LifeStance Health Group, Inc. (LFST) Presents at Morgan Stanley 24th Annual Global Healthcare Conference Transcript

SA Transcripts 162.21K Followers Follow LifeStance Health Group, Inc. ( LFST ) Morgan Stanley 24th Annual Global Healthcare Conference September 15, 2026 10:00 AM EDT Company Participants David Bourdon - CEO & Director Conference Call Participants Craig Hettenbach - Morgan Stanley, Research Division Presentation Craig Hettenbach Morgan Stanley, Research Division All right. Great. Good morning, everyone. I'm Craig Hettenbach, lead coverage of health care technology and providers. Very pleased to have with us LifeStance today, CEO, Dave Bourdon. Just as a heads up before we get started for disclosures, you can find them on the Morgan Stanley website, www.morganstanley.com/researchdisclosures. Question-and-Answer Session Craig Hettenbach Morgan Stanley, Research Division So Dave, with that out of the way, I thought we'd just kind of set the tone on just the overall outpatient mental health market, still very fragmented. Just kind of your positioning in this market just as a starting point. David Bourdon CEO & Director Yes. First of all, thanks for having us, Craig. It's always great to be here with you. Outpatient mental health industry is unlike anything else in the health care ecosystem, as you know it today. So highly, highly fragmented industry, the majority of practitioners are 1099 and they're in small practices or even individual practices. You still have a good percentage of them that don't even accept insurance. So there's still cash pay only. And I think you read about that. You hear that in the news of people having trouble getting access to affordable care, which means you're not able to use your health benefits. So that's the industry. Obviously, you have the increasing demand for services that we all hear about. The social stigma is reducing, which again only puts pressure on this fragmented industry. And then you step into where LifeStance is. So we're the leader by far, the largest national practice of outpatient mental health