MindBody revenues grow, net loss narrows
Revenues for San Luis Obispo cloud-based business management software company MindBody grew 35 percent in the fourth quarter of 2016, narrowing its net loss for the year to $23 million, or 58 cents per share.
Net losses for the quarter were $1.6 million, or 4 cents per share, down from $6.5 million for the same period in 2015, or 17 cents per share. For the full fiscal year in 2015, the company lost $27.4 million, on revenues of around $101.45 million, compared to full-year 2016 revenues of $139 million.
Subscribers grew 17 percent year over year to 60,385, according to a Feb. 8 earnings announcement, which highlighted the company’s partnerships with Google and others.
The company stated expectations of $41.6 million-$42.6 million in revenue for the current quarter and a 29-31 percent growth in revenue for the year, but net losses of $2.7 million-$5.7 million on a non-generally accepted accounting principle basis.
“We exited 2016 with significant business momentum, accelerating payments revenue and volume growth, and record ARPS and gross margin,” Brett White, chief operating officer and chief financial officer, said in a news release.
The company had cash and cash equivalents of $85.86 million, with $143.52 million in total liabilities.
• Contact Marissa Nall at email@example.com.