Mindbody’s subscription and services revenue grew 33 percent to $21.2 million, and payments revenue jumped 41 percent to $13.5 million. (Photo by Mindbody.)
Revenue for Mindbody, San Luis Obispo, California, grew to $35.3 million, a 35 percent increase year-over-year, according to quarterly financials released by the company Thursday.
“The third quarter marked another quarter of strong revenue growth and operating discipline,” co-founder and CEO Rick Stollmeyer said in the report. “We added 2,795 subscribers in the quarter and are now serving more than 58,500 subscribers worldwide. Additionally, we saw excellent growth in adoption and engagement across our platform and completed the acquisition of HealCode, one of our most successful technology partners.”
Mindbody’s subscription and services revenue grew 33 percent to $21.2 million, and payments revenue jumped 41 percent to $13.5 million.
The company saw total subscribers grow 20 percent since this period last year. Average monthly revenue per subscriber also increased 12 percent.
In the report, the company highlighted its new app, MyFitnessPal, a collaboration with partner Under Armour. The app, which helps exercisers connect with nearby fitness classes, has 60 million registered users in the United States and "can now easily discover, book and pay for classes at tens of thousands of fitness studios in the Mindbody network across the country," according to the report.
Mindbody's annual conference, BOLD 2016, was held this month in Hollywood and saw doubled attendance from 2015, the report said.
For the final quarter of 2016, Mindbody is anticipating revenue between $37.7 million and $38.7 million, marking at least 33 percent growth since the same time last year. For 2016, the company is forecasting $138.5 million to $139.5 million in annual revenue, an increase of at least 37 percent since 2015.