Core Insights - Numinus Wellness Inc. reported a 16.4% increase in consolidated revenues for Q4 2024 compared to Q3 2024, driven by growth in its Cedar Clinical Research and Practitioner Training segments [3][4][15] - The company successfully transitioned to a lean operation, aligning cash flows with overhead costs, and is focused on leveraging growth opportunities in its clinical research and training businesses [3][4] Financial Performance - Total revenue for Q4 2024 was $1,155,936, up from $992,912 in Q3 2024, marking a 16.4% increase [15] - Revenue from Cedar Clinical Research increased by 17.2% to $965,799, while Practitioner Training revenue rose by 12.6% to $190,137 [4][11] - Gross margin improved to 25.3% in Q4 2024, compared to a gross margin loss of 4.6% in Q3 2024 [5][15] - Operating expenditures decreased significantly to $931,198 from $2.9 million in the previous quarter, reflecting ongoing cost containment initiatives [6][15] Operational Highlights - Cedar Clinical Research managed 18 clinical trials with 306 patient appointments in Q4 2024, an increase from 15 trials and 233 appointments in Q3 2024 [9] - The company’s Psychedelic-Assisted Therapy Training Program received approval from the state of Colorado, enhancing its position in the market [16] Corporate Updates - The company completed the sale of its wellness clinic network for US$3.53 million, leading to the classification of this segment as discontinued operations [8][19] - Leadership changes included the appointment of Michael Tan as CEO and Kelvin Yang as CFO [8] Balance Sheet and Liquidity - Numinus ended Q4 2024 with cash and cash equivalents of $2.0 million and working capital of $1.2 million [14]

Core Insights - LifeStance Health Group, Inc. is set to release its second quarter 2025 earnings on August 7, 2025, before market opening [1] - A live earnings conference call will be held on the same day at 8:30 a.m. Eastern Time to discuss the results [2] - The company provides access to a real-time audio webcast of the earnings call on its Investor Relations website [3] Company Overview - Founded in 2017, LifeStance is one of the largest providers of outpatient mental health care in the U.S., offering both virtual and in-person services [4] - The company employs approximately 7,500 mental health professionals and operates over 550 centers across 33 states [4] - LifeStance's mission focuses on improving access to affordable and personalized mental health care for individuals of all ages [4]

Core Insights - LifeStance Health Group, Inc. is one of the largest providers of outpatient mental health care in the United States [3] - The company will present at the 46th Annual Goldman Sachs Healthcare Conference on June 10, 2025 [1] - The presentation will be led by CEO Dave Bourdon and CFO Ryan McGroarty, and will be available via live webcast [1][2] Company Overview - LifeStance Health was founded in 2017 and focuses on providing virtual and in-person outpatient mental health care for various age groups [3] - The company employs approximately 7,500 mental health professionals and operates over 550 centers across 33 states [3] - LifeStance aims to improve access to affordable and personalized mental health care, helping individuals lead healthier lives [3]

Core Insights - LifeStance Health has appointed Vaughn Paunovich as Chief Technology Officer, effective June 9, 2025, to lead the company's technology strategy and enhance the patient and clinician experience [1][2] - Paunovich has over 25 years of experience in healthcare technology, previously serving as EVP at Amwell and holding various leadership roles at UnitedHealth Group, including Chief Information Officer of Optum Health [2][3] - The transition follows the departure of Pablo Pantaleoni, who played a significant role in LifeStance's digital transformation since 2020 and will assist Paunovich during the transition [3] Company Overview - LifeStance Health, founded in 2017, is one of the largest providers of virtual and in-person outpatient mental healthcare in the U.S., operating over 550 centers across 33 states [4] - The company employs approximately 7,500 mental health professionals, including psychiatrists, psychologists, and therapists, with a mission to improve access to affordable and personalized mental healthcare [4]

Core Viewpoint - LifeStance Health Group, Inc. is set to release its first quarter 2025 earnings on May 7, 2025, before market opening, highlighting its position as a major player in outpatient mental health care [1]. Group 1: Earnings Release Information - LifeStance will host a live earnings conference call on May 7, 2025, at 8:30 a.m. Eastern Time to discuss the first quarter results [2]. - Participants can join the call by dialing specific domestic and international numbers and using a conference ID [2]. - A real-time audio webcast will be available on the LifeStance Investor Relations website, with related materials posted prior to the call [3]. Group 2: Company Overview - Founded in 2017, LifeStance is one of the largest providers of virtual and in-person outpatient mental health care in the U.S. [4]. - The company employs approximately 7,400 mental health professionals and operates over 550 centers across 33 states [4]. - LifeStance aims to improve access to affordable and personalized mental health care, helping individuals lead healthier lives [4].

