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IMAC Holdings, Inc. (IMAC)

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Previous Close1.1700
Open1.1500
Bid0.0000 x 1000
Ask0.0000 x 900
Day's Range1.1000 - 1.1500
52 Week Range0.4200 - 4.9500
Volume421,568
Avg. Volume1,768,880
Market Cap13.261M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.6600
Earnings DateNov 12, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est3.75
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  • IMAC Holdings, Inc. To Participate in the Virtual Fall Investor Summit on  November 16-18, 2020
    GlobeNewswire

    IMAC Holdings, Inc. To Participate in the Virtual Fall Investor Summit on November 16-18, 2020

    BRENTWOOD, Tenn, Nov. 13, 2020 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or “the Company”), a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic treatments without the use of surgery or opioids, today announces that management will participate in the Virtual Fall Investor Summit November 16-18, 2020.Jeff Ervin, IMAC’s CEO, will kick off the Healthcare Track with his presentation at 9:00AM ET on November 16, 2020. For those attending the conference, his presentation can be accessed at 855-229-8310.Mr. Ervin will also be available for one-on-one investor meetings. Those interested in scheduling a meeting with management should contact the Fall Investor Summit organizers at https://investorsummitgroup.com.About IMAC Holdings, Inc. IMAC Holdings was created in March 2015 to expand on the footprint of the original IMAC Regeneration Center, which opened in Kentucky in August 2000. IMAC Regeneration Centers combine life science advancements with traditional medical care for movement restricting diseases and conditions. IMAC owns or manages 15 outpatient clinics that provide regenerative, orthopedic and minimally invasive procedures and therapies. It has partnered with several active and former professional athletes, opening six Ozzie Smith IMAC Regeneration Centers, two David Price IMAC Regeneration Centers, as well as Mike Ditka IMAC Regeneration Centers and a Tony Delk IMAC Regeneration Center. IMAC’s outpatient medical clinics emphasize its focus around treating sports and orthopedic injuries and movement-restricting diseases without surgery or opioids. More information about IMAC Holdings, Inc. is available at www.imacregeneration.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 raise additional funding, 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.IMAC Press Contact:Laura Fristoe lfristoe@imacrc.comInvestor Relations: Bret Shapiro (516) 222-2560 brets@coreir.com

