SCOTTSDALE, Ariz. - The Joint Corp . (NASDAQ: NASDAQ:JYNT), a prominent national operator and franchisor of chiropractic clinics, has reported its operational metrics for the year ended 2023. The company saw a 12% increase in system-wide sales and a 4% rise in comparable sales, compared to the previous year.
Throughout 2023, The Joint Corp. performed 13.6 million patient visits, a notable increase from 12.2 million in 2022. The company also treated 932,000 new patients, up from 845,000 in the prior year. Despite a slowdown from the 21% sales growth and 9% comp sales increase in 2022, the company continued to expand, ending the year with a total of 935 clinics.
In terms of franchise development, The Joint Corp. sold 55 new franchise licenses and opened 114 new clinics, which contributed to the increase in their total clinic count from 838 at the end of 2022. The company now manages a network of 800 franchised clinics and 135 company-owned or managed clinics.
Peter D. Holt, President and CEO of The Joint Corp., attributed the growth to the company's promotions and brand positioning, focusing on attracting lapsed patients, and extending memberships for current patients. Moreover, the company is executing a refranchising strategy for the majority of its corporate clinics to improve the bottom line.
The financial results for the fourth quarter and year-end 2023 will be reported on March 7, 2024, after the market close, followed by a conference call to discuss the outcomes.
The information in this article is based on a press release statement from The Joint Corp.
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