Business
The Joint Corp. Reports Preliminary Second Quarter 2023 Financial Results
- Grew Q2 2023 Preliminary Revenue 18% and Preliminary Adjusted EBITDA 23% vs. Q2 2022 - - Evaluating Programs to Cull Approximately 10% of the Corporate
About this update from The Joint Corp.
[{"type":"text","content":"- Grew Q2 2023 Preliminary Revenue 18% and Preliminary Adjusted EBITDA 23% vs. Q2 2022 - - Evaluating Programs to Cull Approximately 10% of the Corporate Portfolio - SCOTTSDALE, Ariz., Sept. 13, 2023 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and franchisor of chiropractic clinics, reported its preliminary financial results for the second quarter ended June 30, 2023. Preliminary Financial Highlights: Q2 2023 Compared to Q2 2022 Grew preliminary revenue 18% to $29.3 million.Reported preliminary operating loss of $375,000, compared to $1.3 million.Reported preliminary loss before income tax expense of $481,000, compared to $1.3 million.Increased system-wide sales1 by 13%, to $120.1 million.Reported system-wide comp sales2 of 5%.Reported preliminary Adjusted EBITDA of $3.2 million, compared to $2.6 million. Q2 2023 Operating Highlights Sold 21 franchise licenses, compared to 17 in Q1 2023 and 24 in Q2 2022.Grew total clinic count to 890, 756 franchised and 134 company-owned or managed, up from 870 clinics at March 31, 2023. Opened 23 franchised clinics and three company-owned or managed greenfield clinics, for a total of 26 new clinics, as compared to 34 new clinics in Q2 2022.Closed four franchised clinics and two company-managed clinics, as compared to one franchised clinic in Q2 2022. Subsequent to quarter end through September 12, 2023, opened 19 franchised clinics and two greenfield clinics, bringing the total number of clinics opened to 911. “Our system-wide sales, preliminary revenue, and preliminary Adjusted EBITDA grew in second quarter of 2023 compared to the prior year period, reflecting our ongoing franchise license sales, clinic openings, and new patient acquisition,” said Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “Our team is dedicated to improving clinic performance and company profitability. To fuel greater increases in revenue and drive higher new patient acquisition counts, we are executing additional digital, automated and traditional marketing strategies. To lower our G&A expense run rate, we are implementing cost reduction efforts. And, to improve our bottom line, we are evaluating our corporate portfolio. As a first step, we expect to cull approximately 10% of our owned or managed clinics in accretive transactions. This strategy is supported ...