  • IMAC Holdings Reports Third Quarter 2020 Financial Results
    GlobeNewswire

    IMAC Holdings Reports Third Quarter 2020 Financial Results

    Financial performance improves sequentially with record billable patient visits and highlights strong operational and fiscal management despite continued COVID-19 impactBRENTWOOD, Tenn., Nov. 12, 2020 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or the “Company”), a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic treatments without the use of surgery or opioids, today announces its financial results for its third quarter ended September 30, 2020.Third Quarter Highlights and Recent Developments: * Announced the opening of enrollment in early November in its Phase 1 clinical study of umbilical cord-derived mesenchymal stem cells for the treatment of bradykinesia due to Parkinson’s Disease   * Announced the addition of three new highly qualified independent directors – Maurice “Mo” Evans, Michael Pruitt, and Cary Sucoff – to its board of directors   * Sold its Lexington, Ky. property for $1.3 million in a sale-leaseback transaction   * Reduced general and administrative expenses by 27% year-over-year and 20% quarter-over-quarter to $961,521 in the third quarter of 2020 with positive impacts from the realization of expense synergies from centralized purchasing, improved ordering, inventory control, and expense management, most notably from lower travel expenses given the coronavirus pandemic   * Recognized record billable patient volume of 37,992 visits in the third quarter of 2020, up 8% year-over-year   * Patient expenses declined 55% to $428,615 in the third quarter of 2020 from $950,517 in same period in 2019 due to improvements in supply management and a shift in service mix from knee care to spinal patients, who have a lower associated cost of therapy, reflecting behavioral adjustments associated with COVID-19-based activity restrictions   * Wellness Membership subscribers increased 20% sequentially during the quarter to 762 members“We are at an exciting time in the Company’s development, with the recent launch of its Phase 1 clinical trial for IMAC’s umbilical cord-derived mesenchymal stem cell treatment for bradykinesia due to Parkinson’s disease. This is a complement to IMAC’s evolution as a regenerative rehabilitation company. These proprietary advancements give IMAC the potential to dramatically improve the non-opioid treatment landscape for a variety of physical ailments and derive asset value beyond its brick and mortar locations. This focus, along with the addition of three deeply experienced, growth-oriented professionals to IMAC’s board of directors, should help IMAC capitalize on timely opportunities,” commented Jeffrey Ervin, IMAC’s Chief Executive Officer.“While the COVID-19 pandemic has continued to negatively impact IMAC’s revenue on a year-over-year basis, the Company has been extremely diligent and focused on continuing what it began prior to the pandemic to ensure that it is wisely allocating capital, strategically reducing expenses, and prudently managing operations. All of this is being done with an eye toward continuing to expand both in the markets where IMAC has a foothold and in creating new and adjacent market opportunities through acquisition and partnerships. Even in this challenging environment, IMAC’s third quarter results exhibited a marked improvement from the second quarter of 2020 with net patient revenue of $3.5 million in the third quarter, up 35% sequentially from $2.6 million in the second quarter. Additionally, G&A costs decreased by 20 percent sequentially from the second quarter, which, when coupled with the sequential revenue increase, led to a 23% improvement in operating loss over the same period.“Looking at how that translates to patient care, patient visits increased 44% quarter-over-quarter while patient expenses decreased 55%. IMAC’s patient service mix shifted in the quarter to a higher concentration of spine patients, rather than knee patients, which lowered both IMAC’s average charge per visit as well as its patient treatment expense, driving quarter-over-quarter improvement. Lastly, IMAC remains committed to improving its balance sheet and operations, reducing its notes payable in the quarter by approximately $1.2 million to a balance of $4.5 million, with nearly $1.7 million of this amount in the form of a Small Business Administration Paycheck Protection Program loan that we anticipate will achieve at least partial forgiveness” concluded Mr. Ervin.Results of Operations for the Three and Nine Months Ended September 30, 2020Net patient service revenues decreased 20% to $3.5 million for the three months ended September 30, 2020, compared to $4.4 million for the three months ended September 30, 2019. This decrease was due to the continued impact of COVID-19 and a change in the procedure mix. Patient service revenue decreased 14% to $9.4 million for the nine months ended September 30, 2020, compared to $10.9 million for the nine months ended September 30, 2019. This decrease is attributable to the IMAC’s acquisitions of clinics in Chicago and Florida in April 2019 and January 2020, respectively, along with the impacts of COVID-19.The Company reported a net loss per share for the quarter ending September 30, 2020 of $0.12 vs. a loss per share of $0.19 for the comparable year-ago period. For the