Business
The Joint Corp. Reports Fourth Quarter and Year-end 2022 Financial Results
- Grew Q4 2022 Revenue 26%, System-wide Sales 18%, and System-wide Comp Sales 8% vs. Q4 2021 -- Increased Clinic Count to 838 at Year-end 2022, Including 126
About this update from The Joint Corp.
[{"type":"text","content":"- Grew Q4 2022 Revenue 26%, System-wide Sales 18%, and System-wide Comp Sales 8% vs. Q4 2021 -- Increased Clinic Count to 838 at Year-end 2022, Including 126 Company-Owned or Managed Clinics - SCOTTSDALE, Ariz., March 09, 2023 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and franchisor of chiropractic clinics, reported its financial results for the quarter and year ended December 31, 2022. Financial Highlights: Q4 2022 Compared to Q4 2021 Grew revenue 26% to $27.8 million.Recorded operating income of $1.3 million, compared to $7,000.Reported net income of $547,000, compared to a net loss of $360,000.Increased system-wide sales1 by 18%, to $120.1 million.Reported system-wide comp sales2 of 8%.Reported Adjusted EBITDA of $4.0 million, compared to $2.1 million. Financial Highlights: 2022 Compared to 2021 Grew revenue 26% to $101.9 million.Posted operating income of $2.1 million, compared to $5.4 million.Recorded net income of $1.2 million, compared to $6.6 million.Increased system-wide sales1 21% to $435.3 million.Reported comp sales2 of 9%.Reported Adjusted EBITDA of $11.5 million, compared to $12.6 million. 2022 Full Year Operating Highlights Performed 12.2 million patient visits, compared to 10.9 million in 2021.Treated 845,000 new patients, compared to 807,000 in 2021.Sold 75 franchise licenses, compared to 156 in 2021.Grew total clinics to 838, 712 franchised and 126 company-owned or managed clinics, up from 706 clinics at December 31, 2021. Opened 121 franchised clinics and 16 company-owned or managed greenfield clinics, for a total of 137 new clinics in 2022, as compared to 130 new clinics in 2021.Closed five franchised clinics.Acquired 16 previously franchised clinics and sold two company-owned or managed clinics. “Our strong close to 2022 bolstered our foundation for continued management of near-term consumer uncertainty and enhanced our positioning for long-term growth,” said Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “In Q4, our system-wide comps reflect the success of our annual holiday promotions: “Back Friday” increased 32% and “End-of-Year” increased 44% over 2021. Already in 2023, we have won several awards from Entrepreneur, Franchise Business Review and Franchise Times, recognizing our leadership among all franchise concepts for performance and prof...