Mindbody, San Luis Obispo, California, reported 2016 revenue of $139 million, a 37 percent increase year-over-year, and fourth quarter revenue of $38.2 million, marking a 35 percent increase over the fourth quarter of 2015, according to financials released last Wednesday.
"2016 was a great year for MINDBODY, with strong growth in high-value subscribers, particularly in our fitness and salon/spa markets, impressive expansion of the MINDBODY Network marketing platform and an 82 percent increase in MINDBODY app registered users," co-founder and CEO Rick Stollmeyer said in the release. "These successes combined with increasingly powerful partnerships and improving margins give us a great deal of confidence and excitement for the year ahead."
In the fourth quarter, the company saw a 44 percent increase in its payments revenue ($15.3 million) and a 32 percent increase in its subscription and services revenue ($22.4 million). Specifically, the report highlighted a 17 percent growth in end-of-year subscribers to 60,385. Last quarter, the average monthly revenue per subscriber also increased by 15 percent to $212.
Mindbody saw steady growth throughout 2016, reporting $32 million in quarter one, $33.6 million in quarter two and $35.3 million in quarter three.
The quarterly and year-end earnings both exceeded Mindbody’s financial forecasts from last October, which projected at least $37.7 million and $138.5 million, respectively.
Other year-end highlights in the report include: a partnership with Google to help users book classes directly via Google Maps; a new custom-branded Web solution created with assets acquired from HealCode; the appointment of Cornerstone OnDemand CEO Adam Miller to the company board of directors; and being named No. 338 in Deloitte’s 2016 Technology Fast 500 list.
Mindbody (NASDAQ:MB) closed Friday at $24.35 per share. Its stock price is trading in a 52-week range between $10.18 and $25.20