Scottsdale, Ariz.-based Lifestance Health reported its fourth quarter and full year earnings for 2024 Feb. 27. The company reported a net loss of $7.1 million in the fourth quarter, improving from a loss of $45 million in the same time period last year.
The company operates virtual and in-person outpatient mental health services across 33 states and employs around 7,400 providers.
On a Feb. 27 earnings call, Mr. Burdick told investors the company will be “selective” in pursuing future acquisitions. Any deals will be “focused on expanding capabilities, services or customer segments,” he said.
“We will continue to be primarily dependent on organic growth and will be strategic in pursuing deals that meet our stringent criteria,” he said.
The environment is better for mental health acquisitions than it was two or three years ago, Mr. Burdick told investors. LifeStance has typically chosen “tuck in” acquisitions, he said, but may look toward expanding into new services.
“While there may be tuck-ins, we will have a more expansive view of ways we can strengthen and enhance our value proposition to all stakeholders,” he said. “It could be a business that’s going to provide a particular service that’s going to strengthen the way we do business, it could be a new customer segment.”
Mr. Burdick is handing over the CEO role to Dave Bourdon, who previously served as LifeStance’s CFO. His appointment was effective March 3. Mr. Burdick continues to serve as LifeStance’s executive chair.
