IMAC Holdings Announces Third Quarter Results
15 Novembre 2022 - 12:00PM
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
www.imacholdings.com.
###
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.imacholdings.com.
IMAC Press Contact:Laura Fristoelfristoe@imacrc.com
IMAC HOLDINGS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)
|
|
Three Months EndedSeptember
30, |
|
|
Nine Months EndedSeptember
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 |
|
IMAC HOLDINGS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
September 30,
2022(Unaudited) |
|
|
December 31, 2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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