nine-month period ending September 30, 2020, the Company reported a net loss per share of $0.49 vs a loss per share of $0.68 for the nine months ended September 30, 2019.About IMAC Holdings, Inc.IMAC Holdings was created in March 2015 to expand on the footprint of the original IMAC Regeneration Center, which opened in Kentucky in August 2000. IMAC Regeneration Centers combine life science advancements with traditional medical care for movement-restricting diseases and conditions. IMAC owns or manages 15 outpatient clinics that provide regenerative, orthopedic, and minimally invasive procedures and therapies. It has partnered with several active and former professional athletes, opening two Ozzie Smith IMAC Regeneration Centers, two David Price IMAC Regeneration Centers, as well as Mike Ditka IMAC Regeneration Centers and a Tony Delk IMAC Regeneration Center. IMAC’s outpatient medical clinics emphasize its focus around treating sports and orthopedic injuries without surgery or opioids. More information about IMAC Holdings, Inc. is available at www.imacregeneration.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 raise additional funding, 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.IMAC Press Contact: Laura Fristoe lfristoe@imacrc.com Investors: Bret Shapiro (516) 222-2560 brets@coreir.com IMAC HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)  September 30, 2020  December 31, 2019  ASSETS         Current assets:         Cash $1,664,304  $373,689  Accounts receivable, net  1,433,457   1,258,325  Deferred compensation, current portion  241,946   312,258  Other assets  452,741   633,303  Total current assets  3,792,448   2,577,575            Property and equipment, net  1,861,879   3,692,009            Other assets:         Goodwill  2,040,696   2,040,696  Intangible assets, net  6,846,385   7,169,072  Deferred equity costs  143,655   170,274  Deferred compensation, net of current portion  310,006   549,563  Security deposits  413,407   499,488  Right of use asset  3,965,755   3,719,401  Total other assets  13,719,904   14,148,494            Total assets $19,374,231  $20,418,078            LIABILITIES AND STOCKHOLDERS’ EQUITY                   Current liabilities:         Accounts payable and accrued expenses $2,367,438  $2,909,666  Patient deposits  373,678   189,691  Notes payable, current portion, net of deferred loan costs  1,839,306   1,422,554  Finance lease obligation, current portion  18,047   17,473  Line of credit  79,961   79,961  Liability to issue common stock, current portion  310,575   421,044  Operating lease liability, current portion  1,051,964   1,025,247  Total current liabilities  6,040,969   6,065,636            Long-term liabilities:         Notes payable, net of current portion  2,671,333   2,109,065  Finance lease obligation, net of current portion  52,957   66,565  Liability to issue common stock, net of current portion  378,760   578,866  Operating lease liability, net of current portion  3,723,398   3,660,654  Other non-current liabilities  15,000   -            Total liabilities  12,882,417   12,480,786            Stockholders’ equity:         Preferred stock - $0.001 par value, 5,000,000 authorized, nil issued and outstanding at September 30, 2020 and December 31, 2019, respectively  -   -  Common stock - $0.001 par value, 30,000,000 authorized, 11,839,972 and 8,913,258 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively  11,834   8,907  Additional paid-in capital  24,119,889   20,050,634  Accumulated deficit  (15,235,941)  (10,042,050) Non-controlling interest  (2,403,968)  (2,080,199) Total stockholders’ equity  6,491,814   7,937,292            Total liabilities and stockholders’ equity $19,374,231  $20,418,078  IMAC HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)  Three Months Ended September 30,  Nine Months Ended September 30,    2020  2019  2020  2019                Patient revenues, net $3,477,841  $4,355,904  $9,359,490  $10,882,487  Management fees  -   -   12,487   -  Total revenue  3,477,841   4,355,904   9,371,977   10,882,487                    Operating expenses:                 Patient expenses  428,615   950,517   1,213,799   2,314,424  Salaries and benefits  2,622,266   2,878,391   7,882,665   7,536,223  Share-based compensation  108,377   112,959   311,406   288,298  Advertising and marketing  234,694   317,800   650,861   1,014,144  Grant funds  -   -   (415,978)  -  General and administrative  961,521   1,311,315   3,406,116   3,718,506  Depreciation and amortization  430,121   422,405   1,334,267   1,104,961  Total operating expenses  4,785,594   5,993,387   14,383,136   15,976,556                    Operating loss  (1,307,753)  (1,637,483)  (5,011,159)  (5,094,069)                   Other income (expense):                 Interest income  6,028   120   6,067   125  Other income (expenses)  6   (94)  6   (15,384) Beneficial conversion interest expense  -   -   -   (639,159) Gain (loss) on extinguishment of debt  9,783   -   (99,761)  -  Loss on disposal of assets  (39,047)  -   (60,272)  -  Interest expense  (141,416)  (74,456)  (352,541)  (190,337) Total other (expenses)  (164,646)  (74,430)  (506,501)  (844,755)                   Net loss before income taxes  (1,472,399)  (1,711,913)  (5,517,660)  (5,938,824)                   Income taxes  -   -   -   -                    Net loss  (1,472,399)  (1,711,913)  (5,517,660)  (5,938,824)                   Net loss attributable to the non-controlling interest  42,741   162,951   323,769   889,907                    Net loss attributable to IMAC Holdings, Inc. $(1,429,658) $(1,548,962) $(5,193,891) $(5,048,917)                   Net loss per share attributable to common stockholders                 Basic and diluted $(0.12) $(0.19) $(0.49) $(0.68)                   Weighted average common shares outstanding                 Basic and diluted  11,839,972   8,366,287   10,549,899   7,472,738      IMAC HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)  Common Stock  Additional  Non-          Number of Shares  Par  Paid-In- Capital  Controlling Interest  Accumulated Deficit  Total                      Balance, December 31, 2018   4,533,623  $4,534  $1,233,966  $(1,625,840) $(3,544,820) $(3,932,160) Common stock issued for initial public offering proceeds, net of related fees  850,000   850   3,503,314   -   -   3,504,164  Issuance of common stock in connection with convertible notes  449,217   449   2,245,636   -   -   2,246,085  Issuance of common stock in connection with acquisitions  1,410,183   1,410   7,247,798   -   -   7,249,208  Exercise of warrants  9,900   10   49,490   -   -   49,500  Net loss  -   -   -   (431,223)  (1,599,187)  (2,030,410) Balance, March 31, 2019  7,252,923   7,253   14,280,204   (2,057,063)  (5,144,007)  7,086,387  Issuance of common stock in connection with acquisitions  1,002,306   1,002   4,072,436   -   -   4,073,438  Exercise of warrants  61,569   62   307,783   -   -   307,845  Issuance of employee stock options  -   -   16,216   -   -   16,216  Net loss  -   -   -   (295,733)  (1,900,768)  (2,196,501) Balance, June 30, 2019  8,316,798   8,317   18,676,639   (2,352,796)  (7,044,775)  9,287,385  Issuance of common stock  133,297   133   150,652   -   -   150,785  Issuance of employee stock options  -   -   35,963   -   -   35,963  Net loss  -   -   -   (162,951)  (1,548,962)  (1,711,913) Balance, September 30, 2019  8,450,095  $8,450  $18,863,254  $(2,515,747) $(8,593,737) $7,762,220    Common Stock  Additional  Non-          Number of Shares  Par  Paid-In- Capital  Controlling Interest  Accumulated Deficit  Total                      Balance, December 31, 2019  8,913,257  $8,907  $20,050,634  $(2,080,199) $(10,042,050) $7,937,292  Issuance of common stock  1,095,840   1,096   1,376,122   -   -   1,377,218  Issuance of employee stock options  -   -   38,359   -   -   38,359  Net loss  -   -   -   (336,604)  (1,733,545)  (2,070,149) Balance, March 31, 2020  10,009,097   10,003   21,465,115   (2,416,803)  (11,775,595)  7,282,720  Issuance of common stock  1,830,875   1,831   2,576,820   -   -   2,578,651  Issuance of employee stock options  -   -   37,569   -   -   37,569  Net income (loss)  -   -   -   55,576   (2,030,688)  (1,975,112) Balance, June 30, 2020  11,839,972   11,834   24,079,504   (2,361,227)  (13,806,283)  7,923,828  Issuance of employee stock options  -   -   40,385   -   -   40,385  Net loss  -   -   -   (42,741)  (1,429,658)  (1,472,399) Balance, September 30, 2020  11,839,972  $11,834  $24,119,889  $(2,403,968) $(15,235,941) $6,491,814   IMAC HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)  Nine Months Ended September 30,    2020  2019  Cash flows from operating activities:         Net loss $(5,517,660) $(5,938,824) Adjustments to reconcile net loss to net cash used in operating activities:         Depreciation and amortization  1,334,267   1,104,961  Beneficial conversion interest expense  -   639,159  Share based compensation  311,406   288,298  Loss on disposition of assets  1,959   -  Non cash expense  -   150,785  (Increase) decrease in operating assets:         Accounts receivable, net  (154,292)  64,046  Other assets  251,976   (53,450) Security deposits  86,081   (59,966) Increase (decrease) in operating liabilities:         Accounts payable and accrued expenses  (518,074)  736,704  Patient deposits  183,987   358,906  Lease incentive obligation  -   (85,894) Net cash used in operating activities  (4,020,350)  (2,795,275)           Cash flows from investing activities:         Purchase of property and equipment  (52,626)  (688,312) Purchase of license fee  (243,750)  -  Acquisition of IMAC Florida (Note 6)  (200,000)  -  Net cash used in investing activities  (496,376)  (688,312)           Cash flows from financing activities:         Proceeds from initial public offering, net of related fees  -   3,839,482  Proceeds from warrants exercised  -   357,345  Proceeds from issuance of common stock  3,736,613   -  Proceeds from notes payable  2,891,520   212,800  Payments on notes payable  (737,758)  (86,958) Payments of debt issuance costs  (70,000)  -  Proceeds from line of credit  -   20,000  Payments on line of credit  -   (300,000) Payments on finance lease obligation  (13,034)  (12,487) Net cash provided by financing activities  5,807,341   4,030,182            Net increase in cash  1,290,615   546,595            Cash, beginning of period  373,689   194,316            Cash, end of period $1,664,304  $740,911            Supplemental cash flow information:         Interest paid $63,152  $97,147  Taxes paid  -  $18,533  Non cash financing and investing:         Debt discount notes payable $115,000  $-  Debt payment by sale of property and equipment $1,232,500  $-  Business acquisition via stock issuance $-  $3,771,978

