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MindBody revenues grew 35 percent in third quarter

By   /   Wednesday, October 26th, 2016  /   Comments Off on MindBody revenues grew 35 percent in third quarter

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MindBody continued on its path to profitability during the third quarter as revenues grew 35 percent.

Revenues increased from $26 million during the same quarter of 2015 to $35.2 million in 2016. Net losses also decreased 39 percent from $9.62 million in 2015 to $5.89 million in 2016.

Chief Financial Officer Brett White said on a quarterly earnings call the company now expects to be profitable using the Earnings Before Taxes, Interest, Depreciation and Amortization metric by the end of the first quarter of 2017. White said the San Luis Obispo company should see a “non-GAAP net loss break even in Q4 of 2017” as the company shoots for profitability.

On Oct. 4, MindBody announced long-awaited details of a partnership with global sportswear and equipment manufacturer Under Armour.

Users of Under Armour’s MyFitnessPal app, which is available only on iPhone, can now find fitness classes near them through the app. MindBody splits an undisclosed fee with Under Armour that shops pay.

MindBody CEO Rick Stollmeyer declined to say how successful early results have been.

“It’s way too early to comment on the success of this,” Stollmeyer said. “We just launched this a few weeks ago. You can expect us to do more of this. There are other partnerships we are seeking.”

He declined to say when the MyFitnessPal app and MindBody’s feature may be available on android devices though.

“I guess you’ll have to ask them,” Stollmeyer said. “We couldn’t comment on when they’ll roll out additional apps.”

Stollmeyer did say he sees big potential for international expansion.

“The market in the (United Kingdom) and (European Union) is at least as big as North America,” Stollmeyer said.

MindBody continued its rapid expansion during the quarter with the acquisition of a small company as well. On Sept. 6, MindBody acquired Austin, Texas-based developer HealCode, which develops web and mobile apps for holistic health service companies.

MindBody and HealCode worked closely together previously and about 7,500 of MindBody’s 55,000 subscribers already used HealCode widgets in MindBody software for things like client alerts, scheduling and appointments.

On Oct. 24, MindBody named Cipora Herman to its board of directors. In April, Herman stepped down from her post as the San Francisco 49ers chief financial officer after spending almost four years with the team.

Before joining the 49ers, Herman served as a treasurer and vice president of finance at Facebook from 2007 to 2012. She also served in the same role at Yahoo between 2006 and 2007.

The company said her diverse experiences and leadership history played a large role in her appointment.

In 2013, Herman also led the 49ers’ efforts to secure financing for their new stadium, which opened in Santa Clara in 2014 and held Super Bowl 50 this past February.

• Contact Philip Joens at [email protected]

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