LifeStance Health Group, Inc. Common Stock 2026 Jefferies Healthcare Services and Technology Conference

Yes. All right. Good. All right.

Ryan, thanks for coming. Thanks for having me.

Yeah, absolutely. I would be happy to do that. First, Jack, thank you for hosting us and Jefferies. This is a great conference. I love this conference because it is my hometown, so got to wake up in my own bed this morning, which is always important when you are on the conference circuit. In reference to Q2, so really strong momentum when you think about the first half of the year and in Q2. A couple highlights, Q2 specifically. Our overall revenue grew 26% year-over-year, and our adjusted EBITDA grew 94%. So really strong quarter overall. The strength of the quarter and the momentum that we are seeing allowed us to raise our full year revenue by another $45 million in the quarter. From a cumulative basis, that is $70 million on a year-to-date basis, and also adjusted EBITDA by another $15 million.

On a cumulative basis, we have grown, or excuse me, increased our guidance on adjusted EBITDA by $30 million. So really strong momentum coming out of the quarter.

Would love to hear. Yeah, no, absolutely.

We believe we are operating in a marketplace that has an extremely high TAM. You can think of the TAM, and again, it's always hard to get really good reference points on this, but we believe the TAM to be over $50 billion. When you think about us in the midpoint of our guide at $1.7 billion, obviously we're the largest in the outpatient behavioral space, but that's really low single digits from an overall TAM perspective. When you think about our 8,500 clinicians, again, very large, but it's still very small in relation to the amount of clinicians that are out there in the U.S. You've got that as the overall market. You also have 60 million Americans that need access to mental health, right?

You've got a marketplace that's not only growing in unit demand, but you also have folks converting over from cash pay to using their insurance card. We feel like we're really well-positioned as it relates to continue to take advantage of our place within the market, and then also a tremendous amount of upside room. Jack, you referenced the breadcrumb that we put out in our Q2 call, which was really related to, hey, look, we're only in roughly 50% or half of the top 150 markets in the U.S. We have a tremendous amount of opportunity to not only go deeper within geographies, but to expand out our geographic footprint. We're real excited by that.

Yeah, it's interesting. From a competitive landscape perspective, we say a lot that the folks who we really compete with day in and day out are really the mom and pops out within the market. Obviously, you've got some movement and some folks, like copycat whatever, kind of moving more towards the affordability angle in terms of taking insurance. But I go back to the primary differentiators of us at Lifestance really is our national scale. We have over 8,500 clinicians. We service over 1 million patients. We do over 10 million visits per year. We have what is not easily replicate is our overall hybrid model. We do 30% of our visits in the 575 plus centers that we have are done in person, and then the residual being 70% being in the virtual setting.

It is important to think of this as we meet the patient where they are at. We have patients and clinicians that both flex within that model. When you are going to initiate care, you may go and want to establish a relationship with a clinician live, and then it better suits your life when you get to your second, third plus visit to do it virtually. Then you look at the breadth of services that we have. Both from a therapy, from a psychiatric, and then also, I know, Jack, you have written a lot about specialty, right? We also have specialty as it relates to neuropsychological testing, and then also for solutions for treatment-resistant depression. I mentioned this once already, but we also come through the door since our founding around affordability.