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Here are a few analogies for The Joint Corp. (JYNT):

• The Great Clips of chiropractic clinics.
• A Starbucks for chiropractic adjustments.

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• Chiropractic Care: Direct provision of chiropractic adjustments and related services to patients through its network of clinics.
• Franchise Operations: Offering opportunities to individuals and entities to own and operate chiropractic clinics under The Joint Corp. brand and system.
• Clinic Management and Support: Providing operational, developmental, and support services for both corporate-owned and franchised chiropractic clinics.

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The Joint Corp. (JYNT) operates chiropractic clinics, which provide direct healthcare services to individuals. Therefore, the company primarily sells its services to individuals.

The major categories of individual customers served by The Joint Corp. include:

1. Individuals seeking pain relief: This category encompasses patients experiencing acute or chronic musculoskeletal pain, such as back pain, neck pain, headaches, and sciatica, who seek chiropractic adjustments for symptom alleviation and recovery.
2. Individuals seeking wellness and preventative care: Customers in this group may not be experiencing acute pain but choose chiropractic care for ongoing spinal health maintenance, improved posture, stress reduction, and overall well-being. They often receive regular, routine adjustments.
3. Athletes and active individuals: This segment includes people who use chiropractic services for performance enhancement, injury prevention, faster recovery from physical activity, and to maintain optimal bodily function to support their active lifestyles.

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Sanjiv Razdan, Chief Executive Officer

Sanjiv Razdan joined The Joint in 2024, bringing over 35 years of experience in franchising and hospitality. He has a strong background in growing and leading successful multi-unit companies and franchise businesses. Before joining The Joint, he was President of Americas and India for The Coffee Bean & Tea Leaf, a global specialty coffee and tea house company. Razdan also held senior operations leadership roles at prominent franchisors such as Yum! Brands (Pizza Hut and KFC), Dine Brands (Applebee's), and Sweetgreen. He earned a Bachelor of Science degree in Physics and Computer Science from St. Xavier's College in Mumbai, India, completed a post-graduate program in Hotel Administration with ITC Hotels, and holds a certificate from Cornell University in QSR Management.

Scott J. Bowman, Chief Financial Officer

Scott J. Bowman became Chief Financial Officer of The Joint Corp. on June 10, 2025. He is a seasoned executive and a three-time public company CFO, with over 30 years of experience across the retail, restaurant, consumer goods, and manufacturing industries. Prior to The Joint, Bowman served as CFO at Leslie's Inc., a publicly held pool supply retailer (2023-2025), True Food Kitchen, a privately held restaurant company (2021-2023), Dave & Buster's, a publicly held dining and entertainment company (2019-2021), and Hibbett Sports, a publicly held athletic specialty retailer (2012-2019) that was subsequently acquired by JD Sports. For over two decades prior, he held roles of increasing responsibility in the finance and accounting departments at The Home Depot, divisions of Newell Rubbermaid, and The Sherwin-Williams Company. Bowman holds a B.S. in Accounting and Finance from Miami University (Ohio) and an MBA from Emory Goizueta Business School, and is a CPA.

Ron Stilwell, Senior Vice President Operations and Patient Experience

Ron Stilwell joined The Joint in 2026. He has successfully utilized his expertise in franchise operations, P&L management, and customer satisfaction to help franchisors grow and maximize profitability. Before his tenure at The Joint, Stilwell served as President and Chief Development Officer of FullSpeed Automotive, a significant automotive aftermarket conglomerate that operates and franchises quick oil change and service centers, starting in 2021.

Beth Gross, Vice President of Human Resources

Beth Gross joined The Joint in September 2024, bringing over two decades of human resources experience. Most recently, she held the position of Vice President of Human Resources at Spear Education, a private equity-owned dental education organization based in Scottsdale, Arizona. In this role, she managed all aspects of organizational development and talent acquisition strategy, and established the employer branding strategy, under which Spear Education was recognized five times as a "Top Companies to Work For in AZ". Gross earned a BA in corporate communications from Arizona State University.

Craig Sherwood, Chief Development Officer

Craig Sherwood joined The Joint in 2025. He has more than 25 years of executive leadership experience in global franchise development within both the fitness and Quick Service Restaurant (QSR) industries. Before joining The Joint, he was the Chief Development Officer for Lumin Fitness, an AI-powered fitness company, where he was responsible for all aspects of Lumin's global franchise development, real estate, design, and construction, and he initiated the strategic direction for the brand.

