LifeStance is one of the largest outpatient mental health providers in the U.S., with roughly 8,000 employed clinicians across 33 states. LifeStance offers psychiatric evaluations, medication management, psychological testing, and individual, group, and family therapy across roughly 570 centers. Patients can be seen in person or virtually through LifeStance's digital platform, with about 70% of visits occurring virtually. LifeStance generates revenue on a per-visit, fee-for-service basis, billing patients' insurers at negotiated rates. About 90% of revenue comes from commercial in-network payors. Revenue is driven by two variables: visit volumes (a function of clinician headcount and productivity) and revenue per visit (driven by payer contract rates). Clinicians are compensated as W-2 employees on a per-visit basis, so labor costs and revenue move in tandem, making center-level operating efficiency and G&A leverage the key margin drivers. LifeStance also has a small but growing specialty services business (~$50M in FY25 revenue) focused on treatment-resistant depression treatments and neuropsychological testing, which management views as higher-margin than core services. Growth is primarily organic, driven by clinician net adds of roughly 9-10% annually, productivity improvements, and low- to mid-single-digit payer rate increases. LifeStance also opens 20-30 new de novo centers per year and pursues small tuck-in acquisitions for geographic expansion.