The Joint Corp. is the largest franchisor of chiropractic clinics in the U.S., operating roughly 960 clinics across 43 states under The Joint Chiropractic brand — about six times larger than the next biggest chiropractic chain. The Joint offers chiropractic adjustments focused on non-acute back pain, neck pain, musculoskeletal issues, and routine wellness maintenance. What sets The Joint apart from traditional chiropractors is a cash-only, no-appointment, retail-format model: by bypassing insurance billing, The Joint charges roughly $37 per adjustment versus an industry average of around $76 for cash-based practices. Clinics are small (~1,200 sq ft), located in retail centers, and open evenings and weekends. Patients pay via single visit, multi-visit packages, or recurring monthly memberships, with memberships driving roughly 85% of system-wide sales. The Joint is in an active transition to becoming a pure-play franchisor — 92% of clinics are already franchised, with the remaining company-owned clinics being sold to franchisees. As a franchisor, The Joint earns a 7% royalty on franchisee gross sales, plus a 2% national marketing fund contribution and initial franchise fees. The Joint also uses regional developers who sell and support franchises in exchange for 3% of the royalty stream; The Joint has been buying back these territories to retain more royalties. Growth priorities include completing refranchising, reigniting new patient acquisition through national marketing, and piloting membership price increases. Longer term, The Joint sees potential to roughly double its clinic count to 1,800+ U.S. locations, and is exploring B2B employer accounts and complementary in-clinic services.