IMAC Holdings Reports 10% Increase in Patient Visits for Q3

BRENTWOOD, Tenn., (November 12, 2021)—IMAC Holdings, Inc, a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic treatments without the use of surgery or opioids, recently announced financial results for the third quarter ended Sept. 30, 2021.

The company reported total revenue of $3.29 million for the quarter, with an increase of 10% in patient visits. 

Other Highlights

• Purchased Louisiana Orthopaedic & Sports Rehab Institute in Baton Rouge, Louisiana
• Formed The Back Space, a wholly owned subsidiary, operating retail spine care centers within Walmart stores. The Back Space opened more clinics in Nashville-area Walmart stores, with additional locations in the Orlando and St. Louis markets also expected to be opened as part of the initial pilot program
• Launched its dedicated acute injury service line as well as a toll-free hotline for around-the-clock access to schedule patients with acute sports, accident, and work-related injuries at IMAC Centers in Florida, Illinois, Kentucky, Missouri, Tennessee and Louisiana
• Initiated the second cohort of its Phase 1 clinical trial for its investigational compound utilizing umbilical cord-derived allogenic mesenchymal stem cells for the treatment of bradykinesia due to Parkinson’s disease

“Our third quarter performance was marked by execution of strategic corporate initiatives,” said Jeffery S. Ervin, CEO. “We made progress on the operational infrastructure and early launch of The Back Space concept, with retail health care centers in Walmart locations specializing in chiropractic and spinal care services. The initial ten-store pilot program will continue to open stores in the fourth quarter, including those in the Orlando and St. Louis markets. The Back Space is an important segment for us, and while its current impact to our financial picture is limited, positioning convenient and affordable chiropractic and general spinal care in a retail setting is an opportunity we plan to continue actively pursuing.”

“The third quarter was certainly not without its challenges, however,” Ervin added. “The delta variant of COVID contributed to a market-specific decline in our core medical clinic operations in western Kentucky, an area that was intensely affected by the delta variant over the summer months, resulting in a decline of nearly 1,900 patient visits from the comparable quarter for that market. Nonetheless, we still experienced a 10% rise in total patient visits in the quarter to 43,451.”

For more information visit imacholdings.com.