Core Insights - Maple Tree Counselling HK has expanded its team by adding two new Associate Counsellors, Paul Vallis and Michelle Tiffany, in response to the increasing demand for culturally attuned mental health services in Hong Kong [1][2] Company Overview - Maple Tree Counselling was established in 2021 to address the growing need for high-quality mental health services in Hong Kong, founded by professionals committed to providing accessible and culturally responsive care [10] - The practice has expanded beyond Hong Kong, with additional operations in Central Victoria and Melbourne, Australia [11] New Appointments - Paul Vallis has decades of experience in Hong Kong and combines psychology, executive coaching, and leadership development, focusing on individual and couples counselling [3][4] - Michelle Tiffany brings over a decade of experience from the United States, with a cross-cultural perspective and expertise in supporting individuals navigating multiple cultural frameworks [7][8] Therapeutic Approaches - Vallis employs evidence-based approaches such as Cognitive Behavioral Therapy (CBT), Acceptance and Commitment Therapy (ACT), and Gottman Method Couples Therapy, focusing on issues like anxiety, depression, and relationship challenges [5][6] - Tiffany's therapeutic approach is relational and trauma-informed, integrating modalities like Psychodynamic Psychotherapy and Eye Movement Desensitization and Reprocessing (EMDR), addressing identity, belonging, and emotional regulation [9][10] Client Services - Maple Tree Counselling offers a complimentary 15-minute pre-screen consultation for new clients to connect with a therapist and assess compatibility before committing to ongoing sessions [12]

Core Insights - BrainsWay has completed a $1 million milestone-based investment in Axis Management Company, Inc. to enhance access to mental health care [1] - The investment follows Axis's achievement of a revenue performance milestone as part of a strategic equity financing agreement established in August 2025 [1][2] Company Overview - BrainsWay is a leader in noninvasive neurostimulation treatments for mental health disorders, utilizing its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) technology [5] - The company has received FDA clearance for three indications: major depressive disorder, obsessive-compulsive disorder, and smoking addiction [5] - BrainsWay aims to increase global awareness and access to Deep TMS through ongoing clinical trials in various psychiatric and neurological disorders [5] Axis Management Company - Axis Integrated Mental Health provides management services to mental health clinics in Colorado, focusing on a comprehensive and integrative model of care [6] - The organization combines modern psychiatry and psychotherapy with advanced treatments, including Deep TMS™ and Spravato®, to deliver holistic therapeutic approaches [6]

Core Viewpoint - Halper Sadeh LLC is investigating potential violations of federal securities laws and breaches of fiduciary duties related to the sales of Day One Biopharmaceuticals, Inc. and Talkspace, Inc. [1] Group 1: Company Investigations - Day One Biopharmaceuticals, Inc. (NASDAQ: DAWN) is being sold to Servier for $21.50 per share in cash [1] - Talkspace, Inc. (NASDAQ: TALK) is being sold to Universal Health Services, Inc. for $5.25 per share [1] Group 2: Shareholder Rights - Shareholders of both companies are encouraged to contact Halper Sadeh LLC to discuss their rights and options at no cost or obligation [1] - The law firm may seek increased consideration, additional disclosures, and other relief for shareholders [1] Group 3: Legal Representation - Halper Sadeh LLC represents investors globally who have experienced securities fraud and corporate misconduct [1] - The firm has a history of implementing corporate reforms and recovering millions for defrauded investors [1]

