The Joint (JYNT) Q3 2026 Earnings Call Transcript

DATE

Thursday, Nov. 5, 2026

CALL PARTICIPANTS

• President and CEO - Sanjiv Razdan
• CFO - Scott Baumann

TAKEAWAYS

• Revenue -- $13.6 million, representing a 1% increase driven by the transition to a pure-play franchisor model.
• System-wide Sales -- $123.3 million, representing a 3.1% decline compared with the third quarter of 2025.
• Comparable Sales -- -1.9%, improving from -2.8% in the second quarter and -4.2% in the first quarter of 2026.
• Net Income from Continuing Operations -- $1.5 million, compared to $290,000 in the third quarter of 2025.
• Adjusted EBITDA from Continuing Operations -- $2.3 million, reflecting an increase of $900,000 year over year.
• Full-Year System-wide Sales Guidance -- $508 million to $512 million, revised downward from the prior range of $519 million to $552 million.
• Full-Year Comparable Sales Guidance -- -3.5% to -2.5%, updated from the previous range of -3% to 3%.
• Texas Regional Developer Acquisition -- $8 million in cash at closing, with potential additional payments up to $2 million based on gross sales targets.
• RD Royalty Savings -- $3 million on an annualized basis, resulting from the reacquisition of five regional developer territories.
• Active Membership -- increased during the quarter, supported by targeted outreach and win-back programs for lapsed patients.
• Patient Spend Dilution -- approximately $2 per patient per month, resulting from the introduction of lower-priced flexible membership plans.
• Clinic Count -- 930 at quarter end, reflecting four openings and 15 closures during the third quarter.
• Year-End Clinic Outlook -- approximately 50 clinics below 2025 year-end levels, as management optimizes the existing franchised base.
• Unrestricted Cash -- $18.3 million at Sept. 30, 2026, compared to $22.2 million at the end of the second quarter.
• Share Repurchases -- $3.8 million for 461,000 shares at an average price of $8.30 per share.
• New Clinic Breakeven -- approximately three months for 2026 openings, compared to an 18-month historical average.
• Corporate Clinic Count -- 15 units remaining, following the refranchising of 26 clinics during the quarter.
• Lead Management Platform -- scheduled to launch in Jan. 2027, utilizing six AI agents to handle appointments and inquiries.
• AI Visibility Score -- maintained in the mid-70s, representing online discovery performance ahead of key competitors.
• Refranchising Progress -- substantially complete with 40 of 45 Southern California clinics and all four Northern California clinics transferred.
• Operating Cash Flow -- negative $128,000, primarily reflecting a $1.5 million legal settlement payment from a 2024 matter.
• Free Cash Flow -- negative $509,000, compared to $1.5 million in the prior-year period.

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RISKS

• Razdan stated, "ongoing pressure on consumer spending led to fewer new patients and lower average patient spend per month," which continues to impact comparable sales performance.
• Baumann noted that the updated full-year guidance reflects "continued macroeconomic pressure on consumer spending" observed through the first nine months of the year.

SUMMARY

The Joint Corp. (NASDAQ:JYNT) reported financial results for the third quarter, reflecting a transition to a pure-play franchisor model amidst ongoing macroeconomic headwinds. Management noted improvements in patient retention and lifetime value, attributed to new flexible membership options and targeted outreach to lapsed members. The company continued its capital allocation strategy through regional developer territory buybacks and share repurchases, while lowering its full-year guidance for system-wide sales and comparable growth. Strategic focus remains on clinic network optimization and the introduction of AI-driven lead management to stabilize new patient acquisition.

• Sanjiv Razdan stated, "conversion and retention improved," noting that the cost to win back a lapsed patient is significantly lower than acquiring a new one.
• Management identified development potential for more than 150 additional clinics across five reacquired regional developer territories.
• The company is testing proprietary clinical care protocols, including mobility scores, to provide patients with visibility into functional health improvements over time.
• A new franchise broker network was signed to accelerate operator recruitment and drive future clinic openings starting in 2027.
• Scott Baumann stated the flexible membership options "round out our offering especially in times where people are a little strained financially."
• Management reported that the 2026 clinic class is averaging a breakeven time of approximately three months due to more disciplined site selection and preopening protocols.

