The following is a summary of the The Joint Corp. (JYNT) Q1 2024 Earnings Call Transcript:
Financial Performance:
The Joint Corp. reported Q1 2024 system-wide sales of $126.3 million, a 9% increase year-over-year.
Total revenue for Q1 2024 was $29.7 million, an increase of 5% with adjusted EBITDA growing substantially by 74% to reach $3.5 million.
Company reported net income was $947,000, translating into $0.06 per diluted share.
Revenue from franchised clinic operations showed a 9% increase to $12.2 million, whereas company-owned or managed clinics saw a smaller rise of 2% to $17.5 million.
Business Progress:
During Q1, the corporation opened 23 new franchised clinics and closed 4, resulting in a total of 954 clinics, including 819 franchised and 135 company-owned outlets.
The company is set to refranchise 86% of its corporate clinics in FY 2024.
An investment focus has been placed on digital marketing programs and IT infrastructure to improve patient engagement and increase patient counts.
The Joint Corp. launched a preceptorship program to enhance the skills of future chiropractic doctors and improve patient care quality.
Efforts to mitigate rising labor costs included a price increase implemented in March 2022 and automated programs to encourage patient retention.
The company is managing rising administrative costs related to their refranchising efforts, but anticipates these to reduce as the refranchising activity progresses.
More details: The Joint IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.