IMAC Holdings Expands into Louisiana with Baton Rouge Orthopedic Business
October 04 2021 - 9:30AM
IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or the
“Company”), a provider of innovative medical advancements and care
specializing in regenerative and rehabilitative orthopedic
treatments, today announces its expansion into Louisiana with the
acquisition of the Louisiana Orthopaedic & Sports Rehab
Institute (LOSI), located in Baton Rouge.
LOSI is a practice management company serving
the Baton Rouge community since 1988. LOSI’s founder, Allen
Johnston, M.D., will continue to see patients at 1940 O’Neal Lane
and join IMAC as a Medical Director, expanding the company’s
in-house expertise in orthopedic and sports medicine. Dr. Johnston
graduated from the Louisiana State University School of Medicine in
New Orleans in 1979 and specializes in Orthopedic Surgery and
Orthopedic Trauma Surgery.
LOSI was acquired on October 1, 2021, for an
undisclosed combination of cash and common stock, consistent with
IMAC historical transaction multiples.
“We are very pleased to further expand IMAC’s
growing footprint into Louisiana where Dr. Allen Johnston and his
practice at the Louisiana Orthopaedic & Sports Rehab Institute
represent the perfect blend of capabilities, patient coverage and
service excellence to complement IMAC’s service offerings,” stated
Jeff Ervin, IMAC’s CEO. “This partnership and Dr. Johnston’s new
role as Medical Director are a testament to the continued execution
on our model to grow IMAC with outpatient clinics that have
compelling fundamentals and growth opportunities. We strongly
believe in the value that IMAC provides to its clients, and we
embrace the opportunity to extend that value to a new set of
orthopedic patients who we believe can benefit from our approach to
movement-restricting conditions.”
The center will join other IMAC Centers which
access IMAC’s acute injury service line providing physicians,
lawyers, and referral sources a toll-free hotline for
around-the-clock access to schedule patients with acute sports,
accident, and work-related injuries. This enables early and
appropriate assessment of acute injuries for proper medical
management.
“I’m very energized and enthusiastic about LOSI
partnering with IMAC for continuing exceptional care in Baton
Rouge. I am excited to share my experience with the other medical
directors at IMAC to collaborate and execute growth initiatives for
the company,” added Dr. Johnston.
IMAC Regenerative Centers have long demonstrated
strong patient rehabilitative outcomes. IMAC announced results of
clinical data analysis in May 2021 which showed approximately 81%
of IMAC patients reported improvement in movement. IMAC analyzed
functional disabilities primarily affecting the knees, lower back,
neck, shoulders, hips, legs, and ankles. Data was collected from
patients during initial examinations, re-examinations and at
discharge intervals during patients’ course of care. IMAC examined
patient functional improvement following treatment at IMAC
Regeneration Centers between 2017 and the first quarter of 2021
utilizing standardized disability indexes.
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 BACKSPACE, 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
BACKSPACE 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
# # #
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
on IMAC's expectations and are subject to a number of
risks and uncertainties, certain of which are
beyond IMAC's control. 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 raise additional funding, 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. IMAC encourages you to review other factors
that may affect its future results in its registration statement
and in its other filings with the Securities 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.
Contact:
IMAC Press Contact:Laura Fristoelfristoe@imacrc.com
Investor Relations:Bret Shapiro(516)
222-2560brets@coreir.com
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