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IMAC Holdings, Inc. (Nasdaq: IMAC) reported over 100% traffic growth at its The Back Space retail chiropractic centers, which are located in select Walmart stores. The company achieved over 6,500 visits in the latest quarter, marking a significant milestone since the concept's launch. Memberships are available for $65 per month, and treatments are priced at $25 each. CEO Jeff Ervin emphasized that this growth positions the company for increased revenue in the second half of the year.
IMAC Holdings has announced the launch of a new range of retail healthcare products aimed at enhancing spinal health, effective July 5th. These products include certified organic supplements targeting spine and joint health, stress reduction, and immunity boosting. The initiative is expected to create a new revenue stream for the company. The global nutritional supplement market was valued at $359 billion in 2021, with a projected annual growth rate of 6.3% in the U.S. market through 2030, indicating significant potential for IMAC's new offerings.
IMAC Holdings announced Q1 2022 results, reporting $3.9 million in revenue, up 28% from Q1 2021's $3.0 million. Patient visits grew 3.7% to 39,809 in IMAC clinics. The company repaid over $4.34 million in loans, reducing debt by 95%. IMAC successfully expanded its pilot program for The Back Space retail chiropractic concept at Walmart and plans to add 20 more locations. They also initiated the final cohort of their Phase 1 clinical trial for Parkinson’s treatment.
IMAC Holdings has expanded its The Back Space retail chiropractic concept by selecting two new locations in the Orlando area following a successful pilot program in Walmart stores. CEO Jeff Ervin expressed enthusiasm for the expansion, citing robust franchise interest and the potential for increased brand awareness. The Back Space specializes in affordable chiropractic services, with treatments priced at $25 and memberships at $65 monthly. This move aligns with IMAC’s growth strategy in the central Florida market.
IMAC Holdings has successfully completed a pilot program for its Back Space chiropractic concept in Walmart stores, leading to plans for a significant expansion.
Over the next year, IMAC aims to add at least 20 new locations, tripling its store count, with a mix of corporate and franchise outlets. The pilot program revealed strong consumer interest and pricing potential, with treatments priced at $25 each or $65 monthly for memberships. IMAC reports initial franchisee interest is high, indicating robust market demand.
IMAC Holdings, Inc. reported a 26% revenue increase for Q4 2021, totaling $4.37 million, and a 12% annual revenue growth of $14.39 million compared to 2020. Patient visits rose 9.7% in Q4 and 24% annually to 168,508. Key corporate developments include the acquisition of Louisiana Orthopaedic & Sports Rehab Institute, expansion into retail chiropractic with The Back Space franchise, and ongoing clinical studies on stem cell therapy. Despite increased revenues, operating losses rose to $10.1 million in 2021, primarily due to higher operating expenses.
IMAC Holdings, Inc. (Nasdaq: IMAC) has announced the initiation of the third cohort in its Phase 1 clinical trial of an investigational compound using umbilical cord-derived allogenic mesenchymal stem cells, aimed at treating bradykinesia due to Parkinson's disease. This trial, taking place at multiple IMAC Regeneration Centers, involves a total of 15 patients across three dosing groups. The global Parkinson’s disease therapeutics market is projected to grow from $2.61 billion in 2018 to $5.28 billion by 2025, highlighting the potential market opportunity for IMAC's treatment.
IMAC Holdings, Inc. (Nasdaq: IMAC) has completed Franchise Disclosure Documents to launch The Back Company franchise spinal health and wellness centers, starting April 1, 2022. This initiative follows a successful pilot in select Walmart locations, offering chiropractic adjustments and therapies. The initial investment for franchises ranges from $81,000 to $373,000, with a franchise fee of $30,000 to $50,000 and a 7% royalty fee. Dr. Ben Lerner, appointed as COO, will lead this expansion, leveraging his extensive experience in franchising. IMAC aims to capitalize on a $20 billion industry.
IMAC Holdings has successfully completed the second cohort of its Phase 1 clinical trial on umbilical cord-derived mesenchymal stem cells for treating bradykinesia in Parkinson’s patients. Five patients received medium concentration intravenous infusions, completed on February 15, 2022. Safety assessments will be ongoing for 30 days before the final cohort begins. The trial aims to ensure safety and tolerability for 15 participants across three dosage groups over a 12-month tracking period. This research supports IMAC's broader goal of innovative therapies for movement-restricting diseases.
IMAC Holdings, Inc. (Nasdaq: IMAC) has appointed Dr. Ben Lerner as Chief Operating Officer, effective February 21, 2022. Dr. Lerner brings over 20 years of healthcare and business experience, previously founding Maximized Living and leading multiple successful ventures. IMAC specializes in innovative orthopedic treatments and operates numerous outpatient clinics. The addition of Dr. Lerner is anticipated to enhance IMAC's leadership team and support its growth objectives. IMAC currently conducts clinical research for a stem cell therapy aimed at Parkinson's disease.
