MINDBODY S-1 Analysis (MB)

Exchange: TBA

Proposed Symbol: MB

Employees: 1100

CEO: Richard L. Stollmeyer

Offer Amount: $100 mm

No. of Shares to be sold in IPO: TBA

No. of Shares Outstanding: TBA

Price Range: TBA

Mkt Cap at Midpoint of Proposed range: TBA

Expected IPO Date: TBA

Description from S-1: “Our vision is to leverage technology to improve the wellness of the world. We are the leading global online wellness marketplace with over 42,000 local business subscribers on our platform in 124 countries and territories employing over 250,000 practitioners who provide a variety of wellness services to over 24 million active consumers. Our integrated cloud-based business management software and payments platform for the wellness services industry helps our subscribers simplify the way they run their businesses, attract and engage more consumers, boost their revenues and focus more on what they love to do – improving people’s lives. Moreover, we help consumers more easily evaluate, engage and transact with these subscribers, enabling them to live healthier and happier lives. We are also the largest payments platform dedicated to the wellness services industry. In the 12 months ended March 31, 2015, $6.3 billion in transactions occurred between consumers and subscribers within our marketplace, of which $4.3 billion flowed through our payments platform.”

From the S-1

Underwriters:

  • Lead Underwriter: Morgan Stanley, Credit Suisse, UBS Securities
  • Co-Managers:  Pacific Crest Securities, JMP Securities

Competitors: Front Desk HQ, Skeduler, 10to8, BookSteam

Revenue:

  • 2012 = $32 mm
  • 2013 = $48.7 mm
  • 2014 = $70 mm
  • 3 months ended 03/31/15 = $22.3 mm
    • 3 months ended 03/31/14 = $15.7 mm, representing a 42% YoY increase

Net Losses:

  • 2012 = $5.5 mm
  • 2013 = $16.2 mm
  • 2014 = $24.6 mm

Net Profit:

  • 2012 = $18.59 mm
  • 2013 = $26.8 mm
  • 2014 = $40.01 mm

Cash = $22.1 mm

Total Assets = $71.077 mm

Subscribers for year ended December 31st

  • 2012 = 22,062
  • 2013 = 31,043
  • 2014 = 40,517

Avg. Monthly Revenue per subscriber

  • 2012 = $131K
  • 2013 = $146K
  • 2014 = $155K

Other Notes

  • Based in San Luis Obispo, CA
  • Founded as HardBody Software in 2000
    • name changed to MINDBODY in 2002
  • MINDBODY is a provider of business management software for the beauty, health and wellness industries.
  • MINDBODY’s SaaS management solution allows local businesses (SMBs) to manage all aspects of their operations within a single system, including:
    • Web scheduling and staff management
    • point-of-sale and payment processing
    • automated marketing and e-commerce
  • The company’s platform is accessible at all times to business owners and staff, as well as their clients, via Web and mobile apps.
  • Venture Capitalists:
    • Bessemer Venture Partners
    • Catalyst Ventures
    • Institutional Venture Partners
    • Montreux Equity Partners
    • W Capital Partners
  • Funding:
    • $14 mm – 09/07/10
    • $9 mm – 09/02/11
    • $35 mm – 11/01/12
    • $50 mm – 02/20/14
  • Valuation during latest round of funding = $450 mm
  • According to Accenture (ACN), consumer healthcare is a $502 billion market that will grow by almost 50% to $737 billion over the next five years
  • Over 500,000 people at more than 42,000 businesses in 124 countries depend on MINDBODY’s SaaS management solution, according to a company press release.
  • MINDBODY estimates their market penetration to be approximately 1%
  • MINDBODY has been listed on the Inc. 500/5000 list as one of the fastest growing companies in the United States for the past six consecutive years
  • MINDBODY was recently selected for Glassdoor’s 2015 Employee Choice Awards
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