IMAC Holdings Reports Increased Revenue for the Fourth Consecutive Quarter

Franklin, Tennessee, UNITED STATES

BRENTWOOD, Tenn., May 13, 2022 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or the “Company”), a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic treatments without the use of surgery or opioids, today reported its preliminary financial results for the first quarter ended March 31, 2022.

Financial and Corporate Highlights from Q1 2022:

  • Total Revenue was $3.9 million, compared with $3.0 million in Q1 2021, an increase of 28%
  • Patient visits were up 3.7% to 39,809 in IMAC clinics
  • Completed repayment of three loans of over $4.34 million, which represented more than 95% of the company’s debt
  • Successfully completed its pilot program for The Back Space retail chiropractic concept at select Walmart stores, with a commitment to triple its store count with at least 20 additional locations in Walmart over the next 12 months
  • Launched the The Back Company Franchise to expand our chiropractic service locations
  • Engaged Dr. Ben Lerner as Chief Operating Officer, bringing decades of valuable healthcare growth experience to the executive team.
  • Initiated the third and final cohort of its Phase 1 clinical trial for the treatment of bradykinesia due to Parkinson’s disease.

“The first quarter of 2022 demonstrated IMAC’s ability to deliver on significant commitments. For example, we started the quarter by successfully retiring debt obligations to a lending partner that helped us through challenging market conditions in 2020. Then, we finished the quarter by meeting obligations of our 10 store pilot program with Walmart, setting up substantial growth prospects for our company,” said Jeffrey Ervin, CEO of IMAC.

“Our clinics realized improved pricing as revenue per visit increased over 20% from the comparable quarter in 2021. The increase came from continued operating and payor mix improvements.

“We are encouraged by the consumer adoption of The Back Space spinal health and wellness services. One of the clinics achieved operating breakeven eight weeks after opening. Recruiting quality teammates will continue to drive success with this operating model and the model’s limited overhead allows us to compensate competitively in the marketplace.

“We remain excited about the progress in each of our business segments, given the revenue growth in our medical clinics, the adoption of our retail spinal health services, and the visibility to the finish line for our Phase 1 clinical trial,” concluded Mr. Ervin.

About IMAC Holdings, Inc. 

IMAC Holdings owns and manages health and wellness centers that deliver sports medicine, orthopedic, and life science therapies for movement restricting diseases. IMAC is comprised of three business segments: outpatient medical centers, The Back Space, and a clinical research division. With treatments to address the aging population, IMAC Holdings owns or manages more than 15 outpatient medical clinics and has partnered with several active and former professional athletes to promote a minimally invasive approach to sports medicine. IMAC’s The Back Space retail spine 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

Financial Tables



  March 31,
  December 31,
Current assets:        
Cash $4,275,251  $7,118,980 
Accounts receivable, net  1,725,034   1,209,333 
Deferred compensation, current portion  196,949   191,657 
Other assets  480,278   547,536 
Total current assets  6,677,512   9,067,506 
Property and equipment, net  2,285,092   2,323,163 
Other assets:        
Goodwill  4,661,796   4,661,796 
Intangible assets, net  5,552,065   5,797,469 
Deferred compensation, net of current portion  26,472   73,816 
Security deposits  351,819   357,050 
Right of use asset  4,645,217   4,948,393 
Total other assets  15,237,369   15,838,524 
Total assets $24,199,973  $27,229,193 
Current liabilities:        
Accounts payable and accrued expenses $3,017,799  $2,523,332 
Patient deposits  332,519   320,917 
Notes payable, current portion  92,799   254,487 
Finance lease obligation, current portion  19,258   19,050 
Liability to issue common stock, current portion  303,855   337,935 
Operating lease liability, current portion  1,472,245   1,478,140 
Total current liabilities  5,238,475   4,933,861 
Long-term liabilities:        
Notes payable, net of current portion  87,412   104,697 
Finance lease obligation, net of current portion  24,379   29,273 
Liability to issue common stock, net of current portion  189,375   189,375 
Operating lease liability, net of current portion  3,688,249   4,018,926 
Total liabilities  9,227,890   9,276,132 
Commitment and Contingencies – Note 14        
Stockholders’ equity:        
Preferred stock - $0.001 par value, 5,000,000 authorized, nil issued and outstanding at March 31, 2022 and December 31, 2021, respectively.  -   - 
Common stock - $0.001 par value, 30,000,000 authorized; 27,043,409 and 26,876,409 shares issued at March 31, 2022 and December 31, 2021, respectively; and 26,385,167 and 26,218,167 outstanding at March 31, 2022 and December 31, 2021, respectively.  26,385   26,218 
Additional paid-in capital  46,314,757   46,133,777 
Accumulated deficit  (31,369,059)  (28,206,934)
Total stockholders’ equity  14,972,083   17,953,061 
Total liabilities and stockholders’ equity $24,199,973  $27,229,193 



  Three Months Ended
March 31,
  2022  2021 
Patient revenues, net $3,894,987  $3,024,808 
Other income  -   3,377 
Management fees  -   36,068 
Total revenue  3,894,987   3,064,253 
Operating expenses:        
Patient expenses  460,473   341,412 
Salaries and benefits  3,710,278   2,754,248 
Share-based compensation  189,120   110,607 
Advertising and marketing  370,488   265,548 
General and administrative  1,815,247   1,219,338 
Depreciation and amortization  446,772   422,201 
Loss on disposal or impairment of assets  47,429   4,043 
Total operating expenses  7,039,807   5,117,397 
Operating loss  (3,144,820)  (2,053,144)
Other expenses:        
Other expense  (13,174)    
Interest expense  (4,131)  (176,279)
Total other expenses  (17,305)  (176,279)
Net loss before income taxes  (3,162,125)  (2,229,423)
Income taxes  -   - 
Net loss  $(3,162,125)  $(2,229,423)
Net loss per share attributable to common stockholders        
Basic and diluted  $(0.12)  $(0.17)
Weighted average common shares outstanding        
Basic and diluted  26,365,734   13,448,567 


  Three Months Ended
March 31,
  2022  2021 
Cash flows from operating activities:        
Net loss $(3,162,125) $(2,229,423)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization  446,772   422,201 
Share based compensation  189,120   110,607 
Loss on disposition or impairment of assets  47,429   4,043 
Changes in operating assets and liabilities:        
Accounts receivable, net  (515,701)  (332,471)
Other assets  67,258   (167,193)
Security deposits  5,231   (3,049)
Right of use/lease liability  (33,396)  (40,994)
Accounts payable and accrued expenses  499,819   367,594 
Patient deposits  11,602   118,783 
Net cash from operating activities  (2,443,991)  (1,749,902)
Cash flows from investing activities:        
Purchase of property and equipment  (218,139)  (65,769)
Brand development  -   (55,045)
Acquisitions  -   (563,500)
Proceeds from sale of property and equipment  2,060   1,250 
Net cash from investing activities  (216,079)  (683,064)
Cash flows from financing activities:        
Proceeds from issuance of common stock  -   17,209,924 
Payments on notes payable  (178,973)  (1,788,711)
Payments on finance lease obligation  (4,686)  (4,487)
Net cash from financing activities  (183,659)  15,416,726 
Net increase (decrease) in cash  (2,843,729)  12,983,760 
Cash, beginning of period  7,118,980   2,623,952 
Cash, end of period $4,275,251  $15,607,712 
Supplemental cash flow information:        
Interest paid $4,599  $63,359