Core Insights - Hidden Wounds, a nonprofit organization in South Carolina, received a $50,000 donation from Philip Morris International's U.S. businesses to enhance mental health stabilization services for veterans [1] - The funding is crucial as veteran suicide rates are rising, with an estimated 17.6 veterans dying by suicide daily according to a 2024 report from the U.S. Department of Veterans Affairs [1] - Hidden Wounds aims to provide immediate support and long-term care for veterans facing mental health challenges, including PTSD and homelessness [1] Funding and Impact - The donation from PMI U.S. supports crisis stabilization, suicide prevention, peer support, and essential services for at-risk veterans in South Carolina [1] - Since 2022, PMI U.S. has invested over $35 million in charitable giving, with more than $7 million directed towards organizations serving U.S. service members and veterans [1] - In 2025, Hidden Wounds provided significant support, including feeding 5,800 veterans during holidays and helping 15 veterans transition from homelessness to permanent housing [1] Future Developments - Hidden Wounds is collaborating with VAlanthropy to develop Village Alpha, a permanent housing community for veterans, with construction starting in February 2026 [1] - The community will consist of 650-square-foot apartments aimed at helping veterans stabilize and reintegrate into society [1]

Core Insights - Maple Tree Counselling is expanding its services in response to the growing demand for culturally attuned mental health services in the Asia-Pacific region [1][9] - The organization emphasizes accessible, ethical, and culturally sensitive therapy, symbolized by the maple tree, which represents strength and resilience [2] Company Overview - Established in 2021, Maple Tree Counselling has built a reputation for serving a diverse clientele in Hong Kong, including expatriates and local speakers of Cantonese and Mandarin [1] - The practice operates in Hong Kong and Australia, providing both in-person and online services to clients [2] Practitioner Selection - The organization employs a rigorous selection process for its practitioners, who come from diverse cultural backgrounds and professional experiences [4] - Practitioners are bilingual or trilingual, offering services in multiple languages, which enhances their ability to connect with clients [4] Therapy Services - Individual therapy is available for adults and adolescents aged 14 and above, addressing issues such as anxiety, depression, and relationship challenges [5] - Couples counselling is offered to various types of partnerships, focusing on communication and trust-building [6] - Family therapy adopts a systemic approach, addressing relational challenges within the family unit [7] Corporate Wellness - Maple Tree Counselling has expanded its Corporate Wellness offerings, recognizing the impact of employee mental health on productivity [8] - The practice provides workshops and seminars tailored to corporate environments, along with on-site counselling services [8] Commitment to Mental Health - The organization positions itself as a practice grounded in empathy and cultural understanding, aiming to provide impactful therapeutic support [9]

Core Viewpoint - LifeStance Health Group, Inc. (NASDAQ:LFST) is identified as a promising stock under $20, with a price target increase from $9 to $10 by Canaccord, reflecting strong growth expectations in revenue and adjusted EBITDA for fiscal Q4 and 2026 [1][3] Financial Performance - For fiscal Q4, LifeStance reported revenues of $382.2 million, a 17% increase year-over-year, and for the full year 2025, total revenue reached $1.424 billion, up 14% [3] - The clinician base grew by 9% to 8,040 clinicians, with a net increase of 44 in fiscal Q4 and 657 for the full year [3] Visit Volumes - Visit volumes for fiscal Q4 increased by 18% to 2.4 million, while full year visit volumes rose by 14% to 9.0 million [4] Future Guidance - For the full year 2026, LifeStance anticipates revenue between $1.615 billion and $1.655 billion, center margin of $526 million to $550 million, and adjusted EBITDA of $185 million to $205 million [4] Company Overview - LifeStance Health Group provides outpatient mental health services, including psychological testing, psychiatric evaluations, and various therapy options, operating through a mental health platform with both virtual and in-person care [5]

