0001612630FALSE00016126302025-05-082025-05-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 8, 2025

The Joint Corp.
(Exact Name of Registrant as Specified in Charter)

Delaware001-36724 90-0544160
(State or other jurisdiction(Commission File Number)(IRS Employer
of incorporation)Identification No.)
16767 N. Perimeter Drive, Suite 110
Scottsdale, Arizona 85260
(Address of principal executive offices) (Zip Code)

(480) 245-5960
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001JYNT
The NASDAQ Capital Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 §CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.
On May 8, 2025, The Joint Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2025. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished in this Item 2.02 and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.
The Company is posting an earnings presentation to its website at https://ir.thejoint.com/. A copy of the earnings presentation is being furnished herewith as Exhibit 99.2. The Company will use the earnings presentation during its earnings conference call on May 8, 2025 and also may use the earnings presentation from time to time in conversations with analysts, investors and others.

The information furnished in this Item 7.01 and Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.

The information contained in Exhibit 99.2 is summary information that is intended to be considered in the context of the Company’s filings with the SEC. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
Number        Exhibits



104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE JOINT CORP.
Date:
May 8, 2025
By:/s/ Sanjiv Razdan
Sanjiv Razdan
President and Chief Executive Officer

99.1
logoa.jpg

The Joint Corp. Reports First Quarter 2025 Financial Results
- Grew revenue from continuing operations 7% compared to Q1 2024 -
- Increased system-wide sales 5% for Q1 2025, demonstrating economic resilience -

SCOTTSDALE, Ariz., May 8, 2025 – The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and franchisor of chiropractic clinics, reported its financial results for the quarter ended March 31, 2025. The results of operations of the corporate clinics business segment have been classified as discontinued operations for all periods presented, and the following figures represent continuing operations unless otherwise stated.

Q1 2025 Financial Highlights
●Grew revenue to $13.1 million, up 7% compared to Q1 2024.
●Increased system-wide sales1 5% to $132.6 million, demonstrating economic resilience.
●Reported comp sales2 of 3%.
●Reported net loss from continuing operations of $506,000, compared to $399,000 in Q1 2024.
●Adjusted EBITDA is as follows:
Three Months Ended March 31,
20252024
from Continuing Operationsfrom Discontinued OperationsNet Operationsfrom Continuing Operationsfrom Discontinued OperationsNet Operations
Adjusted EBITDA$46,394$2,808,595$2,854,989$424,708$3,082,007$3,506,715


Q1 2025 Operating Highlights
●Sold 9 franchise licenses in Q1 2025, compared to 15 in Q1 2024, reflecting the impact of the refranchising process.
●Opened five franchised clinics; refranchised two corporate clinics; and closed one corporate clinic during Q1 2025.
●Increased the clinic count to 969 at March 31, 2025:
847 franchised and 122 company-owned or managed.

President and Chief Executive Officer of The Joint Corp. Sanjiv Razdan, “In 2025, we are augmenting our position as the leading chiropractic care provider and becoming a pure-play franchisor. During this year of transition, we are implementing marketing, operations and training initiatives to strengthen our core, reignite growth, and improve clinic and company level profitability. Our stronger digital marketing will attract patients to our clinics and be amplified by our powerful brand message refresh in the latter half of the year. Our dynamic pricing options, new engaging mobile app, improved patient experience and enhanced chiropractic care wellness education are designed to extend memberships. These changes
1 System-wide sales include revenues at all clinics, whether operated or managed by the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information is important in understanding the company’s financial performance, because these revenues are the basis on which the company calculates and records royalty fees and are indicative of the financial health of the franchisee base. 
2 Comp sales include the revenues from both company-owned or managed clinics and franchised clinics that in each case have been open at least 13 full months and exclude any clinics that have closed.
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increase the potency and flexibility for our model as we navigate consumer sentiment and drive toward growth in net new clinic openings, system-wide sales, comp sales and Adjusted EBITDA.”

