The Joint Corp. to restate 2022 results; net income to drop $0.6M due to accounting errors

JOINT Corp

Restating 2022 annual and interim financials for re-acquired regional developer rights and VIE transfer pricing errors.
Estimated FY2022 net income reduction of $0.6M; no change to adjusted EBITDA or cash.
Expects one or more material weaknesses in internal controls; evaluating remedial measures.
Plans to file 10-K/A and then Q2 2023 10-Q; conference call to follow.
Prior financials for 2022 and certain 2021 periods should no longer be relied upon.

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