Business
The Joint Corp. Reports Third Quarter 2020 Financial Results
- Grows Revenue 21%, Compared to Q3 2019 – - Reports Record Net Income of $1.6 Million, Up 160% Compared to Q3 2019 –- Posts Record Adjusted EBITDA of $2.6
About this update from The Joint Corp.
[{"type":"text","content":"- Grows Revenue 21%, Compared to Q3 2019 – - Reports Record Net Income of $1.6 Million, Up 160% Compared to Q3 2019 –- Posts Record Adjusted EBITDA of $2.6 Million, Up 84% Compared to Q3 2019 - - Increases Total Clinic Count to 560, Opening 22 Clinics in Q3 2020- - Sells 30 Franchise Licenses in Q3 2020, Up from 28 in Q3 2019 - \n SCOTTSDALE, Ariz., Nov. 05, 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 nine months ended September 30, 2020. Financial Highlights: Q3 2020 Compared to Q3 2019 Increased system-wide sales1 by 21%, to $68.3 million.Reported system-wide comp sales2 increase of 12%.Grew revenue by 21%, to $15.4 million.Posted record net income of $1.6 million, compared to $617,000.Reported record Adjusted EBITDA of $2.6 million, up from $1.4 million. Operating Highlights Opened 22 clinics in Q3 2020, equal to Q3 2019.Increased total clinic count to 560 as of September 30, 2020: 497 franchised clinics: 21 opened and 1 closed during Q3 2020.63 company-owned or managed clinics: 1 greenfield opened during Q3 2020. Sold 30 franchise licenses in Q3 2020, compared to 28 in Q3 2019. “Our strong third quarter performance demonstrates our growth momentum is once again taking hold,” said Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “Chiropractic care is an essential healthcare service, which is the foundation of our business model’s resiliency. Outside of increased sanitization and cleanliness procedures, our core concept has remained unchanged. Throughout the pandemic, our patients have continued to rely on their chiropractic care while our doctors have been there to serve them. We thank our patients for their confidence in us and our doctors and staff for their commitment to improving their quality of life.” “Our third quarter revenue, profitability, and franchise license sales improved over the same period a year ago, and even more dramatically when compared to the second quarter of 2020. Our strong license sales have set the stage for increased upcoming franchise clinic openings, which we will augment with new corporate clinics. This increases revenue, scale and brand recognition. Confident in our progress, we are reestablishing 2020 full year guidance and expect both rev...