Business
The Joint Corp. Reports Second Quarter 2020 Financial Results
- Grows Revenue 13%, Compared to Q2 2019 - - Increases Total Clinic Count to 539, Opening 13 Clinics in Q2 2020 - - Sells 11 Franchise Licenses in Q2 2020 -
About this update from The Joint Corp.
[{"type":"text","content":"- Grows Revenue 13%, Compared to Q2 2019 - - Increases Total Clinic Count to 539, Opening 13 Clinics in Q2 2020 - - Sells 11 Franchise Licenses in Q2 2020 -\n SCOTTSDALE, Ariz., Aug. 06, 2020 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national operator, manager and franchisor of chiropractic clinics, reported its financial results for the quarter and six months ended June 30, 2020. Second Quarter Financial Highlights: 2020 Compared to 2019 Increased system-wide sales1 2%, to $53.5 million.Reported system-wide comp sales2 decrease of 6%.Grew revenue 13%, to $12.6 million.Posted net income of $116,000, compared to $462,000.Reported Adjusted EBITDA of $1.1 million for both periods. Operating Achievements Highlights Sold 11 franchise licenses in the quarter.Increased total clinic count to 539 as of June 30, 2020, up from 530 at March 31, 2020. Opened 13 clinics for a total of 30 in the first half of 2020, one more compared to the first half of 2019. Opened 12 and closed four franchised clinics during the quarter, resulting in 477 franchised clinics.Opened one greenfield in June, resulting in 62 company-owned or managed clinics. 99% of clinics were open as of June 30, 2020.In July, Increased system-wide comp sales2 10%;Sold 14 franchise licenses; andOpened 6 franchised clinics and one greenfield clinic, bringing the total clinic count to 546. “Our solid financial performance in the second quarter of 2020 was driven by strong clinic operations, clinic openings and franchise license sales, demonstrating the resiliency of our business model especially in light of the COVID-19 pandemic,” said Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “We provide convenient, affordable chiropractic care, which our patients validate as an essential healthcare service. The need for pain relief - particularly in a natural, holistic way - continues to grow. Our strategy to expand the market through retail clinics continues to build our brand, increase the awareness of chiropractic care and attract new patients. A recent marketing initiative successfully reengaged frozen memberships. A second promotion welcomed new patients, at no charge for their initial visit, resulting in converting those patients to packages and memberships at record levels.” “Our franchise growth shows the strength of our value proposition. In 2020...