IMAC Holdings Reports Preliminary Fourth Quarter and Year End 2021 Financial Results and Corporate Update
Revenue increased 26% for quarter and 12% annually
Financial Highlights from Q4 2021:
$4,368,564in revenue in Q4 21, up 26% from Q4 20 revenue of $3,463,221
- IMAC Regeneration Center total visits for Q4 21 were 41,898, up 9.7% from 38,205 during Q4 20
Financial Highlights from FY 2021 (all comparisons are with IMAC for the year ended December 31, 2020 unless otherwise indicated):
- Annual revenue was
$14,385,828, up 12% from $12,835,198in 2020
- Annual IMAC Regeneration Center patient visits increased to 168,508, up 24% from 135,488 in 2020
Corporate Highlights in Q4 2021 and Year To Date 2022:
- Expanded southeastern presence with acquisition of Louisiana Orthopaedic & Sports Rehab Institute (LOSI), in
Baton Rouge, Louisiana.
- Completed the second cohort and initiated the third cohort of our Phase 1 clinical study of umbilical cord-derived allogenic mesenchymal stem cells for the treatment of bradykinesia due to Parkinson’s Disease.
- Announced Dr.
Ben Lerneras Chief Operating Officer, bringing decades of valuable healthcare growth experience to the executive team. Lerner previously founded and served as the CEO of Maximized Living, a national chiropractic consulting, franchising and lifestyle brand organization.
- Launched the The Back Company Franchise, capitalizing on the success of the Company’s The Back Space concept, piloted in select Walmart locations.
“The fourth quarter of 2021 was productive. We started the quarter with the acquisition of
“During 2021, we worked diligently to reduce the Company’s debt, retiring greater than
“Another significant accomplishment during 2021 included growing our service footprint with the launch of The Back Space retail chiropractic pilot program in select Walmart locations. We opened 10 stores in three markets as part of the pilot and recently completed
“Finally, we’ve already completed the second cohort and initiated the third cohort of our Phase 1 clinical trial. We anticipate completing our third and final cohort during summer, 2022. Each of these milestones are part of IMAC Holdings’ roadmap to helping consumers develop a personalized, affordable and engaging experience that guides users to better spinal health and physical function. There was demonstrable progress during 2021 to set up a springboard of growth for 2022.”
Results of Operations for the Twelve Months Ended December 31, 2021 Compared to the Twelve Months Ended December 31, 2020
Total revenue increased 12% from 12.8 million in 2020 to
For the year ended December 31, 2021, the Company reported cash and cash equivalents of $7.1 million, compared with approximately $2.6 million as of December 31, 2020.
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, including Ozzie Smith, David Price, Mike Ditka, and Tony Delk 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.
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, variability of 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 registration statement and in its other 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.
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Source: IMAC Holdings, Inc.