Mindbody, San Louis Obispo, California, is rallying this week after its stock price took a hit last week on its first day of trading as a public company.
Mindbody opened trading June 19 on the NASDAQ at $16.22 per share and closed down 17.43 percent at $11.56 per share. It closed Monday up 12 percent at $12.95 and moved 7.34 percent higher to close at $13.90 on Tuesday.
Mindbody raised $100.1 million after pricing its IPO of 7.15 million shares at $14 per share, beating its initial estimate of $89.3 million.
Mindbody CEO and Co-founder Rick Stollmeyer rang the NASDAQ's opening bell last Friday.
"We're not getting distracted by the noise of the stock market. Our focus right now is continuing to grow the business around the world," Stollmeyer said during an interview on CNBC. "We're really happy with where our business is going right now, and it's a great time to go public."
Mindbody, which offers software to fitness facilities, has more than 42,000 local business subscribers on its platform in 124 countries, according to the filing. Its more than 250,000 practitioners provide a variety of wellness services to more than 24 million active consumers.
In the CNBC interview, Stollmeyer compared Mindbody to online rental service Airbnb and mobile taxi service Uber.
"This is a transaction-enabled platform," he said. "So, you can think of us like an Airbnb, like an Uber where the consumer can actually engage directly, find the services around them and actually fulfill the transaction."
Mindbody reported $6.3 billion in transactions occurred between consumers and subscribers within its marketplace in the 12 months ending March 31. Of that, $4.3 billion flowed through its payment platform.
Mindbody reported total revenue increased from $32 million in 2012, to $48.7 million in 2013, to $70 million in 2014. It reported net losses of $5.5 million in 2012, $16.2 million in 2013 and $24.6 million in 2014. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was negative $18.8 million in 2014.
Mindbody is listed as 'MB' on the NASDAQ. It filed for the IPO on May 11.