Revenue has effectively evaporated to $21.2K in 2025Q3, while the company continues to report unsustainable negative gross margins of -4.8%.
| Sales/Revenue | 22.72K | 72.05K | 5.2M | 16.19M | 14.39M | 12.84M | 15.13M | 6.7M | 786.02K | 15K |
| Revenue Growth % | 100.46% | -98.61% | -67.89% | 12.51% | 12.08% | -15.14% | 125.73% | 752.53% | 5140.17% | - |
| Cost of Goods Sold | 440.56K | 305.25K | 1.35M | 1.51M | 1.63M | 1.62M | 2.54M | 933.91K | 63.22K | 4.27K |
| COGS % of Revenue | - | 423.66% | 25.95% | 9.32% | 11.32% | 12.65% | 16.79% | 13.94% | 8.04% | 28.44% |
| Gross Profit | -417.84K | -233.2K | 3.85M | 14.68M | 12.76M | 11.21M | 12.59M | 5.77M | 722.81K | 10.73K |
| Gross Margin % | -1838.83% | -323.66% | 74.05% | 90.68% | 88.68% | 87.35% | 83.21% | 86.06% | 91.96% | 71.56% |
| Gross Profit Growth % | - | -106.06% | -73.78% | 15.05% | 13.79% | -10.92% | 118.23% | 697.88% | 6633.83% | - |
| Operating Expenses | 7.41M | 5.39M | 2.54M | 24.53M | 22.71M | 17.68M | 18.77M | 9.32M | 1.64M | 229.78K |
| OpEx % of Revenue | - | 7481.01% | 48.84% | 151.53% | 157.84% | 137.78% | 124.1% | 139.06% | 208.37% | 1531.87% |
| Selling, General & Admin | 7.41M | 2.82M | 1.47M | 22.9M | 21.06M | 16.38M | 17.22M | 8.67M | 1.57M | 229.78K |
| SG&A % of Revenue | - | 3914.7% | 28.23% | 141.48% | 146.38% | 127.6% | 113.83% | 129.34% | 199.99% | 1531.87% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 2.57M | 1.07M | 1.63M | 1.65M | 1.31M | 1.55M | 18.36K | 65.89K | 0 |
| Operating Income | -7.83M | -5.62M | -2.94M | -7.32M | -9.95M | -6.54M | -6.19M | -3.55M | -915.07K | -219.05K |
| Operating Margin % | -34463.38% | -7804.67% | -56.6% | -45.25% | -69.16% | -50.92% | -40.89% | -53% | -116.42% | -1460.31% |
| Operating Income Growth % | - | -91.16% | 59.84% | 26.38% | -52.21% | -5.67% | -74.17% | -288.1% | -317.75% | - |
| EBITDA | -7.62M | -5.48M | -2.54M | -5.7M | -8.3M | -4.81M | -4.63M | -2.9M | -849.17K | 0 |
| EBITDA Margin % | -33544.61% | -7611.5% | -48.84% | -35.2% | -57.69% | -37.5% | -30.63% | -43.28% | -108.03% | - |
| EBITDA Growth % | -133.82% | -116.08% | 55.45% | 31.36% | -72.41% | -3.91% | -59.73% | -241.55% | - | - |
| D&A (Non-Cash Add-back) | 208.77K | 139.18K | 403.59K | 1.63M | 1.65M | 1.72M | 1.55M | 651.07K | 65.89K | 219.05K |
| EBIT | -8.58M | -5.62M | -6.35M | -11.83M | -10.04M | -4.98M | -6.05M | -3.63M | -889.38K | -397.44K |
| Net Interest Income | -1.14M | -674.51K | -97.81K | 6.69K | -501.22K | -556.99K | -889.9K | -146.28K | -12.33K | 4 |
| Interest Income | 1.25K | 3.47K | 27.16K | 9.84K | 2.88K | 6.07K | 7.79K | 7.54K | 14.82K | 4 |
| Interest Expense | 1.15M | 677.98K | 124.97K | 3.15K | 504.1K | 563.07K | 897.69K | 153.82K | 27.15K | 0 |
| Other Income/Expense | -1.89M | -674.51K | -3.53M | -4.51M | -443.89K | 993.86K | -765.96K | -233.48K | -1.47K | -178.39K |
| Pretax Income | -9.72M | -6.3M | -6.48M | -11.83M | -10.54M | -5.54M | -6.95M | -3.78M | -916.53K | -397.44K |
| Pretax Margin % | -42789.71% | -8740.84% | -124.6% | -73.1% | -73.28% | -43.18% | -45.96% | -56.48% | -116.6% | -2649.6% |
| Income Tax | -103.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 1.06% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -9.7M | -9.05M | -9.42M | -18.31M | -10.54M | -5.57M | -6.95M | -3.05M | -57.18K | -380.8K |
| Net Margin % | -42693.19% | -12554.93% | -181.23% | -113.14% | -73.28% | -43.37% | -45.96% | -45.57% | -7.27% | -2538.65% |
| Net Income Growth % | -77.89% | 3.96% | 48.57% | -73.71% | -89.38% | 19.92% | -127.64% | -5240.49% | 84.98% | - |
| Net Income (Continuing) | -9.62M | -6.3M | -6.48M | -11.83M | -10.54M | -5.54M | -6.95M | -3.78M | -916.53K | -397.44K |
| Discontinued Operations | -81.44K | -2.75M | -1.71M | -6.48M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | -2.62M | -2.08M | -1.63M | -575.99K | 283.36K |
| EPS (Diluted) | -2.56 | -7.76 | -7.36 | -19.43 | -14.02 | -15.11 | -28.55 | -12.65 | -0.38 | -2.56 |
| EPS Growth % | -42.31% | -5.43% | 62.12% | -38.59% | 7.21% | 47.08% | -125.69% | -3228.95% | 85.16% | - |
| EPS (Basic) | - | -7.76 | -5.82 | -19.43 | -14.02 | -15.11 | -28.55 | -12.65 | -0.38 | -2.56 |
| Diluted Shares Outstanding | 3.78M | 1.57M | 1.11M | 942.46K | 751.72K | 368.34K | 258.45K | 241.43K | 150.4K | 149.02K |