  • IMAC Holdings, Inc. Expands Missouri Footprint with Acquisition of Lockwood Chiropractic in Webster Groves
    GlobeNewswire

    IMAC Holdings, Inc. Expands Missouri Footprint with Acquisition of Lockwood Chiropractic in Webster Groves

    BRENTWOOD, Tenn, Nov. 11, 2020 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or “the Company”), a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic treatments without the use of surgery or opioids, today announces the acquisition of Lockwood Chiropractic in Webster Groves, Mo. With historical six-figure revenue as a chiropractic clinic and a presence in the community since 1990, the purchase of Lockwood Chiropractic’s assets represents an expansion of the Ozzie Smith Center brand within an established community near downtown St. Louis. The owner of the clinic, Sharon Whalen, D.C., will join IMAC’s team and continue to run the clinic in Webster Groves.“The addition of the Lockwood clinic provides us with better access to St. Louis patients and is a turn-key opportunity, as the existing infrastructure and existing staff will deliver an immediate and seamless transition. Concurrently, our existing Ozzie Smith Center in St. Louis may help us to grow the Lockwood center and provide our services to an even wider patient base outside that city,” said Matthew Wallis, chief operations officer of IMAC. “The Lockwood acquisition is an excellent model for our expansion strategy to partner with successful clinic owners with a loyal clientele. We believe that this is an excellent example of managing cash outlay while expanding our patient base.”The transition is scheduled to occur on Monday, November 16, 2020. Prospective patients may call 855-OZZIE01 to learn more about IMAC services.About IMAC Holdings, Inc. IMAC Holdings was created in March 2015 to expand on the footprint of the original IMAC Regeneration Center, which opened in Kentucky in August 2000. IMAC Regeneration Centers combine life science advancements with traditional medical care for movement restricting diseases and conditions. IMAC owns or manages 15 outpatient clinics that provide regenerative, orthopedic and minimally invasive procedures and therapies. It has partnered with several active and former professional athletes, opening six Ozzie Smith IMAC Regeneration Centers, two David Price IMAC Regeneration Centers, as well as Mike Ditka IMAC Regeneration Centers and a Tony Delk IMAC Regeneration Center. IMAC’s outpatient medical clinics emphasize its focus around treating sports and orthopedic injuries and movement-restricting diseases without surgery or opioids. More information about IMAC Holdings, Inc. is available at www.imacregeneration.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 raise additional funding, 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.IMAC Press Contact: Laura Fristoe lfristoe@imacrc.comInvestor Relations: Bret Shapiro (516) 222-2560 brets@coreir.com