Financial Results for First Quarter Ended Mar. 31, 2025 Compared to Mar. 31, 2024
The results of operations of the corporate clinics business segment have been classified as discontinued operations for all periods presented, and the following figures represent continuing operations unless otherwise stated.
Revenue increased 7% to $13.1 million in the first quarter of 2025, compared to $12.2 million in the first quarter of 2024. The growth from a greater number of franchised clinics in operation offset the effects of the extra sales day in the 2024 leap year and the February 2025 promotion to drive existing patient acquisition by offering a lower rate for the first month of membership. Cost of revenue was $3.0 million, compared to $2.7 million in the first quarter of 2024, reflecting the associated higher regional developer royalties and commissions and the greater number of franchised clinics in operation.
Selling and marketing expenses were $3.5 million, compared to $2.2 million in the first quarter of 2024, reflecting the carrying costs of two agencies while implementing smooth transition to the new team that will execute the strengthened digital marketing strategy. Depreciation and amortization expenses increased 10% for the first quarter of 2025, compared to the first quarter of 2024. General and administrative expenses decreased to $6.9 million, from $7.3 million in the first quarter of 2024.

Income tax expense was $13,000, compared to $9,000 in the first quarter of 2024. Net loss from continuing operations was $506,000, or $0.03 per basic share, compared to net loss of $399,000, or $0.03 per basic share, in the first quarter of 2024. Net income from discontinued operations was $1.3 million, or $0.09 per diluted share for both periods. Net income was $801,000, or $0.05 per diluted share, compared to $947,000, or $0.06 per diluted share in the first quarter of 2024.

Adjusted EBITDA for continuing operations, discontinued operations and consolidated operations were $46,000, $2.8 million and $2.9 million, respectively, compared to $425,000, $3.1 million and $3.5 million, respectively, in the first quarter of 2024.

Balance Sheet Liquidity
Unrestricted cash was $21.9 million at March 31, 2025, compared to $25.1 million at December 31, 2024. Cash used in operations for the quarter was $3.7 million, which included the legal settlement payment and annual employee bonuses that were accrued in the fourth quarter of 2024. The line of credit from JP Morgan Chase grants immediate access to $20 million through February 2027.

2025 Guidance
The company reiterated guidance for 2025 as follows:
●System-wide sales are expected to be between $550 million and $570 million, compared to $530.3 million in 2024.
●Comp sales for all clinics open 13 months or more are expected to be in the mid-single digits, compared to 4% in 2024.
●Consolidated Adjusted EBITDA is expected to be between $10.0 and $11.5 million, compared to $11.4 million in 2024. The 2025 Consolidated Adjusted EBITDA estimate includes an adjustment of $4.4 million related to, among other things, stock-based compensation and depreciation and amortization. The company will factor in any additional impairment or restructuring charges related to the refranchising should they occur.
●New franchised clinic openings, excluding the impact of refranchised clinics, are expected to be between 30 and 40, compared to 57 in 2024.

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Conference Call
The Joint Corp. management will host a conference call at 5:00 p.m. ET on Thursday, May 8, 2025, after the market close. Stockholders and interested participants may listen to a live broadcast of the conference call by dialing 1-(833) 630-0823 or (412) 317-1831 and ask to be joined into the ‘The Joint’ call approximately 15 minutes prior to the start time.

The live webcast of the call with accompanying slide presentation can be accessed in the IR events section https://ir.thejoint.com/events and available for approximately one year. An audio archive can be accessed for one week by dialing (877) 344-7529 or (412) 317-0088 and entering conference ID 9867193.

Commonly Discussed Performance Metrics
This release includes a presentation of commonly discussed performance metrics. System-wide sales include revenues at all clinics, whether operated by the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information is important in understanding the company’s financial performance, because these sales are the basis on which the company calculates and records royalty fees and are indicative of the financial health of the franchisee base. Comp sales include the revenues from both company-owned or managed clinics and franchised clinics that in each case have been open at least 13 full months and exclude any clinics that have closed.

Non-GAAP Financial Information
This release also includes a presentation of non-GAAP financial measures. EBITDA and Adjusted EBITDA are presented because they are important measures used by management to assess financial performance, as management believes they provide a more transparent view of the company’s underlying operating performance and operating trends. Reconciliation of historical net income/(loss) to EBITDA and Adjusted EBITDA is presented in the table below. The company defines EBITDA as net income/(loss) before net interest, tax expense, depreciation, and amortization expenses. The company defines Adjusted EBITDA as EBITDA before acquisition-related expenses (which includes contract termination costs associated with reacquired regional developer rights), net (gain)/loss on disposition or impairment, stock-based compensation expenses, costs related to restatement filings, restructuring costs, litigation expenses (consisting of legal and related fees for specific proceedings that arise outside of the ordinary course of our business) and other income related to employee retention credits.

EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or cash flows from operations, as determined by accounting principles generally accepted in the United States, or GAAP. While EBITDA and Adjusted EBITDA are used as measures of financial performance and the ability to meet debt service requirements, they are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. EBITDA and Adjusted EBITDA should be reviewed in conjunction with the company’s financial statements filed with the SEC.

Please refer to the reconciliations of non-GAAP financial measures to their GAAP equivalents located at the end of this release. This release includes forward-looking guidance for certain non-GAAP financial measures, including Adjusted EBITDA. These measures will differ from net income (loss), determined in accordance with GAAP, in ways similar to those described in the reconciliations at the end of this release. We are not able to provide, without unreasonable effort, guidance for net income (loss), determined in accordance with GAAP, or a reconciliation of guidance for Adjusted EBITDA to the most directly comparable GAAP measure because the Company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income (loss).

Forward-Looking Statements
This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations
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of industry trends, our future financial and operating performance and our growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Words such as, "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives," "intends," "may," "opportunity," "plans," "potential," "near-term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will," and similar expressions are intended to identify such forward-looking statements. Specific forward-looking statements made in this press release include, among others, that in 2025, we are augmenting our position as the leading chiropractic care provider, and becoming a pure-play franchisor; that during this year of transition, we are implementing marketing, operations and training initiatives to strengthen our core, reignite growth and improve clinic and company level profitability; our belief that our stronger digital marketing will attract patients to our clinics and be amplified by our powerful brand message refresh in the latter half of the year; our belief that our dynamic pricing options, new engaging mobile app, improved patient experience and enhanced chiropractic care wellness education are designed to extend memberships; our belief that these changes increase the potency and flexibility for our model as we navigate consumer sentiment and drive toward growth in net new clinic openings, system-wide sales, comp sales and Adjusted EBITDA; and our 2025 guidance for system-wide sales, comp sales for all clinics open 13 months or more, Consolidated Adjusted EBITDA, and new franchised clinic openings, excluding the impact of refranchised clinics. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include, but are not limited to, our inability to identify and recruit enough qualified chiropractors and other personnel to staff our clinics, due in part to the nationwide labor shortage and an increase in operating expenses due to measures we may need to take to address such shortage; inflation, leading to increased labor costs and interest rates, as well as changes to import tariffs, may lead to reduced discretionary spending, all of which may negatively impact our business; our failure to profitably operate company-owned or managed clinics; our failure to refranchise as planned; short-selling strategies and negative opinions posted on the internet, which could drive down the market price of our common stock and result in class action lawsuits; our failure to remediate future material weaknesses in our internal control over financial reporting, which could negatively impact our ability to accurately report our financial results, prevent fraud, or maintain investor confidence; and other factors described in our filings with the SEC, including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 14, 2025 and subsequently filed current and quarterly reports. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

About The Joint Corp. (NASDAQ: JYNT)
The Joint Corp. (NASDAQ: JYNT) revolutionized access to chiropractic care when it introduced its retail healthcare business model in 2010. Today, it is the nation’s largest operator, manager and franchisor of chiropractic clinics through The Joint Chiropractic network. The company is making quality care convenient and affordable, while eliminating the need for insurance, for millions of patients seeking pain relief and ongoing wellness. Headquartered in Scottsdale and with over 950 locations nationwide and more than 14 million patient visits annually, The Joint Chiropractic is a key leader in the chiropractic industry. The brand is consistently named to Franchise Times’ annual “Top 400” and “Fast & Serious” list of 40 smartest growing brands. Entrepreneur named The Joint “No. 1 in Chiropractic Services,” and is regularly ranked on the publication’s “Franchise 500,” the “Fastest-Growing Franchises,” the “Best of the Best” lists, as well as its “Top Franchise for Veterans” and “Top Brands for Multi-Unit Owners.” SUCCESS named the company as one of the “Top 50 Franchises” in 2024. The Joint Chiropractic is an innovative force, where healthcare meets retail. For more information, visit www.joint.com. To learn about franchise opportunities, visit www.thejointfranchise.com.
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Business Structure
The Joint Corp. is a franchisor of clinics and an operator of clinics in certain states. In Arkansas, California, Colorado, District of Columbia, Florida, Illinois, Kansas, Kentucky, Maryland, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Tennessee, Washington, and West Virginia, The Joint Corp. and its franchisees provide management services to affiliated professional chiropractic practices.

