The Joint Corp. (NASDAQ:JYNT) Q3 2023 Earnings Call Transcript

As we talked about, if you look at the franchisees sold in 2023, is that 58% of them were existing franchisees. And as a franchise system, there’s no better validation than somebody who’s already in the business, who understands it and says, “You know what, even its conditions, I want more.” If you are new to The Joint, maybe not new to franchising, and you don’t have that same certainty of how this operates, it makes sense for me to see — because historically, we had been running around a 50-50 split, 50% of our new patients –our new franchisees were new to The Joint, and the other 50% were existing franchisees. And so, it makes sense to me in this environment to see that percentage of sales being driven by our existing franchisees given that uncertainty that’s out there.

Operator: Thank you, that concludes our question-and-answer session. I would now like to turn the conference back to Mr. Peter Holt.

Peter Holt: Thank you, Harmony. Before I close, I’d like to note that we’ll be at the Roth Deer Valley Conference in December. And today, about 30% of our franchisees are doctors of chiropractic. And I’d like to tell you a story about one of our doctors in our systems. When Dr. P. [ph] moved to Las Vegas, he was looking for a chiropractic practice that afford him the ability to maintain a few business ventures in its prior location. The Joint provided that flexibility, no pun intended. And Dr. P. said, and I quote, “I quickly fell in love with the brand and everything The Joint represents.” Two years later, he realized his hometown and yet another state didn’t have any The Joint clinics. Dr. P. reported, I saw this as an ideal opportunity to embrace the challenge of marrying my passion for the brand, my experience as a chiropractor, and my entrepreneurial spirit.

It almost felt like it was an opportunity that was meant to be, so we took the leap, and he hasn’t looked back since. Thank you and stay well-adjusted.

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