IMAC Holdings Reports $15,750 Revenue in Q2 2024, Sees Improvement in Losses

IMAC Holdings, Inc. reported its financial results for the second quarter of 2024, revealing a net revenue of $15,750, a significant increase from zero revenue in the same period last year. The company’s operating loss for the quarter was $1.4 million, compared to a loss of $1.2 million in the prior year. For the six months ending June 30, 2024, IMAC Holdings recorded a net loss of $1.79 million, a notable improvement from a loss of $5.1 million during the same period in 2023. The company attributed this reduction in losses to the discontinuation of underperforming operations and the acquisition of laboratory capabilities from Theralink Technologies, Inc.

The company’s total assets increased to $2.22 million as of June 30, 2024, up from $1.14 million at the end of 2023. This growth was primarily driven by the acquisition of laboratory assets, which added approximately $1.1 million in long-lived assets. However, current liabilities also rose significantly to $4.52 million, compared to $1.90 million at the end of the previous fiscal year, largely due to increased accounts payable and accrued expenses. The working capital deficit widened to $3.3 million from $0.8 million, reflecting ongoing financial challenges.

In terms of operational developments, IMAC Holdings has shifted its focus to precision medicine in cancer treatment, leveraging activated protein analysis to enhance clinical testing for breast cancer patients. The company has engaged in collaborations with biopharmaceutical firms to identify drug targets, which is expected to bolster its market position. As of June 30, 2024, the company had a total employee headcount that reflects the transition from its previous business model, although specific numbers were not disclosed.

Looking ahead, IMAC Holdings anticipates the need for additional financing to support its operations and the costs associated with its recent asset acquisition. The company has expressed concerns regarding its ability to raise necessary funds, which could impact its operational continuity. Management has indicated that the financial condition raises substantial doubt about the company's ability to continue as a going concern. The company plans to continue its strategic focus on precision medicine while managing its operational expenses and seeking opportunities for growth in the biopharmaceutical sector.