| Basic Shares Outstanding | 3.78M | 1.57M | 1.62M | 942.46K | 751.72K | 368.34K | 258.45K | 241.43K | 150.4K | 149.02K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Imminent insolvency and liquidation
As evidenced by the most recent quarterly filings, IMAC Holdings has experienced a near-total cessation of top-line activity, with revenue figures plummeting to negligible levels that suggest the company has effectively abandoned its historical regenerative medicine and chiropractic service model across its former clinical footprint.
The transition from multi-million dollar quarterly revenue to near-zero figures indicates that the company's core business model has failed to achieve sustainability. This trajectory suggests that the firm is no longer functioning as an active healthcare provider, but rather as a distressed entity managing the final stages of its operational wind-down.
Based on the provided financial data, the company's gross margin has consistently remained in negative territory, reaching levels as low as -116.8% in recent periods, which underscores a fundamental inability to cover the direct costs of maintaining its clinical facilities and professional medical staffing requirements.
The persistent negative gross margins imply that the cost of maintaining the physical and human infrastructure far exceeds any revenue generated by the remaining operations. This structural imbalance suggests that the business model lacks the necessary scale or pricing power to achieve even basic unit-level profitability.
According to reported income statements, the company continues to incur significant SG&A expenses despite the collapse of its revenue base, resulting in an operating margin that has reached extreme negative levels, indicating a complete lack of operating leverage in the current distressed corporate structure.
The inability to rationalize SG&A expenses in proportion to the revenue decline suggests that the company is burdened by rigid legacy obligations, such as long-term lease commitments. Investors should monitor whether these fixed costs can be mitigated, as they currently appear to be the primary driver of the company's rapid liquidity depletion.
Financial statements reveal that SG&A expenses have remained disproportionately high relative to the near-zero revenue, with quarterly overhead often exceeding $1.5 million, which highlights a severe lack of expense discipline during the company's transition away from its primary clinical service delivery model.
The continued expenditure on administrative and overhead functions, despite the absence of meaningful revenue, suggests that the company is struggling to shed its legacy cost structure. This misalignment between operational reality and expense management warrants further investigation into the company's ability to preserve its remaining cash reserves.
While the current financial data points toward a terminal decline, some market participants might argue that the company is attempting a pivot toward a property-management or licensing model, though there is currently no evidence in the income statement to support the viability of such a transition.
The extreme negative margins and lack of revenue growth suggest that any potential pivot is either in its infancy or failing to gain traction. Analysts should remain skeptical of the 'shell' entity narrative until there is concrete evidence of a sustainable, revenue-generating business model that does not rely on legacy clinical assets.
Quick answers to the most common questions about buying BACK stock.
For fiscal year 2024, IMAC Holdings, Inc. (BACK) reported total revenue of $0.1M. This represents a 380.3% increase compared to $0.0M in 2016.
IMAC Holdings, Inc. (BACK) reported a net loss of $9.0M for the fiscal year ending 2024.
IMAC Holdings, Inc. (BACK) reported an operating income of $-5.6M, resulting in an operating profit margin of -7804.7%. This margin reflects the operational efficiency of the business before interest and taxes.
IMAC Holdings, Inc. (BACK) generated $-0.2M in gross profit for the year, representing a gross profit margin of -323.7%. This demonstrates the company's core pricing power and production efficiency.