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" Our mission is to improve quality of life through routine and affordable chiropractic care." Overview We are a growing franchisor and operator of chiropractic clinics that uses a private pay, non-insurance, cash-based model. We seek to be the leading provider of chiropractic care in the markets we serve and to become the most recognized brand in our industry.
The business is unprofitable at the operating level (-1.66% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 5.2%, steady but not accelerating. Free cash flow declined 96% despite revenue growth, conversion is weakening.
Free cash flow declined 96% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$57M
▲ +5.2% YoY
Net Income (TTM)
$3M
▲ +150.2% YoY
Op. Margin
1.13%
▲ +2.0pp YoY
ROIC
2.84%
▲ +2.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$3M
▼ -95.9% YoY
Op. Cash Flow (TTM)
$4M
▼ -80.5% YoY
Net Debt
-$19M
Net Cash Position
Cash & Equiv.
$21M
3Y CAGR: -18.5%
3Y CAGR: -47.5%
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