Media Contact:
Margie Wojciechowski, The Joint Corp., margie.wojciechowski@thejoint.com

Investor Contact:
Kirsten Chapman, Alliance Advisors IR, 415-433-3777, thejoint@allianceadvisors.com

– Financial Tables Follow –
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THE JOINT CORP.
CONSOLIDATED BALANCE SHEETS
March 31,
2025		December 31,
2024
ASSETS(unaudited)
Current assets:
Cash and cash equivalents$21,918,175 $25,051,355 
Restricted cash979,384 945,081 
Accounts receivable, net2,970,097 2,586,381 
Deferred franchise and regional development costs, current portion1,045,497 1,055,582 
Prepaid expenses and other current assets3,739,832 1,729,079 
Discontinued operations current assets ($1.1 million and $1.1 million attributable to VIEs, respectively)
37,178,393 40,827,044 
Total current assets67,831,378 72,194,522 
Property and equipment, net3,061,663 3,166,882 
Operating lease right-of-use asset1,742,749 245,384 
Deferred franchise and regional development costs, net of current portion4,268,991 4,513,891 
Deposits and other assets289,212 300,779 
Total assets$77,193,993 $80,421,458 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$1,022,141 $1,750,938 
Accrued expenses2,005,609 1,505,827 
Co-op funds liability998,765 945,082 
Payroll liabilities2,188,667 3,551,173 
Operating lease liability, current portion240,889 448,285 
Deferred franchise fee revenue, current portion2,525,924 2,546,926 
Upfront regional developer fees, current portion284,561 288,095 
Other current liabilities687,651 603,250 
Discontinued operations current liabilities ($6.8 million and $7.1 million attributable to VIEs, respectively)
32,752,879 37,714,200 
Total current liabilities42,707,086 49,353,776 
Operating lease liability, net of current portion2,009,705 — 
Deferred franchise fee revenue, net of current portion11,936,488 12,450,179 
Upfront regional developer fees, net of current portion602,638 672,334 
Total liabilities57,255,917 62,476,289 
Commitments and contingencies (Note 9)
Stockholders' equity:
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, respectively
— — 
Common stock, $0.001 par value; 20,000,000 shares authorized, 15,344,458 shares issued and 15,310,664 shares outstanding and 15,192,893 shares issued and 15,159,878 outstanding, respectively
15,344 15,192 
Additional paid-in capital50,410,220 49,210,455 
Treasury stock 33,794 shares and 33,015 shares, at cost, respectively
(878,498)(870,058)
Accumulated deficit(29,633,990)(30,435,420)
Total The Joint Corp. stockholders' equity19,913,076 17,920,169 
Non-controlling Interest25,000 25,000 
Total equity19,938,076 17,945,169 
Total liabilities and stockholders' equity$77,193,993 $80,421,458 
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THE JOINT CORP.
CONSOLIDATED INCOME STATEMENTS
(unaudited)
Three Months Ended
March 31,
20252024
Revenues:
Royalty fees$8,070,985 $7,587,547 
Franchise fees828,519 655,874 
Advertising fund revenue2,307,502 2,166,472 
Software fees1,461,967 1,386,776 
Other revenues408,617 388,047 
Total revenues13,077,590 12,184,716 
Cost of revenues:
Franchise and regional development cost of revenues2,551,235 2,341,765 
IT cost of revenues420,891 362,747 
Total cost of revenues2,972,126 2,704,512 
Selling and marketing expenses3,505,150 2,237,583 
Depreciation and amortization361,930 329,634 
General and administrative expenses6,914,945 7,339,308 
Total selling, general and administrative expenses
10,782,025 9,906,525 
Net loss (gain) on disposition or impairment1,973 275 
Loss from operations(678,534)(426,596)
Other income (expense), net185,917 36,259 
Loss before income tax expense(492,617)(390,337)
Income tax (benefit) expense13,404 8,582 
Net loss from continuing operations(506,021)(398,919)
Discontinued operations:
Income from discontinued operations before income tax expense1,410,863 1,516,243 
Income tax expense from discontinued operations103,412 170,345 
Net income from discontinued operations1,307,451 1,345,898 
Net income$801,430 $946,979 
Net loss from continuing operations per common share:
Basic$(0.03)$(0.03)
Diluted$(0.03)$(0.03)
Net income from discontinued operations per common share:
Basic$0.09 $0.09 
Diluted$0.09 $0.09 
Net income per common share:
Basic$0.05 $0.06 
Diluted$0.05 $0.06 
Basic weighted average shares15,186,420 14,801,354 
Diluted weighted average shares15,263,152 15,011,286 

