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LifeStance Health Group, Inc. (NASDAQ:LFST) Morgan Stanley 23rd Annual Global Healthcare Conference September 9, 2025 10:00 AM EDT
Company Participants
David Bourdon – CEO & Director
Ryan McGroarty – CFO & Treasurer
Conference Call Participants
Craig Hettenbach – Morgan Stanley, Research Division
Presentation
Craig Hettenbach
VP & Equity Analyst
All right. Great. Good morning, everyone. Thanks for being here at the second day of the conference. I’m Craig Hettenbach, I cover the health tech and provider space at Morgan Stanley. Very pleased to have with us LifeStance this morning. Just before we get started, just from a disclosure perspective, you can see the disclosures at www.morganstanley.com/researchdisclosures. So with that, Dave and Ryan, welcome, appreciate having you guys here.
David Bourdon
CEO & Director
Thanks for having us. I appreciate it.
Question-and-Answer Session
Craig Hettenbach
Morgan Stanley, Research Division
Great. I think investors are familiar with the company at this point, but still would be great to just have kind of a refresher in terms of LifeStance? And most importantly, how the company kind of differentiates in what kind of a crowded kind of mental health field.
David Bourdon
CEO & Director
Yes. It’s crowded but highly fragmented mental health space. And we’re the leader in outpatient mental health and that leadership for the uniqueness comes from a combination of the first, I’d say, is scale. So we have over 7,500 clinicians. We’ll do 8 million to 9 million visits or sessions this year, and we have nearly 1 million patients. So that’s the first thing. Second thing is hybrid delivery. Many of the newer entrants in the marketplace are virtual only. We have the capabilities to do both in-person and virtually. We have nearly 600 centers spread across 33 states.
Third thing that I’d point to is the broad range of
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