LifeStance Health Group, Inc. (NASDAQ:LFST) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET

Company Participants

Monica Prokocki - Vice President of Investor Relations
Ken Burdick - Chief Executive Officer
Dave Bourdon - Chief Financial Officer

Conference Call Participants

Craig Hettenbach - Morgan Stanley
Lisa Gill - JPMorgan
Jack Senft - William Blair
Dylan Finley - UBS
Jack Slevin - Jefferies
Stephanie Davis - Barclays

Operator

Thank you for standing by. My name is Jermanie, and I will be your conference operator today. At this time, I would like to welcome everyone to LifeStance Health's Second Quarter 2024 Earnings Call. [Operator Instructions] I would now like to turn the call over to Monica Prokocki, please go ahead.

Monica Prokocki

Thank you, operator. Good morning, everyone, and welcome to LifeStance Health's second quarter 2024 earnings conference call. I'm Monica Prokocki, Vice President of Investor Relations. Joining me today are Ken Burdick, Chief Executive Officer; and Dave Bourdon, Chief Financial Officer.

We issued the earnings release and presentation before the market opened this morning. Both are available on the Investor Relations section of our website, investor.lifestance.com. In addition, a replay of this conference call will be available following the call.

Before turning the call over to management for their prepared remarks, please direct your attention to the disclaimers about forward-looking statements included in the earnings press release and SEC filings. Today's remarks contain forward-looking statements, including statements about our financial performance, outlook, business model and strategy. Those statements involve risks, uncertainties and other factors as noted in our periodic filings with the SEC that could cause actual results to differ materially.

In addition, please note that we report results using non-GAAP financial measures, which we believe provide additional information for investors to help facilitate comparison of current and past performance. A reconciliation to the most directly comparable GAAP measures is included in the earnings press release tables and presentation appendix. Unless otherwise noted, all results are compared to the comparable period in the prior year.

At this time, I'll turn the call over to Ken Burdick, CEO of LifeStance. Ken?

Ken Burdick

Thanks, Monica, and thank you all for joining us today. We continue to execute on our plan in the second quarter. This is now our seventh consecutive quarter of meeting or exceeding expectations. The team delivered revenue growth of 20% or $312 million and adjusted EBITDA of $29 million. Based on the strength of the quarter, we are once again raising our full year guidance for all financial metrics. Our value proposition and differentiated hybrid model of in-person and virtual care continues to resonate with both our clinicians and patients as we see increasing demand for in-person services. We are now approaching 7,000 employee clinicians with year-over-year growth of 14% and 118 net clinician adds in the quarter. For the past five quarters, this growth has been 100% organic.