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IMAC Holdings, Inc. (symbol: BACK) is a pioneering provider and manager of integrative medical care, focusing on non-invasive treatments for movement-restricting diseases and conditions. At the heart of their operations are the IMAC Regeneration Centers and BackSpace clinics, which specialize in treating knee pain, back pain, soft tissue and joint damage, muscular tears, and arthritis using a combination of life science advancements and traditional medical care.
IMAC Holdings aims to improve patient experiences and outcomes while reducing healthcare costs through their innovative and conservative medical care approach. Their proprietary procedures provide an effective alternative to more invasive treatments such as knee replacements, hip replacements, spinal fusion surgeries, and ligament transplants. They have earned the trust of a diverse patient base, from professional athletes to independent seniors, by consistently delivering successful outcomes.
IMAC Regeneration Centers are dedicated to enhancing the quality of life with non-invasive treatments designed to minimize pain and restore mobility. The company's commitment to value-based care ensures that patients receive high-quality services tailored to their specific needs, resulting in a pain-free and fulfilling life.
Recently, Joseph Gunnar & Co., LLC acted as the sole placement agent for an offering conducted by IMAC Holdings, highlighting the company's ongoing efforts to expand and improve its services. For the latest updates and detailed information about the company's financial condition, partnerships, and current projects, interested parties can contact IMAC Investor Relations at jeff@imacholdings.com or sgardzina@imacholdings.com.
IMAC Holdings reported a 14% annual revenue increase, totaling $16.1 million for FY 2022, up from $14.1 million in 2021. Patient revenue per visit rose to $105 compared to $84 in the previous year. Key initiatives include the completion of a Phase 1 clinical study for Parkinson’s disease and a merger agreement with Brain Scientific.
Despite the revenue growth, operating expenses rose significantly, leading to a higher operating loss of $18.2 million. Cash reserves dropped to $0.8 million from $7.1 million year-over-year due to a one-time $0.30/share impairment loss.
IMAC Holdings and Brain Scientific Announce Strategic Merger
On March 20, 2023, IMAC Holdings (BACK) and Brain Scientific (BRSFD) revealed a binding Letter of Intent for a merger-of-equals aimed at advancing solutions for neurological disorders like Parkinson's and Alzheimer's. The combined entity plans to leverage Brain Scientific's diagnostic technologies alongside IMAC's regenerative rehabilitation services. CEO Hassan Kotob of Brain Scientific will likely become Chairman and CEO of the newly formed company. The transaction is anticipated to close in summer 2023, pending shareholder approval and other conditions.
IMAC Holdings (Nasdaq: BACK) announced the sale of The BackSpace to Curis Functional Health for an undisclosed amount. The BackSpace specializes in spinal health services within select Walmart locations. CEO Jeff Ervin expressed optimism regarding the transition, emphasizing a renewed focus on non-surgical medical care. Additionally, Dr. Ben Lerner, the Chief Operating Officer, has resigned, and the company will not appoint a replacement, as Dr. Matt Wallis will oversee operations. IMAC Holdings continues to manage rehabilitation services and is involved in clinical trials for innovative therapies.
IMAC Holdings, Inc. (BACK) reported strong financial results for Q3 2022 with total revenue increasing 9% to $3.78 million compared to $3.48 million in Q3 2021. The company achieved record visits of 1,818% growth at The BackSpace retail chiropractic centers. Notable achievements include completing a $3.9 million funding round and concluding the Phase 1 clinical study for Parkinson's treatment. The company reduced liabilities by $1 million and introduced new medical services aimed at driving future revenues.
IMAC Holdings (Nasdaq: BACK) has launched an e-commerce platform to retail its Vita Eternum organic supplement line. The products, which include ashwagandha, multivitamins, and collagen protein, are priced between $29 and $49. CEO Jeff Ervin stated that this initiative aligns with the health interests of IMAC's patients and expands the company's market reach via online sales. The U.S. vitamin and supplement market is projected to generate $37.2 billion in sales in 2022. IMAC Holdings focuses on health and wellness through outpatient centers and clinical research.
IMAC Holdings has partnered with Evoke Chiropractic Coaching to promote its new organic, whole food supplements to physician offices. The collaboration kicks off with a panel discussion featuring notable athletes at the Evoke 3rd Annual Conference in St. Louis. The event aims to educate attendees on health, diet, and supplementation while supporting Evoke's mission to assist minority chiropractors. IMAC's COO, Dr. Ben Lerner, stated this initiative will help improve community health through their supplement line.
IMAC Holdings, Inc. (NASDAQ: BACK) announced the completion of the third cohort in its Phase 1 clinical trial of an investigational compound using umbilical cord-derived allogenic mesenchymal stem cells targeting bradykinesia due to Parkinson’s disease. This cohort included five patients receiving a high concentration stem cell treatment. The trial, conducted in three clinical centers, involved 15 patients across different dosage groups. The safety and tolerability study is set to track participants for 12 months, with potential implications for the growing Parkinson’s therapeutics market, projected to reach $5.28 billion by 2025.
IMAC Holdings has partnered with Biote to incorporate Biote's hormone optimization services into IMAC outpatient clinics. This collaboration aims to enhance patient care in weight loss and hormone therapy, addressing obesity and related chronic illnesses. IMAC will begin training its medical staff in the Biote Method in September. Both companies express optimism regarding their joint ability to improve health outcomes for patients across various age groups. This strategic partnership aligns with their missions to provide advanced health solutions.
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