The Joint (JYNT) Q4 2024 earnings summary

Executive summary

• System-wide sales reached $530.3 million in 2024, growing 9% for the year and in Q4; revenue from continuing operations rose 10% to $51.9 million, with Q4 revenue up 14% to $14.4 million.

• Net income from continuing operations was $986,000 in Q4 2024, reversing a $10.2 million loss in Q4 2023; full-year net loss narrowed to $1.5 million from $10.8 million.

• Adjusted EBITDA for consolidated operations was $11.4 million in 2024, down from $12.2 million in 2023; adjusted EBITDA from continuing operations was $2.4 million in 2024 and $2.1 million in Q4 2024.

• The company is transitioning to a pure-play franchisor model by refranchising 125 corporate clinics, aiming to reduce overhead, improve profitability, and enhance operating leverage.

• Served 1.9 million unique patients in 2024, including 957,000 new patients; 36% of new patients were new to chiropractic care.

Financial highlights

• Q4 2024 system-wide sales grew 9% year-over-year; comp sales up 6% in Q4 and 4% for the year.

• 85% of system-wide gross sales in 2024 came from monthly memberships.

• Unrestricted cash at year-end was $25.1 million, up from $18.2 million; $20 million available on credit line.

• Cash flow from operations was $9.4 million for 2024.

• Adjusted EBITDA margin from continuing operations was 4.6% for 2024.

Outlook and guidance

• 2025 system-wide sales expected between $550 million and $570 million.

• System-wide comp sales for clinics open 13+ months projected to be mid-single digits, up from 4% in 2024.

• Consolidated adjusted EBITDA guidance for 2025 is $10–$11.5 million.

• New franchise clinic openings (excluding refranchised clinics) expected to be 30–40, down from 57 in 2024.