Market Trends - The market is currently experiencing a focus on AI outcomes, particularly in capital expenditures related to hyperscalers and disruptive model frameworks [2] - There is a perception that the market is acting indiscriminately, with a "shoot first and ask questions later" mentality, leading to potential disruptions as models are developed and utilized [3] - Despite the S&P being flat over the last four months, there has been aggressive cyclical rotation, indicating significant disruptions ahead that are prompting investors to recalibrate their portfolios [4] Economic Outlook - The economic backdrop remains relatively healthy, supported by monetary and fiscal policies, with expectations of two interest rate cuts by the Fed likely through the summer [4] - Tax rebates are anticipated to support consumer spending, although a bifurcated consumer landscape may emerge, reflecting a K-shaped economic recovery [4] Stock Recommendations - A list of 10 hot stocks under $20 has been compiled, focusing on those that have gained at least 20% over the past six months and are favored by analysts [7] - The methodology for selecting these stocks involved analyzing hedge fund sentiment, with the aim of outperforming the market by following top stock picks from elite hedge funds [8] Company Highlights - **LifeStance Health Group, Inc. (NASDAQ:LFST)**: - Price target raised to $10 from $9 by Canaccord, with expectations of strong growth in fiscal Q4 results and 2026 guidance, projecting revenue and adjusted EBITDA increases of 15% and 24% respectively [9][10] - Reported fiscal Q4 revenues of $382.2 million, a 17% increase year-over-year, and full-year revenue of $1.424 billion, up 14% [10] - Anticipates 2026 revenue between $1.615 billion and $1.655 billion, with adjusted EBITDA expected to be between $185 million and $205 million [11] - **Ondas Inc. (NASDAQ:ONDS)**: - Maintained a Buy rating with a price target of $16 by Northland Securities, highlighting successful deployment of C-UAS solutions to a German State Police office [13][14] - The company is entering a multi-billion-dollar segment in the counter-UAS market with the launch of Sentrycs Scout [14] - Received a reaffirmed Buy rating from Lake Street with a price target of $19, focusing on its wireless radio systems for secure business-to-business networks [15]

Financial Data and Key Metrics Changes - LifeStance Health achieved a revenue growth of 17% year-over-year in Q4 2025, reaching $382 million, and a full-year revenue of $1.424 billion, up 14% year-over-year [16][22] - Adjusted EBITDA for Q4 was $49 million, a 49% increase year-over-year, with a margin of 12.8%, the highest in the company's history as a public entity [18][22] - The company reported a positive net income and earnings per share for the full year, achieving this milestone one year ahead of expectations [19] Business Line Data and Key Metrics Changes - The clinician base grew by 9% year-over-year, totaling 8,040 clinicians, with net clinician additions of 657 for the full year [17] - Visit volumes increased by 18% year-over-year in Q4, totaling 2.4 million visits, driven by improved clinician productivity [16][17] Market Data and Key Metrics Changes - LifeStance Health's patient Net Promoter Score was 84, indicating high patient satisfaction, and the centers maintained an average Google rating of 4.7 stars [6][7] Company Strategy and Development Direction - The company plans to continue expanding its operational and clinical excellence by focusing on technology investments, including a transition to a new EHR system expected to improve clinician and patient experiences [11][73] - LifeStance aims to attract new patients through enhanced referral programs and improved patient engagement strategies, including a new care matching algorithm [12][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revenue growth of approximately 15% in 2026, driven by low double-digit visit growth and modest increases in total revenue per visit [30] - The company anticipates continued demand for high-quality mental health services as patients shift from cash pay to insurance for affordability [14] Other Important Information - LifeStance announced a share repurchase program of up to $100 million, funded by cash on hand, to enhance long-term shareholder value [21] - The company expects to open 20 to 30 new centers in 2026, which will initially have lower margins but are expected to contribute positively to growth [24][83] Q&A Session Summary Question: Impact of productivity initiatives on business - Management noted that productivity improvements from scheduling and clinician incentives have shown durability and are expected to continue benefiting the business into 2026 [29] Question: ROI on technology investments - The management emphasized a disciplined approach to evaluating the return on investments in technology, ensuring they align with operational goals [31] Question: Visits per clinician increase - Management explained that increased clinician availability and improved patient conversion rates through AI tools contributed to the rise in visits per clinician [34][35] Question: Payer relationships and rate increases - Management confirmed that they have largely completed cleaning up payer contracts, resulting in improved administrative efficiency and constructive conversations with payers regarding rate increases [38] Question: New center openings and margin expectations - Management acknowledged that new centers typically start with lower margins but are fully accounted for in the guidance provided [82][83] Question: Competitive landscape observations - Management indicated that the competitive environment remains strong for attracting and retaining clinicians, with no significant changes noted in the broader competitive landscape [85]

