Business
The Joint Corp. Reports Fourth Quarter and Full Year 2019 Financial Results
- Grows Annual System-Wide Sales 33% and Comp Sales 25%, Compared to 2018 - - Increases Annual Net Income to $3.3 Million, Compared to $147,000 in 2018 --
About this update from The Joint Corp.
[{"type":"text","content":"- Grows Annual System-Wide Sales 33% and Comp Sales 25%, Compared to 2018 - - Increases Annual Net Income to $3.3 Million, Compared to $147,000 in 2018 -- More than Doubles Adjusted EBITDA to $6.2 Million, Compared to $2.9 Million in 2018- - Increases Franchise Licenses Sales to 126, Compared to 99 in 2018- - Targets 1,000 Clinics by End of 2023 - \n SCOTTSDALE, Ariz., March 05, 2020 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national operator, manager and franchisor of chiropractic clinics, reported its financial results for the fourth quarter and full year ended December 31, 2019. Fourth Quarter Financial Highlights: 2018 Compared to 2019 Increased gross system-wide sales1 34%, to $62.5 million.Grew system-wide comp sales2 26%.Reported quarterly net income of $1.3 million, an improvement of $855,000.Nearly doubled Adjusted EBITDA to $2.1 million, compared to $1.1 million. Annual Financial Highlights: 2018 Compared to 2019 Increased annual system-wide sales1 33%, to $220.3 million.Grew system-wide comp sales2 25%.Posted annual net income of $3.3 million, compared to $147,000.Achieved positive Adjusted EBITDA for the tenth consecutive quarter and second full year since being public.More than doubled Adjusted EBITDA to $6.2 million, compared to $2.9 million.Increased cash generated by operating activities by $2.1 million to $7.5 million, which funded the corporate clinic portfolio expansion. Unrestricted cash was $8.5 million at December 31, 2019, compared to $8.7 million at December 31, 2018. 2019 Operating Achievements Performed 7.7 million patient visits, up from 6.0 million in 2018.Treated 585,000 new patients, up from 435,000 in 2018.Sold 126 franchise licenses in 2019, compared to 99 sold in 2018.Increased total clinic count to 513 as of December 31, 2019: up from 442 at December 31, 2018. 453 franchised clinics at December 31, 2019: Opened 71 and closed 4 clinics.60 company-owned or managed clinics at December 31, 2019: Acquired 8 from franchisees, opened 5 greenfields and closed 1 clinic. In February, opened the first 2020 greenfield, increasing the Los Angeles region cluster and bringing the corporate portfolio to 61 as of today, March 5, 2020. _______________________________ 1 System-wide sales include sales at all clinics, whether operated by the Company or by franchisees. While franchised sales are not reco...