MINDBODY Reports 40 Percent Growth in 2018 Q2 Revenue

MINDBODY, San Louis Obispo, California, reported second quarter revenue of $61.6 million, a 40 percent increase over the same period last year, according to financials released July 31.

Subscription and services revenue during the quarter grew by 48 percent to $38.5 million, while payments revenue jumped 26 percent to $22.3 million.

“Q2 marks our first quarter post-Booker acquisition, and we are pleased to report strong operating results and progress on integration of the two companies,” MINDBODY CEO Rick Stollmeyer said in a media release. “With more fitness, beauty and wellness businesses on our platform than ever before, and the best go-to-market team in the industry, we have taken a substantial step towards our purpose of helping hundreds of millions of people live healthier, happier lives.”

Subscribers increased by 15 percent during the quarter to 68,142. Average monthly revenue per subscriber also increased 20 percent year over year to $293.

MINDBODY’s adjusted EBITDA for the quarter was $500,000 versus $1.7 million during the same period last year.

“We delivered strong revenue growth in the second quarter, driven by the continued shift of our subscriber base into higher priced software tiers,” MINDBODY Chief Operating Officer Brett White said in the release. “These customers drive our business as they deliver the vast majority of GMV and payments volume.”

For the third quarter, MINDBODY is targeting revenue in the range of $63 million to $65 million, an increase of at least 35 percent year over year. For the full year, the company is expecting revenue in the range of $246 million to $250 million, also an increase of at least 35 percent.

In May, MINDBODY launched its new brand app for Android and iOS.