Business
The Joint Corp. Reports Third Quarter 2021 Financial Results
- Grows Revenue 36%, System-wide Sales 37%, and System-wide Comp Sales 27%, Compared to Q3 2020 -- Sold 44 Franchise Licenses, Compared to 30 in Q3 2020 --
About this update from The Joint Corp.
[{"type":"text","content":"- Grows Revenue 36%, System-wide Sales 37%, and System-wide Comp Sales 27%, Compared to Q3 2020 -- Sold 44 Franchise Licenses, Compared to 30 in Q3 2020 -- Opened 33 Clinics, Including 5 Greenfields, Bringing the Total Corporate Count to 83 at Quarter End -- Raised 2021 Guidance on Franchise Openings, Revenue and Adjusted EBITDA - SCOTTSDALE, Ariz., Nov. 04, 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 September 30, 2021. Financial Highlights: Q3 2021 Compared to Q3 2020 Grew revenue 36% to $21.0 million.Increased system-wide sales1 by 37%, to $93.4 million.Reported system-wide comp sales2 increase of 27%.Posted operating income of $1.3 million, compared to $1.7 million.Recorded net income of $1.9 million, compared to $1.6 million.Reported Adjusted EBITDA of $3.3 million, compared to $2.6 million. Q3 2021 Operating Highlights Sold 44 franchise licenses, compared to 30 in Q3 2020.Increased total clinics to 666 at September 30, 2021, 583 franchised and 83 company-owned or managed, up from 633 at June 30, 2021. Opened 28 new franchised clinics, compared to 21 opened and 1 closed during Q3 2020.Opened 5 greenfield clinics, compared to one in Q3 2020. Subsequent to quarter end, opened one greenfield and acquired 4 previously franchised clinics, bringing the total company-owned or managed clinics to 88 as of November 1, 2021. “Our momentum continued in the third quarter, as we executed on our long-standing strategy to build The Joint brand by opening franchised and corporate owned or managed clinics in retail settings,” said Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “By quarter end, we expanded our total clinic count to 666, keeping us on track to achieve our goal of 1,000 clinics in operation by the end of 2023. “Meanwhile, our growth indicators continue to accelerate. According to ChiroEconomics research3, an average clinic of The Joint financially outperforms the average solo practitioner, attracting more franchisees into our brand. For the nine-month period, we sold 132 franchise licenses, up from 65 in the same period last year. At quarter end, we had 295 franchise licenses in active development, compared to 218 at September 30, 2020. In addition, in 2020, 484,000 new...