A little more than a year ago, we covered The Joint Corp. (JYNT), a small-cap specialized franchisor of chiropractic clinics in the United States. The company initially grabbed our attention because of its snowballing expansion over the past few years, causing shares to jump from $2 to $20 during a relatively short period of time.

Source: Google Finance

We are particularly interested in franchises with the potential to scale, as many successful brands have utilized this type of business model to grow rapidly, with limited capital intensity. We have previously discussed such cases in our recent Domino’s Pizza and Dunkin’ Brands articles.

In this article, we will:

  • Discuss The Joint Corp.’s business model and financials.
  • Assess the stock’s valuation and investor returns.
  • Conclude why The Joint Corp. could provide a profitable investment opportunity, though risks remain.

Source: shesafitchick

Business model and financials

Over the past few years, The Joint Corp. has revolutionized access to chiropractic services since it launched its retail healthcare business model in 2010. The company strives to make quality care convenient and affordable while ending the need for insurance for millions of patients seeking pain relief and long-term wellness.

From the get-go, we are particularly excited about investing in the wellness space. Wellness, in general, has been gaining increasingly more attention, with practices like meditation and yoga undergoing a propelling trend. The company is capitalizing on this trend by offering chiropractic services at an affordable price. An appointment which normally costs around $77 is offered at $29 – a significantly lower price. While the sessions are provided on the cheap, each location’s operations are able to maintain profitability through increased volume. Management estimates that average patient visits per clinic are around 600/month in general clinics, vs. 1,350+/month in its own branded clinics. COVID-19’s staying-at-home way of life

Drew Miller joked about wanting to be a pro bass fisherman while growing up.

In reality, his sights were set only a professional hockey career. He achieved that goal, playing 10 seasons in the NHL, the final eight with the Detroit Red Wings.

But after retiring from the game at age 34, he needed to find something to do for the rest of his life.

While many players remain in the game in some capacity, Miller opted for the insurance industry.

“Life after hockey, you’re looking at ways to be successful and I always enjoyed the relationships I had with people and trying to help people,” Miller said. “I think that’s the name of the game in insurance. It’s kind of grown into something I really enjoy on a day to day basis.”

After wrapping up his playing career in 2018 following one season in Sweden, Miller started working with an insurance agency in East Lansing. He joined the Korotkin Insurance Group (KIG), a Southfield-based company founded in 1913, last month.

Miller enjoyed interacting with fans at various team community events when he played and continues doing so in retirement. Prior to the COVID-19 pandemic, he was among several former Red Wings who provided pre-game and in-game commentary on the Jumbotron at Little Caesars Arena and took part in suite-holder events.

Those communications skills are beneficial in his new line of work.

“When it comes to insurance, someone’s looking for a professional they can trust, that knows they have their best interest,” Miller said. “I think maybe being a Red Wing gives me more credibility. People feel like they know me a little bit more.

“From my side, I enjoy those interactions with people and I’m in a position to help them protect their assets. I think that’s a huge

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