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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.