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THE JOINT CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Three Months Ended
March 31,
20252024
Cash flows from operating activities:
Net income$801,430 $946,979 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization388,316 1,403,906 
Net loss on disposition or impairment (non-cash portion)1,301,696 362,103 
Net franchise fees recognized upon termination of franchise agreements(100,118)(39,456)
Deferred income taxes— 71,027 
Stock-based compensation expense293,941 493,395 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable1,462,554 453,124 
Prepaid expenses and other current assets(2,017,426)(487,954)
Deferred franchise costs173,864 201,718 
Deposits and other assets15,914 (7,349)
Assets and liabilities held for sale, net— (911,166)
Accounts payable(481,554)(348,824)
Accrued expenses(2,989,008)996 
Payroll liabilities(1,075,561)1,025,270 
Operating leases(1,278,637)— 
Deferred revenue(245,129)(102,277)
Upfront regional developer fees(73,230)(100,940)
Other liabilities122,294 (150,222)
Net cash (used in) provided by operating activities(3,700,654)2,810,330 
Cash flows from investing activities:
Proceeds from sale of clinics40,100 50,100 
Purchase of property and equipment(331,505)(395,046)
Net cash used in investing activities(291,405)(344,946)
Cash flows from financing activities:
Payments of finance lease obligation(4,354)(6,272)
Purchases of treasury stock under employee stock plans(8,440)(6,562)
Proceeds from exercise of stock options905,976 — 
Repayment of debt under the Credit Agreement— (2,000,000)
Net cash provided by (used in) financing activities893,182 (2,012,834)
Increase (decrease) in cash, cash equivalents and restricted cash(3,098,877)452,550 
Cash, cash equivalents and restricted cash, beginning of period25,996,436 19,214,292 
Cash, cash equivalents and restricted cash, end of period$22,897,559 $19,666,842 
Reconciliation of cash, cash equivalents and restricted cash:March 31,
2025		March 31,
2024
Cash and cash equivalents$21,918,175 $18,742,884 
Restricted cash979,384 923,958 
Cash, cash equivalents and restricted cash, end of period$22,897,559 $19,666,842 
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THE JOINT CORP.
CONSOLIDATED RECONCILIATION FROM GAAP TO NON-GAAP
(unaudited)

Three Months Ended March 31,
20252024
from Continuing Operationsfrom Discontinued OperationsNet Operationsfrom Continuing Operationsfrom Discontinued OperationsNet Operations
Non-GAAP Financial Data:
(Loss) Income$(506,021)$1,307,451 $801,430 $(398,919)$1,345,898 $946,979 
Net interest (185,917)239 (185,678)(36,259)628 (35,631)
Depreciation and amortization expense361,930 26,385 388,315 329,634 1,074,272 1,403,906 
Income tax expense13,404 103,412 116,816 8,582 170,345 178,927 
EBITDA(316,604)1,437,487 1,120,883 (96,962)2,591,143 2,494,181 
Stock compensation expense293,941 — 293,941 493,395 — 493,395 
Net loss on disposition or impairment1,973 1,299,724 1,301,697 275 361,828 362,103 
Restructuring Costs67,084 71,384 138,468 28,000 129,036 157,036 
Adjusted EBITDA$46,394$2,808,595$2,854,989$424,708$3,082,007$3,506,715




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NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Q1 2025 Financial Results As of March 31, 2025, reported May 8, 2025 1

