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MINDBODY (Nasdaq: MB) | Company Profile, History, Competitors

 

MINDBODY (NASDAQ: MB) provides business and customer management software for the wellness industry, including gyms, yoga studios, hair salons and spas. As of 2017, MINDBODY had over 59,000 subscribers. It was founded in 2001 and headquartered in San Luis Obispo, CA.

MINDBODY was founded in 2001 by Rick Stollmeyer and Blake Beltram. In 2005, the MINDBODY online platform was launched. The service provides online management tools and payment processing for wellness companies to manage their business.

Business Overview

MINDBODY operates in two main segments:
  • Subscriptions (49% of 2017 Revenues): Provides online software to help wellness companies manage their business.
  • Payments (39% of 2017 Revenues) Helps wellness companies process in-store, in-app, online payments from their customers.

Subscriptions Segment

MINDBODY's core business is providing cloud-based business management software for wellness companies. The software helps manage staff schedules, marketing efforts, customer outreach, booking and scheduling/payments.
  • Scheduling Manages the space available at the location and sees if there is attendance space
  • Booking Provides platform for customers to book appoints either online, in-app, or in-store.
  • Staff Management Helps manage staff scheduling and payroll management services.
  • Billing Helps set up in-store, online booking and recurring membership payments options
  • Analytics Tracks financials, profits and customer retention rates
  • Social Networking Helps post class schedules and customer scheduling through social network accounts

On pricing, MINDBODY offers four different subscription levels for its software:
  • Starter Package $75/month, basic package with core features
  • PRO Package $125/month, additional loyalty tracking and analytics
  • Accelerate Package $195/month, additional marketing campaign software
  • Ultimate Package $290/month, subscriber branded mobile app and MINDBODY university cources

Payments Segment

MINDBODY also provides an integrated payments platform for wellness companies. When customer make in-store, in-app, or online purchases for classes, MINDBODY helps process the payments for a fee (about 1% of revenues).

Customers

MINDBODY's target customers are small and medium-sized health and wellness providers such as yoga and pilates studios, training centers, spas, salons, music studios, and gyms.

Competition

Its main competitors are other wellness software providers including Booker, Vagaro and Zen Planner.

History

The company was founded in 2001 by Rick Stollmeyer and Blake Beltram. In 2005, the MINDBODY online platform was launched. In 2015, the company went public.

Management

Richard L. Stollmeyer (CEO): Richard serves as CEO and Founder since 2011.

Brett White (CFO): Brett serves as CFO since 2013. Prior, he was CFO of Meru Networks, Kana Software and Broadbase Software.

Financials

 $ USD in millions    2013    2014 2015 2016 2017
 Revenues $48 
$70 
$101 
$139 
$183 
 Gross Profit $27 
$40 
 $64 
 $96 
 $131 
 Operating Profit($16)($24)($35)($21)($14)
 Net Income($44)($46)($46)($44)($23)
 EPS($1.64)($1.67)($1.68)($0.58)($0.33)

MINDBODY, Inc.
 
  Ticker     NASDAQ: MB
  Industry Technology
  Founded 2001
  Headquarters San Luis Obispo, CA
  Subscribers 59,000 (2017)
  Revenues
$183mm (2017)
  Employees 1,426 (2017)
  Website mindbody
online.com