Financial Data and Key Metrics Changes - In Q4 2025, revenue grew 17% year-over-year to $382 million, driven by better-than-expected total revenue per visit and visit volumes [15] - Full year revenue reached $1.424 billion, up 14% year-over-year, entirely driven by visit volumes [16] - Adjusted EBITDA for Q4 was $49 million, a 49% year-over-year increase, with margins at 12.8%, the highest in the company's history as a public entity [17] - Full year Adjusted EBITDA was $158 million, increasing 32% year-over-year, with margins expanding by 150 basis points to 11.1% [17] - Free cash flow for Q4 was $47 million, totaling $110 million for the full year, exceeding expectations [18] Business Line Data and Key Metrics Changes - The company achieved a 9% growth in clinician base, totaling 8,040 clinicians, with 657 net additions for the full year [16] - Visit volumes increased by 18% year-over-year to 2.4 million in Q4, with visits per average clinician up 7% year-over-year [15][16] - Total revenue per visit was approximately flat year-over-year at $160, slightly ahead of expectations [16] Market Data and Key Metrics Changes - The company reported a patient Net Promoter Score of 84, indicating high patient satisfaction [4] - LifeStance maintained an average Google rating of 4.7 stars across over 570 centers, reflecting strong market presence and patient experience [4] Company Strategy and Development Direction - The company plans to continue expanding its operational and clinical excellence, focusing on technology and AI to enhance patient access and clinician productivity [10][11] - A transition to a new EHR vendor is underway, expected to improve interoperability and support clinician and patient experiences [10] - The company aims to open 20 to 30 new centers in 2026, contributing to growth despite initially lower margins [22][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 15% revenue growth in 2026, driven by low double-digit visit growth and low to mid-single digit increases in total revenue per visit [27] - The company anticipates continued demand for high-quality mental health services, particularly as patients shift from cash pay to insurance for affordability [12] - Management highlighted the importance of maintaining constructive conversations with payers regarding reimbursement rates, aiming for low to mid-single digit increases [36][74] Other Important Information - The board authorized a share repurchase program of up to $100 million, funded by cash on hand, to enhance shareholder value [19] - The company is actively exploring M&A opportunities, focusing on smaller, strategically aligned targets for geographic expansion [43] Q&A Session Summary Question: Impact of productivity initiatives on business - Management noted that productivity improvements from scheduling and clinician incentives have shown durability into Q4 and 2026 [26] Question: Path to 15% EBITDA margin and ROI on technology investments - Management emphasized a disciplined approach to evaluating technology investments to ensure they drive operational leverage [29] Question: Visits per clinician increase and role of digital tools - Management explained that increased clinician availability and improved patient conversion rates through AI tools contributed to the rise in visits per clinician [32][33] Question: Status of payer relationships and rate negotiations - Management confirmed that they have largely completed cleaning up payer contracts, resulting in improved administrative efficiency and constructive discussions with payers [36] Question: New center openings and margin expectations - Management acknowledged that new centers typically start with lower margins but are expected to reach normal levels quickly, which is factored into guidance [78] Question: Trends in patient referrals and partnerships - Management highlighted that referrals remain a primary channel for new patients, with ongoing investments in partnerships to enhance patient acquisition [64]

Reimagining Mental Health Q4 2025 Earnings Presentation • February 25, 2026 Forward-Looking Statements DISCLAIMERS Cautionary Note Regarding Forward-Looking Statements This presentation and related oral statements, including during any question and answer portion of the presentation, contain forward-looking statements about LifeStance Health Group, Inc. and its subsidiaries ("LifeStance") and the industry in which LifeStance operates, including statements regarding: full-year and first quarter guidance and ...