Business
The Joint Corp. Reports Second Quarter 2021 Record Financial Results, Raises All Elements of Guidance
- Grows Revenue 61%, System-wide Sales 64%, and System-wide Comp Sales 53%, Compared to Q2 2020 - - Reports Operating Income of $2.0 Million, Up 687% Compared
About this update from The Joint Corp.
[{"type":"text","content":"- Grows Revenue 61%, System-wide Sales 64%, and System-wide Comp Sales 53%, Compared to Q2 2020 - - Reports Operating Income of $2.0 Million, Up 687% Compared to Q2 2020 - - Posts Adjusted EBITDA of $3.8 Million, Up 237% Compared to Q2 2020 - SCOTTSDALE, Ariz., Aug. 05, 2021 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and franchisor of chiropractic clinics, reported its financial results for the quarter ended June 30, 2021. Financial Highlights: Q2 2021 Compared to Q2 2020 Grew revenue 61% to $20.2 million.Increased system-wide sales1 by 64%, to $87.8 million.Reported system-wide comp sales2 of 53%.Posted operating income of $2.0 million, compared to $259,000.Reported Adjusted EBITDA of $3.8 million, compared to $1.1 million. Q2 2021 Operating Highlights Sold 63 franchise licenses, compared to 11 in Q2 2020.Increased total clinics to 633 at June 30, 2021, 555 franchised and 78 company-owned or managed, up from 592 at March 31, 2021. Opened 36 new franchised clinics, compared to 12 in Q2 2020.Opened 5 greenfield clinics, compared to 1 in Q2 2020.Acquired 8 previously franchised clinics, compared to no activity in Q2 2020. “Our business model continues to deliver strong financial results,” said Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “In the second quarter, we broke records in franchise license sales, clinic openings, and system-wide sales driving all-time highs for the first half of the year. The six-month total for franchise license sales rose to 89, up from 35 and 75 for 2020 and 2019, respectively. The clinic openings for the first six months of the year increased to 54, up from 30 and 29 in 2020 and 2019, respectively. Additionally, system-wide sales reached 64% year-over-year, up from 2% and 34% in the second quarters of 2020 and 2019, respectively.” “More importantly, our future is even brighter. These trends support long-term growth, which we expect to continue to accelerate and build upon our financial foundation. Already, we have opened 6 greenfield clinics in 2021, and we anticipate a faster pace in the latter half of the year. Based on performance and activity, we raised every element of our guidance. We continue to march toward our goal of 1,000 open clinics by the end of 2023, which we expect to be a tipping point for national brand recognition to ...