CompanyReportsSixth ConsecutiveQuarter ofComparableRevenueGrowth
BRENTWOOD, Tenn., Nov. 15, 2022 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (Nasdaq: BACK) (“IMAC” “BACK” or the “Company”), today reported its preliminary financial results for the third quarter ended September 30, 2022.
Financial and Corporate Highlights from Q3 2022:
“The entire IMAC team worked hard to produce a solid quarter and achieved our sixth consecutive comparable quarter of revenue growth. We delivered same-store revenue growth in our outpatient medical clinics while The BackSpace retail chiropractic centers achieved record quarter visits and revenue. Additionally, we were able to reduce liabilities by $1 million during the quarter and finish the quarter with immaterial note payable balances,” said Jeffrey Ervin, CEO of BACK.
“We continue to work towards optimizing performance while leveraging our consumer reach to launch complementary services. The orthopedic business remains our core service offering and we recognized that obesity is a significant contributor to joint pain and inflammation our orthopedic patients experience. As a result, we implemented a medical weight loss and hormone optimization service during the quarter which we anticipate generating material revenue during the first quarter, 2023. We also launched a custom vitamin and supplement product line, Vita Eternum, to offer USDA certified organic vitamins to our orthopedic and weight loss patients in store and through our ecommerce platform.”
“Overall, I’m proud of the effort our team demonstrated by executing initiatives we said we would accomplish. Perhaps our greatest achievement for the quarter was administering the final dose of the third and final cohort of our Phase 1 clinical study of umbilical cord-derived allogenic mesenchymal stem cells for the treatment of bradykinesia due to Parkinson’s Disease,” concluded Mr. Ervin.
About IMAC Holdings, Inc.
IMAC Holdings owns and manages health and wellness centers that deliver sports medicine, orthopedic care, and restorative joint and tissue therapies for movement restricting pain and neurodegenerative diseases. IMAC is comprised of three business segments: outpatient medical centers, The Back Space, and a clinical research division. With treatments to address both young and aging populations, IMAC Holdings owns or manages outpatient medical clinics that deliver regenerative rehabilitation services as a minimally invasive approach to acute and chronic musculoskeletal and neurological health problems. IMAC’s The Back Company retail spinal health and wellness treatment centers deliver chiropractic care within Walmart locations. IMAC’s research division is currently conducting a Phase I clinical trial evaluating a mesenchymal stem cell therapy candidate for bradykinesia due to Parkinson’s disease. For more information visit www.imacholdings.com.
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Safe Harbor Statement
This press release contains forward-looking statements. These forward-looking statements, and terms such as “anticipate,” “expect,” “believe,” “may,” “will,” “should” or other comparable terms, are based largely on IMAC's expectations and are subject to a number of risks and uncertainties, certain of which are beyond IMAC's control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, risks and uncertainties associated with its ability to maintain and grow its business, the variability of its operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the skills and experience necessary to meet customers’ requirements, and its ability to protect its intellectual property. IMAC encourages you to review other factors that may affect its future results in its public filings with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this press release will in fact occur. More information about IMAC Holdings, Inc. is available at www.imacholdings.com.
IMAC Press Contact:
Laura Fristoe
lfristoe@imacrc.com
IMAC HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) Three Months Ended
September 30, Nine Months Ended
September 30, 2022 2021 2022 2021 Patient revenues, net $3,786,228 $3,487,482 $12,714,302 $9,975,104 Other income - 14 - 6,092 Management fees - - - 36,068 Total revenue 3,786,228 3,487,496 12,714,302 10,017,264 Operating expenses: Patient expenses 279,800 361,141 1,137,508 1,042,504 Salaries and benefits 3,326,481 3,377,070 10,819,277 9,127,992 Share-based compensation 84,105 188,490 353,795 422,266 Advertising and marketing 244,583 294,046 857,633 875,123 General and administrative 1,866,037 1,603,056 5,539,198 4,483,587 Depreciation and amortization 481,526 450,579 1,366,912 1,314,584 Loss on disposal or impairment of assets 3,849,855 - 3,932,116 - Total operating expenses 10,132,387 6,274,382 24,006,439 17,266,056 Operating loss (6,346,159) (2,786,886) (11,292,137) (7,248,792) Other income (expense): Interest income 2,792 1,754 4,114 1,754 Other income - - - 135 Other expense 12,718) 816 (39,986) (3,070)Interest expense (2,976) (108,315) (11,840) (410,822)Total other expenses 12,534) (105,745) (47,712) (412,003) Net loss before income taxes (6,333,625) (2,892,631) (11,339,849) (7,660,795) Income taxes - - - - Net loss (6,333,625) (2,892,631) (11,339,849) (7,660,795) Net loss per share attributable to common stockholders Basic and diluted $(0.23) $(0.07) $(0.42) $(0.27) Weighted average common shares outstanding Basic and diluted 27,424,985 25,322,356 26,865,713 21,446,726
IMAC HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2022
(Unaudited) December 31, 2021
ASSETS Current assets: Cash $2,833,391 $7,118,980 Accounts receivable, net 3,155,550 1,209,333 Deferred compensation, current portion 121,227 191,657 Other assets 373,812 547,536 Total current assets 6,483,980 9,067,506 Property and equipment, net 1,767,005 2,323,163 Other assets: Goodwill 4,499,796 4,661,796 Intangible assets, net 1,432,493 5,797,469 Deferred compensation, net of current portion - 73,816 Security deposits 301,720 357,050 Right of use assets 4,047,245 4,948,393 Total other assets 10,281,254 15,838,524 Total assets $18,532,239 $27,229,193 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $1,578,738 $2,523,332 Patient deposits 552,027 320,917 Notes payable, current portion 58,904 254,487 Finance lease obligation, current portion 19,682 19,050 Liability to issue common stock, current portion 197,855 337,935 Operating lease liability, current portion 1,446,662 1,478,140 Total current liabilities 3,853,868 4,933,861 Long-term liabilities: Notes payable, net of current portion 62,862 104,697 Finance lease obligation, net of current portion 14,431 29,273 Liability to issue common stock, net of current portion - 189,375 Operating lease liability, net of current portion 3,046,176 4,018,926 Total liabilities 6,977,337 9,276,132 Commitments and Contingencies – Note 14 Stockholders’ equity: Preferred stock - $0.001 par value, 5,000,000 authorized, none issued and outstanding at September 30, 2022 and December 31, 2021, respectively. - - Common stock - $0.001 par value, 60,000,000 authorized; 32,754,757 and 26,876,409 shares issued at September 30, 2022 and December 31, 2021, respectively; and 32,503,349 and 26,218,167 outstanding at September 30, 2022 and December 31, 2021, respectively. 32,503 26,218 Additional paid-in capital 51,069,182 46,133,777 Accumulated deficit (39,546,783) (28,206,934)Total stockholders’ equity 11,554,902 17,953,061 Total liabilities and stockholders’ equity $18,532,239 $27,229,193