Business
The Joint Corp. Reports First Quarter 2022 Financial Results
- Grew Revenue 28%, System-wide Sales 27%, and System-wide Comp Sales 15%, Versus Q1 2021 -- Opened 31 Clinics, Including 27 Franchised - the Most for a First
About this update from The Joint Corp.
[{"type":"text","content":"- Grew Revenue 28%, System-wide Sales 27%, and System-wide Comp Sales 15%, Versus Q1 2021 -- Opened 31 Clinics, Including 27 Franchised - the Most for a First Quarter in the Company’s History -- Achieved Milestone of 100 Corporate Portfolio Clinics, Bringing Total Clinics to 736 - SCOTTSDALE, Ariz., May 05, 2022 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and franchisor of chiropractic clinics, reported its financial results for the quarter ended March 31, 2022. Financial Highlights: Q1 2022 Compared to Q1 2021 Grew revenue 28% to $22.4 million.Recorded net loss of $206,000, compared to net income of $2.3 million.Increased system-wide sales1 by 27%, to $98.8 million.Reported system-wide comp sales2 increase of 15%.Reported Adjusted EBITDA of $1.8 million, compared to $3.5 million. Recent Operating Highlights Sold 22 franchise licenses in Q1 2022, compared to 26 in Q1 2021.Increased total clinics to 736 at March 31, 2022, 636 franchised and 100 company-owned or managed, up from 706 at December 31, 2021. Opened 27 new franchised clinics in Q1 2022, compared to 12 in Q1 2021.Opened four greenfield clinics in Q1 2022, compared to one in Q1 2021.Closed one franchised clinic in Q1 2022, compared to none in Q1 2021. Acquired the regional developer (RD) territory rights in Northern New Jersey in March for $250,000 and in Northern California in April for $2.4 million. “During first quarter of 2022, we continued to drive growth, achieving the milestone of 100 corporate clinics and opening the most franchised clinics in any first quarter in the history of the company,” said Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “While increasing labor costs and higher turnover impacted the entire system’s bottom line, the pace of our corporate clinic revenue growth was also impacted by the increasing magnitude and speed of the expansion of our corporate portfolio. Committed to executing our long-term growth strategy, we have added operational support to return the corporate portfolio to its strong trajectory, and we are implementing tactics to address today’s market. In forging the chiropractic dream, we are creating a more attractive environment to recruit and retain doctors of chiropractic. In harnessing the power of our data, we are finalizing our roadmap to create individualized an...