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

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