Joint Corp. Reports Q2 Record Financial Results, Raises All Elements of Guidance

 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.

Raised 2021 Guidance

Due to strong second quarter 2021 revenues, as well as increased franchise openings and greenfield activity, management raised all elements of its 2021 financial guidance.

• Revenue is now expected to be between $77.0 million and $79.0 million, up from the May 6, 2021 guidance of between $73.5 million and $77.5 million. The updated mid-point reflects a 33% increase compared to $58.7 million in 2020.
• Adjusted EBITDA - which includes the impact of a greater number of greenfields that will be more heavily weighted in the second half of the year - is expected to be between $12.5 million and $13.5 million, up from prior guidance of between $11.0 million and $12.5 million. The updated mid-point reflects a 43% increase compared to $9.1 million in 2020.
• The expected number of franchised clinic openings has increased to be between 90 and 110, up from 80 to 100. The updated mid-point reflects a 57% increase compared to 70 in 2020.
• The expected number of company-owned or managed clinic increases, through a combination of both greenfields and buybacks, has increased to be between 25 and 35, up from 20 to 30 clinics. The updated mid-point is 7.5 times greater than 4 opened in 2020.

Conference Call
The Joint Corp. management will host a conference call at 5 p.m. ET on Thursday, August 5, 2021, to discuss the second quarter 2021 results. Shareholders and interested participants may listen to a live broadcast of the conference call by dialing 765-507-2604 or 844-464-3931 and referencing code 5959205 approximately 15 minutes prior to the start time. The accompanying slide presentation will be in the IR section of the website under Presentations and in Events. A live webcast of the conference call will also be available on the IR section of the company’s website at https://ir.thejoint.com/events. An audio replay will be available two hours after the conclusion of the call through August 13, 2021. The replay can be accessed by dialing 404-537-3406 or 855-859-2056. The passcode for the replay is 5959205.

https://www.globenewswire.com/news-release/2021/08/05/2276001/32957/en/The-Joint-Corp-Reports-Second-Quarter-2021-Record-Financial-Results-Raises-All-Elements-of-Guidance.html