IMAC Holdings Reports Increased Revenue for the Fourth

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 www.imacholdings.com.

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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.imacregeneration.com.

IMAC Press Contact:
Laura Fristoe
[email protected]

Financial Tables

IMAC HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

    March 31,
2022
    December 31,
2021
 
ASSETS                
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  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
                 
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  

IMAC HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

    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  

IMAC HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

    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  

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