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The Joint Of Scottsdale Hopes To Go Public For $35 Million

The Joint Corp., a Scottsdale-based chiropractic franchise, filed paperwork Friday to go public and hopes to raise as much as $35 million.

The company’s stock could then begin trading on the Nasdaq Stock Exchange, under ticker symbol “JYNT,” according to initial public offering paperwork filed with the U.S. Securities and Exchange Commission.

The Joint is one of the fastest-growing private companies in the nation, according to the Inc. 500 List, and it’s been shaking up the chiropractic industry for the past several years.

For a $49 monthly membership or $29 per visit, clients can walk into any one of the 215 franchises nationwide and receive a quick chiropractic adjustment at any time. No appointments, no insurance and no long wait times.

It’s essentially the same business model as Massage Envy, a massage franchisor that’s also based in Scottsdale.

Massage Envy was founded in 2002 by John Leonesio. It had grown to be a $300 million business with more than 800 franchises by the time Leonesio sold it in 2008.

Two years later, he became CEO of The Joint, which was founded in 1999. Last year, Leonesio assumed the role as board chairman, and John Richards took over as CEO.

The Joint does not own any of its 215 locations outright, according to the IPO filing.

The company’s profits have seen ups and downs in recent years. It reported a $736,000 loss in 2012, but improved substantially the following year with a $156,000 profit.

During the first half of this year, it was in the red by more than $262,000.

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Kristena Hansen was a reporting at KJZZ from 2014 to 2015.