IMAC Holdings Reports Record Revenue of $5M in Second Quarter

Brentwood, Tennessee, UNITED STATES

Fifth consecutive quarter of comparable revenue growth from sustainable price improvements

BRENTWOOD, Tenn., Aug. 15, 2022 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (Nasdaq: BACK) (“IMAC” “BACK” or the “Company”), a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic and neurological treatments, today reported its preliminary financial results for the second quarter ended June 30, 2022.

Financial and Corporate Highlights from Q2 2022:

  • Total Revenue was $5.0 million, compared with $3.5 million in Q2 2021, an increase of 45%
  • Patient visits to IMAC clinics 42,495, down 5.1% from Q2 2021; same store increase .9%
  • Sequential quarter The BackSpace visit growth of 207%
  • 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 certified organic vitamin and supplement product line
  • Amended NASDAQ trading symbol from “IMAC” to “BACK”
  • Completed a $3.9m Registered Direct offering

“We achieved record revenue during the second quarter of 2022. The team executed several initiatives to improve operating efficiency in the IMAC Regeneration Centers while also driving greater recognition and adoption of The BackSpace, our retail spinal health clinics,” said Jeffrey Ervin, CEO of BACK.

“The IMAC medical clinics continued price improvements as revenue per visit increased substantially from the comparable quarter in 2021. The increase came from operating and payor mix improvements as we are finding greater success by lessening the dependence on Medicare as a payor.

“We are encouraged by the consumer adoption of The BackSpace spinal health and wellness services. The BackSpace experienced over 200% sequential quarter growth, and over 1,000% same store growth from the comparable quarter. We expect The BackSpace to have a greater impact on total revenue in the second half of the year based on continued growth and a ten percent price increase for chiropractic memberships. Additionally, we believe the recent addition of stretching services expands our universe of prospective patients,” 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

Financial Tables


  June 30,
  December 31,
Current assets:        
Cash $1,614,190  $7,118,980 
Accounts receivable, net  3,055,017   1,209,333 
Deferred compensation, current portion  173,963   191,657 
Other assets  528,769   547,536 
Total current assets  5,371,939   9,067,506 
Property and equipment, net  2,050,074   2,323,163 
Other assets:        
Goodwill  4,661,796   4,661,796 
Intangible assets, net  5,351,779   5,797,469 
Deferred compensation, net of current portion  -   73,816 
Security deposits  351,819   357,050 
Right of use assets  4,280,675   4,948,393 
Total other assets  14,646,069   15,838,524 
Total assets $22,068,082  $27,229,193 
Current liabilities:        
Accounts payable and accrued expenses $2,100,709  $2,523,332 
Patient deposits  506,495   320,917 
Notes payable, current portion  78,618   254,487 
Finance lease obligation, current portion  19,469   19,050 
Liability to issue common stock, current portion  387,230   337,935 
Operating lease liability, current portion  1,470,241   1,478,140 
Total current liabilities  4,562,762   4,933,861 
Long-term liabilities:        
Notes payable, net of current portion  72,562   104,697 
Finance lease obligation, net of current portion  19,432   29,273 
Liability to issue common stock, net of current portion  -   189,375 
Operating lease liability, net of current portion  3,318,566   4,018,926 
Total liabilities  7,973,322   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 June 30, 2022 and December 31, 2021, respectively.  -   - 
Common stock - $0.001 par value, 30,000,000 authorized; 27,543,409 and 26,876,409 shares issued at June 30, 2022 and December 31, 2021, respectively; and 27,289,911 and 26,218,167 outstanding at June 30, 2022 and December 31, 2021, respectively.  27,290   26,218 
Additional paid-in capital  47,280,628   46,133,777 
Accumulated deficit  (33,213,158)  (28,206,934)
Total stockholders’ equity  14,094,760   17,953,061 
Total liabilities and stockholders’ equity $22,068,082  $27,229,193 



  Three Months Ended
June 30,
  Six Months Ended
June 30,
  2022  2021  2022  2021 
Patient revenues, net $5,033,088  $3,462,814  $8,928,075  $6,487,622 
Other income  -   2,701   -   6,078 
Management fees  -   -   -   36,068 
Total revenue  5,033,088   3,465,515   8,928,075   6,529,768 
Operating expenses:                
Patient expenses  397,235   339,951   857,708   681,363 
Salaries and benefits  3,782,518   2,996,674   7,492,796   5,750,922 
Share-based compensation  80,571   123,169   269,691   233,776 
Advertising and marketing  242,562   315,529   613,050   581,077 
General and administrative  1,857,915   1,661,193   3,673,162   2,880,531 
Depreciation and amortization  438,612   441,804   885,384   864,005 
(Gain) loss on disposal or impairment of assets  34,832   (49)  82,261   3,994 
Total operating expenses  6,834,245   5,878,271   13,874,052   10,995,668 
Operating loss  (1,801,157)  (2,412,756)  (4,945,977)  (4,465,900)
Other income (expense):                
Interest income  1,321   -   1,321   - 
Other expense  (39,530)  243   (52,704)  243 
Interest expense  (4,733)  (126,228)  (8,864)  (302,507)
Total other expenses  (42,942)  (125,985)  (60,247)  (302,264)
Net loss before income taxes  (1,844,099)  (2,538,741)  (5,006,224)  (4,768,164)
Income taxes  -   -   -   - 
Net loss  (1,844,099)  (2,538,741)  (5,006,224)  (4,768,164)
Net loss per share attributable to common stockholders                
Basic and diluted $(0.07) $(0.10) $(0.19) $(0.24)
Weighted average common shares outstanding                
Basic and diluted  26,800,926   25,143,201   26,584,532   19,476,793 


  Six Months Ended
June 30,
  2022  2021 
Cash flows from operating activities:        
Net loss $(5,006,224) $(4,768,164)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization  885,384   864,005 
Share based compensation  269,691   233,776 
Loss on disposition of assets  82,261   3,994 
Changes in operating assets:        
Accounts receivable, net  (1,845,684)  173,340 
Other assets  18,767   (630,626)
Security deposits  5,231   (7,349)
Right of use/lease liability  (40,541)  - 
Accounts payable and accrued expenses  (417,271)  (317,776)
Patient deposits  185,578   118,172 
Net cash from operating activities  (5,862,808)  (4,330,628)
Cash flows from investing activities:        
Purchase of property and equipment  (256,279)  (240,938)
Brand development  -   (66,495)
Acquisitions  -   (731,909)
Proceeds from sale of property and equipment  2,060   2,650 
Net cash from investing activities  (254,219)  (1,036,692)
Cash flows from financing activities:        
Proceeds from issuance of common stock  829,663   19,005,323 
Payments on notes payable  (208,004)  (2,624,102)
Payments on finance lease obligation  (9,422)  (16,243)
Net cash from financing activities  612,237   16,364,978 
Net increase in cash  (5,504,790)  10,997,658 
Cash, beginning of period  7,118,980   2,623,952 
Cash, end of period $1,614,190  $13,621,610 
Supplemental cash flow information:        
Interest paid $8,864  $183,849