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $22.5 million, an increase of 11% compared to $20.3 million in Q4 2023 [22][8] - U.S. NeuroStar Advanced Therapy System revenue was $3.8 million with 46 systems shipped [22][23] - U.S. treatment session revenue decreased by 14% year-over-year to $12.9 million, primarily due to the removal of Greenbrook treatment session revenues [23] - Gross margin was 66.2%, down from 77.6% in the prior year, primarily due to the inclusion of Greenbrook Clinics business [24] - Operating expenses increased by 28% to $25.8 million compared to $20.2 million in Q4 2023 [24] - Net loss for Q4 was $12.1 million or $0.33 per share, compared to a net loss of $5.4 million or $0.19 per share in the prior year [25] - EBITDA was negative $10.5 million, including approximately $10.6 million in non-recurring expenses related to the Greenbrook acquisition [25] Business Line Data and Key Metrics Changes - NeuroStar system revenue was $3.8 million, with 46 systems shipped [22][23] - U.S. clinic revenue, representing Greenbrook's revenues post-acquisition, was $4.4 million [23] Market Data and Key Metrics Changes - The company received FDA clearance for the NeuroStar system to treat adolescents aged 15 to 21, expanding the total addressable market for major depressive disorder [18] - There was an 18% increase in customer sites treating adolescent patients, now including more than half of the customer base [19] Company Strategy and Development Direction - The company aims to rapidly scale the Better Me Provider Program across its customer base, targeting over 500 sites by year-end 2025 [34][32] - The acquisition of Greenbrook TMS is seen as a transformative step, creating a leading TMS supplier and provider in the U.S. [14][15] - The company has identified significant cost synergies, capturing over 90% of the identified $22 million in annualized cost synergies by the end of 2024 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow positivity by Q3 2025, supported by enhanced scale and operational efficiencies [41] - The company anticipates full-year revenue in the range of $145 million to $155 million for 2025, with a focus on improving utilization and expanding the SPRAVATO rollout [29][30] Other Important Information - The company raised $18.9 million in capital to support its growth trajectory [10] - The Better Me Provider Program has shown that practices implementing its standards treat three times more patients per site per quarter compared to those not in the program [13] Q&A Session Summary Question: Status of Greenbrook integration and BMP implementation - Management indicated ongoing training and implementation of BMP standards across clinics, with changes expected to continue throughout the year [46] Question: Guidance on revenue and operating expenses - The revenue guidance of $145 million to $155 million is based on contributions from both Neuronetics and Greenbrook, with a focus on improving utilization and expanding SPRAVATO [51][53] Question: Margin profile and improvement opportunities - Management acknowledged opportunities for margin improvement, particularly by eliminating underperforming clinics and optimizing operations [62] Question: SPRAVATO rollout and capital requirements - The capital outlay for SPRAVATO rollout is minimal, with inventory commitments potentially reaching $5 million [84] Question: Current productivity levels and future expectations - Current average patient treatments per day at Greenbrook are about four, with expectations to increase to five or six by the end of 2025 [88]

Financial Data and Key Metrics Changes - In Q4 2024, LifeStance Health achieved revenue of $325 million, representing a 16% year-over-year growth [30] - For the full year, revenue reached $1.25 billion, up 19% from the previous year, with adjusted EBITDA increasing 103% to $120 million, resulting in a margin of 9.6% [7][35] - The company generated strong free cash flow of $56 million in Q4 and $86 million for the full year, exceeding expectations [35][36] Business Line Data and Key Metrics Changes - LifeStance provided nearly 8 million visits to approximately 1 million patients in 2024, with a Net Promoter Score of 85, up from 82 the previous year [20][21] - The total number of clinicians increased by 12% year-over-year, reaching 7,424, with a net addition of 155 clinicians in Q4 [31][32] Market Data and Key Metrics Changes - The company experienced a 14% increase in visit volumes year-over-year, driven primarily by clinician growth [30] - Total revenue per visit increased by 2% year-over-year to $160, influenced by modest payer rate increases [32] Company Strategy and Development Direction - LifeStance plans to enhance patient and clinician experiences while expanding access to mental health care [29] - The company is poised to return to acquisitions in 2025, focusing on expanding capabilities and services while primarily relying on organic growth [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 commitments, anticipating revenue growth driven by higher visit volumes, with flat total revenue per visit [39][40] - The company expects to face downward pressure on center margins due to clinician compensation increases and payer rate dynamics, but plans to offset this with operational leverage [41][42] Other Important Information - Leadership changes were announced, with David Bourdon transitioning to CEO and Ryan McGroarty appointed as CFO [9][13] - The company successfully implemented a new operating model to streamline operations and improve clinician support [22] Q&A Session Summary Question: Thoughts on long-term margins and operating leverage - Management indicated that margins are expected to be flat year-over-year in 2025, with a path to mid to high-teens EBITDA margins in the future [50][51] Question: Clinician growth and competitive landscape - The company noted a highly competitive environment for recruiting clinicians but expressed satisfaction with stable retention and strong recruiting efforts [53][54] Question: Rate improvements and contracting visibility - Management clarified that while they do not have signed contracts for 2026, they expect to return to low to mid-single digit rate increases based on historical trends [58][60] Question: Center-level costs and sustainability of COGS declines - Management acknowledged that while costs per visit declined in 2024, they expect an increase in 2025 due to clinician compensation adjustments [70][72] Question: De novo clinic openings and future trends - The company plans to open 25 to 30 new clinics in 2025, with decisions based on patient demand and existing capacity rather than solely on return-to-office trends [86][88]