Business
The Joint Corp. Reports Fourth Quarter and Year-end 2023 Financial Results
- Grew 2023 Revenue 16%, System-wide Sales 12%, and System-wide Comp Sales 4% vs. 2022 - - Increased Clinic Count to 935 at Year-end 2023, Initiating
About this update from The Joint Corp.
[{"type":"text","content":"- Grew 2023 Revenue 16%, System-wide Sales 12%, and System-wide Comp Sales 4% vs. 2022 - - Increased Clinic Count to 935 at Year-end 2023, Initiating Refranchising Program - SCOTTSDALE, Ariz., March 07, 2024 (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, 2023. Financial Highlights: Q4 2023 Compared to Q4 2022 Grew revenue 11% to $30.6 million.Recorded net loss on disposition or impairment of $1.5 million, compared to $50,000.Recorded operating loss of $147,000, compared to operating income of $1.5 million.Recorded non-cash valuation allowance against deferred tax assets of $10.8 million.Reported net loss, including the non-cash valuation allowance, of $11.0 million. This compares to net income of $763,000.Increased system-wide sales1 by 11% to $133.1 million.Reported system-wide comp sales2 of 5%.Reported Adjusted EBITDA of $4.0 million, compared to $4.0 million. Financial Highlights: 2023 Compared to 2022 Grew revenue 16% to $117.7 million.Recorded net loss on disposition or impairment of $2.6 million, compared to $410,000.Reported operating loss of $2.1 million, compared to operating income of $828,000.Reported net loss, including the non-cash valuation allowance, of $9.8 million. This compares to net income of $627,000.Increased system-wide sales1 12% to $488.0 million.Reported comp sales2 of 4%.Reported Adjusted EBITDA of $12.2 million, compared to $11.5 million. 2023 Full Year Operating Highlights Performed 13.6 million patient visits, compared to 12.2 million in 2022.Treated 932,000 new patients, compared to 845,000 in 2022.36% of the new patients in 2023 were new to chiropractic prior to visiting The Joint.Increased system-wide sales1 12%, compared to 21% in 2022.Delivered comp sales2 of 4%, compared to 9% in 2022.Sold 55 franchise licenses, compared to 75 in 2022.Expanded total clinic count to 935, up from 838 clinics at December 31, 2022. Franchised clinics: Opened 104, closed 13, and sold three to corporate, bringing the total to 800 franchised clinics in operation at December 31, 2023, compared to 712 at December 31, 2022.Company-owned or managed clinics: Opened 10, closed four, and acquired three, bringing the total to 135 company-owned or managed clinics in operation a...