INDUSTRY GLOSSARY

• System-wide sales: Total sales at all clinics, including both company-owned and franchised locations.
• Comp sales: Revenue from clinics open at least 13 full months, excluding closed locations.
• Regional Developer (RD): A third-party partner who manages and develops a specific geographic territory in exchange for a portion of royalties.
• Pure-play franchisor: A business model where the company focuses on franchising operations rather than owning and operating its own units.
• Adjusted EBITDA: A non-GAAP financial measure that excludes interest, taxes, depreciation, amortization, and other non-recurring or non-cash items.
• LTV: Lifetime value, representing the total revenue expected from a single patient relationship over time.

Full Conference Call Transcript

Operator: Good day, and welcome to the Joint Corporation Third Quarter 26 Financial Results Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by the number 1. After today's presentation, there will be an opportunity to ask questions. To withdraw your question, please press star then 2. Please note this event is being recorded. Would now like to turn the conference over to Richard Land with Alliance Advisors. Please go ahead.

Richard Land: Thank you, Danielle, and good afternoon, everyone. Joining us on the call today are President and CEO, Sanjiv Razdan and CFO, Scott Baumann. Please note we are using a slide presentation that could be found on The Joint's IR website. This afternoon, The Joint Corp. Issued a press release for the third quarter ended September 30, 2026. The release is available on the company's website. Please be advised that today's discussion, including any financial and related guidance, will be provided, consists of forward looking statements as defined by securities laws.

These statements are based on information currently available to us and involve risks and uncertainties that could cause actual future results, performance, and business prospects and opportunities to differ materially from those expressed in or implied by these statements. Some important factors that could cause such differences are discussed in the Risk Factors section of The Joint Corp. Filings with the Securities and Exchange Commission. Forward looking statements speak only as of the date the statements are made, and the company assumes no obligation to update them, except to the extent required by applicable securities laws. Management uses non GAAP financial measures such as EBITDA, adjusted EBITDA and free cash flow.

A description of these measures is included in the press release issued earlier this afternoon and reconciliations to the most directly comparable GAAP measures are included in the appendix to the presentation and press release both available in the Investors tab of our website. With that, I will now turn the call over to Sanjiv Razdan. Sanjiv, please go ahead.

Sanjiv Razdan: Thank you, Richard, and good afternoon, everyone. Our third quarter results show that the actions we have taken to strengthen patient engagement and reshape our operating model are beginning to work together. We are encouraged by progress in several of our leading patient metrics, while recognizing the consumer environment continues to weigh on spending and our comparable sales. Our active membership count grew during the quarter as our initiative to win back lapsed patients gained momentum. Patients are also staying with us longer, and spending more over the course of their relationship with The Joint supporting higher patient lifetime value.

At the same time, ongoing pressure on consumer spending led to fewer new patients and lower average patient spend per month. Which weighed on comp sales. Comp sales were -1.9% in the third quarter improving from -2.8% in the second quarter and -4.2% in the first quarter. Financially, we continue to see the benefits of our capital light model, with revenue growth and stronger profitability from continuing operations. Scott will walk through the results in more detail. Overall, we are pleased to see that the underlying membership and lifetime value trends are improving and our franchisor model is producing stronger profitability.

Our updated outlook takes a realistic view of the consumer while our focus remains squarely on returning to positive comp sales. Turning to slide 5. Let me briefly highlight our third quarter financial results. Revenue increased 1% year over year to $13.6 million System wide sales were $123 million down 3.1% from the prior year period, while comp sales were -1.9% versus -2.8% in the second quarter. Net income from continuing operations increased by 1.2 million to $1.5 million compared with $290 thousand in the third quarter of 2025. Adjusted EBITDA from continuing operations increased by $900 thousand to $2.3 million compared with $1.4 million in the prior year period.

Together, these results reflect the improving operating leverage of our franchisor model. Turning to slide 6. Now turning to membership and patient metrics. We saw encouraging progress during the quarter. Conversion and retention improved. Supporting active membership growth. Active members per clinic increased compared with prior year period and compared with the second quarter of 26. We also increased the average number of months per active member and total dollars per active member improving patient lifetime value. In short, members are staying with us longer and spending more over their relationship with The Joint. However, lower average patient spend per month partially offset these benefits which is why the underlying gains have not yet translated into positive comps.

