By MATT BLOIS
The official second quarter financial results for the Brentwood health care company IMAC are slightly lower than the preliminary numbers reported last week.
IMAC provides minimally invasive treatments and regenerative medicine for injuries or diseases that restrict movement at 14 clinics across the U.S.
The company was late to file its second quarter results because it recently acquired a new company and needed to integrate the new company’s operations and financial reports.
Last week, IMAC did report some preliminary results for the second quarter. On Monday, the company filed official results that are slightly lower than the preliminary numbers.
The company has expanded so quickly over the last year that CEO Jeff Ervin said it’s hard to make meaningful comparisons, according to a press release accompanying the preliminary numbers.
IMAC lost $1.9 million in the second quarter of 2019, a slightly larger loss than the company reported in a preliminary press release. During the same quarter last year the company lost about $730,000.
Revenue increased dramatically from about $630,000 in the second quarter of 2018 to $3.8 million in 2019. However, costs also increased dramatically. Operating expenses increased from $1.6 million to $5.9 million during the same period.
In April 2019, IMAC acquired ISDI Holdings II and PHR Holdings for about $4.1 million. IMAC paid for those acquisitions with equity in the company. IMAC went public in February. It raised about $4.4 million before fees during the offering.
The company didn’t schedule a conference call in conjunction with the financial results.