mindbody-logo-770.jpg Photo courtesy MINDBODY.
MINDBODY CEO Rick Stollmeyer expects third-quarter revenue in the range of $45.1 million to $46.1 million, as well as $179.5 million in year-end revenue.

MINDBODY Reports 31 Percent Second-Quarter Growth to $44.1 Million

On the heels of a 32 percent jump in its first-quarter revenue, MINDBODY hit its second-quarter target of at least $43.6 million.

MINDBODY, San Louis Obispo, California, reported a 31 percent increase in second-quarter revenue to $44.1 million, according to financials released July 26.

The software company's subscription and services revenue during the first quarter increased 29 percent to $26 million, while payments revenue increased 37 percent to $17.6 million.

MINDBODY’S end-of-period subscribers grew 6 percent year-over-year to a total of 59,345 worldwide. Average monthly revenue per subscriber also jumped 21 percent to $244, while payments volume increased 22 percent to $1.9 billion.

“In the second quarter, we continued to focus our subscriber acquisition efforts on those businesses that contribute significant amounts of inventory to our platform, and we realized rapid growth in consumer adoption and engagement,” co-founder and CEO Rick Stollmeyer said in a media release. “This represents substantial progress towards our goal of a transaction-enabled marketplace that will serve more than one hundred million consumers.”

MINDBODY's adjusted EBITDA for the quarter was $1.7 million, compared to an adjusted EBITDA loss in second quarter 2016 of $1.9 million.

MINDBODY's second-quarter growth follows a 32 percent jump in first-quarter revenue, as reported in May. Executives also hit their second-quarter target range of $43.6 million to $44.6 million.

Looking forward, Stollmeyer said he expects third-quarter revenue in the range of $45.1 million to $46.1 million, representing 28 percent to 31 percent growth year-over-year. He also anticipates $179.5 million in year-end revenue.

In other news, MINDBODY acquired Lymber Wellness in March and announced former NBA star Earvin “Magic” Johnson will be the keynote speaker at its BOLD conference in San Diego in September.

TAGS: Vendors
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