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IMAC Holdings has successfully reduced its debt by repaying over $4.35 million in loans over the past 10 months, achieving more than 95% debt repayment. The firm now holds approximately $200,000 in remaining loans at a 5% interest rate, positioning itself for strategic growth in 2022. Both the CFO and CEO emphasized the importance of improved cash flow and earnings per share as they seek to enhance shareholder value. The company’s strong financial maneuvering is aimed at optimizing their operations in the face of ongoing challenges.
IMAC Holdings announces the launch of the BACK.co app, the first chiropractic app for mobile queue registration, aimed at enhancing patient engagement within its The Back Space pilot program at select Walmart locations. Services include chiropractic adjustments and muscle therapies priced at $25 per treatment or $65 monthly membership. The app offers a waitlist feature and educational content, reflecting IMAC's commitment to integrated spinal health solutions. This initiative is part of IMAC’s broader strategy to expand its customer base and service offerings.
IMAC Holdings has relocated the Ozzie Smith IMAC Regeneration Center in Webster Groves to a new 3,400-square foot facility in the Clock Building, motivated by an increase in patient demand. The center is now situated just one block from its previous location and reported over 9,000 patient visits in 2021. With a focus on regenerative orthopedic treatments without surgery or opioids, the clinic aims to expand treatment options. This move reflects the company's dedication to quality care and enhancing patient experiences in the St. Louis area.
IMAC Holdings, Inc. (Nasdaq: IMAC) announced that CEO Jeffrey Ervin will present at the H.C. Wainwright BIOCONNECT Virtual Conference from January 10-13, 2022. The on-demand presentation will be available starting at 7:00 a.m. ET on January 10. IMAC Holdings specializes in health and wellness services, focusing on orthopedic, sports medicine, and life science therapies. The company operates over 15 outpatient medical clinics and is conducting a Phase I clinical trial for a stem cell therapy targeting Parkinson’s disease.
IMAC Holdings announced its first The Back Space location has reached 100 active members. These centers, located within Walmart, offer affordable chiropractic and spinal care services, priced at $25 per treatment and $65 for a monthly membership. CEO Jeffrey Ervin expressed optimism about the membership model's growth potential. While the pilot program may not generate significant revenue soon, achieving this member milestone indicates strong service value and market demand. IMAC operates over 15 outpatient clinics and is conducting clinical trials for a stem cell therapy.
IMAC Holdings announces its participation in the Benzinga Global Small Cap Conference, scheduled for December 8-9, 2021. CEO Jeffrey Ervin will present on December 8 at 10:50 AM ET. The company focuses on innovative, non-surgical orthopedic treatments and operates health and wellness centers specializing in sports medicine and rehabilitation.
Investors can request one-on-one meetings with Mr. Ervin following the conference. More details about the conference registration can be found here.
IMAC Holdings has announced the promotion of Sandy Miller to Chief of Staff, following her role as Vice President of Clinical Development. This move is part of the company's strategy to accommodate its rapid growth in IMAC Regeneration Centers and The Back Space subsidiary. IMAC has also onboarded Norleidy Hernandez as Human Resources Director and Frank DeVito, III as Director of Sales. CEO Jeffrey Ervin noted that these appointments align with their expansion goals, including recent acquisitions and openings in Baton Rouge.
IMAC Holdings (Nasdaq: IMAC) reported its 3Q 2021 financial results, showing total revenue of $3.49 million, a slight increase from $3.48 million in 2020. Despite a 10% rise in patient visits to 43,451, the company faced a $1.7 million net loss, or $0.07 per share, compared to a $1.4 million loss last year. Cash reserves improved significantly to $11.2 million from $2.6 million. Operational challenges were noted due to the COVID-19 delta variant, impacting patient visits in western Kentucky. Strategic initiatives included the launch of The Back Space retail clinics.
IMAC Holdings (Nasdaq: IMAC) has launched a pilot program for its new retail healthcare concept, The Back Space, in the Orlando metro area, focusing on spinal health services. The company aims to operate ten pilot stores within Walmart locations, with nine already in progress. Each store measures approximately 707 square feet and costs about $78,600 to open. Treatments are priced at $25, with $65 monthly memberships available. Despite facing supply chain issues, buildout costs have come in under budget. IMAC anticipates completing remaining stores in the upcoming weeks.
IMAC Holdings (Nasdaq: IMAC) is expanding its pilot store program, opening two additional retail healthcare centers, "The Back Space," in Nashville, Tennessee. These centers focus on affordable chiropractic and spinal care services, priced at $25 per treatment. The company aims to enhance efficiency and reduce costs based on insights gained from the ongoing ten-store pilot. The Back Space is positioned within Walmart locations, offering convenient care for customers. IMAC also operates outpatient medical centers and is involved in clinical research for therapies targeting movement-restricting conditions.
