EXHIBIT 99.1

The Joint Corp. Reports First Quarter 2022 Financial Results

- Grew Revenue 28%, System-wide Sales 27%, and System-wide Comp Sales 15%, Versus Q1 2021 -
- Opened 31 Clinics, Including 27 Franchised - the Most for a First Quarter in the Company’s History -
- Achieved Milestone of 100 Corporate Portfolio Clinics, Bringing Total Clinics to 736 -

SCOTTSDALE, Ariz., May 05, 2022 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and franchisor of chiropractic clinics, reported its financial results for the quarter ended March 31, 2022.

Financial Highlights: Q1 2022 Compared to Q1 2021

Recent Operating Highlights

“During first quarter of 2022, we continued to drive growth, achieving the milestone of 100 corporate clinics and opening the most franchised clinics in any first quarter in the history of the company,” said Peter D. Holt, President and Chief Executive Officer of The Joint Corp. “While increasing labor costs and higher turnover impacted the entire system’s bottom line, the pace of our corporate clinic revenue growth was also impacted by the increasing magnitude and speed of the expansion of our corporate portfolio. Committed to executing our long-term growth strategy, we have added operational support to return the corporate portfolio to its strong trajectory, and we are implementing tactics to address today’s market. In forging the chiropractic dream, we are creating a more attractive environment to recruit and retain doctors of chiropractic. In harnessing the power of our data, we are finalizing our roadmap to create individualized and automated consumer marketing platforms. In accelerating the pace of clinic growth, we continue to improve our comprehensive franchise sales and clinic opening strategy. In fact, in March and April, we acquired rights to two regional developer territories, increasing our margin contribution within the franchise segment as well as creating the opportunity to open greenfield clinics in those regions. We are confident in our plan to overcome the near-term macro environment, build upon our strong foundation, and drive toward our goal of opening 1,000 clinics by the end of 2023.”  

Financial Results: First Quarter 2022 Compared to First Quarter 2021

Revenue was $22.4 million in the first quarter of 2022, compared to $17.6 million in the first quarter of 2021. The increase reflects a greater number of franchised and corporate clinics and continued organic growth. Cost of revenue was $2.3 million, compared to $1.8 million in the first quarter of 2021, reflecting the increased number of greenfield and franchised clinics, higher regional developer royalties and commissions, and the greater website hosting costs related to the new IT platform, which went live in July 2021.

Selling and marketing expenses were $3.3 million, up 32%, driven by the larger number of franchised and company-owned or managed clinics, the grand opening expenses for four greenfields, and the timing of the national marketing fund spend as well as the new brand campaign.

Depreciation and amortization expenses increased for the first quarter of 2022, as compared to the prior year period, primarily due to the expenses associated with the new IT platform, previously acquired intangible assets and continued greenfield development.

General and administrative expenses were $15.4 million, compared to $10.1 million in the first quarter of 2021, reflecting increases in costs to support clinic growth, in payroll to remain competitive in the tight labor market, in professional fees, and in IT expenses.

Operating loss was $176,000, including the impact of the accelerated greenfield development, higher G&A expenses, and higher depreciation and amortization. This compares to $2.0 million of operating income in the first quarter of 2021. Income tax expense was $13,000, compared to a benefit of $364,000 in the first quarter of 2021. Net loss was $206,000, or $0.01 per share, compared to net income of $2.3 million, or $0.16 per diluted share, in the first quarter of 2021.

Adjusted EBITDA was $1.8 million, compared to $3.5 million in the first quarter of 2021. The company defines Adjusted EBITDA, a non-GAAP measure, as EBITDA before acquisition-related expenses, bargain purchase gain, net (gain)/loss on disposition or impairment, and stock-based compensation expenses. The company defines EBITDA as net (loss) income before net interest, tax expense, depreciation, and amortization expenses.

Balance Sheet Liquidity

Unrestricted cash was $18.3 million at March 31,2022, compared to $19.5 million at December 31, 2021. During the quarter, the Company entered into an amendment to its Credit Facilities with JP Morgan. Under the 2022 Credit Facility, the revolving line of credit was increased to $20 million, up from $2 million. The revolver will be used for working capital needs, general corporate purposes and for acquisitions, development and capital improvement uses.

