Mindbody reported a 17 percent growth in end-of-year subscribers to 60,385. During the fourth quarter, the average monthly revenue per subscriber also increased by 15 percent to $212.
Mindbody's year-end report noted a partnership with Google to help users book classes directly via Google Maps and the company being named No. 338 in Deloitte’s 2016 Technology Fast 500 list. (Photo courtesy Mindbody.)
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.
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