While the longer term value of the patient relationship is improving, near term spending remains under pressure. Our focus remains on building the active member base, and delivering value in a way that supports patients and the franchisees through the current environment. Turning to slide 7. We are pursuing growth in 3 ways. Improving comp sales, expanding our clinic network, and responding to growing consumer interest in longevity and health span. I will start with comp sales, where our initiatives follow the patient journey attracting new patients, converting them to members, and keeping them engaged longer. First, we are improving new patient acquisition by strengthening lead management.

We are on track to launch a new AI powered lead management platform supported by 6 AI agents in January 2027. We believe it can begin contributing to comp sales growth during 2027, Among other things, it has the capability to follow-up on leads, book appointments, and answer frequently asked questions. This builds on our broader digital efforts to help more patients find the joint and understand how we can help. Our SEO and AI visibility work continues to support online discovery with our AI visibility score remaining in the mid-70s ahead of competitors across key search topics.

We also recently updated our website to highlight our doctors' experience and address common patient questions about pain and specific conditions helping turn online interest into clinic visits. Second, we are improving conversion through flexible membership plans. Our flexible membership options give patients more choice, while preserving the affordability and accessibility of the joint model. Lowering the barrier to joining helps us convert more first time visitors into members and gives existing members a reason to stay rather than cancel. Third, we are improving retention and winning back lapsed patients These patients already know The Joint and have benefited from our membership model, they were previously in discomfort.

During the third quarter, targeted outreach and promotions helped drive higher lapse patient win back compared with the prior year period. Supporting active membership growth. The cost to bring back a lapsed patient is significantly lower compared to the cost to acquire someone new to The Joint. And finally, we are also improving member engagement by personalizing the experience for our MVPs or most valuable patients to increase their lifetime value. During the third quarter, we launched new app features addressing some of their most requested needs including adding clinic wait times, which doctor is on schedule, in app registration, along with birthday and membership anniversary recognition. Turning to slide 8.

Beyond improving comp sales, we are also focused on expanding our clinic network using 3 strategies. First, we are improving new clinic economics. Our 2025 clinic class continues to outperform prior year cohorts and clinics opened in 2026 are performing even better. For example, our recent average time to breakeven for new 2026 clinics is approximately 3 months, compared with approximately 18 months historically. This performance has been supported by more disciplined site selection and more rigorous preopening protocols. Second, we are attracting franchisees with the capacity to expand. We are targeting well capitalized, experienced multisite operators while supporting strong existing franchisees that are interested in adding locations.

Our compact clinic footprint, low capital requirement, and lean staffing model are well suited to multiunit ownership. And third, we are advancing development in reacquired regional developer territories. Buying back RD rights allows us to support franchisees directly. Strengthen clinic performance and recruit operators for specific markets. Across the 5 territories that we acquired this year, we have identified potential for more than 150 additional clinics providing a meaningful development opportunity. Supporting all 3, we recently signed with a franchise broker network to accelerate franchisee recruitment and drive new clinic openings. Turning to slide 9.

Our third growth opportunity is to elevate the patient experience and our care offerings to align with growing consumer interest in longevity, health span, mobility, and noninvasive whole body care. As Americans live longer, there is a growing consumer need for improving health span. We believe that The Joint's model of improving patient mobility and lowering pain is relevant to this need. We are using consumer research to better understand patient needs and personalize the experience. Which is helping us to match our offerings with patients' demands. Pain relief and improved mobility remain central to our message, alongside the quality of the patient experience.

Our goal is to help patients get back to doing the things they love and encourage long term engagement. We are in early stages of testing proprietary clinical care protocols with measurable health outcomes. This includes mobility scores, giving patients clear visibility into their improvement in mobility, pain, and functional health over time. All with the intent of providing our patients with more personalized care and the motivation for consistent ongoing care. And finally, we are piloting complementary retail offerings, including orthotics, and nutritional supplements, as we evaluate additional ways to address patient needs and supporting our positioning around mobility and whole body care. Let's turn to slide 10. Now moving on to refranchising efforts.