2022 Guidance

Management updated its revenue and Adjusted EBITDA guidance to reflect the impact of the macro-economic environment and the impact of increased expenses. Management reaffirmed its guidance for franchised clinic openings and company-owned or managed clinic increases.

Conference Call
The Joint Corp. management will host a conference call at 5 p.m. ET on Thursday, May 5, 2022, to discuss the first quarter 2022 financial results. Shareholders and interested participants may listen to a live broadcast of the conference call by dialing 765-507-2604 or 844-464-3931 and referencing code 5175957 approximately 15 minutes prior to the start time.

The accompanying slide presentation will be in the IR section of the website under Presentations and in Events. A live webcast of the conference call will also be available on the IR section of the company’s website at https://ir.thejoint.com/events. An audio replay will be available two hours after the conclusion of the call for one week. The replay can be accessed by dialing 404-537-3406 or 855-859-2056. The passcode for the replay is 5175957.

Commonly Discussed Performance Metrics
This release includes a presentation of commonly discussed performance metrics. System-wide sales include revenues at all clinics, whether operated by the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information is important in understanding the company’s financial performance, because these sales are the basis on which the company calculates and records royalty fees and are indicative of the financial health of the franchisee base. Comp sales include the revenues from both company-owned or managed clinics and franchised clinics that in each case have been open at least 13 full months and exclude any clinics that have closed.

Non-GAAP Financial Information
This release also includes a presentation of non-GAAP financial measures. EBITDA and Adjusted EBITDA are presented because they are important measures used by management to assess financial performance, as management believes they provide a more transparent view of the company’s underlying operating performance and operating trends. Reconciliation of net income/(loss) to EBITDA and Adjusted EBITDA is presented in a table below. The company defines Adjusted EBITDA as EBITDA before acquisition-related expenses, bargain purchase gain, net (gain)/loss on disposition or impairment, and stock-based compensation expenses. The company defines EBITDA as net income before net interest, tax expense, depreciation, and amortization expenses.

EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or cash flows from operations, as determined by accounting principles generally accepted in the United States, or GAAP. While EBITDA and Adjusted EBITDA are used as measures of financial performance and the ability to meet debt service requirements, they are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. EBITDA and Adjusted EBITDA should be reviewed in conjunction with the company’s financial statements filed with the SEC.

Forward-Looking Statements
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 of industry trends, our future financial and operating performance and our growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any 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, the continuing impact of the COVID-19 outbreak on the economy and our operations (including temporary clinic closures, shortened business hours and reduced patient demand), inflation, exacerbated by COVID-19 and the current war in Ukraine, our failure to develop or acquire company-owned or managed clinics as rapidly as we intend, our failure to profitably operate company-owned or managed clinics, our inability to identify and recruit enough qualified chiropractors and other personnel to staff our clinics, due in part to the nationwide labor shortage, short-selling strategies and negative opinions posted on the internet which could drive down the market price of our common stock and result in class action lawsuits, our failure to remediate the current or future material weaknesses in our internal control over financial reporting, which could negatively impact our ability to accurately report our financial results, prevent fraud, or maintain investor confidence, and other factors described in our filings with the SEC, including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 14, 2022 and subsequently-filed current and quarterly reports. Words such as, "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives," "intends," "may," "opportunity," "plans," "potential," "near-term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will," and similar expressions are intended to identify such forward-looking statements. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

Management has disclosed in our Form 10-K that our management concluded that our internal controls over financial reporting were not effective as of December 31, 2021, and our auditors expressed an adverse opinion on the Company’s internal control over financial reporting as of December 31, 2021, due to a material weakness. The details of this material weakness were provided in our 10-K filing.  We have undertaken remediation measures to address the material weakness, which we expect will be completed prior to the end of fiscal year 2022.

About The Joint Corp. (NASDAQ: JYNT)
The Joint Corp. (NASDAQ: JYNT) revolutionized access to chiropractic care when it introduced its retail healthcare business model in 2010. Today, it is the nation’s largest operator, manager and franchisor of chiropractic clinics through The Joint Chiropractic network. The company is making quality care convenient and affordable, while eliminating the need for insurance, for millions of patients seeking pain relief and ongoing wellness. With more than 700 locations nationwide and nearly 11 million patient visits annually, The Joint Chiropractic is a key leader in the chiropractic industry. Ranked number one on Forbes’ 2022 America's Best Small Companies list, number three on Fortune’s 100 Fastest-Growing Companies list and consistently named to Franchise Times “Top 400+ Franchises” and Entrepreneur’s “Franchise 500®” lists, The Joint Chiropractic is an innovative force, where healthcare meets retail.
For more information, visit www.thejoint.com. To learn about franchise opportunities, visit www.thejointfranchise.com.

