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Mindbody says 2017 was its ‘most successful year’ to date

Tour Mindbody’s San Luis Obispo headquarters

Rick Stollmeyer, co-founder and CEO of Mindbody, leads a tour of the San Luis Obispo-based software company's headquarters on Tank Farm Road in April 2015.
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Rick Stollmeyer, co-founder and CEO of Mindbody, leads a tour of the San Luis Obispo-based software company's headquarters on Tank Farm Road in April 2015.

2017 was the “most successful year in Mindbody history” with record revenues and growing momentum in the marketplace, according to the San Luis Obispo company’s CEO.

Mindbody, which sells business management software worldwide for the health and wellness industry, on Feb. 21 reported total revenue of $182.6 million in 2017, a 31-percent increase over revenue in 2016. Net loss for the year was $14.8 million, down 35.7 percent from 2016.

Revenue in the fourth quarter was $49.7 million, up 30 percent, and net loss attributable to common stockholders was $2.9 million, down 25.6 percent from the same period a year ago. In the fourth quarter of 2016, revenue was about $38.2 million, and net loss was $3.9 million.

MindBody CEO and co-founder Rick Stollmeyer told winners of The Tribune's 2017 Top 20 Under 40 awards on Jan. 25, 2018, that the first step to becoming a conscious leader is knowing yourself. "What do you stand for?" he asked. "...What do you want

The company ended the year with 58,584 subscribers — a 3-percent decrease from 2016, according to a company news release.

“Throughout 2017, our platform delivered strong growth in total sessions booked, payments volume and direct consumer engagement,” CEO and co-founder Rick Stollmeyer said in the news release. “We also saw rapid expansion of promoted introductory offer purchases and impressive early adoption of dynamic pricing in Q4. These results all point to the growing momentum of our transaction-enabled marketplace, which focuses on adding the right customers to our platform and promoting their offerings to an ever larger consumer audience.”

Brett White, chief operating officer and chief financial officer, noted, “the fourth quarter underscored the ongoing success of our refined growth strategy, with consistent revenue growth, record (average revenue per subscriber) growth and the best margins in our history.”

Other recent highlights for the company, according to the release:

▪  Acquired FitMetfix in the first quarter of this year; the Atlanta-based digital performance tracking company will enable fitness businesses to deliver a “more immersive experience to their clients.

▪  Appointed Mark Baker as chief revenue officer; Baker will oversee global sales, customer support and business development.

▪  Named to Deloitte’s 2017 Technology Fast 500 for the sixth time.

Looking ahead, Mindbody expects revenues in the first quarter of 2018 to range between $53 million to $54.5 million, and revenues for the entire year to hit between $230 million and $236 million.

Submit news and notes items for Biz Buzz. Email: bizbuzz@thetribunenews.com; on Twitter @SLOBizBuzz; phone: 805-781-7902; fax: 805-781-7905; mail: Biz Buzz, The Tribune, P.O. Box 112, San Luis Obispo, CA 93406-0112.

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