LifeStance Health Group, Inc. Revenue Disclosure
NOTE 3 TOTAL REVENUE
The Company’s total revenue is dependent on a series of contracts with third-party payors, which is typical for providers in the healthcare industry. The Company has determined that the nature, amount, timing and uncertainty of revenue and cash flows are affected by the payor mix with third-party payors which have different reimbursement rates.
The payor mix of fee-for-service revenue from patients and third-party payors consists of the following:
|
|
Year Ended December 31, |
|
|||||||||||||||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||||||||||||||
|
|
Amount |
|
|
% of Total Revenue |
|
|
Amount |
|
|
% of Total Revenue |
|
|
Amount |
|
|
% of Total Revenue |
|
||||||
Commercial |
|
$ |
1,281,322 |
|
|
|
90 |
% |
|
$ |
1,137,919 |
|
|
|
91 |
% |
|
$ |
960,128 |
|
|
|
91 |
% |
Government |
|
|
76,141 |
|
|
|
5 |
% |
|
|
57,882 |
|
|
|
5 |
% |
|
|
44,653 |
|
|
|
4 |
% |
Self-pay |
|
|
56,194 |
|
|
|
4 |
% |
|
|
43,883 |
|
|
|
3 |
% |
|
|
40,797 |
|
|
|
4 |
% |
Total patient service |
|
|
1,413,657 |
|
|
|
99 |
% |
|
|
1,239,684 |
|
|
|
99 |
% |
|
|
1,045,578 |
|
|
|
99 |
% |
Nonpatient service |
|
|
10,628 |
|
|
|
1 |
% |
|
|
11,286 |
|
|
|
1 |
% |
|
|
10,087 |
|
|
|
1 |
% |
Total |
|
$ |
1,424,285 |
|
|
|
100 |
% |
|
$ |
1,250,970 |
|
|
|
100 |
% |
|
$ |
1,055,665 |
|
|
|
100 |
% |
Among the commercial payors, the table below represents insurance companies that individually represented 10% or more of revenue:
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Payor A |
|
|
14 |
% |
|
|
17 |
% |
|
|
19 |
% |
Payor B |
|
|
15 |
% |
|
|
15 |
% |
|
|
13 |
% |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 9, 2023 | |
| 2021 | Mar 17, 2022 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.