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Here are two brief analogies to describe Joint Corp. (JYNT):

• Planet Fitness for chiropractic care.
• MinuteClinic for chiropractic adjustments.

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• Chiropractic Adjustments: Provides spinal adjustments and other chiropractic manipulations focused on improving musculoskeletal health and relieving pain.
• Wellness Plans: Offers membership-based plans for regular, affordable chiropractic care designed for ongoing wellness and preventative health maintenance.

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The company, Joint (symbol: JYNT), is officially known as The Joint Corp. It operates a chain of chiropractic clinics across the United States.

The Joint Corp. primarily serves individuals, operating on a Business-to-Consumer (B2C) model. Its services are provided directly to patients seeking chiropractic care. Below are up to three categories of customers it serves:

• Individuals seeking convenient and affordable chiropractic care: These customers are looking for a hassle-free experience for routine adjustments, pain relief, and general wellness. They value The Joint's walk-in model, transparent pricing (often membership-based), and focus on consumer convenience, often avoiding the complexities of insurance claims.

• Wellness-focused individuals prioritizing preventative health: This category includes customers who incorporate chiropractic adjustments into their regular wellness routine. They use The Joint's services as part of a proactive approach to maintaining spinal health, improving posture, and overall physical well-being, rather than solely for acute pain management.

• First-time or casual users of chiropractic services: The Joint's accessible and non-intimidating clinic environment, along with its straightforward service model, attracts individuals who may be new to chiropractic care or those who prefer a less traditional healthcare setting. It serves as an entry point for many into consistent chiropractic maintenance.

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Sanjiv Razdan, President, Chief Executive Officer and Director

Sanjiv Razdan joined The Joint in 2024 with over 35 years of experience in franchising and hospitality. He has extensive experience growing and leading successful multi-unit companies and franchise businesses. Most recently, he served as President of Americas and India for The Coffee Bean & Tea Leaf, a global specialty coffee and tea house company operating across 1,200 cafes in 30 countries. Earlier in his career, Razdan held senior operations leadership roles with respected brands and franchisors including Yum! Brands (Pizza Hut and KFC), Dine Brands (Applebee's), and Sweetgreen. His introduction to franchising began at Pizza Hut in his home country of India, where he eventually became global operations director.

Scott J. Bowman, Chief Financial Officer

Scott J. Bowman joined The Joint as Chief Financial Officer effective 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, from 2023 to 2025. He was also the CFO at True Food Kitchen, a privately held restaurant company, from 2021 to 2023, and at Dave & Buster's, a publicly held dining and entertainment company, from 2019 to 2021. From 2012 to 2019, he served as CFO at Hibbett Sports, a publicly held athletic specialty retailer that was subsequently acquired by JD Sports. Bowman's leadership experience spans both transformation and growth-stage environments.

Charles Nelles, Chief Technology Officer

Charles Nelles joined The Joint in 2022. Previously, he held the role of Vice President of Technology at American Express Global Business Travel, where he was responsible for overseeing its global technology infrastructure and service delivery processes supporting corporate travel, expense management, meetings & events, and global business consulting. Nelles has also held various executive and technology roles at Western Union, and served in leadership capacities at several healthcare organizations, including The Children's Hospital of Denver and PacifiCare Health Systems.

Beth Gross, Senior Vice President of Human Resources

Beth Gross joined The Joint in September 2024, bringing over two decades of experience in human resources. Most recently, Gross served as 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 evolution, including talent acquisition strategy and execution, and established and led the employer branding strategy. Under her leadership, Spear Education was recognized as a "Top Companies to Work For in AZ" five times.

Craig Sherwood, Senior Vice President of Development

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

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1. Financial Restatements, Internal Control Weaknesses, and Accounting Issues: The company has a history of financial restatements for the years 2020, 2021, and 2022, and has reported material weaknesses in its internal controls. These issues, stemming from accounting errors related to regional developer rights and transfer pricing, have led to concerns about diminished investor trust, potential adverse effects on stock value, significant legal and accounting expenses, and management distraction. Furthermore, Joint Corp received a delinquency notification from Nasdaq due to its failure to timely file a quarterly report, linked to ongoing evaluation of accounting treatment.

