By MATT BLOIS
The Brentwood health care company IMAC is expanding quickly, but will file its second quarter financial results late.
The company, which offers minimally invasive treatments as an alternative to major surgery, went public earlier this year.
IMAC will file financial results late because it acquired another company during the quarter and is still working to integrate that company’s financial information, according to SEC documents.
During the second quarter of 2019, IMAC acquired three clinics around Chicago and has added eight clinics in total over the last year. IMAC operates the David Price Regeneration Centers in Brentwood and Murfreesboro.
The company now operates 14 clinics across the U.S. — that has led to a nearly 10 fold increase in patient numbers year over year, according to a press release.
In a statement included in the press release, CEO Jeff Ervin said that rapid expansion makes it hard to draw meaningful conclusions from the financial results. IMAC didn’t schedule a conference call to discuss the unaudited results.
IMAC did report unaudited financial results for the second quarter in the press release. According to that release, total revenue has increased dramatically because of the rapid expansion. But costs have increased as well, and the company reported a larger net loss compared to the same quarter last year.
The company plans to continue its expansion. According to the press release IMAC expects to buy at least two more clinics by the end of the year.
IMAC has also filed initial paperwork with the SEC that would allow it to issue additional stock to buy more clinics, although the agency hasn’t approved that plan yet.
If that plan is approved, the company would be able to sell shares to a private equity fund at a discounted rate in order to raise money to buy more clinics. In documents describing that plan the company reported on Aug. 12 that it didn’t have any commitments or agreements to acquire new clinics.