IMAC Holdings, Inc. Enters 2022 with Improved Balance Sheet
19 Gennaio 2022 - 2:30PM
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, has announced the repayment
of three loans representing more than 95% of its debt in accordance
with scheduled debt service over the past 10 months.
“We worked diligently to reduce our debt in 2021
in order to position our Company for growth in 2022 and beyond,”
said Sheri Gardzina, IMAC’s Chief Financial Officer.
“Reconstructing our balance sheet over the past year will improve
our earnings per share and cash flow for 2022. IMAC will maintain
remaining loans at roughly a 5% interest rate, which currently
total around $200,000.”
From March 28, 2021, to January 18, 2022, IMAC
Holdings paid significant loan balances to retire over $4.35
million in loans payable. The Company has approximately $200,000 of
debt remaining on the balance sheet related to equipment and
construction loans.
“IMAC has retired debt to position the Company
for strategic growth objectives that will optimize shareholder
value. For example, we incurred $412,000 of interest expense for
the first nine months of 2021, or roughly the equivalent of the
cost to open five The Backspace locations,” said Jeff Ervin, IMAC’s
Chief Executive Officer. “We would like to specifically thank
Chicago Venture Partners for providing support to the company
during the pandemic. Their support allowed us to pursue
opportunistic growth during uncertain times.”
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.
IMAC Press Contact:Laura Fristoelfristoe@imacrc.com
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