Outpatient & Specialty Care Stocks Q4 Highlights: LifeStance Health Group (NASDAQ:LFST)

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q4. Today, we are looking at outpatient & specialty care stocks, starting with LifeStance Health Group (NASDAQ:LFST).

The outpatient and specialty care industry delivers targeted medical services in non-hospital settings that are often cost-effective compared to inpatient alternatives. This means that they are more desired as rising healthcare costs and ways to combat them become more and more top-of-mind. Outpatient and specialty care providers boast revenue streams that are stable due to the recurring nature of treatment for chronic conditions and long-term patient relationships. However, their reliance on government reimbursement programs like Medicare means stroke-of-the-pen risk. Additionally, scaling a network of facilities can be capital-intensive with uneven return profiles amid competition from integrated healthcare systems. Looking ahead, the industry is positioned to grow as demand for outpatient services expands, driven by aging populations, a rising prevalence of chronic diseases, and a shift toward value-based care models. Tailwinds include advancements in medical technology that support more complex procedures in outpatient settings and the increasing focus on preventive care, which can be aided by data and AI. However, headwinds such as reimbursement rate cuts, labor shortages, and the financial strain of digitization may temper growth.

The 7 outpatient & specialty care stocks we track reported a mixed Q4. As a group, revenues beat analysts’ consensus estimates by 2.5% while next quarter’s revenue guidance was in line.

Luckily, outpatient & specialty care stocks have performed well with share prices up 17.2% on average since the latest earnings results.

With over 6,600 licensed mental health professionals treating more than 880,000 patients annually, LifeStance Health (NASDAQ:LFST) provides outpatient mental health services through a network of clinicians offering psychiatric evaluations, psychological testing, and therapy across 33 states.

LifeStance Health Group reported revenues of $382.2 million, up 17.4% year on year. This print exceeded analysts’ expectations by 1%. Overall, it was a very strong quarter for the company with a beat of analysts’ EPS estimates and full-year EBITDA guidance beating analysts’ expectations.

“2025 was an exceptional year for LifeStance and reflects sustained execution across the organization,” said Dave Bourdon, CEO of LifeStance.

LifeStance Health Group scored the fastest revenue growth of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 1.8% since reporting and currently trades at $7.01.

Is now the time to buy LifeStance Health Group? Access our full analysis of the earnings results here, it’s free.

With over 2,600 dialysis centers across the United States and a presence in 13 countries, DaVita (NYSE:DVA) operates a network of dialysis centers providing treatment and care for patients with chronic kidney disease and end-stage kidney disease.

DaVita reported revenues of $3.62 billion, up 9.9% year on year, outperforming analysts’ expectations by 3.2%. The business had a very strong quarter with a solid beat of analysts’ full-year EPS guidance estimates and an impressive beat of analysts’ revenue estimates.

The market seems happy with the results as the stock is up 35.2% since reporting. It currently trades at $150.32.

Is now the time to buy DaVita? Access our full analysis of the earnings results here, it’s free.

With more than 180 locations across 33 states serving as alternatives to traditional hospital settings, Surgery Partners (NASDAQ:SGRY) operates a national network of outpatient surgical facilities including ambulatory surgery centers and short-stay surgical hospitals.

Surgery Partners reported revenues of $885 million, up 2.4% year on year, exceeding analysts’ expectations by 1.9%. Still, it was a softer quarter as it posted full-year revenue and EBITDA guidance missing analysts’ expectations.

Surgery Partners delivered the slowest revenue growth and weakest full-year guidance update in the group. As expected, the stock is down 8% since the results and currently trades at $14.61.

Read our full analysis of Surgery Partners’s results here.

Transforming how doctors care for seniors by shifting financial incentives from volume to outcomes, agilon health (NYSE:AGL) provides a platform that helps primary care physicians transition to value-based care models for Medicare patients through long-term partnerships and global capitation arrangements.

agilon health reported revenues of $1.57 billion, up 3.1% year on year. This result topped analysts’ expectations by 7.2%. Taking a step back, it was a mixed quarter as it also logged EBITDA guidance for next quarter exceeding analysts’ expectations but full-year revenue guidance missing analysts’ expectations significantly.

agilon health delivered the biggest analyst estimates beat and highest full-year guidance raise among its peers. The company added 8,000 customers to reach a total of 511,000. The stock is up 97.2% since reporting and currently trades at $24.65.

Read our full, actionable report on agilon health here, it’s free.

With a nationwide network spanning 46 states and over 2,700 healthcare facilities, Select Medical (NYSE:SEM) operates critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers across the United States.

Select Medical reported revenues of $1.40 billion, up 6.4% year on year. This number surpassed analysts’ expectations by 2.3%. Taking a step back, it was a slower quarter as it produced a significant miss of analysts’ full-year EPS guidance estimates.

The stock is up 2.1% since reporting and currently trades at $16.41.

Read our full, actionable report on Select Medical here, it’s free.

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These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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