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The Joint Corp. (JYNT-2.38%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $30,198,490, an increase from $29,473,949 in the same quarter the previous year. The increase is attributed to the expansion and revenue growth of the franchise base.
Revenues from company-owned or managed clinics decreased to $17,544,658 from $17,882,303 in the previous year, due to divestitures of company-owned or managed clinics.
Royalty fees increased to $7,870,033 from $7,143,791, reflecting the growth in the number of franchised clinics and sales growth in existing franchised clinics.
The company reported a net loss of $3,165,139 for the quarter, compared to a net loss of $716,273 in the previous year.
General and administrative expenses increased to $20,754,264 from $20,212,750, primarily due to increased payroll and legal expenses.
Cash provided by operating activities was $5,284,936, while cash used in investing and financing activities was $527,294 and $1,976,498, respectively.
As of September 30, 2024, The Joint Corp. had 963 clinics in operation, including 838 franchised and 125 company-owned or managed clinics.
The filing details the company's strategy to re-franchise or sell the majority of its company-owned or managed clinics, focusing on franchise growth.
The Joint Corp. anticipates that its existing cash, anticipated cash flows, and available credit will be sufficient to fund its needs for at least the next 12 months.
The company acknowledges potential impacts from global economic conditions, labor shortages, and inflation, and continues to monitor these factors.
Recent developments include the resignation of Chief Executive Officer Peter D. Holt and the appointment of Sanjiv Razdan as the new CEO and President.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The Joint Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.