2. Decelerating Growth, Marketing Inefficiency, and High SG&A Expenses: The Joint Corp has exhibited decelerating revenue growth and disappointing financial performance, as evidenced by its Q3 2024 results and lowered guidance across key metrics. The company struggles with marketing inefficiency, failing to effectively leverage its marketing expenditures, and experiences high selling, general, and administrative (SG&A) expenses. This indicates potential structural problems in customer acquisition and an inability to achieve economies of scale despite its expanding number of clinic locations.

3. Labor Shortages and Increased Operating Expenses (Inflation): The company faces challenges in identifying and recruiting a sufficient number of qualified chiropractors and other personnel, exacerbated by nationwide labor shortages. This, coupled with increased operating expenses due to inflationary pressures, could negatively impact the company's profitability and operational stability.

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The Joint Corp. (JYNT) primarily operates in the chiropractic care market in the United States, offering services such as chiropractic adjustments, pain management, and preventative care through a membership-based model that often eliminates the need for insurance.

The addressable market for chiropractic services in the U.S. has several estimates:

• In 2022, the U.S. chiropractic market size was valued at approximately USD 450.7 million, with projections to reach USD 2,871.8 million by 2030, exhibiting a compound annual growth rate (CAGR) of 26.3% from 2023 to 2030.
• Other estimates place the U.S. chiropractic market size at USD 21.4 billion in 2024, anticipated to reach USD 21.9 billion in 2025.
• Another report indicated the U.S. chiropractic market size was approximately USD 13.75 billion in 2024 and is predicted to grow to about USD 22.94 billion by 2034, with a CAGR of roughly 4.76% between 2025 and 2034.
• For North America, the U.S. led the chiropractic market in 2024, generating revenue of about USD 8.3 billion.

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1. Refranchising Strategy: The company is actively pursuing a refranchising strategy, selling corporate-owned clinics to franchisees. This shifts the revenue model towards increased franchise royalties and fees, which is a core strategic focus for enhancing profitability and generating revenue from its asset-light model. This initiative is expected to lead to more profitable continuing operations in 2026.
2. New Franchise Clinic Openings: Expanding the network of franchised clinics is a direct driver of revenue growth. The Joint Corp. continues to sell new franchise licenses and open new clinics, contributing to the overall increase in clinics in operation and subsequently, higher revenue from franchise operations.
3. Digital Marketing and Technology Initiatives: Investment in enhancing brand positioning and strengthening digital marketing efforts aims to increase patient acquisition and retention. Initiatives such as national marketing campaigns, bolstering digital marketing to boost organic search traffic, and upgrading the patient-facing mobile app are designed to improve system-wide sales.
4. Improved Clinic Economics and Patient Count: The company is focused on strategies to improve clinic economics and increase patient count. This includes efforts to drive overall system-wide sales and comparable sales by attracting more patients and enhancing the value proposition, implicitly incorporating pricing optimization for affordability and patient value through dynamic revenue management.

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Share Repurchases

• The board of directors authorized an additional $12 million for its stock repurchase program in November 2025.
• The company repurchased 540,000 shares for approximately $5 million between August and October 2025.
• During the third quarter of 2025, The Joint Corp. repurchased 228,000 shares for $2.3 million.

Inbound Investments

• The company entered an initial agreement to sell 45 corporate clinics in Southern California for an aggregate purchase price of $4.5 million, comprising $3,154,500 in cash and $1,345,500 in prorated franchise fees.

Capital Expenditures

• Cash used in investing activities totaled $527,294 for the third quarter ended September 30, 2024.
• For 2025, the company plans to continue reinvesting in its brand and enhancing its IT platforms.
• Strategic investments in 2025 include digital marketing, mobile apps, and a new pricing pilot, all aimed at patient acquisition and business optimization.