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Safe Harbor Statements Certain statements contained in this presentation are "forward-looking statements." We have tried to identify these forward-looking statements by using words such as "may," "might," " will," "expect,” "anticipate,'' "'believe,“ "could," " intend," "plan," "estimate," "should," "if,“ "project," and similar expressions. All statements other than statements of historical facts contained in this presentation, including statements regarding our mission, our strategic plan, our growth strategies, our vision, our market growth opportunity, our multi-year phased approach, our refranchising plans, our efforts to drive revenue growth, our 2025 guidance, prospects, plans, objectives of management and expected market growth and potential are forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. However, these forward-looking statements are subject to risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from our expectations and projections. Some of these risks, uncertainties and other factors are set forth in this presentation and in other documents we file with the United States Securities and Exchange Commission (the "SEC"). Given these risks and uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. Projections and other forward-looking statements included in this presentation have been prepared based on assumptions, which we believe to be reasonable, but not in accordance with U.S. Generally Accepted Accounting Principals (“GAAP”) or any guidelines of the SEC. Actual results may vary, perhaps materially. You are strongly cautioned not to place undue reliance on such projections and other forward-looking statements. All subsequent written and oral forward-looking statements attributable us or to persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. Except as required by federal securities laws, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any such forward-looking statements, whether made in this presentation or elsewhere, should be considered in the context of the various disclosures made by us about our businesses including, without limitation, the risk factors discussed above. Accounting Adjustments Related to the Consolidation of the Operations of the PCs In those states which require a licensed Doctor of Chiropractic to own the entity that offers chiropractic services, the Company enters into a management agreement with a professional corporation (PC) licensed in that state to provide chiropractic services. To increase transparency into operating results and to align with accounting rules, the Company will now consolidate the full operations of the PC. This will result in increases to our revenue and G&A expenses by an identical amount and would have no impact on our bottom line except in instances when the PC has sold treatment packages and wellness plans. Revenue from these packages and plans will now be deferred and will be recognized when patients use their visits. The Company has previously consolidated its clinic operations in Non-PC states such as Arizona and New Mexico, and the deferred revenue around packages and plans in those states was already reflected in its financial statements. Therefore, these adjustments are isolated to the managed clinics in PC states. These adjustments will have no impact on cash flow. Business Structure The Joint Corp. is a franchisor of clinics and an operator of clinics in certain states. In Arkansas, California, Colorado, District of Columbia, Florida, Illinois, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Washington, West Virginia and Wyoming, The Joint Corp. and its franchisees provide management services to affiliated professional chiropractic practices. 2

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Sanjiv Razdan CEO, President and Director 3

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Our mission is to improve quality of life through routine and affordable chiropractic care. 4 Our vision is to build America’s most accessible health and wellness services company.

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Multi-year, Phased Approach Strengthen Core & Become Pure Play Franchisor 2.0 Capture New Revenue through Additional Channels & Markets 3.0 5

 

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Initiate Dynamic Revenue Management 7 Creating an innovative, flexible pricing model that aligns with treatment plans and patient usage

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Strengthen Digital Marketing 8 • New content strategy aims to increase relevance and foster trust • New UGC focused on building authority and community validation

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Strengthen Promotional Calendar 9 • February 2025: Step into Wellness for active non- membership patients • June 2025: “Buy 5, Get 1” Wellness Sale semiannual event

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Upgrade Patient-facing Technology 10 • Featured clinic finder, doctor in-clinic, in-clinic check-in, and push notifications • On track to be in clinics by June 30th

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Jake Singleton Chief Financial Officer 11

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. 7% Q1 2025 revenue from continuing operations 3% Q1 2025 comp sales2 5% Q1 2025 system-wide sales1 12 1 System-wide sales include revenues at all clinics, whether operated or managed by is important the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information in understanding the company’s financial performance, because these revenues are the basis on which the company calculates and records royalty fees and are indica iv of the financial health of the franchisee base. | 2 Comp sales include only the sales from clinics that have been open at least 13 full months and exclude any clinics that have permanently closed.