Supporting these growth priorities is our transition to a capital light, pure play franchisor model. With refranchising substantially complete, our management team is focusing more directly on franchisee support, patient acquisition, and network development with less operational complexity from company owned clinics. The ownership transfers for our 15 remaining company owned or managed clinics continue to progress as lease assignments and related steps are completed. Once those transfers are complete, we will have no remaining company owned or managed clinics. The benefits of the model are increasingly visible in our results. Through the first 9 months of 2026, net income from continuing operations improved to $2.3 million from a net loss of $1.2 million a year ago.

While adjusted EBITDA from continuing operations increased to $5.9 million from $1.5 million. This structure is helping to improve margins, profitability, and cash generation from continuing operations. While we still have work to do to restore consistent system wide growth, the business is leaner and better positioned to convert future growth into earnings and cash flow. With that, I will turn it over to Scott.

Scott Justin Bowman: Thanks, Sanjiv. First, I will review some key operating metrics. System wide sales in the third quarter were 123 million a decline of 3.1% compared with the same period last year. Comp sales were -1.9% versus -2.8% in the second quarter consistent with the sequential progress Sanjiv discussed earlier. Adjusted EBITDA from consolidated operations was $3.3 million in line with the third quarter of 2025. Turning to Slide 13, I will review the financial results in more detail. Revenue increased 1% to $13.6 million from $13.4 million in the prior year period. Royalty fees increased 2% to $8.3 million outpacing system wide sales as refranchised clinics generated royalties that were not included in the prior year period.

Cost of revenues were 2.4 million down 10% from the same period last year primarily reflecting lower regional developer royalty cost as we continue to reacquire RD territories. Selling and marketing expense was 2.7 million down 4% from the prior year period primarily due to lower system sales. Depreciation and amortization expense was 262 thousand while G&A expense decreased 6% to 6.9 million from $7.3 million in the third quarter of 2025. Net income from continuing operations was 1.5 million compared with $290 thousand in the same period last year.

Including discontinued operations, consolidated net loss of $117 thousand or $0.01 per share compared with consolidated net income of $855 thousand or $0.06 per diluted share in the prior year period. Adjusted EBITDA from continuing operations increased to $2.3 million from $1.4 million a year ago, reflecting the improved operating leverage of our franchisor model. Now on to the balance sheet and liquidity. Unrestricted cash at the end of the third quarter was $18.3 million compared with $22.2 million at the end of the second quarter. Subsequent to quarter end, we paid $8 million at closing to reacquire the Texas RD rights.

Operating cash flow was negative $128 thousand and free cash flow was negative $509 thousand in the third quarter, primarily reflecting a $1.5 million payment in the quarter for a legal settlement from 2024. This compares to operating cash flow of 1.8 million and free cash flow of $1.5 million in the prior year period. We expect free cash flow to improve as the remaining ownership transfers are completed. We maintained our $20 million line of credit with JPMorgan Chase which remains fully undrawn and available through August 2029. Together, our cash position and undrawn credit facility provide flexibility to execute our capital allocation framework while maintaining appropriate liquidity. Turning to Slide 15. Our approach to capital allocation remains balanced.

Our first priority is to invest in initiatives that support sustainable system wide growth. We also evaluate regional developer territory buybacks and share repurchases based on their expected returns, strategic value, and the liquidity needs of the business. RD territory buybacks improve our economics by allowing us to recapture approximately 2 thirds of the royalties previously paid to the regional developer. They also give us a more direct relationship with franchisees supporting the operating and development priorities Sanjiv has outlined.

As I just noted on October 1, we reacquired the regional developer rights for Texas our largest RD territory, representing 141 franchise clinics for $8 million in cash at closing and up to $2 million in a. in potential additional consideration tied to gross sales in the region over the next 2 years. Including Texas, we have announced 5 RD territory buybacks in 2026 totaling 189 clinics. Together, these territories are expected to reduce RD royalties by approximately $3 million on an annualized basis with about 1 third of that benefit offset by internal cost to manage them.