Business Structure
The Joint Corp. is a franchisor of clinics and an operator of clinics in certain states. In Arkansas, California, Colorado, District of Columbia, Florida, Illinois, Kansas, Kentucky, Maryland, 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 to affiliated professional chiropractic practices.

Media Contact: Margie Wojciechowski, The Joint Corp., [email protected]
Investor Contact: Kirsten Chapman, LHA Investor Relations, 415-433-3777, [email protected]

– Financial Tables Follow –

THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES
CONSOLIDATED BALANCE SHEETS
(unaudited)

 March 31,
2022		 December 31,
2021
ASSETS(unaudited)  
Current assets:   
Cash and cash equivalents$18,251,194  $19,526,119 
Restricted cash 594,717   386,219 
Accounts receivable, net 3,612,802   3,700,810 
Deferred franchise and regional development costs, current portion 985,557   994,587 
Prepaid expenses and other current assets 2,426,409   2,281,765 
Total current assets 25,870,679   26,889,500 
Property and equipment, net 14,880,942   14,388,946 
Operating lease right-of-use asset 18,927,052   18,425,914 
Deferred franchise and regional development costs, net of current portion 5,601,142   5,505,420 
Intangible assets, net 4,829,941   5,403,390 
Goodwill 5,085,203   5,085,203 
Deferred tax assets 9,205,410   9,188,634 
Deposits and other assets 662,080   567,202 
Total assets$85,062,449  $85,454,209 
    
LIABILITIES AND STOCKHOLDERS' EQUITY   
Current liabilities:   
Accounts payable$1,874,911  $1,705,568 
Accrued expenses 1,644,709   1,809,460 
Co-op funds liability 594,717   386,219 
Payroll liabilities ($0.7 million and $0.4 million attributable to VIE) 2,383,977   3,906,317 
Operating lease liability, current portion 4,872,292   4,613,843 
Finance lease liability, current portion 34,479   49,855 
Deferred franchise and regional developer fee revenue, current portion 3,130,856   3,191,892 
Deferred revenue from company clinics ($3.6 million and $3.5 million attributable to VIE) 5,546,856   5,235,745 
Other current liabilities 541,250   539,500 
Total current liabilities 20,624,047   21,438,399 
Operating lease liability, net of current portion 17,184,696   16,872,093 
Finance lease liability, net of current portion 81,928   87,939 
Debt under the Credit Agreement 2,000,000   2,000,000 
Deferred franchise and regional developer fee revenue, net of current portion 15,410,136   15,458,921 
Other liabilities 27,230   27,230 
Total liabilities 55,328,037   55,884,582 
Commitments and contingencies   
Stockholders' equity:   
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of March 31, 2022 and December 31, 2021 —   — 
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,493,049 shares issued and 14,461,332 shares outstanding as of March 31, 2022 and 14,451,355 shares issued and 14,419,712 outstanding as of December 31, 2021 14,492   14,450 
Additional paid-in capital 44,273,294   43,900,157 
Treasury stock 31,717 shares as of March 31, 2022 and 31,643 shares as of December 31, 2021, at cost (853,436)  (850,838)
Accumulated deficit (13,724,938)  (13,519,142)
Total The Joint Corp. stockholders' equity 29,709,412   29,544,627 
Non-controlling Interest 25,000   25,000 
Total equity 29,734,412   29,569,627 
Total liabilities and stockholders' equity$85,062,449  $85,454,209 

.

THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(unaudited)

 Three Months Ended
March 31,
  2022   2021 
Revenues:   
Revenues from company-owned or managed clinics$12,606,999  $9,466,083 
Royalty fees 6,008,932   4,769,246 
Franchise fees 640,965   695,427 
Advertising fund revenue 1,710,717   1,374,741 
Software fees 956,998   760,537 
Regional developer fees 201,787   217,956 
Other revenues 312,140   263,975 
Total revenues 22,438,538   17,547,965 
Cost of revenues:   
Franchise and regional development cost of revenues 2,002,813   1,624,572 
IT cost of revenues 309,958   140,745 
Total cost of revenues 2,312,771   1,765,317 
Selling and marketing expenses 3,287,488   2,489,279 
Depreciation and amortization 1,629,176   1,169,866 
General and administrative expenses 15,378,623   10,087,060 
Total selling, general and administrative expenses 20,295,287   13,746,205 
Net loss on disposition or impairment 6,906   64,767 
(Loss) income from operations (176,426)  1,971,676 
Other expense, net (16,147)  (21,537)
(Loss) income before income tax benefit (192,573)  1,950,139 
Income tax expense (benefit) 13,224   (364,148)
Net (loss) income$(205,797) $2,314,287 
Earnings per share:   
Basic (loss) earnings per share$(0.01) $0.16 
Diluted (loss) earnings per share$(0.01) $0.16 
Basic weighted average shares 14,432,652   14,178,542 
Diluted weighted average shares 14,432,652   14,854,809 

THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

 Three Months Ended
March 31,
  2022   2021 
Cash flows from operating activities:   
Net (loss) income$(205,797) $2,314,287 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:   
Depreciation and amortization 1,629,176   1,169,866 
Net loss on disposition or impairment (non-cash portion) 6,906   99,022 
Net franchise fees recognized upon termination of franchise agreements —   (69,702)
Deferred income taxes (16,776)  (418,810)
Stock based compensation expense 323,556   246,494 
Changes in operating assets and liabilities:   
Accounts receivable 88,008   (442,008)
Prepaid expenses and other current assets (144,644)  (384,377)
Deferred franchise costs (86,692)  (204,112)
Deposits and other assets (94,878)  (3,313)
Accounts payable 59,461   (443,463)
Accrued expenses (164,751)  60,493 
Payroll liabilities (1,522,340)  (217,020)
Deferred revenue 296,487   329,383 
Other liabilities 280,162   234,708 
Net cash provided by operating activities 447,878   2,271,448 
    
Cash flows from investing activities:   
Purchase of property and equipment (1,289,943)  (951,641)
Reacquisition and termination of regional developer rights (250,000)  (1,388,700)
Net cash used in investing activities (1,539,943)  (2,340,341)
    
Cash flows from financing activities:   
Payments of finance lease obligation (21,387)  (18,238)
Purchases of treasury stock under employee stock plans (2,598)  (618,154)
Proceeds from exercise of stock options 49,623   620,776 
Repayment of debt under the Paycheck Protection Program —   (2,727,970)
Net cash provided by (used in) financing activities 25,638   (2,743,586)
    
Decrease in cash, cash equivalents and restricted cash (1,066,427)  (2,812,479)
Cash, cash equivalents and restricted cash, beginning of period 19,912,338   20,819,629 
Cash, cash equivalents and restricted cash, end of period$18,845,911  $18,007,150 
    
Reconciliation of cash, cash equivalents and restricted cash:March 31,
2022		 March 31,
2021
Cash and cash equivalents$18,251,194  $17,834,526 
Restricted cash 594,717   172,624 
 $18,845,911  $18,007,150 

THE JOINT CORP. AND SUBSIDIARY AND AFFILIATES
RECONCILIATION FOR GAAP TO NON-GAAP
(unaudited)

 Three Months Ended March 31,
  2022   2021 
Non-GAAP Financial Data:   
Net (loss) income$(205,797) $2,314,287 
Net interest expense 15,859   21,537 
Depreciation and amortization expense 1,629,176   1,169,866 
Tax expense (benefit) 13,224   (364,148)
EBITDA 1,452,462   3,141,542 
Stock compensation expense 323,556   246,494 
Acquisition related expenses —   5,974 
Loss on disposition or impairment 6,906   64,767 
Adjusted EBITDA$1,782,924  $3,458,777 


1 System-wide sales include revenues at all clinics, whether operated or managed by the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information is important in understanding the company’s financial performance, because these revenues are the basis on which the company calculates and records royalty fees and are indicative of the financial health of the franchisee base. 
2 Comp sales include the revenues from both company-owned or managed clinics and franchised clinics that in each case have been open at least 13 full months and exclude any clinics that have closed.