IMAC Holdings Inc (OTC Pink: BACK) is a medical diagnostics company that operates through its wholly-owned subsidiary Ignite to deliver laboratory testing services based on assets acquired from Theralink Technologies. The company generates revenue by collecting fees for services rendered through its medical lab, with Ignite in the process of obtaining Medicare and third-party payor credentialing as of the 10-K filed April 15, 2025. Until credentialed, the company accepts payment from private insurers and operates a Compassionate Care program for uninsured patients. The company holds an exclusive license to the Vanderbilt Patents, assigned to it on May 15, 2024, covering the Ignite test and related products, with royalty obligations to Vanderbilt University ranging from 0.25% to 2% of gross sales depending on product composition. IMAC Holdings previously operated outpatient musculoskeletal clinics, including a former Tampa, Florida location subject to a lease dispute as of March 2025. The company's common stock was suspended from Nasdaq trading and began trading on the OTC Pink Market under the symbol BACK on March 26, 2025. The company has no dividend policy and relies on equity and debt financing to fund operations.

Revenue model

Fee-for-service medical laboratory testing collected through subsidiary Ignite, initially from private insurers pending Medicare credentialing. Royalty obligations to Vanderbilt University on gross sales of licensed products (0.25% to 2% depending on product composition).

Products and services

The Ignite diagnostic test, a laboratory-developed test (LDT) based on assets acquired from Theralink Technologies on May 1, 2024, and covered by the Vanderbilt Patents licensed exclusively to IMAC Holdings as of May 15, 2024. Formerly operated outpatient musculoskeletal clinics.

Customers and end markets

Medical patients, including those covered by private insurance. A Compassionate Care program serves patients without insurance or private funds. Medicare credentialing pending as of the 10-K filed April 15, 2025.

Value-chain role

Diagnostic laboratory operator and exclusive licensee of the Vanderbilt Patents for LDT products. Contracts with third parties for hazardous waste disposal. Acquirer and integrator of Theralink assets.

Geographic exposure

United States. Former clinic operations included a Tampa, Florida location. Ignite subsidiary incorporated in 2024.

Source: SEC 10-K, filed 2025-04-15

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