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. 12 26 82 175 242 265 309 352 394 453 515 610 712 800 842 847 4 47 61 47 48 60 64 96 126 135 125 122 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 2025 TOTAL CLINICS OPEN Franchised Company-owned and managed Franchised Clinics 87% of Total Count 370 399 442 513 312 246 579 706 838 935 967 13 969

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. 1 Due to rounding, numbers may not add up precisely to the totals. | 2 The results of the corporate clinic segment are reported in from discontinued operations and the franchised clinics in continued operations | 3 Reconciliation of Adjusted EBITDA to GAAP earnings is included in the Appendix. Q1 2025 Continuing Operations as of Mar. 31, 2025 $ in M 1 3 mo.s 3/31/25 3 mo.s 3/31/24 Differences Revenue $13.1 $12.2 $0.9 7% Cost of revenue 3.0 2.7 0.3 10% Sales and marketing 3.5 2.2 1.3 57% Depreciation and amortization 0.4 0.3 0.1 10% G&A 6.9 7.3 (0.4) (6)% Operating loss (0.7) (0.4) (0.3) NA Other income 0.2 0.0 0.2 NA Income tax expense 0.0 0.0 0.0 NA Net loss from continuing operations 2 (0.5) (0.4) (0.1) NA Net income from discontinued operations 2 1.3 1.3 0.0 NA Net income 0.8 0.9 (0.1) NA Adjusted EBITDA from continuing operations 3 0.0 0.4 (0.4) NA Adjusted EBITDA from discontinued operations 3 2.8 3.1 (0.3) NA Consolidated Adjusted EBITDA 3 2.9 3.5 (0.6) NA 14

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Cash flow for the quarter end Mar. 31, 2025: • $(3.7)M used in operations • $(0.3)k for ongoing IT capex and small refreshes for corporate clinics • $ 0.9M from exercise of stock options Federal tax return net operating loss carryforward was $9.1M at Dec. 31, 2024 1 JPMorgan Chase LOC provides immediate access to $20M through February 2027. Strong Liquidity $ in Ms 3/31/25 12/31/24 Unrestricted cash $21.9 $25.1 Restricted cash $1.0 $0.9 Available JP Morgan Chase LOC1 $20.0 $20.0 15

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Reiterating 2025 Guidance 16 $ in M 2024 Actual 2025 Low Guidance 2025 High Guidance System-wide sales 1 $530.3 $550 $570 Comp sales for all clinics open 13 months or more 2 4% Mid-single digits Consolidated Adjusted EBTIDA 3 $11.4 $10.0 $11.5 New franchised clinic openings excluding the impact of refranchised clinics 57 30 40 1 System-wide sales include revenues at all clinics, whether operated or managed by is important the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information in understanding the company’s financial performance, because these revenues are the basis on which the company calculates and records royalty fees and are indicative of the financial health of the franchisee base. | 2 Comp sales include only the sales from clinics that have been open at least 13 or 48 full months and exclude any clinics that have permanently closed. | 3 The 2025 Consolidated Adjusted EBITDA estimate includes an adjustment of $4.4 million related to, among other things, stock-based compensation and depreciation and amortization. The company will factor in any additional impairment or restructuring charges related to the refranchising should they be occurred.

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Sanjiv Razdan CEO, President and Director 17

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. 18 Life, Unpaused 2025 Brand Campaign Consumer problem: Pain keeps people from living their best lives.

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Life, Unpaused 2025 Brand Campaign 19 With routine chiropractic care, individuals reclaim their ability to move freely and fully embrace life’s experiences.

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Strengthen Clinic Economics & Reignite Growth 20 Excel in Patient Experience Turbo Charge Sales & Profits Rapidly Grow Clinic Network Build People Capability & Culture Innovate & Broaden Relevance OUR PATIENTS

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. 21 Andra Terrell SVP Legal Eric Wyatt SVP Operations & Patient Experience

 
jake.singleton@thejoint.com Jake Singleton, CFO jake.singleton@thejoint.com The Joint Corp. | 16767 N. Perimeter Dr., Suite 110, Scottsdale, AZ 85260 | (480) 245-5960 https://www.facebook.com/thejointchiro https://twitter.com/thejointchiro https://www.youtube.com/thejointcorp https://www.facebook.com/thejointchiro @thejointchiro https://twitter.com/thejointchiro @thejointchiro https://www.youtube.com/thejointcorp @thejointcorp anjiv.razdan@thejoint.com Sanjiv Razdan, President & CEO sanjiv.razdan@thejoint.com The Joint Corp. | 16767 N. Perimeter Dr., Suite 110, Scottsdale, AZ 85260 | (480) 245-5960 thejoint@lhai.com Kirsten Chapman, LHA Investor Relations thejoint@lhai.com LHA Investor Relations | 50 California Street, Suite 1500 | San Francisco, CA 94111| (415) 433-3777 NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. 22

