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]

Financial Data and Key Metrics Changes - Revenue from continuing operations increased by 3.1% in Q4 2025 compared to Q4 2024, reaching $15.2 million, while consolidated adjusted EBITDA rose by 7.8% to $3.6 million [9][20] - For the full year 2025, revenue was $54.9 million, up from $52.2 million in 2024, and consolidated net income improved to $2.9 million from a loss of $5.8 million in 2024 [21][22] - Unrestricted cash and cash equivalents at the end of Q4 2025 stood at $23.6 million, down from $25.1 million in the prior year [22] Business Line Data and Key Metrics Changes - System-wide sales decreased by 3.9% to $130 million in Q4 2025, while comp sales were down 3.8% [18] - For the full year, system-wide sales were flat at $532 million, with comp sales declining by 0.4% [18] Market Data and Key Metrics Changes - The total clinic count at year-end 2025 was 960, down from 967 clinics in the prior year, with 885 franchise clinics and 75 company-owned clinics [19] - The company refranchised 41 clinics and closed 36 clinics during 2025 [19] 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 2026, transitioning to a pure-play franchisor model [5][28] - Future growth strategies include expanding operations into new channels and markets, focusing on health trends and integrated treatments [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving operating leverage and financial position through refranchising and cost-saving initiatives [28] - The company anticipates that 2026 will be more profitable than 2025 due to refranchising efforts and realignment of corporate costs [24] Other Important Information - The company repurchased 1.1 million shares for $9 million in Q4 2025 and a total of 1.3 million shares for $11.3 million in 2025 [9][22] - The company expects system-wide sales in 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 [33][34] Question: How are you evolving marketing initiatives for 2026? - The focus remains on shifting investment from local to national marketing to amplify brand awareness, with ongoing adjustments to creative messaging and addressing shifts in search behaviors due to AI [36][37] 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 [39][40] Question: How did comp sales progress throughout the quarter? - Comp sales were down the most in November but improved in December, with expectations for better performance in the second half of the year [46][47] Question: What specific leading indicators give confidence that comps will improve in 2026? - Management highlighted early signs of improvement in leads and new patient acquisition, with expectations for better performance in the second half of the year due to easier comparisons [52][55] Question: Can you elaborate on growth initiatives and capital allocation? - Investments will focus on technology improvements and user interface enhancements for Wellness Coordinators, with ongoing negotiations for RD territory buybacks [70][73]

Q4 & Full Year 2025 Financial Results As of December 31, 2025, reported on March 12, 2026 NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 1 Safe Harbor 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 of industry trends, our future financial and operating performance and our growth plans, taking into account the information currently ...

Core Insights - The Joint Corp. reported a 3.1% increase in fourth quarter revenues year over year, with full year revenues reaching $54.9 million and net income of $2.9 million, alongside a 13.9% increase in Adjusted EBITDA to $13.0 million [1][15][16]. Financial Performance - Fourth quarter revenues were $15.2 million, up from $14.7 million in the same quarter of 2024 [9]. - System-wide sales for the year were $532.4 million, a slight increase of 0.4%, while comparable sales declined by 0.4% compared to a 3.9% increase in 2024 [8][15]. - The company improved net income from consolidated operations to $1.0 million, compared to $18,000 in the fourth quarter of 2024 [11]. - Adjusted EBITDA from consolidated operations increased by 7.8% to $3.6 million, while Adjusted EBITDA from continuing operations was $1.6 million, down from $2.0 million in the fourth quarter of 2024 [12][16]. Refranchising and Operational Strategy - The company is advancing its Joint 2.0 transformation strategy, aiming to become a pure-play franchisor by refranchising 41 clinics and currently working on 27 more [3]. - Operational discipline is being implemented to enhance operating leverage, contributing to year-over-year Adjusted EBITDA improvements despite macroeconomic challenges [3][5]. - The company has shifted its marketing strategy to enhance brand awareness, resulting in improved patient attrition rates and faster breakeven for new clinic openings [4]. Share Repurchase and Capital Allocation - In 2025, the company repurchased 1.3 million shares for a total of $11.3 million as part of its capital allocation strategy [5][14]. - The company maintains a $20 million undrawn line of credit with JP Morgan Chase, providing financial flexibility [13]. Future Guidance - For 2026, the company expects system-wide sales to be between $519 million and $552 million, with comparable sales projected to range from -3% to 3% [20]. - Consolidated Adjusted EBITDA is anticipated to be between $12.5 million and $13.5 million, with new franchised clinic openings expected to be between 30 and 35 [20].

