Joint Corp. reports 38% revenue growth in FY2021; corrects 2022 clinic opening guidance to 110-130

JOINT Corp

2021-FY EPS reported $0.44 revenue$80,859,653

Q4 revenue $22.4M (+32% YoY); net income $224K vs $10.6M (prior year benefitted from $8.9M tax valuation allowance reversal).
Full-year revenue $81.2M (+38%); Adjusted EBITDA $13.3M (+46%); system-wide comp sales +29%.
Opened 130 clinics in 2021 (110 franchised, 20 greenfield); total clinics 706 at year-end.
2022 guidance: revenue $102-106M, Adjusted EBITDA $15-17M; franchised openings corrected to 110-130 from 130-140.
Cash $19.5M at Dec 31, 2021; sold 156 franchise licenses in 2021 vs 121 in 2020.

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