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. Performance Metrics and Non-GAAP Measures 23 This presentation includes commonly discussed performance metrics. System-wide sales include revenues at all clinics, whether operated by the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information is important in understanding the company’s financial performance, because these sales are the basis on which the company calculates and records royalty fees and are indicative of the financial health of the franchisee base. Comp sales include the revenues from both company-owned or managed clinics and franchised clinics that in each case have been open at least 13 full months and exclude any clinics that have closed. This presentation includes non-GAAP financial measures. EBITDA and Adjusted EBITDA are presented because they are important measures used by management to assess financial performance, as management believes they provide a more transparent view of the company’s underlying operating performance and operating trends. Reconciliation of historical net income/(loss) to EBITDA and Adjusted EBITDA is presented in the table below. The company defines EBITDA as net income/(loss) before net interest, tax expense, depreciation, and amortization expenses. The company defines Adjusted EBITDA as EBITDA before acquisition-related expenses (which includes contract termination costs associated with reacquired regional developer rights), net (gain)/loss on disposition or impairment, stock-based compensation expenses, costs related to restatement filings, restructuring costs, litigation expenses (consisting of legal and related fees for specific proceedings that arise outside of the ordinary course of our business) and other income related to employee retention credits. EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or cash flows from operations, as determined by accounting principles generally accepted in the United States, or GAAP. While EBITDA and Adjusted EBITDA are used as measures of financial performance and the ability to meet debt service requirements, they are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. EBITDA and Adjusted EBITDA should be reviewed in conjunction with the company’s financial statements filed with the SEC. Please refer to the reconciliations of non-GAAP financial measures to their GAAP equivalents located in this presentation. This presentation includes forward- looking guidance for certain non-GAAP financial measures, including Adjusted EBITDA. These measures will differ from net income (loss), determined in accordance with GAAP, in ways similar to those described in the reconciliations at the end of this release. We are not able to provide, without unreasonable effort, guidance for net income (loss), determined in accordance with GAAP, or a reconciliation of guidance for Adjusted EBITDA to the most directly comparable GAAP measure because the Company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income (loss).

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. GAAP – Non-GAAP Reconciliation Q1 2025 vs. Q1 2024 by Category 24 Three Months Ended March 31, 2025 2024 from Continuing Operations from Discontinued Operations Net Operations from Continuing Operations from Discontinued Operations Net Operations Non-GAAP Financial Data: (Loss) Income $ (506,021) $ 1,307,451 $ 801,430 $ (398,919) $ 1,345,898 $ 946,979 Net interest (185,917) 239 (185,678) (36,259) 628 (35,631) Depreciation and amortization expense 361,930 26,385 388,315 329,634 1,074,272 1,403,906 Income tax expense 13,404 103,412 116,816 8,582 170,345 178,927 EBITDA (316,604) 1,437,487 1,120,883 (96,962) 2,591,143 2,494,181 Stock compensation expense 293,941 — 293,941 493,395 — 493,395 Net loss on disposition or impairment 1,973 1,299,724 1,301,697 275 361,828 362,103 Restructuring Costs 67,084 71,384 138,468 28,000 129,036 157,036 Adjusted EBITDA $ 46,394 $ 2,808,595 $ 2,854,989 $ 424,708 $ 3,082,007 $ 3,506,715

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. GAAP – Non-GAAP Reconciliation Quarterly Continuing Operations 25

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. GAAP – Non-GAAP Reconciliation Quarterly Discontinued Operations 26

 
NASDAQ: JYNT | © 2025 The Joint Corp. All Rights Reserved. GAAP – Non-GAAP Reconciliation Quarterly Consolidated Operations 27

 
v3.25.1
Cover Page
May 08, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 08, 2025
Entity Registrant Name Joint Corp.
Entity Incorporation, State or Country Code DE
Entity File Number 001-36724
Entity Tax Identification Number 90-0544160
Entity Address, Address Line One 16767 N. Perimeter Drive
Entity Address, Address Line Two Suite 110
Entity Address, City or Town Scottsdale
Entity Address, State or Province AZ
Entity Address, Postal Zip Code 85260
City Area Code 480
Local Phone Number 245-5960
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001
Trading Symbol JYNT
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001612630
Amendment Flag false
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