Core Insights - Elevation Spine Center has completed a significant expansion of its Bend facility, enhancing its capacity to treat patients with specialized methods for back, neck, sciatica, and disc pain [1][3] - The clinic focuses on long-term solutions rather than temporary relief, utilizing Chiropractic BioPhysics® (CBP) and Advanced DOC Spinal Decompression to address the root causes of pain [4][12] Company Overview - Elevation Spine Center is a specialized chiropractic clinic located in Bend, Oregon, dedicated to achieving long-term results for conditions such as back pain, neck pain, and sciatica [12][13] - The clinic is led by Dr. Derek and Dr. Alysha Murray, who emphasize a family-centered approach to patient care [8][9] Treatment Methods - The clinic employs Chiropractic BioPhysics® (CBP), a scientifically supported corrective technique backed by over 140 studies, which focuses on structural correction of the spine [6][12] - Advanced DOC Spinal Decompression therapy is used for patients suffering from chronic nerve pain, sciatica, or severe pain from herniated discs, providing a non-surgical treatment option [5][7] Patient Experience - Elevation Spine Center is committed to treating every patient like family, ensuring a welcoming environment and personalized care [8][9] - The clinic offers specialized services, including Pediatric Chiropractic care, Scoliosis Treatment, and rehabilitation for auto accident injuries [9][12] Results and Effectiveness - The clinic's methods have shown to shrink disc bulges by over 25% in as little as three months and result in significant improvements in pain and mobility for 71%–89% of patients [12][13] - The focus on correcting the structure of the spine aims to provide lasting health solutions and improve overall quality of life for patients [10][12]

Financial Performance (Q3 2025) - Revenue increased by 6% to $13.4 million compared to $12.7 million in Q3 2024[31] - Consolidated Adjusted EBITDA increased by 36% to $3.3 million compared to $2.4 million in Q3 2024[28, 31] - System-wide sales decreased by (1.5)% in Q3 2025[28] - Comp sales decreased by (2.0)% in Q3 2025[28] Financial Performance (YTD 2025) - Revenue increased by 6% to $39.7 million compared to $37.4 million in YTD 2024[32] - Consolidated Adjusted EBITDA increased by 16% to $9.4 million compared to $8.1 million in YTD 2024[32] Strategic Initiatives - Focused on becoming a pure-play franchisor, actively engaged in negotiations for the balance of the corporate portfolio[12] - Launched 3 pricing pilots to inform enterprise-wide price increase in Q1 2026[21] - Revising 2025 system-wide sales guidance to $530 million - $534 million[36]

Core Insights - The Joint Corp. reported a 6% increase in revenue for Q3 2025, reaching $13.4 million compared to $12.7 million in Q3 2024 [5][7][12] - The company authorized an additional $12 million for share repurchases, reflecting confidence in its growth and profitability strategies [5][11] Financial Performance - Revenue for the first nine months of 2025 was $39.7 million, up 6% from $37.4 million in the same period of 2024 [12] - Consolidated net income for Q3 2025 was $855,000, a significant improvement from a net loss of $3.2 million in Q3 2024 [7][8] - Adjusted EBITDA for consolidated operations increased by 36% to $3.3 million from $2.4 million in Q3 2024 [9][13] Operational Highlights - The company sold eight franchise licenses in Q3 2025, compared to seven in Q3 2024 [7] - The total clinic count as of September 30, 2025, was 962, with 884 franchised and 78 company-owned or managed [7] - System-wide sales reported were $127.3 million, a decline of 1.5% [7] Strategic Initiatives - The company is focusing on refranchising its corporate portfolio and enhancing patient acquisition strategies [4] - Investments in digital marketing and search engine optimization are being made to improve brand visibility and patient experience [4] - A three-tiered pricing pilot for the wellness plan was initiated in November 2025 [4] Balance Sheet and Cash Flow - Unrestricted cash at September 30, 2025, was $29.7 million, an increase from $25.1 million at the end of 2024 [10] - The company has a currently undrawn line of credit with JP Morgan Chase, providing access to $20 million through August 2027 [10] Guidance and Future Outlook - The company updated its guidance for system-wide sales to range from $530 million to $534 million for the full year of 2025 [18] - Comp sales guidance was adjusted to a range of (1)% to 0% for the year, down from previous expectations of low-single-digit growth [18]

Financial Performance - The Joint Corp's Q2 2025 consolidated Adjusted EBITDA increased by 52% compared to Q2 2024[30, 34] - Q2 2025 comp sales increased by 14%[30] - Q2 2025 system-wide sales increased by 26%[30] - The company reported revenue of $133 million for the three months ended June 30, 2025, a 5% increase compared to $126 million for the same period in 2024[34] - Net loss from continuing operations decreased by 42%, from $17 million in Q2 2024 to $10 million in Q2 2025[34] - Consolidated net income was $01 million, a significant improvement from a net loss of $36 million in the same period last year[34] Clinic Network - Franchised clinics now represent 92% of the company's portfolio[32] - The company refranchised 37 clinics[15] - Total clinics open increased from 842 in 2024 to 885 in Q2 2025[33] 2025 Guidance - System-wide sales are projected to be between $530 million and $550 million[40] - Consolidated Adjusted EBITDA is expected to be between $108 million and $118 million[40] - The company anticipates opening 30 to 35 new franchised clinics, excluding the impact of refranchised clinics[40] Liquidity - The company's unrestricted cash balance as of June 30, 2025, was $298 million[36] - The company has access to a $20 million line of credit with JP Morgan Chase, available through February 2027[36, 38]

