NEW YORK, United States — MINDBODY, the leading provider of cloud-based business management software for businesses in the wellness industry, has announced record year-end revenues of $101.4 million.
Ending its first year as a public company positively, thanks to a record number of subscriber additions and 45% total revenue growth, Rick Stollmeyer, co-founder and CEO said the results highlighted the company’s success, despite a net loss of $36 million.
“We experienced strong growth and improved margins as we increased subscriber, consumer and API partner adoption worldwide and as we look to 2016 and beyond, our network effects are stronger than ever and we are excited to deliver even more value to our subscribers and consumers in the years ahead,” explained Stollmeyer.
Since its launch in 2001, MINDBODY, which currently serves over 51,000 businesses globally including a large number of independent boutique fitness studios, has scaled in the wellness industry at an exponential rate.
Enabling business owners to manage the day-to-day running of their companies, the software provider, which is widely recognised for its online booking platform, has now grown its services to become a notable consumer brand.
The MINDBODY App launched in January and uses location and past activities to help people find, book and pay for personalised wellness experiences in their local area. It has already attracted over 2.8 million users. However, Stollmeyer insists that its software clients will remain MINDBODY’s key focus.
“In our hearts our clients will always come first, but the MINDBODY App is a way of bringing more people into the ecosystem of wellness and into the process of fostering their success,” he says.
Highlighting this commitment, Stollmeyer and his team have launched a number of value added services, which he hopes will help MINDBODY’s clients to grow.
The MINDBODY University, a forum for users to learn, get inspired, and get the most out of their MINDBODY system, as well as a yet-to-be launched user community called MINDBODY One – an independent organisation facilitating global meetups for MINDBODY users, provide the wellness industry with more transparency, says Stollmeyer.
“The nature of the wellness industry means there are millions of independent operators and that’s one of the things we love about it. It’s not dominated by corporate brands, but that means each of these business owners need the support, the tools, the community and the information,” he argues.
Setting up both virtual and real platforms in which their clients can come together as a community, share their triumphs and pains and learn, is what excites Stollmeyer and it will continue to play a large role in MINDBODY’s future growth strategy.
“Our plans are to bring in larger audiences both through the app and our partnerships with large consumer brands, particularly those that are centered around health and wellness,” says Stollmeyer.
And beyond 2016? Aside from delivering even more value to their subscribers and consumers, the goal is to reach profitability.