MindBody Inc., a San Luis Obispo company that sells business management software for the health and wellness industry worldwide, on Wednesday reported total revenue of $44.1 million for the second quarter, up 31 percent from the same period a year ago. Net loss for the quarter ending June 30 was $4.4 million, compared with a net loss of $6.6 million in the year-earlier period.
The company also added 6 percent more subscribers in the second quarter than it had in the second quarter of 2016, according to a company news release.
“We delivered strong topline results in the second quarter,” Brett White, chief operating officer and chief financial officer, said in the release. “Additionally, we saw early positive effects of our refined subscriber growth strategy, demonstrated by our expanding year over year margins and accelerating ARPS growth.”
CEO and co-founder Rick Stollmeyer said the company focused its subscriber acquisition efforts in the second quarter on “those businesses that contribute significant amounts of inventory to our platform.
“We realized rapid growth in consumer adoption and engagement,” Stollmeyer added. “This represents substantial progress towards our goal of a transaction-enabled marketplace that will serve more than one hundred million consumers.”
Other highlights for the quarter, according to the company:
▪ Subscription and services revenue was $26 million, up 29 percent year over year.
▪ Payment revenue was $17.6 million, up 37 percent.
▪ Average monthly revenue per subscriber grew 21 percent year over year, to about $244.
▪ Payments volume increased 22 percent year over year to more than $1.9 billion.
▪ It named Mike Mansbach as president; Josh Todd, formerly of Localytics and Constant Contact, as chief marketing officer; and Court Cunningham, former CEO of Yodle, to the Board of Directors.
Going forward, the company expects revenue for the third quarter to be between $45.1 million and $46.1 million, up 28 to 31 percent, and revenue for the entire year to be between $179 million and $182 million, up 29 to 31 percent. The company expects the net loss for the year to be between $2.7 million and $4.7 million.