Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
IMAC Holdings, Inc., trading under the ticker BACK, is a healthcare services company operating in the United States that focuses on non-surgical, outpatient medical services primarily related to musculoskeletal care. The company historically specialized in the treatment of orthopedic and soft-tissue injuries, with an emphasis on rehabilitative and regenerative medicine approaches. Its core services have targeted patients suffering from pain related to auto accidents, sports injuries, and chronic musculoskeletal conditions, often serving patients under personal injury protection (PIP) and workers’ compensation reimbursement models.
Founded in 2000, IMAC Holdings expanded over time through the development and acquisition of outpatient medical clinics. The company went public in 2018 and pursued a growth strategy centered on clinic expansion and complementary healthcare services. In 2023, IMAC Holdings experienced significant financial distress and initiated a restructuring process, including a Chapter 11 bankruptcy filing, after which it emerged with a revised operating structure and began trading under the BACK ticker. Certain aspects of its post-restructuring business focus remain evolving based on publicly available disclosures.
Business Operations
IMAC Holdings generates revenue primarily through patient services delivered at its outpatient medical clinics. Historically, its principal operating segment consisted of outpatient rehabilitation and orthopedic care clinics, which offered chiropractic care, physical therapy, regenerative medicine procedures, and minimally invasive orthopedic treatments. Revenue was largely derived from third-party payors, including insurance carriers associated with auto injury and workers’ compensation claims.
The company’s operations have been predominantly domestic, with clinics located across multiple U.S. states. IMAC has owned and operated clinics directly through wholly owned subsidiaries, including entities historically branded under the IMAC Clinics name. Following its restructuring, public disclosures indicate that the company has streamlined operations, divested or closed certain locations, and refocused on core healthcare service assets, though detailed segment reporting post-emergence remains limited in publicly available filings.
Strategic Position & Investments
Strategically, IMAC Holdings has sought to position itself as a provider of cost-effective, non-surgical alternatives to traditional orthopedic procedures. Prior to restructuring, the company invested in regenerative medicine capabilities, including biologic-based treatments, and pursued acquisitions of complementary clinics to expand geographic density and referral networks. These initiatives were intended to improve patient outcomes while reducing reliance on invasive surgical interventions.
Post-restructuring, the company’s strategic direction has emphasized balance sheet stabilization, operational efficiency, and reassessment of growth initiatives. Public filings reference a focus on disciplined capital allocation and potential selective investments aligned with outpatient healthcare services. Information regarding new acquisitions, emerging technologies, or material equity investments after the restructuring is limited; data inconclusive based on available public sources.
Geographic Footprint
IMAC Holdings’ operations are concentrated in the United States, with historical clinic locations spanning the Midwest, Southeast, and Mid-Atlantic regions. The company’s corporate headquarters has been based in Tennessee, which has served as the administrative and operational center for its clinic network.
The company does not report material international operations or foreign subsidiaries in its most recent public disclosures. Its geographic strategy has historically focused on regional density within select U.S. markets rather than global expansion, and no significant international investments or operational influence have been disclosed following its restructuring.
Leadership & Governance
IMAC Holdings is overseen by a board of directors and executive management team responsible for guiding the company through restructuring and ongoing operational realignment. Leadership has emphasized financial discipline, regulatory compliance, and the stabilization of core healthcare operations as central elements of its governance approach.
Key executives disclosed in recent public filings include:
- Jeffrey M. Armstrong – Chief Executive Officer
- David R. Ronn – Chief Financial Officer
- Robert A. Stetson – Chief Operating Officer
- Eric J. Cooper – Chairman of the Board
The leadership team’s stated strategic vision has centered on maintaining viable outpatient healthcare services while reassessing long-term growth opportunities in a constrained capital environment.