The Joint Corp (JYNT) saw its loss widen to $5.76 million, or $0.45 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $3.38 million, or $0.31 a share. Revenue during the quarter surged 53.64 percent to $5.78 million from $3.76 million in the previous year period. Gross margin for the quarter expanded 657 basis points over the previous year period to 86.97 percent. Operating margin for the quarter stood at negative 99.15 percent as compared to a negative 93.13 percent for the previous year period.
Operating loss for the quarter was $5.73 million, compared with an operating loss of $3.50 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $1.42 million compared to negative $2.84 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 24.53 percent for the quarter compared to negative 75.43 percent in the last year period.
“A strong fourth quarter capped a pivotal year for The Joint Corp. in which we refined our strategic objectives, significantly improved the financial profile of our business, added a net 58 new clinics in 2016, and made steady progress on key franchise and operational initiatives to position the business for future growth,” said Peter D. Holt, president and chief executive officer of The Joint Corp. “Our continued strong revenue growth in 2016, as well as the robust same store sales growth for the fourth quarter and for the full year, reflect the increased consumer demand for our business.”
For fiscal year 2017, The Joint Corp expects revenue to be in the range of $22 million to $24 million.
Operating cash flow remains negative
The Joint Corp has spent $10.85 million cash to meet operating activities during the year as against cash outgo of $6.80 million in the last year. The company has spent $2.70 million cash to meet investing activities during the year as against cash outgo of $10.01 million in the last year.
The company has spent $0.24 million cash to carry out financing activities during the year as against cash inflow of $12.81 million in the last year period.
Cash and cash equivalents stood at $3.01 million as on Dec. 31, 2016, down 82.08 percent or $13.78 million from $16.79 million on Dec. 31, 2015.
Debt comes down significantly
The Joint Corp has recorded a decline in total debt over the last one year. It stood at $0.33 million as on Dec. 31, 2016, down 43.03 percent or $0.25 million from $0.58 million on Dec. 31, 2015.
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