The Joint (JYNT) Investor presentation summary

Strategic direction and business model

• Pursuing a transition to a pure-play franchisor model, with refranchising of company-owned clinics nearly complete and only 48 corporate clinics remaining, mostly in California.

• Focused on strengthening core operations, reigniting growth, and capturing new revenue channels through phased strategies (Joint 2.0 and 3.0).

• Asset-light, membership-based, walk-in model with no insurance required, emphasizing affordability and convenience.

• Targeting expansion in the large and growing chiropractic market, with a mid-term goal of 1,950 potential clinics in the U.S.

• Prioritizing responsible capital allocation, including growth initiatives, share repurchases, and buying back regional developer territories.

Operational performance and market position

• Achieved 14.4 million adjustments and treated 1.7 million unique patients in 2025, with 797,000 new patients, 41% of whom were new to chiropractic care.

• 85% of system-wide gross sales in 2025 came from monthly memberships, supporting strong recurring revenue.

• Operates 960 clinics (885 franchised, 75 corporate) across 41 states and DC, with a national footprint and presence in all 50 states, DC, Puerto Rico, and Canada.

• Recognized as a category leader, ranked #1 in chiropractic services and #37 in Entrepreneur’s Top 500 franchises for 2025.

• Holds about 5% of the $9.2B–$10.7B out-of-pocket chiropractic market, with significant room for growth.

Financial highlights and guidance

• 2025 system-wide sales reached $532.4M, with consolidated Adjusted EBITDA of $13.0M, up $1.6M from 2024.

• Q4 2025 consolidated Adjusted EBITDA was $3.6M, a 7.8% increase year-over-year, despite a 3.9% decline in system-wide sales and a 3.8% drop in comp sales.

• 2026 guidance projects system-wide sales of $519M–$552M, comp sales between -3% and +3%, and Adjusted EBITDA of $12.5M–$13.5M.

• Post-refranchising, expects 10–12% of system sales from royalties and fees, gross margin of 83–85%, and Adj. EBITDA margin of 13–15% by mid-2026.

• Repurchased 1.3M shares for $11.3M in 2025, with $5.7M remaining on the buyback plan at year-end.