The Joint Corp. Acquires Northeast Regional Developer Territory
The Joint Corp. (NASDAQ: JYNT) announced the acquisition of the regional developer territory for Northern New Jersey, encompassing four franchised clinics, for $250,000 on March 17, 2022. This strategic move aims to bolster their corporate clinic footprint in the Northeast and aligns with their goal of opening 1,000 clinics by the end of 2023. As of the announcement, they operate 99 clinics, having added three new locations since December 2021.
- Acquisition of Northern New Jersey territory enhances corporate clinic presence.
- Strategic expansion supports the goal of 1,000 clinics by 2023.
- Increase in brand recognition through new clinic openings.
- Potential risks associated with the ongoing impact of COVID-19 on operations.
- Challenges in recruiting qualified chiropractic personnel due to labor shortages.
- Uncertainties in achieving profitable operations in newly acquired clinics.
- Expands Corporate Clinic Opportunity in the Northeast Region -
SCOTTSDALE, Ariz., March 23, 2022 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), the nation's largest provider of chiropractic care through The Joint Chiropractic® network, acquired the regional developer territory of Northern New Jersey, representing four franchised clinics and the opportunity for additional corporate clinics, for
“Focused on increasing our corporate clinic presence in the Northeast, The Joint acquired the regional developer territory in Northern New Jersey,” said Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “This purchase expands our platform to accelerate growth as we execute our long-standing strategy to open greenfield clinics within clusters. We continue to broaden brand recognition and drive toward our goal of 1,000 clinics opened by the end of 2023 and even more in the long term.”
On March 17, 2022, the company-owned or managed portfolio reached 99 clinics, having opened three greenfield clinics since December 31, 2021.
Forward-Looking 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 available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include, but are not limited to, the continuing impact of the COVID-19 outbreak on the economy and our operations (including temporary clinic closures, shortened business hours and reduced patient demand), our failure to develop or acquire company-owned or managed clinics as rapidly as we intend, our failure to profitably operate company-owned or managed clinics, our inability to identify and recruit enough qualified chiropractors and other personnel to staff our clinics, due in part to the nationwide labor shortage, and the other factors described in “Risk Factors” in our Annual Report on Form 10-K as filed with the SEC for the year ended December 31, 2021, as updated or revised for any material changes described in any subsequently-filed Quarterly Reports on Form 10-Q or other SEC filings. Words such as, "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives," "intends," "may," "opportunity," "plans," "potential," "near-term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will," and similar expressions are intended to identify such forward-looking statements. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
About The Joint Corp. (NASDAQ: JYNT)
The Joint Corp. revolutionized access to chiropractic care when it introduced its retail healthcare business model in 2010. Today, it is the nation's largest operator, manager and franchisor of chiropractic clinics through The Joint Chiropractic network. The company is making quality care convenient and affordable, while eliminating the need for insurance, for millions of patients seeking pain relief and ongoing wellness. With more than 700 locations nationwide and nearly 11 million patient visits annually, The Joint Chiropractic is a key leader in the chiropractic industry. Ranked number one on Forbes' 2022 America's Best Small Companies list, number three on Fortune's 100 Fastest-Growing Companies list and consistently named to Franchise Times "Top 400+ Franchises" and Entrepreneur's "Franchise 500®" lists, The Joint Chiropractic is an innovative force, where healthcare meets retail. For more information, visit www.thejoint.com.
Business Structure
The Joint Corp. is a franchisor of clinics and an operator of clinics in certain states. In Arkansas, California, Colorado, District of Columbia, Florida, Illinois, Kansas, Kentucky, Maryland, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Washington, West Virginia and Wyoming, The Joint Corp. and its franchisees provide management services to affiliated professional chiropractic practices.
Media Contact: Margie Wojciechowski, The Joint Corp., margie.wojciechowski@thejoint.com
Investor Contact: Kirsten Chapman, LHA Investor Relations, 415-433-3777, thejoint@lhai.com
FAQ
What is the significance of The Joint Corp.'s acquisition in Northern New Jersey?
How much did The Joint Corp. pay for the Northern New Jersey clinics?
What is The Joint Corp.'s long-term goal regarding clinic openings?
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What potential challenges does The Joint Corp. face after the acquisition?
