Business
The Joint Corp. Reports Second Quarter 2023 Operating Highlights
– System-wide Sales Grew 13% to $120.1 Million – – Unrestricted Cash $13.6 Million at June 30, 2023, Compared to $9.7 Million at December 31, 2022 ––
About this update from The Joint Corp.
[{"type":"text","content":"– System-wide Sales Grew 13% to $120.1 Million – – Unrestricted Cash $13.6 Million at June 30, 2023, Compared to $9.7 Million at December 31, 2022 –– Increased Clinics to 890 at June 30, 2023 and Achieved the 900 Clinic Milestone in August 2023 – SCOTTSDALE, Ariz., Aug. 10, 2023 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and franchisor of chiropractic clinics, posted operating highlights for the second quarter ended June 30, 2023. Q2 2023 Operating Highlights Increased system-wide sales1 by 13%, to $120.1 million.Reported system-wide comp sales2 of 5%.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 August 8, 2023, opened nine franchised clinics and one greenfield clinic, bringing the total number of clinics opened to 900. “In the second quarter of 2023, we posted system-wide sales growth of 13% year-over-year supported by our ongoing franchise license sales, clinic openings, and new patient acquisitions, even during this environment of continued economic uncertainty,” said Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “Continually striving to do better, we are enhancing national brand building and implementing additional digital, automated and traditional marketing strategies to drive new patient acquisitions. “Looking forward, our maturing corporate portfolio has reached the natural point where we will critically evaluate unit performance, and we may sell, close or relocate clinics due to such factors as the loss of an anchor store in the strip center or changes in the local retail markets. Importantly, these transactions would be accretive and free key resources to be applied in more productive areas. In addition, with critical attention on G&A, we are focused on reducing our ongoing expense run rate. “That said, the underlying chiropractic care market fundamentals and long-term growth drivers remain strong. The pain, opioid...