LifeStance Health Doubles Earnings as It Prioritizes Tuck-In M&A
By Chris Larson | August 6, 2026
Scottsdale, Arizona-based LifeStance Health Group (Nasdaq: LFST) nearly doubled its adjusted profits and saw a $27 million swing into the black year-over-year in the second quarter.
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According to company executives and filings, the 94% increase to $66 million in adjusted EBITDA was driven by:
- A spike in payer reimbursement
- Greater clinician productivity
- Steady net increases in clinician headcount
While the company’s cost of doing business increased 16%, profitability remained strong.
Dave Bourdon, CEO of LifeStance Health, expressed optimism about the company’s future:
“While we’re pleased to have delivered another quarter of exceptional growth and outstanding margin expansion… [the] larger opportunity lies ahead.”
Key Highlights:
- Revenue Growth: 26% year-over-year increase to $435.4 million
- Reimbursement Per Visit: Largest year-over-year increase (6%) ever, according to public filings
- Clinician Headcount: Increased by 11% to 8,542 with 193 new clinicians added
- Visits per Clinician: Increased 7% for the quarter
- Total Visits: Increased by 16%
Based on these results, LifeStance Health raised its revenue and adjusted EBITDA guidance for 2026. The new range for revenue is $1.685 billion to $1.725 billion, while adjusted EBITDA is now projected between $215 million and $235 million—an increase of $15 million.