Business
The Joint Corp. Acquires 8 Previously Franchised Clinics and Opens 2 Greenfield Clinics, Increasing the Corporate Portfolio to 74 Clinics
SCOTTSDALE, Ariz., April 06, 2021 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national operator, manager and franchisor of chiropractic clinics,
About this update from The Joint Corp.
[{"type":"text","content":"SCOTTSDALE, Ariz., April 06, 2021 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national operator, manager and franchisor of chiropractic clinics, reported corporate clinic activity that increased the number of company-owned or managed clinics to 74 as of April 1, 2021. In January 2021, The Joint Clinic opened one greenfield in the Los Angeles, CA market and on April 1, 2021 opened another greenfield in Yuma, AZ. Also, on April 1, 2021, the company acquired eight previously franchised clinics, all of which are expected to be immediately accretive to the bottom line. Two clinics are in the Phoenix/Scottsdale market and expand the company’s presence in its strong headquarters’ region. Six of the clinics are in North Carolina and resulted from a multi-unit franchisee selling its portfolio of clinics. The North Carolina transaction, made possible by the recent repurchase of regional developer rights for the territory, broadens the company’s foothold in the Southeast. All of these acquisitions were anticipated and included in the company’s guidance as of March 4, 2021, which stated management expects company-owned or managed clinics to increase between 20 and 30, compared to four in 2020, through a combination of both greenfields and franchised clinic purchases. “We continue to execute our clinic expansion strategy augmenting clinic clusters and leveraging our marketing, operations, and brand recognition,” stated Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “These opportunistic acquisitions further expand our presence in our strong home market and significantly increase our position in the Southeast. As we move through the year, we expect to accelerate building corporate greenfield clinics strategically located within our clusters and new markets. While new greenfield clinics initially suppress the total company earnings, in the long run they are expected to be accretive. We will continue to prioritize growth through greenfield and franchise clinic openings, as we drive toward our goal of 1,000 clinics opened by the end of 2023.” Forward-Looking StatementsThis press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of industry trends, our future financial and o...