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IMAC Holdings, a provider of regenerative orthopedic treatments, has completed its underwritten public offering of 10,625,000 shares at $1.60 per share, generating $17.0 million in gross proceeds. The net proceeds are approximately $16.0 million, intended for financing medical clinic acquisitions, repaying notes, launching retail clinics, developing new treatments, and general corporate purposes. The offering included a 15% underwriter option for additional shares, highlighting investor interest in the company’s growth strategy.
IMAC Holdings has announced a public offering of 10,625,000 shares of its common stock at a price of $1.60 per share, aiming for total gross proceeds of $17 million. After underwriter discounts, net proceeds are expected to be around $16 million.
The funds will be used for acquisitions of medical clinics, paying off promissory notes, launching retail healthcare clinics, developing new treatments, and general corporate purposes. The offering is expected to close by March 26, 2021.
IMAC Holdings, Inc. (Nasdaq: IMAC) reported financial results for the year ending December 31, 2020. Key highlights include a GAAP EPS of $0.02 for Q4 2020, recovering from a loss of $(0.15) in Q4 2019. Total net patient revenue fell by 15% to $12.8 million compared to 2019. The company experienced a net loss of $5.0 million, an improvement from $6.5 million in 2019. Notably, cash reserves increased to $2.6 million, up 600% from the previous year. IMAC also expanded its service offerings and formed new partnerships, indicating growth potential despite revenue challenges.
IMAC Holdings has completed the first cohort of its Phase 1 clinical trial testing umbilical cord-derived stem cells for treating bradykinesia due to Parkinson's disease. Conducted on five patients, the low dose intravenous infusion cohort concluded on February 26, 2021. Following a 30-day safety evaluation, the study will progress to mid and high dose cohorts. The trial will involve 15 patients across three sites, monitored for 12 months to assess safety and tolerability.
The global market for Parkinson’s therapeutics is projected to grow from $2.61 billion in 2018 to $5.28 billion by 2025.
IMAC Holdings has launched a new subsidiary, The Back Space, in partnership with a Fortune 500 company to provide chiropractic and spinal care services. The initiative aims to cater to the 60 million Americans suffering from back and neck pain. The Back Space will open at least five retail healthcare centers, offering treatments priced at $25 or less. Each center will average 800 square feet and require minimal investment. This new venture is expected to enhance IMAC's business model and meet growing demand in the chiropractic market, valued at approximately $12.3 billion.
IMAC Holdings, Inc. (Nasdaq: IMAC) announced a new regenerative medicine service to treat chronic wounds, including diabetic foot ulcers, using cell-based amniotic-infused mesh applications in its clinics. This treatment has received Medicare reimbursement, following a successful pilot in Chicago. The company aims to enhance revenue streams while providing low to no out-of-pocket costs for patients. Chronic wounds significantly impact healthcare costs, with diabetic foot ulcers costing Medicare up to $18.7 billion annually, a figure expected to grow with the rising diabetes prevalence.
IMAC Holdings, Inc. (Nasdaq: IMAC) announced its second acquisition in Florida this year, purchasing Willmitch Chiropractic in Tampa for cash, set to close on February 8. The acquisition price is based on a maximum of 1.45 times the trailing twelve months cash flow. Martin Willmitch will join IMAC as Vice President of Managed Care, aiming to leverage his managed care partnerships to enhance service offerings. This move aligns with IMAC's strategy for regional expansion and is expected to increase its patient engagement, as the two clinics combined had over 18,000 patient visits in 2020.
IMAC Holdings, Inc. (Nasdaq: IMAC) has entered into a definitive agreement to acquire the assets of NCH Chiropractic, PLLC, doing business as Synergy Healthcare, located in Orlando, Florida. This strategic acquisition expands IMAC’s presence in Central Florida and enhances its service offerings. Synergy Healthcare has a decade of consistent profitability, and IMAC plans to integrate its regenerative rehabilitation services into the clinic during the first half of 2021. The acquisition price is set at 1.4 times Synergy's 2020 adjusted cash flow, with the transaction expected to close on February 28, 2021.
IMAC Holdings, Inc. (Nasdaq: IMAC) has appointed Sheri Gardzina, CPA, as its permanent Chief Financial Officer after serving in an interim role. CEO Jeffrey Ervin praised her extensive financial and accounting experience, highlighting her previous positions at Peak Health Solutions and Adoration Health. IMAC, specializing in non-surgical and non-opioid orthopedic treatments, operates 15 outpatient clinics and has partnerships with several professional athletes. The company focuses on regenerative rehabilitation to treat movement-restricting conditions, enhancing its market presence.
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