YogaWorks Inc., Los Angeles, reported $15.7 million in 2019 first quarter revenue, a 1.2 percent increase compared to the same period last year, according to financials released May 14.
The company's adjusted EBITDA remained flat at a deficit of $1.1 million, while its net losses positively decreased by $700,000 to a deficit of $3.3 million.
"We started fiscal 2019 on a strong note and are extremely pleased to have delivered financial results at the high end of our expectations as we remain focused on growing our base business and delivering improved EBITDA performance," CEO Rosanna McCollough said in a media release about the financials. "We are particularly pleased with our revenue performance given our decision not to anniversary the discounted class packages, which were offered throughout the first quarter of last year. ... In addition, we continued to create innovative programming and further diversified our class offerings, drove increased demand through enhanced marketing initiatives, and took steps to further optimize our studio base."
YogaWorks' share price (NYSE: YOGA) has steadily declined over the last year from $2.28 per share on May 16, 2018, to 76 cents per share on May 15, 2019.
Additionally, YogaWorks' studio count grew from 66 to 68 since the same period last year.
For the second quarter, the company is targeting revenue in the range of $14.3 million to $15.1 million—a possible decrease from last year's $14.9 million. For the full year of 2019, YogaWorks is targeting at least $60 million in revenue.
In March, YogaWorks reported a 9.3 percent increase in its 2018 revenue to $59.6 million.
"Overall, we are excited to see many of our initiatives are beginning to bear fruit and look forward to updating you on our continued progress," McCollough said of the first quarter. "Importantly, the work we are doing today will set us up nicely for long-term scalable growth, and we still have tremendous opportunity ahead.”