Share repurchases are another way to create value, and return capital to shareholders when market conditions make them an attractive use of cash. During the third quarter, we repurchased approximately 461 thousand shares for $3.8 million at an average price of $8.30 per share completing the $12 million authorization approved in November 2025. Subsequent to quarter end, our board approved an additional $5 million authorization giving us continued flexibility to repurchase shares opportunistically. We will continue to balance these uses of capital while preserving appropriate liquidity and the capacity to invest in the business. On to slide 16, let's discuss our clinic count. Total clinic count was 930 at the end of the third quarter.

During the quarter, we opened 4 clinics closed 15 clinics and refranchised 26 clinics. Our newer clinics continue to perform well, supporting our confidence that our more disciplined approach to operator quality site selection, and opening support is producing a healthier foundation for future unit growth. We continue to work with franchise owners to optimize the existing clinic base. This includes closing underperforming clinics, which we expect will result in the overall clinic count at year end being approximately 50 clinics below year end 2025. Expect to get back to clinic growth beginning next year.

On Slide 17, I would like to briefly revisit the financial profile of our pure-play franchisor, The Joint is now operating with a capital light structure with lower G&A expense and improved profitability from continuing operations. We continue to view the model parameters previously introduced as starting points once the remaining ownership transfers are complete, rather than long term targets. As a reminder, these starting points include gross margin of 83% to 85% of revenue, G&A expense of 40% to 42% of revenue, capital expenditures of approximately 3% of revenue, and free cash flow conversion of 60% to 70%.

Together, these starting points would imply an adjusted EBITDA margin of 19% to 21%, and a net income margin of 13% to 15%. We intend to build on this profile in 2027 and beyond. On Slide 18, we are updating our full year 2026 financial guidance to reflect results through the first 9 months and continued macroeconomic pressure on consumer spending. We now expect system wide sales of $508 million to $512 million compared with our prior range of $519 million to $502 million. System wide comp sales are expected to be in the range of -3.5% to -2.5% compared with our prior range of -3% to +3%.

We are reiterating our consolidated adjusted EBITDA guidance of $12.5 million to $13.5 million As noted earlier, we expect total clinic count at year end 2026 to be approximately 50 units below year end 2025 as we continue to optimize the existing clinic base. Our updated outlook reflects continued pressure on consumer spending. At the same time, improvements in active membership, retention, patient lifetime value, and newer clinic performance give us confidence that the business is well positioned to return to growth as our initiatives take hold. With that, I will turn it back over to Sanjiv.

Sanjiv Razdan: Thanks, Scott. Let's look at slide 20. The third quarter reflects meaningful progress in the areas that will support the long term health of the business. We grew our active membership count with members staying with us longer Total dollars per active member increased, and conversion and retention are improving. Together with stronger new clinic performance, these are important building blocks for future growth. We are confident that the underlying operating indicators are moving in the right direction. The business is structurally stronger, and our priorities remain clear. Our priority for 2027 is clear. We are single mindedly focused on improving comp sales. With that, operator, we are ready for questions.

Operator: Thank you. We will now begin the question and answer session. To ask a question. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press the star key then the number 2. The first question comes from Jeremy Hamblin from Maxim Group. Please go ahead.

Analyst: Good afternoon. Thank you for taking my question. Firstly, you mentioned that some of the newer franchise clinics are actually performing well. I mean, what do you think you attribute that to, and how do you replicate that to the current franchise base?

Sanjiv Razdan: Yeah. Great question, Jeremy Hamblin. Thank you. This is Sanjiv. We attribute that to 3 fundamental things. Number 1, the rigor that we are applying to site selection is exponentially more than what we have applied historically. Number 2, we have brought on some very well capitalized strong operators boots on the ground, and the openings that we have seen with them are very strong. Third, and perhaps the most importantly, we are enforcing compliance with preopening protocols of how we expect franchisees to market a clinic even before it opens.

In a membership based model, it is highly critical to have strong lead generation even before the doors open to make sure that the franchisee and the clinic gets to breakeven sales very, very quickly. And we feel like we have that playbook, and we are in we are not allowing any clinic to open without compliance. With that playbook, and we are also supporting our franchisees in their ability to achieve the outcomes. Okay. Understood. that is great. And then maybe just, you know, you are rationalizing the actual base. You said there is going to be 50 less locations by the end of this year. compared to 2025.

