a component of center costs, excluding depreciation and amortization included in our consolidated statements of operations and comprehensive loss. Quarterly GAAP to Non-GAAP Reconciliations – Adjusted EBITDA

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2024 2023 2023 2023 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Key Metrics Clinicians 7,424 7,269 6,984 6,866 6,645 6,418 6,132 5,961 Total Revenue $325.5 $312.7 $312.3 $300.4 $280.6 $262.9 $259.6 $252.6   Center costs, excluding depreciation and amortization 216.0 212.3 214.5 205.7 197.3 186.7 186.6 183.0 Center Margin (Non-GAAP) $109.4 $100.4 $97.8 $94.7 $83.3 $76.2 $73.0 $69.6 % Margin 33.6% 32.1% 31.3% 31.5% 29.7% 29.0% 28.1% 27.6% General and administrative expenses 93.7 85.3 95.2 88.9 93.4 130.9 101.9 84.6 Depreciation and amortization 14.7 15.1 18.6 22.6 22.2 19.6 19.5 19.1 Income (loss) from operations 1.1 0.0 (15.9) (16.8) (32.3) (74.4) (48.4) (34.1) Other (expense) income Other (expense) income (8.2) (6.0) (7.3) (4.3) (12.7) 12.8 2.9 (0.1) Net loss (7.1) (6.0) (23.3) (21.1) (45.0) (61.6) (45.5) (34.2)   Other comprehensive income (loss) Unrealized gains (losses) on cash flow hedge, net of tax 0.2 (1.9) (0.2) 0.6 (2.1) 0.2 2.1 (1.3) Comprehensive loss ($7.0) ($7.8) ($23.5) ($20.5) ($47.0) ($61.4) ($43.3) ($35.5) Adjusted EBITDA build Net loss (7.1) (6.0) (23.3) (21.1) (45.0) (61.6) (45.5) (34.2) Interest expense, net 9.4 5.4 5.8 5.9 5.5 5.5 5.1 5.1 Depreciation and amortization 14.7 15.1 18.6 22.6 22.2 19.6 19.5 19.1 Income tax (benefit) provision (1.8) 0.6 0.7 0.4 6.6 (16.4) (6.5) (4.0) Loss (gain) on remeasurement of contingent consideration 0.3 (0.0) 0.1 (2.0) 0.5 (1.9) (1.5) (1.0) Stock-based compensation 16.1 14.9 24.6 20.6 20.9 21.5 33.1 23.9 Loss on disposal of assets 0.3 0.0 0.0 0.1 0.0 0.0 0.0 0.0 Transaction costs 0.0 0.0 0.8 — — — 0.0 0.1 Executive transition costs 0.1 — 0.6 0.0 — 0.1 0.4 0.2 Litigation costs 0.5 0.2 0.3 0.5 1.8 45.4 3.4 0.4 Strategic initiatives — 0.1 0.4 0.8 0.7 0.8 2.0 0.4 Real estate optimization and restructuring charges (0.1) — (0.1) (0.1) 6.0 1.3 3.7 — Amortization of cloud-based software implementation costs 0.4 0.3 0.2 0.0 — — — — Other expenses — — 0.1 0.1 1.0 0.2 0.3 0.3 Adjusted EBITDA (Non-GAAP) $32.8 $30.7 $28.6 $27.7 $20.3 $14.6 $14.1 $10.1 % Margin 10.1% 9.8% 9.2% 9.2% 7.2% 5.6% 5.4% 4.0% Subtotals in the schedule above may not foot or cross-foot due to rounding. Amounts are unaudited. Non-GAAP Financial Metrics

