– undertakes to keep clinics open whenever and wherever possible during the crisis –
– Withdrawal of guidelines for the opening of finance and clinics –
SCOTTSDALE, Ariz., March 20, 2020 (GLOBE NEWSWIRE) – The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and franchisor of chiropractic clinics, reiterated their statement on Essential Healthcare Services and their commitment to maintain the chiropractic system open when and where possible.
Relying on directions from government agencies, national and state chiropractic associations, and local health departments, including the International Chiropractors Association, the Federation of Chiropractic Licensing Boards, and the Texas Chiropractic Association and Texas Board of Chiropractic Examiners, The Joint Corp. regards chiropractic care as an essential health service available to patients with a variety of health conditions during times of urgent need.
“I am deeply grateful to our chiropractors for assuming the great responsibility that all healthcare providers must bear at this unprecedented time,” said Peter D. Holt, President and CEO of The Joint Corp. “Protecting our patients and our employees from the spread of COVID-19 is a top priority for us. For this reason, we have issued guidelines that conform to the guidelines of the World Health Organization (WHO), the US Centers for Disease Control and Prevention ( CDC) and the local health departments correspond to the continued safe operation of our clinics. “
Some of these protocols include creating greater distance between patients waiting within the clinic, removing items such as magazines, using alternative spine fitting techniques that minimize contact, and improving cleaning and disinfecting practices.
As retailers across the country are closing stores, malls, and strip centers, as of March 20, 2020, more than 95% of The Joint Chiropractic’s clinics are open. “The fact that we have been able to maintain 70% of our normal patient visits so far speaks to the importance of chiropractic care to our patients and confirms that they consider us an essential health service,” added Holt. “Given the strong unit growth in recent years, The Joint Corp. and our franchisees will never be in a better financial position to weather this storm. However, given the remaining uncertainty, we consider it advisable to withdraw our guidelines for the 2020 financial and clinic opening. “
In order to further strengthen the liquidity position and ensure financial flexibility, the Joint Corp. drawn on the recently established $ 7.5M Revolving Credit Facility with JP Morgan Chase Bank, NA, on $ 2M in March 2020. In addition, the company is taking initiatives to reduce costs and move capital expenditures. The company backs its franchise system by providing a robust support platform, including guidelines for liquidity management and the use of government stimulus plans. In addition, The Joint proactively communicates with its franchisees, doctors and patients to help them navigate their rapidly changing environment.
“As we continue to respond to the dynamic situation surrounding COVID-19, we continue to advocate convenient and affordable chiropractic care in our local communities,” concluded Holt. “We know that many people have health needs that can be helped through chiropractic care, and we feel responsible and committed to being available to help them.”
For more information, please visit thejoint.com/coronavirus-response.
About the Joint Corp.
The Joint Corp. (NASDAQ: JYNT) revolutionized access to chiropractic when she introduced her retail healthcare business model in 2010. Today, the company makes quality care convenient and affordable, without the need for insurance, for millions of patients who seek pain relief and continued wellbeing. With more than 500 locations across the country and over 7 million patient visits per year, The Joint is a leader in the chiropractic industry. Named in the entrepreneur’s Top 200+ Franchises and Franchise 500® lists, The Joint Chiropractic is an innovator where healthcare and retail meet. More information is available at www.thejoint.com. For information on franchise opportunities, visit www.thejointfranchise.com.
This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations about industry trends, our future financial and operational performance and our growth plans, taking into account the information currently available to us. These statements are not historical facts. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from our expectations of future results that we express or imply in forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include, but are not limited to, our failure to develop or acquire company-owned or managed clinics as quickly as intended, our failure to operate profitably company-owned or managed clinics, uncertainties related to the coronavirus (including potential impact on patient demand) and the other factors described under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 6, 2020 in our subsequent submissions will be revised or updated. Words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “aim”, “aim”, “intend”, “may”, “opportunities”, “plan”, “potentially”, “Short-term”, “Long-term”, “Projections”, “Assumptions”, “Projects”, “Guidelines”, “Forecasts”, “Prospects”, “Goals”, “Trends”, “Should” “Could”, “Would.” “,” will “and similar expressions are used to identify such forward-looking statements. We qualify forward-looking statements based on these cautionary factors only. We undertake no obligation to update or revise any forward-looking statement for any reason or to update any reason why actual results are material may differ from those anticipated in these forward-looking statements, even as new information becomes available in the future. Comparisons of results for current and prior periods are not intended to express future trends or indications of future performance, sof They are not to be expressed as such and should be viewed as historical data only.
The Joint Corp. is a clinic franchisor and operator of clinics in certain states. In Arkansas, California, Colorado, Columbia District, Florida, Illinois, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Washington, West Virginia and Wyoming, The Joint Corp. and its franchisees provide management services for affiliated professional chiropractic practices.
Media contact: Margie Wojciechowski, The Joint Corp., firstname.lastname@example.org
Investor contact: Kirsten Chapman, LHA Investor Relations, 415-433-3777, email@example.com