IMAC Holdings Reports Record Revenue of $5M in Second Quarter
2022年8月16日 - 12:30AM
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
www.imacholdings.com.
###
Safe Harbor StatementThis 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.imacholdings.com.
IMAC Press Contact:Laura Fristoelfristoe@imacrc.com
Financial Tables
IMAC HOLDINGS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
June
30,2022(Unaudited) |
|
|
December 31,2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
IMAC HOLDINGS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months EndedJune 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 |
|
IMAC HOLDINGS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Six Months EndedJune 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 |
|
IMAC (NASDAQ:IMACW)
過去 株価チャート
から 5 2024 まで 6 2024
IMAC (NASDAQ:IMACW)
過去 株価チャート
から 6 2023 まで 6 2024