Mindbody CEO: We'll be profitable in 2017

Rick Stollmeyer sits down with FOXBusiness.com's Jade Scipioni.

Mindbody CEO: We’ll Be Profitable in 2017

By Industries FOXBusiness

Mindbody, Inc. (MB), the online wellness platform service, has had both an exciting and a tough year in 2015. The company, which went public in June, raised over a $100 million, but has yet to become profitable.

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“This business can be profitable at any time. All we have to do is ease off the gas a little bit in growth and R&D, but right now there is a huge opportunity to deliver even more value and services to our clients and expand our client base,” Rick Stollmeyer, CEO of Mindbody Inc. tells FOXBusiness.com.

This wellness brand, which started in 2000, has over 50,000 business subscribers in over 130 countries.

“We have twice as many locations as Starbucks,” he adds. “And now we’re putting more emphasis in growing overseas.”

Mindbody is also growing as an emerging consumer platform with the launch of their new Mindbody App.

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“We just re-released it last month with a new marketing platform that actually promotes introductory offers from our clients. We’re doing that to connect more and more people to these activities to help them live happier and healthier lives.”

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The app also allows companies to cross promote when booking an activity or service.

“You may be booking your hair appointment on our app and you will then see offers to go try this barre class.”

Stollmeyer says the last six months have been an exciting time to run the company even after their earlier stock market struggles.

“The first thing that you have to learn as a CEO at a public company is not to get obsessed with the stock price. When we went public our stock [price] actually went down for awhile,” he says. “But we have been really pleased to see the stock come back up and it has appreciated nicely. In fact, it’s held up quite well in a tough market that we’ve had recently.”

The one thing that isn’t slowing down, adds Stollmeyer, is the amount consumers are spending on health and wellness.

“I think people, particularly the Millennial generation, are taking care of themselves better. Being healthy first is the most important value and we are really seeing a real shift across the world.”

 

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