Business
The Joint Corp. Acquires Four Previously Owned Franchised Clinics, Strengthening the Scottsdale/Phoenix Region Cluster
- Expected to be immediately accretive to the bottom line and improve the corporate clinic operating margin - SCOTTSDALE, Ariz., May 23, 2022 (GLOBE NEWSWIRE)
About this update from The Joint Corp.
[{"type":"text","content":"- Expected to be immediately accretive to the bottom line and improve the corporate clinic operating margin -\nSCOTTSDALE, Ariz., May 23, 2022 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), the nation's largest provider of chiropractic care through The Joint Chiropractic® network, acquired four previously owned franchised clinics for $5.8 million on May 19, 2022. “We are expanding and strengthening our corporate portfolio in the Scottsdale/Phoenix region,” said Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “This opportunity arose with a multi-unit franchisee with clinics in both Arizona and California who wished to consolidate their clinics to California only. As these high performing, mature clinics are located in our headquartered region where we already have a cluster of 20 corporate clinics, we will quickly incorporate them into our portfolio. The valuation is in-line with previous acquisitions and reflects the strength of these clinic teams. As such, we expect them to be immediately accretive to the bottom line and improve our corporate clinic operating margin.” 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 operating performance and our growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include, but are not limited to, the continuing impact of the COVID-19 outbreak on the economy and our operations (including temporary clinic closures, shortened business hours and reduced patient demand), our failure to develop or acquire company-owned or managed clinics as rapidly as we intend, our failure to profitably operate company-owned or managed clinics, our inability to identify and recruit enough qualified chiropractors and other personnel to staff our clinics, due in part to the nat...