November 24, 2023
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MindBody reports revenue increase, narrows loss in second quarter


San Luis Obispo-based software firm MindBody substantially narrowed its loss for the second quarter, an indication the company’s plan to reach profitability is on track.

The company said July 27 that its revenue jumped 36 percent to $33.6 million as its loss, using generally accepted accounting principles or GAAP, narrowed to $6.6 million or 16 cents per share from $13.3 million or 87 cents a year earlier. The company said that its non-GAAP loss was just $4.2 million or 10 cents per share.

“The second quarter produced excellent results, highlighted by consistently strong revenue growth and substantial improvement on the bottom line,” said Rick Stollmeyer, co-founder and CEO. The company also said that subscription and services revenue was $20.1 million, a 35 percent increase, and payments revenue jumped 39 percent to $12.9 million.

The company said that it has an agreement with Under Armour to connect its digital fitness customers with MindBody’s fitness activities. In addition, Brett White, CFO, will add chief operating officer duties, MindBody said.

MindBody expects revenue of $137 million to $139 million with a non-GAAP loss of $16.3 million to $18.3 million for the full year. MindBody shares were little changed in after-hours trading on Nasdaq.

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