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IMAC Holdings (Nasdaq: IMAC) announced an expansion into Richmond, Kentucky, setting up services through a sublease with a chiropractic office. This move aims to tap into an existing client base and enhance revenue potential. The company will also close its Monett, Missouri, location on September 25, 2020, which averaged 122 visits monthly and will lead to increased profitability in Springfield. Additionally, the Bonita Springs, Florida, facility will offer full services starting October 12, 2020, post minor enhancements. The Springfield clinics reported a 39% growth in visits in Q2 2020 compared to the previous year.
IMAC Holdings, Inc. (Nasdaq: IMAC) announced that CEO Jeff Ervin will present virtually at the LD Micro 500 on September 1, 2020, at 9:00 AM ET, followed by a live Q&A with investors. Ervin will also hold one-on-one meetings from September 1-4. IMAC specializes in regenerative orthopedic treatments, focusing on non-surgical options. Established in 2015, IMAC operates 16 outpatient clinics and collaborates with professional athletes. More details can be found on their website.
IMAC Holdings, Inc. (Nasdaq: IMAC) reported financial results for the second quarter ended June 30, 2020, noting a 32% decrease in patient service revenues to $2.6 million compared to the same period in 2019. The company received $2.65 million from a stock offering and over $2.1 million in financial aid related to COVID-19. A significant 30% increase in Wellness Memberships was recorded. IMAC also received FDA authorization for a clinical study on stem cells for Parkinson's disease. Despite challenges, the company announced a 7% growth in same-store patient visits in June 2020.
IMAC Holdings has received FDA approval for its investigational new drug application, allowing it to start a Phase 1 trial using umbilical cord-derived stem cells for treating bradykinesia related to Parkinson's disease. The trial will enroll 15 patients across three treatment dosage groups to assess safety and efficacy over a 12-month period. This advancement enhances IMAC's focus on non-surgical, non-opioid treatments and may significantly impact the management of inflammatory conditions. The trial is set to begin in 30 days, expanding options for neurological patients.
IMAC Holdings, Inc. announced a sale-leaseback transaction involving real estate in Lexington, Kentucky, on July 24, 2020, for $1,300,000.
This sale eliminates $1,232,000 in liabilities, enhancing the company's financial position. IMAC will continue leasing the property for five years. CEO Jeffrey Ervin emphasized that this move will alleviate short-term debt, improve the debt-to-equity ratio, and allow future debt to focus on productive assets.
IMAC Holdings, Inc. (Nasdaq: IMAC) has announced a registered direct offering of 1,764,000 shares of common stock at $1.50 per share, projected to raise approximately $2,646,000. The offering is set to close around June 22, 2020, pending customary conditions. A.G.P./Alliance Global Partners is acting as the sole placement agent. This offering utilizes an effective shelf registration statement filed with the SEC. IMAC specializes in non-surgical, opioid-free orthopedic treatments through its outpatient clinics.
IMAC Holdings (Nasdaq: IMAC) reported results revealing that approximately 81% of patients at IMAC Regeneration Centers experienced improved movement following treatment for musculoskeletal conditions. An internal analysis evaluated 828 patients from 2017 to 2019, showing an average functional improvement of 40.7%, with scores decreasing from 64.68% to 38.34%. The analysis indicates that IMAC's non-opioid, non-surgical therapies present a viable alternative to conventional treatments. CEO Jeff Ervin highlighted the cost-effectiveness and success rate of their innovative rehabilitation therapies.