The Beachbody Company, a U.S.-based subscription health and wellness company, reported total revenue of $198.9 million for the first quarter ended March 31, down 12 percent from 2021 and down 6 percent from 2019. Digital revenue was $81.7 million, down 14 percent from 2021; digital subscriptions were 2.46 million, down 10 percent from 2021 and up 48 percent from 2019.
The company went public in the summer of 2021 after merging with Myx Fitness Holdings, a U.S. provider of connected exercise bikes. Connected fitness revenue was $19.5 million, up from none in 2021, which preceded the Myx Fitness acquisition. Beachbody said it shipped about 16,600 bikes in the first quarter of 2022. Before the merger, connected fitness’ first-quarter 2021 revenue was $14.7 million, with approximately 11,900 bikes shipped. Nutrition and other revenue was $97.7 million, a 25 percent decrease compared to 2021, with nutrition subscriptions of 0.30 million, compared to 0.42 million in 2021 and 0.38 million in 2019. The net loss was $73.5 million, compared to a net loss of $30.1 million in 2021 and a net income of $7.5 million in 2019. Adjusted Ebitda was a negative $19.1 million, compared to a negative $11.7 million in 2021 and a positive $22.0 million in 2019.
“We were pleased to deliver top-and-bottom line results in the first quarter that were ahead of our guidance. This momentum, coupled with a positive response to new launches, demonstrates our ability to quickly create demand through compelling content as well as the power of our synergistic approach that combines digital fitness, nutrition and community within a single ecosystem,” said Carl Daikeler, Beachbody’s co-founder, chairman, and CEO. “Our performance in a dynamic environment also reflects the resilience and agility of our content-driven business. With a steady cadence of exciting content launches throughout 2022 and a focus on disciplined marketing and efficient customer acquisition, we expect to not only drive revenue but also further enhance our operating metrics. We remain on track to deliver significant cost savings this year as we implement our One Brand strategy and other organizational efficiencies.”
For the second quarter of 2022, the company expects total revenue of $175 million to $185 million and an adjusted Ebitda loss of $7 million to $12 million.
