Revenue increased 26% for quarter and 12% annually

BRENTWOOD, Tenn., March 31, 2022 (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 reported its preliminary financial results for the year endedDecember 31, 2021.

Financial Highlights from Q4 2021:

Financial Highlights from FY 2021(all comparisons are withIMACfor the year endedDecember 31, 2020unless otherwise indicated):

Corporate Highlights in Q4 2021 and Year To Date 2022:

The fourth quarter of 2021 was productive. We started the quarter with the acquisition of Louisiana Orthopaedic and Spine Institute which we expect to be our largest clinic by the second half of 2022. And by the end of the quarter, we delivered 26% revenue growth on a 9.7% increase of patients visits compared to Q4 of 2020, said Jeffrey Ervin, IMACs Chief Executive Officer.

During 2021, we worked diligently to reduce the Companys debt, retiring greater than $4.13 million representing over 90% of notes payable. We are well positioned for strategic growth objectives in 2022 that solidify our foundation as we continue to execute on our strategic initiatives. Today, we filed an extension to accommodate the additional time needed for our former and current auditors to complete our 10k filing.

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 The Back Company franchise to expand The Back Space presence. The infrastructure incorporates technical advancements with our consumer engagement tools as evidenced with the launch The Back mobile app, the first in the chiropractic industry to provide mobile queue registration. Dr. Ben Lerner recently joined the team as COO with an emphasis on leading The Back Companys growth using his franchise and high-growth experience after a 17-year tenure as founder and CEO of a large chiropractic franchisor and lifestyle company.

Finally, weve 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 EndedDecember 31, 2021Compared to the Twelve Months EndedDecember 31, 2020

Total revenue increased 12% from 12.8 million in 2020 to $14.4 million in 2021. Total revenues increased $1.6 million due to a combination of acquisitions, same-store growth, and the opening of retail chiropractic clinics. The increase in operating expenses from$19.4 million in 2020 to $24.5 million in 2021 was driven by a combination of additional salaries and expenses related to acquisitions and The Back Space launch in 2021 as well as the $0.42 million reduction in expenses from grant funds in 2020, resulting in an increase in operating loss to$10.1 million versus a loss of $6.5 millionin 2020.

For the year endedDecember 31, 2021, the Company reported cash and cash equivalents of$7.1 million, compared with approximately$2.6 millionas ofDecember 31, 2020.

AboutIMAC Holdings, Inc.

IMAC Holdingsowns and manages health and wellness centers that deliver sports medicine, orthopedic, and life science therapies for movement restricting diseases.IMACis comprised of three business segments: outpatient medical centers, The Back Space, and a clinical research division. With treatments to address the aging population,IMAC Holdingsowns or manages more than 15 outpatient medical clinics and has partnered with several active and former professional athletes, includingOzzie Smith,David Price,Mike Ditka, andTony Delkto promote a minimally invasive approach to sports medicine. IMACs The Back Space retail spine health and wellness treatment centers deliver chiropractic care within Walmart locations. IMACs research division is currently conducting a Phase I clinical trial evaluating a mesenchymal stem cell therapy candidate for bradykinesia due to Parkinsons disease. For more information visit http://www.imacholdings.com.

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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 onIMAC'sexpectations and are subject to a number of risks and uncertainties, certain of which are beyondIMAC'scontrol. 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.IMACencourages you to review other factors that may affect its future results in its registration statement and in its other filings with theSecurities 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

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