Mindbody, the San Luis Obispo, Calif.-based provider of cloud-based business management software for the wellness services industry that went public last year, grew revenue by 35 percent in third quarter 2016.
Mindbody generated $35.3 million in third quarter 2016 revenue compared to $26.1 million in third quarter 2015, according to financial results the company released last week. Net loss was $5.9 million in third quarter 2016 compared to a net loss of $9.6 million in the same period last year.
The company’s subscription and services revenue in third quarter 2016 was $21.2 million, a 33 percent increase over the same period a year ago as the company added 2,795 subscribers in the quarter and now serves more than 58,500 subscribers worldwide.
For the first nine months of 2016, Mindbody generated $100.1 million in revenue compared to $73.1 million in the first nine months of 2015. Net loss in the first nine months of 2016 was $19 million compared to $26.3 million in the first nine months of 2015.
Mindbody recently acquired technology company HealCode and launched a new integration partnership with Under Armour through its MyFitnessPal app.
“Under Armour represents a technology partnership that really broadens the audience for our customer services,” Mindbody co-founder and CEO Rick Stollmeyer told analysts on a conference call, according to a transcript on SeekingAlpha.com. “It’s incredibly important to us. MyFitnessPal has over 16 million consumer users in the United States highly skewed towards fitness-oriented active people, majority female as well. It’s way too early to comment on the results of it and we just launched it a few weeks ago. I can tell you that the teams on both sides are excited about it, and what’s most important to us is that our subscribers are excited about it.”
Last week, Mindbody appointed Cipora Herman, former CFO of the NFL’s San Francisco 49ers and former vice president of finance at Facebook, to its board of directors.