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  2024 2023 2023 ($M)   Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1  Current assets    Cash and cash equivalents   154.6 102.6 87.0 49.5 78.8 42.6 79.6 68.3 Patient accounts receivable, net   131.8 158.2 167.2 175.9 125.4 149.7 121.8 118.4 Prepaid expenses and other current assets   26.1 26.2 23.6 18.7 21.5 71.9 36.5 25.8 Total current assets   312.5 287.0 277.7 244.1 225.7 264.3 237.9 212.5 Property and equipment, net   166.0 170.0 175.9 182.4 188.2 190.1 193.1 193.5 Right-of-use assets   147.9 154.8 160.2 165.8 170.7 180.7 191.4 196.2 Intangible assets, net   190.8 195.4 200.1 208.5 221.1 233.6 243.8 254.0 Goodwill   1,293.3 1293.3 1,293.3 1,293.3 1,293.3 1,293.4 1,293.5 1,293.6 Other noncurrent assets   7.7 7.4 12.0 12.1 10.9 13.0 11.2 8.8 Total noncurrent assets   1,805.8 1,820.9 1,841.6 1,862.2 1,884.2 1,910.8 1,933.0 1,946.1 Total assets   $2,118.3 $2,107.9 $2,119.4 $2,106.3 $2,110.0 $2,175.1 $2,170.9 $2,158.6 Accounts payable   7.2 7.3 10.0 11.9 7.1 10.4 8.0 7.7 Accrued payroll expenses   117.5 111.9 122.6 100.4 102.5 83.6 81.1 83.7 Other accrued expenses   46.9 43.3 38.5 37.3 35.0 91.0 34.3 32.0 Contingent consideration   — 2.5 3.8 4.5 8.2 9.0 10.5 13.3 Operating lease liabilities, current   49.4 49.0 49.2 49.7 46.5 43.6 43.4 41.6 Other current liabilities   7.8 3.6 3.6 3.6 3.7 3.3 3.3 2.8 Total current liabilities   228.9 217.5 227.7 207.5 202.9 240.9 180.9 181.1 Long-term debt, net   279.8 279.1 279.5 279.9 280.3 248.4 248.7 224.8 Operating lease liabilities, noncurrent 148.7 158.7 165.8 173.3 181.4 191.5 205.6 207.9 Deferred tax liability, net   14.3 15.2 15.9 16.0 15.6 38.4 38.3 37.6 Other noncurrent liabilities 0.3 0.4 0.6 0.8 1.0 0.9 2.6 2.1 Total noncurrent liabilities   443.1 453.3 461.7 469.9 478.2 479.1 495.2 472.3 Total liabilities    $672.0 $670.8 $689.3 $677.3 $681.0 $720.0 $676.0 $653.4 Common stock   3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 Additional paid-in capital   2,259.8 2,243.7 2,228.8 2,204.2 2,183.7 2,162.8 2,141.2 2,108.2 Accumulated other comprehensive income 0.9 0.8 2.6 2.9 2.3 4.4 4.2 2.0 Accumulated deficit   (818.3) (811.2) (805.2) (781.9) (760.8) (715.9) (654.3) (608.8) Total stockholders’ equity   1,446.3 1,437.1 1,430.0 1,429.0 1,428.9 1,455.0 1,494.9 1,505.1 Total liabilities and stockholders’ equity   $2,118.3 $2,107.9 $2,119.4 $2,106.3 $2,110.0 $2,175.1 $2,170.9 $2,158.6   Subtotals in the schedule above may not foot due to rounding. Amounts are unaudited.     Quarterly Balance Sheets

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($M) 2024 FY 2023 FY CASH FLOWS FROM OPERATING ACTIVITIES Net loss (57.4) (186.3) Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    Depreciation and amortization 71.0 80.4 Non-cash operating lease costs 39.5 40.0 Stock-based compensation 76.2 99.4 Deferred income taxes (1.0) (21.9) Loss on debt extinguishment 5.0 — Amortization of discount and debt issue costs 1.7 2.1 Gain on remeasurement of contingent consideration (1.7) (4.0) Other, net 1.4 7.1 Change in operating assets and liabilities, net of businesses acquired: Patient accounts receivable, net (6.4) (24.2) Prepaid expenses and other current assets (3.3) (3.1) Accounts payable 0.5 (5.6) Accrued payroll expenses 15.0 26.5 Operating lease liabilities (46.7) (37.6) Other accrued expenses 13.6 10.2 Net cash provided by (used in) operating activities $107.3 ($16.9) CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property and equipment (21.6) (40.5) Acquisitions of businesses, net of cash acquired — (19.8) Net cash used in investing activities ($21.6) ($60.3) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt, net of discount 287.8 57.8 Payments of debt issue costs (1.8) (0.2) Payments of long-term debt (289.5) (2.5) Payments of contingent consideration (6.4) (7.7) Net cash (used in) provided by financing activities ($9.9) $47.4 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $75.7 ($29.8) Cash and Cash Equivalents - Beginning of period 78.8 108.6 CASH AND CASH EQUIVALENTS – END OF PERIOD $154.6 $78.8 Subtotals in the schedule above may not foot due to rounding. Amounts are unaudited. Statements of Cash Flows

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2024 2023 2023 2023 ($M) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net cash provided by (used in) operating activities $62.3 $22.7 $44.0 ($21.8) $16.8 ($25.4) ($0.4) ($7.9) Purchases of property and equipment ($6.3) ($5.1) ($5.1) ($5.1) ($11.4) ($9.8) ($11.6) ($7.7) Free Cash Flow $56.0 $17.7 $38.9 ($26.9) $5.4 ($35.2) ($12.0) ($15.6) We define FCF, a non-GAAP performance measure, as net cash provided by (used in) operating activities less purchases of property and equipment. We believe that FCF is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our operations that, after investments in property and equipment, can be used for future growth. FCF is presented for supplemental informational purposes only and has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by (used in) operating activities. It is important to note that other companies, including companies in our industry, may not use this metric, may calculate metrics differently, or may use other financial measures to evaluate their liquidity, all of which could reduce the usefulness of this non-GAAP metrics as a comparative measure. The above table presents a reconciliation of net cash provided by (used in) operating activities to FCF, the most directly comparable financial measure calculated in accordance with GAAP. Subtotals in the schedule above may not foot or cross-foot due to rounding. Amounts are unaudited. Quarterly GAAP to Non-GAAP Reconciliations – Free Cash Flow (FCF)

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2024 2023 2023 2023 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Total Revenue ($M) $325.5 $312.7 $312.3 $300.4 $280.6 $262.9 $259.6 $252.6 Total Visits (000s) 2,033 1,973 1,969 1,912 1,783 1,714 1,705 1,665 Total Revenue Per Visit (TRPV) $160.1 $158.5 $158.6 $157.1 $157.4 $153.4 $152.3 $151.7 Subtotals in the schedule above may not foot or cross-foot due to rounding. Amounts are unaudited. Quarterly Visits and Total Revenue Per Visit