Financial Data and Key Metrics Changes - Revenue from continuing operations increased by 3.1% in Q4 2025 compared to Q4 2024, while consolidated adjusted EBITDA rose by 7.8% [9][18] - For the full year 2025, revenue was $54.9 million, up from $52.2 million in 2024, and consolidated net income increased to $2.9 million from a loss of $5.8 million in 2024 [21][22] Business Line Data and Key Metrics Changes - System-wide sales decreased by 3.9% to $130 million in Q4 2025, with comp sales down 3.8% [18] - The total clinic count at year-end was 960, down from 967 the previous year, with 29 new clinics opened and 41 refranchised during 2025 [19] Market Data and Key Metrics Changes - The company is focusing on improving new patient acquisition through enhanced marketing strategies, shifting from local to national advertising to increase brand awareness [12][34] - New patient acquisition trends have shown improvement each month since the launch of the new marketing initiatives, although they remain lower than the previous year [14][54] Company Strategy and Development Direction - The company is on track to complete the first phase of its transformation journey, Joint 2.0, by the end of 2025, transitioning to a pure-play franchisor model [5][27] - Future growth strategies include expanding operations into new channels and markets, focusing on integrated treatments and leveraging data from wearable technology [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term goals despite current challenges, emphasizing the importance of improving marketing effectiveness and patient retention [27][62] - The company anticipates that the second half of 2026 will show improved comp sales due to easier comparisons and traction from current initiatives [51][66] Other Important Information - The company repurchased 1.1 million shares for $9 million in Q4 2025, with a total of 1.3 million shares repurchased for $11.3 million throughout the year [9][22] - The company expects system-wide sales for 2026 to range from $519 million to $552 million, with comp sales projected between -3% to 3% [22] Q&A Session Summary Question: Can you share the attrition and new patient add metrics? - Management noted that new patient flow has been the weakest component of active member growth, but early signs from new marketing efforts are positive [31][32] Question: How are you evolving marketing initiatives for 2026? - The focus remains on shifting investment from local to national marketing, improving creative messaging, and addressing changes in search behaviors due to AI [34][35] Question: How did the three-tiered pricing pilot go? - The $10 pricing increase showed more benefit compared to the $2 increase, and further testing is ongoing before broader rollout [38][39] Question: What specific leading indicators give confidence that comps will improve in 2026? - Management highlighted early signs of improvement in leads and new patients, with expectations for better performance in the second half of the year [51][52] Question: Does your guidance include a pricing increase? - No, the guidance does not include any pricing increase as the results from recent tests were still uncertain [67]