Mindbody, San Louis Obispo, California, reported $24.8 million in total revenue for the second quarter, according to financials released Tuesday by the company.
The $24.8 million reflected a 49 percent year-over-year increase in the second quarter. Subscription and services revenue was $14.9 million (56 percent increase) and payments revenue was $9.3 million (50 percent increase).
"Our strong second quarter results demonstrate the powerful network effects taking hold across our SaaS platform," Mindbody CEO Rick Stollmeyer said in a statement. "As more wellness businesses adopt our software, they bring more consumers to our web and mobile applications, who then bring additional partners to our platform. In the second quarter, these network effects accelerated our subscriber and revenue growth, increased average monthly revenue per subscriber and improved our gross margin."
Mindbody expects to report revenue in the range of $98 million to $100 million in 2015, which would represent a 40 percent to 43 percent growth over 2014.
At the end of the second quarter, the company had 45,665 subscribers in 132 countries, reflecting a year-over-year growth of 27 percent. Mindbody generates approximately $185 in monthly revenue per subscriber.
Mindbody's payments volume increased 23 percent year over year to approximately $1.24 billion.
"We are very pleased with our financial results in the second quarter, with strong performance across all of our key metrics," Chief Financial Officer Brett White said in a statement.
Mindbody entered into a strategic partnership with Xero during the second quarter, a cloud-based small business accounting software with more than 540,000 subscribers in 180 countries. The partnership is expected to help grow subscribers and grow dollar-based net expansion rate in the future.
Mindbody debuted on the NASDAQ June 19 at $16.22 per share. It closed Tuesday down 3.25 percent for the day at $9.24. It was trading eight percent higher at $9.98 in early after-hours trading.
Mindbody reported generally accepted accounting principles (GAAP) net loss attributable to common stockholders of $13.3 million in the second quarter, or 87 cents per share, compared to a net loss of $8.8 million (80 cents) during the second quarter of last year.
Below is Mindbody's supplemental financial data sheet for the second quarter.