MINDBODY Announces 37 Percent Q3 2018 Growth, Increase in Conference Attendance

MINDBODY recently reported its third quarter revenue.
(Photo courtesy MINDBODY.) MINDBODY announced that 2,000 people attended its annual MINDBODY BOLD Conference in San Diego (Sept. 18-20), which featured a keynote presentation from Michelle Obama.

MINDBODY, San Louis Obispo, California, reported third quarter revenue of $63.8 million, a 37 percent increase over the same period last year, according to financials released Nov. 6.

Subscription and services revenue during the quarter grew by 44 percent to $40.8 million, while payments revenue jumped 24 percent to $22 million.

“This was our first full quarter with two distinct go-to-market teams for fitness, beauty and wellness,” MINDBODY CEO Rick Stollmeyer said in a media release. “Our recent acquisitions have introduced greater operational challenges than expected in the back half of the year. Yet we achieved multiple successes in Q3, are in a unique strategic position and are excited about our long term growth opportunities.”

Subscribers increased by 14 percent during the quarter to 68,364. Average monthly revenue per subscriber also increased 19 percent year over year to $309.

MINDBODY’s adjusted EBITDA for the quarter was $700,000 versus $2.5 million during the same period last year.

“In the third quarter we delivered the highest average monthly subscription revenue for new subscribers in the history of both the MINDBODY and Booker platforms,” MINDBODY Chief Operating Officer Brett White said in the release. “As the newly formed Beauty and Wellness team ramps, we expect to continue to grow our target market customer base, increase our platform partnerships and expand our consumer brand into 2019.”

For the fourth quarter, MINDBODY is targeting revenue in the range of $65 million to $67 million, an increase of at least 31 percent year over year. For the full year, the company is expecting revenue in the range of $246 million to $250 million, an increase of at least 35 percent.

In other news, MINDBODY announced that 2,000 people attended its annual MINDBODY BOLD Conference in San Diego (Sept. 18-20), which featured a keynote presentation by Michelle Obama. This marks a 45 percent attendance increase from 2017.

In October, the company confirmed that a data subset of the consumers managed by digital fitness tracking platform FitMetrix may have been publicly breached online. No personal health data or account credentials were exposed, MINDBODY told Club Industry, and FitMetrix's data sets have since been re-secured.

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