MINDBODY, San Louis Obispo, California, reported first-quarter revenue of $42.2 million, according to financials released last week.
The first-quarter revenue represented a year-over-year quarterly increase of 32 percent for the cloud-based business management software provider. Subscription and services revenue during the first quarter increased 30 percent to $25 million, and payments revenue increased 38 percent to $16.8 million.
MINDBODY’S end-of-period subscribers grew 12 percent year-over-year to a total of 59,919 across 130 countries and territories. Average monthly revenue per subscriber also jumped 15 percent to $230, while payments volume increased 22 percent to $1.9 billion.
“We had a strong start to the year, with positive early returns from our high-value subscriber growth strategy, the nationwide rollout of our Google integration, and the timely acquisition of Lymber,” co-founder and CEO Rick Stollmeyer said in a May 4 media release. “These developments reflect our focus on accelerating business and consumer engagement across our platform, fueling the growth of wellness businesses worldwide and helping millions more people live healthier, happier lives.”
In the conference call with analysts, Stollmeyer lauded MINDBODY’S “refined” subscriber growth strategy that helped to increase the rate of inventory growth on the MINDBODY App and MINDBODY Network during the quarter. Additionally, he highlighted the company’s expanded Google integration, which is now allowing users to book fitness classes directly via Google Maps.
In other quarterly news, MINDBODY acquired Lymber Wellness in March. The management solutions technology company is expected to offer a more dynamic pricing engine to the product platform of MINDBODY. The company also announced former NBA star Earvin “Magic” Johnson will be the keynote speaker at its annual BOLD conference in San Diego this September.
Looking forward, Stollmeyer is expecting second-quarter revenue in the range of $43.6 million to $44.6 million, as well as year-end revenue in the range of $179 million to $182 million.
In February, MINDBODY reported 2016 revenue of $139 million, a 37 percent increase from 2015.