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The Joint Corp. (JYNT) faces several key risks, primarily stemming from its business model transformation and external economic and regulatory pressures.

1. Reliance on the Franchise Model and Franchisee Performance

The Joint Corp. is undergoing a strategic transition to become a "pure-play franchisor," divesting its company-owned clinics. This shift makes the company's financial performance and brand reputation highly dependent on the success and operational consistency of its franchisees. Risks associated with this model include the potential for franchisees to underperform, which directly impacts royalty revenue and could lead to inconsistencies in service quality across locations due to the franchisor's limited control over independent operators. The company's historical disclosures regarding franchise health and the challenges of expansion into new states have also been noted as potential concerns.

2. Labor Shortages and Inflationary Pressures

The company is vulnerable to nationwide labor shortages, particularly in recruiting qualified chiropractors and other staff, which can lead to increased operating costs and even reduced revenues. Inflation further exacerbates this risk by driving up labor expenses and interest rates. Additionally, inflationary pressures could lead to reduced discretionary spending by consumers on services such as chiropractic care, negatively impacting patient volumes and revenue.

3. Regulatory and Legal Risks

The Joint Corp. operates within a highly regulated healthcare industry, with chiropractic practice subject to varying state-level laws, particularly concerning the "corporate practice of chiropractic". Challenges to the company's management agreements with chiropractic professional corporations could significantly disrupt its business model in certain regions. The company has previously faced regulatory inquiries in multiple states, indicating an ongoing threat from evolving state and federal regulations.

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The clear emerging threat to The Joint Corp. is the rapid growth and adoption of Digital Therapeutics (DTx) and virtual physical therapy platforms specifically targeting musculoskeletal (MSK) pain management. Companies in this space offer remotely delivered, personalized exercise programs, coaching, and education for conditions like back and neck pain, often covered by employers and health plans. These platforms provide an accessible, non-invasive, and often more cost-effective alternative to in-person chiropractic care, directly competing for a significant portion of The Joint's target market seeking relief and management for MSK issues.

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The addressable market for The Joint Corp.'s main product or service, chiropractic care, is the United States.

The U.S. chiropractic market size was approximately USD 13.13 billion in 2022. It reached an estimated USD 21.4 billion in 2024 and is projected to be USD 21.9 billion in 2025. The market is predicted to grow to around USD 18.40 billion by 2030.

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The Joint Corp. (JYNT) is anticipated to drive future revenue growth over the next 2-3 years through several strategic initiatives:

1. Expansion of the Franchise Network and New Clinic Openings: The company is transitioning to a pure-play franchisor model, actively refranchising corporate clinics and focusing on opening new franchised units. This shift is expected to increase franchise royalties and fees. The Joint Corp. aims to complete this transition by 2026, with plans for 30-35 new franchised clinic openings in 2026.

2. Strategic Pricing Adjustments: The Joint Corp. has implemented a new pricing strategy, incorporating smaller, more frequent price increases and introducing a "Kickstart plan" for supplemental adjustments. These initiatives are designed to enhance revenue per patient visit.

3. Enhanced Patient Acquisition and Retention through Marketing: The company is intensifying its marketing efforts to attract new patients and improve the retention of existing members. This includes refining brand positioning, media strategies, and digital visibility (SEO), with a focus on chiropractic care for pain relief, attracting lapsed patients, and extending existing memberships.

4. Broader Market Expansion and Service Offerings: Plans include expanding operations into new markets within the U.S., with potential international expansion beginning in 2027. Additionally, the company is exploring broadening its service offerings, such as through B2B channels and integrated treatments.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• The Joint Corp. authorized a $5 million stock repurchase program in June 2025, which was expected to commence in August 2025 and conclude by June 3, 2027.
• Following the completion of the initial $5 million buyback, the board authorized an additional $12 million for the stock repurchase program in November 2025.
• For the full year 2025, the company repurchased 1.3 million shares totaling $11.3 million. As of December 31, 2025, $5.7 million remained authorized under the $12 million program.

Capital Expenditures

• In the first half of 2023, The Joint Corp. invested $4.7 million in the development of greenfield clinics, improvements to existing clinics, the acquisition of a previously owned franchise, and the reacquisition of regional developer territories.
• The company is undergoing a strategic transformation to become a "pure-play franchisor," which involves refranchising corporate-owned clinics. This strategy aims to shift towards a more capital-light operating model.
• For a pure-play franchisor model, capital expenditures are projected to be approximately 3% of revenues at an expected mid-2026 run rate.