Is that is that just pretty much all the rationalization in 2027? I think you mentioned that you are going to start to, you know, ramp the openings back up and That is accurate. Okay. that is great and then. And just last question. Referring, I know you said your active membership is up. Is that. Has to do with a new membership structure. So is that new. Is that new membership structure generating incremental patient demand, or is it primarily improving retention among existing customers? Yeah. Let me provide some additional context to that.

So first of all, we are really pleased and encouraged that we have more active members in our system for clinic today than we did same time last year. To frame something we have shared previously, the average household income of our patients tends to be somewhere between 60 thousand to $110 thousand. The lower end of that, right, of that income band is also what is now often referred to as the bottom of the k shaped economy. Those members are pressured in terms of disposable income. We had done a significant amount of research earlier this year and last year to understand what the shifting consumer needs were. And what we learned was 3 things.

Patients stop staying with us because they are no longer in pain. They do not wanna pay the membership fee or they feel unable to afford the membership fee. For much longer. And often, do not have the time to enjoy the 4-visit. Up to 4-visits per month that their standard membership enables. So as a result of that, we introduced some flexible membership options, which were not only lower priced, but also allowed them lower frequency of visits. These have been leveraged by our teams to help convert new patients into members. And also prevent existing members from canceling their memberships.

So what we are finding is that as a result, our retention's much higher, our conversion's much higher, and the patients that have come on to these flexible plans are staying with us for longer because this is comes at a price and a visit frequency that they feel meets their needs better. So that is what we are seeing. Now what is the upside of this? The upside is that the overall lifetime value is increasing, both in time spent and dollars. The downside of it is that in the short term, we are seeing a spend dilution per patient per month, of a roughly, to give you a sense, of about $2. So it is not.

See, when you think about $2, it is not in itself an enormous amount, but it is meaningful enough to erode the benefit at the moment of the upside that we are seeing in active members. So we are now working double down on retention, and double down on improving our conversion and leveraging these. So that is a long way of saying 2 things. 1, we are converting more patients into members as a result of these options. And 2, we are also preventing more cancellations as a result of these options.

Analyst: Yeah. I understand. And that is oh, yeah.

Scott Justin Bowman: Sure. Yeah. Just 2 quick thoughts here. Those new plans that Sanjiv mentioned, the intent, 1 is for 2 visits a month, and 1 for 1 visit a month. And 1 of the use cases is if, like Sanjiv said, if they cannot afford or does not have the time for 4 visits a month, they can do 2 visits a month. With the optionality of buying more visits for $25 and then. And so that is a really good step down if somebody does not want the full wellness plan. You can step them down to that.

If somebody wants to cancel, they come in and they wanna cancel their plan because they do not have the money or time, we can offer that or we can offer the 1 visit plan that has been very popular. And so we are still optimizing the sales process of that to make sure that you know, the sales of those plans are mostly incremental. Which in most cases, are. there is some fine tuning we will continue to do, though. But we feel like, you know, those 2 plans really round out our offering especially in times where people are a little strained financially. It works, you know, very well in that situation.

So as we continue to optimize that mix, we think good things will happen. We are already seeing the member retention and conversion improvement, early days, but, there will be more to come. Okay. Great. And then just last question. You know, how much of the same-store comp sales the decrease, how much of that did you attribute that to weakness in the underlying consumer versus maybe the franchise owner is not operating as well as he could be. I mean, I think it is probably a combination. I mean, I think the macro is. I do not think it is changed that much.

I think you know, the gas prices and overall inflation have, you know, had probably a little bit larger impact in the quarter. So I think I think there is that. So I think these new plans have helped us, but as Sanjiv mentioned, they have been you know, somewhat offset by you know, the lower spend, you know, in average spend in the near term.

Analyst: Okay. Alright. Thank you for all that information. I will hop back in the queue.

Sanjiv Razdan: Yeah.

Operator: This concludes our question and answer session. I would like to turn the conference back over to Sanjiv Razdan for closing remarks.

Sanjiv Razdan: Thank you all for joining us today. Have a great day. And remember, after Joint, we always have your back. Thank you, operator. Let's close out the call.

Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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