Core Insights - The Joint Corp. is transitioning to a pure play franchisor model, with 92% of its clinics now franchised, and has acquired rights to the Northwest regional developer territory [4][6]. Financial Highlights - Revenue for Q2 2025 increased by 5% to $13.3 million compared to $12.6 million in Q2 2024 [6][8]. - System-wide sales rose by 2.6% to $129.6 million, with comparable sales reporting a growth of 1.4% [8]. - Consolidated net income was $93,000, a significant improvement from a net loss of $3.6 million in Q2 2024 [8][9]. - Adjusted EBITDA for consolidated operations increased by 52% to $3.2 million, while Adjusted EBITDA from continuing operations improved to $88,000 from a loss of $380,000 in Q2 2024 [8][9]. Operating Highlights - The company refranchised 37 clinics for $11.2 million and sold 13 franchise licenses in Q2 2025, compared to seven sold in Q2 2024 [8]. - The clinic count reached 967 as of June 30, 2025, with 885 franchised and 82 corporate clinics [8]. Cost Management - Selling and marketing expenses increased by 1% to $3.5 million, driven by digital marketing transformation efforts [7]. - General and administrative expenses decreased by 1% to $7.7 million due to cost reduction efforts related to refranchising [7]. Balance Sheet and Cash Flow - Unrestricted cash was $29.8 million at June 30, 2025, up from $25.1 million at the end of 2024 [10]. 2025 Guidance - The company revised its guidance for system-wide sales to range from $530 million to $550 million, down from $550 million to $570 million [16]. - Expected comp sales for clinics open 13 months or more are now projected to be in the low-single digit range [16]. - Consolidated Adjusted EBITDA guidance has been increased to a range of $10.8 million to $11.8 million [16].

Summary of The Joint Corp (JYNT) FY Conference Call Company Overview - **Company Name**: The Joint Corp (operating as The Joint Chiropractic) - **Established**: 1999 - **Business Model**: National chain of chiropractic clinics with a focus on affordable, routine chiropractic care - **Number of Clinics**: Approximately 1,000 clinics across 41 states in the U.S. [5][6] - **Unique Proposition**: No appointment necessary, open weekends and evenings, portable treatment plans, and a cash-based self-pay model [6][8] Financial Highlights - **Revenue Model**: 85% of revenue from membership plans, with a cost per adjustment lower than typical co-pays [8] - **Market Size**: The chiropractic care market in the U.S. is over $20 billion, with The Joint operating in the self-pay segment valued at approximately $8.5 billion [9] - **Franchise Model**: Clinics can be opened for $200,000 to $250,000, with average clinic volumes around $600,000 [10] Strategic Shift to Franchise Model - **Transition**: The company is moving to a fully franchised model, selling 25 corporate clinics to franchise operators [14][15] - **Rationale**: Franchise operators are expected to manage clinics more effectively and bring in fresh capital, while the company can restructure overhead for improved profitability [15][17] - **Expected Outcomes**: Anticipated emergence as a more profitable company by 2026, with a focus on reducing general and administrative costs [20][21] Growth Prospects - **Unit Growth Potential**: Current estimate of 1,950 clinics in the U.S., indicating significant growth potential [26] - **Franchisee Profile**: 90% of franchisees operate multiple clinics, with 30% being chiropractors and 70% entrepreneurs [22][23] Revenue Growth Strategies - **New Patient Acquisition**: Shift in marketing focus to pain-centric messaging, increased brand awareness, and search engine optimization [30][32] - **Lifetime Value Extension**: Launch of a mobile app to enhance patient engagement and retention [34] - **Dynamic Pricing Strategy**: Introduction of incremental pricing adjustments to offset inflation and improve clinic-level margins [35][42] Market Dynamics and Consumer Behavior - **Chiropractor Supply**: Annual output from chiropractic schools is stable at approximately 10,600 to 11,300 graduates, not limiting growth [37] - **Consumer Trends**: Increased acceptance of chiropractic care, with nearly 1 million new patients in the last year, including 350,000 new to chiropractic [52][53] - **Impact of Economic Conditions**: Short-term softening in new patient acquisition due to consumer market uncertainty, but existing patient retention remains stable [54][55] Financial Position and Capital Allocation - **Current Financials**: $22 million in cash with no debt, indicating a strong balance sheet [61] - **Stock Repurchase Program**: Announcement of a $5 million stock repurchase program to return value to shareholders [62] Conclusion - The Joint Corp is strategically positioning itself for growth through a franchise model, focusing on enhancing profitability, expanding clinic numbers, and adapting to market dynamics while maintaining a strong financial position.