BRENTWOOD, Tenn., May 13, 2022 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (Nasdaq: IMAC) ("IMAC" or the "Company"), a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic treatments without the use of surgery or opioids, today reported its preliminary financial results for the first quarter ended March 31, 2022.
Financial and Corporate Highlights from Q12022:
Total Revenue was $3.9 million, compared with $3.0 million in Q1 2021, an increase of 28%
Patient visits were up 3.7% to 39,809 in IMAC clinics
Completed repayment of three loans of over $4.34 million, which represented more than 95% of the company's debt
Successfully completed its pilot program for The Back Space retail chiropractic concept at select Walmart stores, with a commitment to triple its store count with at least 20 additional locations in Walmart over the next 12 months
Launched the The Back Company Franchise to expand our chiropractic service locations
Engaged Dr. Ben Lerner as Chief Operating Officer, bringing decades of valuable healthcare growth experience to the executive team.
Initiated the third and final cohort of its Phase 1 clinical trial for the treatment of bradykinesia due to Parkinson's disease.
"The first quarter of 2022 demonstrated IMAC's ability to deliver on significant commitments. For example, we started the quarter by successfully retiring debt obligations to a lending partner that helped us through challenging market conditions in 2020. Then, we finished the quarter by meeting obligations of our 10 store pilot program with Walmart, setting up substantial growth prospects for our company," said Jeffrey Ervin, CEO of IMAC.
"Our clinics realized improved pricing as revenue per visit increased over 20% from the comparable quarter in 2021. The increase came from continued operating and payor mix improvements.
"We are encouraged by the consumer adoption of The Back Space spinal health and wellness services. One of the clinics achieved operating breakeven eight weeks after opening. Recruiting quality teammates will continue to drive success with this operating model and the model's limited overhead allows us to compensate competitively in the marketplace.
"We remain excited about the progress in each of our business segments, given the revenue growth in our medical clinics, the adoption of our retail spinal health services, and the visibility to the finish line for our Phase 1 clinical trial," concluded Mr. Ervin.
About IMAC Holdings, Inc.
IMAC Holdings owns and manages health and wellness centers that deliver sports medicine, orthopedic, and life science therapies for movement restricting diseases. IMAC is comprised of three business segments: outpatient medical centers, The Back Space, and a clinical research division. With treatments to address the aging population, IMAC Holdings owns or manages more than 15 outpatient medical clinics and has partnered with several active and former professional athletes to promote a minimally invasive approach to sports medicine. IMAC's The Back Space retail spine 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.imacregeneration.com.
IMAC HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2022
December 31, 2021
ASSETS
Current assets:
Cash
$
4,275,251
$
7,118,980
Accounts receivable, net
1,725,034
1,209,333
Deferred compensation, current portion
196,949
191,657
Other assets
480,278
547,536
Total current assets
6,677,512
9,067,506
Property and equipment, net
2,285,092
2,323,163
Other assets:
Goodwill
4,661,796
4,661,796
Intangible assets, net
5,552,065
5,797,469
Deferred compensation, net of current portion
26,472
73,816
Security deposits
351,819
357,050
Right of use asset
4,645,217
4,948,393
Total other assets
15,237,369
15,838,524
Total assets
$
24,199,973
$
27,229,193
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses
$
3,017,799
$
2,523,332
Patient deposits
332,519
320,917
Notes payable, current portion
92,799
254,487
Finance lease obligation, current portion
19,258
19,050
Liability to issue common stock, current portion
303,855
337,935
Operating lease liability, current portion
1,472,245
1,478,140
Total current liabilities
5,238,475
4,933,861
Long-term liabilities:
Notes payable, net of current portion
87,412
104,697
Finance lease obligation, net of current portion
24,379
29,273
Liability to issue common stock, net of current portion
189,375
189,375
Operating lease liability, net of current portion
3,688,249
4,018,926
Total liabilities
9,227,890
9,276,132
Commitment and Contingencies – Note 14
Stockholders' equity:
Preferred stock - $0.001 par value, 5,000,000 authorized, nil issued and outstanding at March 31, 2022 and December 31, 2021, respectively.
-
-
Common stock - $0.001 par value, 30,000,000 authorized; 27,043,409 and 26,876,409 shares issued at March 31, 2022 and December 31, 2021, respectively; and 26,385,167 and 26,218,167 outstanding at March 31, 2022 and December 31, 2021, respectively.
26,385
26,218
Additional paid-in capital
46,314,757
46,133,777
Accumulated deficit
(31,369,059
)
(28,206,934
)
Total stockholders' equity
14,972,083
17,953,061
Total liabilities and stockholders' equity
$
24,199,973
$
27,229,193
IMAC HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31,
2022
2021
Patient revenues, net
$
3,894,987
$
3,024,808
Other income
-
3,377
Management fees
-
36,068
Total revenue
3,894,987
3,064,253
Operating expenses:
Patient expenses
460,473
341,412
Salaries and benefits
3,710,278
2,754,248
Share-based compensation
189,120
110,607
Advertising and marketing
370,488
265,548
General and administrative
1,815,247
1,219,338
Depreciation and amortization
446,772
422,201
Loss on disposal or impairment of assets
47,429
4,043
Total operating expenses
7,039,807
5,117,397
Operating loss
(3,144,820
)
(2,053,144
)
Other expenses:
Other expense
(13,174
)
Interest expense
(4,131
)
(176,279
)
Total other expenses
(17,305
)
(176,279
)
Net loss before income taxes
(3,162,125
)
(2,229,423
)
Income taxes
-
-
Net loss
$
(3,162,125
)
$
(2,229,423
)
Net loss per share attributable to common stockholders
Basic and diluted
$
(0.12
)
$
(0.17
)
Weighted average common shares outstanding
Basic and diluted
26,365,734
13,448,567
IMAC HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31,
2022
2021
Cash flows from operating activities:
Net loss
$
(3,162,125
)
$
(2,229,423
)
Adjustments to reconcile net loss to net cash used in operating activities:
