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IMAC Holdings Announces Third Quarter Results

Company Reports Sixth Consecutive Quarter of Comparable Revenue Growth

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:

  • Total Revenue increased 9% to $3.78 million, compared with $3.48 million in the third quarter 2021
  • The BackSpace grew visits 1,818% and 28% for the comparable and sequential quarter, respectively
  • Completed 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
  • Completed a $3.9 million Registered Direct and Private Placement offering
  • Amended NASDAQ trading symbol from “IMAC” to “BACK”

“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


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

IMAC Press Contact:
Laura Fristoe


  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 


  September 30, 2022
  December 31, 2021

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 
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 

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