Mindbody says it's poised for 'strong growth' after major acquisitions this year

After a series of major acquisitions in the first quarter of the year, San Luis Obispo based health and wellness company Mindbody says it it poised for "strong growth for years to come."

Mindbody, which sells business management software worldwide for the health and wellness industry, on May 8 reported total revenue of $53.8 million in the first quarter of 2018, a 28 percent increase over the same quarter in 2017.

Net loss for the quarter ending March 31 was $1.7 million, down 56 percent from 2017, according to a company news release. Subscription and services revenue grew 31 percent to $32.7 million.

The company ended the quarter with 57,909 subscribers — a 3 percent decrease from 2017 — though those subscribers were spending more on average per month compared with the year prior, $302 per month this year compared with $230 per month in 2017, according to a company news release.

"Q1 was a pivotal quarter for MINDBODY," CEO and co-founder Rick Stollmeyer said in the news release. "With nearly 45 million consumer bookings on our mobile apps and a more than doubling of promoted offer sales year over year, our consumer marketplace strategy is in full swing. Now, with the acquisitions of FitMetrix, Booker and Frederick we are positioned for an acceleration of consumer adoption and strong growth for years to come."

Brett White, chief operating officer and chief financial officer added:

"Our pricing and refined subscriber growth strategy contributed to excellent unit economics and yet another quarter of improving profitability while we continue to invest in our business."

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

• Released new version of Mindbody app
  
  
• Completed acquisition of Booker Software Inc., a business management platform for salons and spas, on April 2. The acquisition adds approximately 10,000 salons and spas to the Mindbody marketplace.
  
  
• Acquired performance tracking company FitMetrix on Feb. 19.
  
  

The company expects revenue next quarter to grow to between $59.5 million and $61.5 million; revenue for the full year is expected to hit between $246 million and $252 million.

This story was originally published May 11, 2018 at 12:13 PM with the headline "Mindbody says it's poised for 'strong growth' after major acquisitions this year."