Tue, Apr 15, 10:06 AM (12 days ago)
**IMAC Holdings, Inc. (BACK) - 2024 Annual Report Summary** **Financial Performance:** - **Revenue:** $0.07 million - **Net Loss:** $9.0 million (comprised of $6.3 million from continuing operations and $2.7 million from discontinued operations) - **One-time Expenses:** $2.7 million in discontinued operations related to a reserve for CMS request for payment related to a Medicare audit **Strategic Overview:** - **Business Focus:** IMAC Holdings operates through its subsidiary, Ignite Proteomics, utilizing a unique RPPA technology platform for oncology clinical treatment decisions and biopharmaceutical drug development. - **Recent Acquisition:** Acquired assets from Theralink Technologies, including a nationally certified laboratory and intellectual property licenses. - **Product Portfolio:** Currently offers the Ignite RPPA Assay for Breast Cancer, with plans to expand to other tumor types and biomarkers. **Future Outlook:** - **Market Expansion:** Plans to expand the use of RPPA technology into different markets and for different cancers. - **Revenue Generation:** Expects to generate revenue from clinical diagnostic testing, research contracts, clinical trials, and partnerships. - **High Gross Margins:** Projects high gross margins from RPPA-based tests, aiming for profitability with a modest share of the breast cancer diagnostics market. **Risk Factors:** - **Financial Condition:** Significant losses and need for additional funding to meet obligations and sustain operations. - **Market Position:** Competition in the cancer information field is intense, with rapid advancements in product development. - **Regulatory Risks:** Potential changes in FDA regulations for Laboratory Developed Tests (LDTs) could impact product approval and market entry. **Market Position Changes:** - **Delisting from Nasdaq:** Securities were suspended from trading on Nasdaq and began trading on the OTC Pink Market. - **Future Listing:** Intends to apply for trading on the OTCQB, but there is no guarantee of approval. **Operating Expenses:** - **Total Operating Expenses:** $5.4 million for the year ended December 31, 2024, including salaries, legal fees, professional fees, insurance, occupancy, and other expenses. **Earnings Per Share:** - **Net Loss per Share:** $5.76 for the year ended December 31, 2024. **Liquidity and Capital Resources:** - **Cash and Working Capital:** As of December 31, 2024, approximately $8.0 million in current liabilities, with significant funding needs for future operations. **Government Regulation:** - **FDA and Other Authorities:** Compliance with labeling, advertising, and promotional materials requirements, with potential changes in LDT regulations. **Environmental Regulation:** - **Hazardous Materials:** Compliance with laws and regulations related to the use, handling, storage, and disposal of hazardous materials. **Employee and Human Capital Management:** - **Workforce:** 15 full-time employees as of March 31, 2025, with a commitment to increasing diversity. **Available Information:** - **SEC Filings:** Annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K are available on the company's website and the SEC's website. **Risk Management:** - **Cybersecurity:** Established processes for assessing, identifying, and managing material risk from cybersecurity threats. **Corporate Governance:** - **Board Composition:** All directors are independent, with committees overseeing audit, compensation, and nominating and governance functions. **Executive Compensation:** - **Named Executive Officers:** Compensation details for the CEO, CFO, and other highly compensated executives. **Security Ownership:** - **Beneficial Ownership:** Information on the beneficial ownership of common stock by directors, executive officers, and other significant shareholders. **Principal Accounting Fees:** - **Audit and Non-Audit Fees:** Details on fees paid to independent registered public accounting firms for audit and non-audit services. **Exhibits:** - **Legal Documents:** Various legal agreements, certificates, and other documents related to the company's operations and governance. **Signatures:** - **Officers and Directors:** Signatures of the CEO, CFO, and all directors, attesting to the accuracy and completeness of the report. **Ticker:** BACK **Note:** Amounts are usually in thousands, 000s.