IMAC Holdings, Inc.
BACK Healthcare Medical Care Facilities
IMAC Holdings, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $72,100.00, down 99.6% from fiscal 2022. In the quarter to September 2025, revenue grew 34.2%, EPS grew 16.7% and free cash flow fell 30.9%, each against the same quarter a year earlier.
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IMAC Holdings, Inc. (BACK) Beneish M-score
IMAC Holdings, Inc.'s Beneish M-score for fiscal 2024 cannot be worked out: no comparable prior fiscal year (a missing year or a changed year end).
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | −3.01 | 0.02 |
| FY2021 | −3.03 | (0.82) |
| FY2020 | −2.21 | (1.19) |
| FY2019 | −1.02 | (15.01) |
| FY2018 | 13.98 | (19.76) |
| FY2017 | 33.75 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | — | — | n/a | — |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | — | — | n/a | — |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | (1.97) | — | −9.23 | |
| Leverage index | — | — | n/a | — |
| Beneish M-score | n/a — no comparable prior fiscal year (a missing year or a changed year end) | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CANOQ Cano Health, Inc. compare | −7.9× |
| NVOS Novo Integrated Sciences, Inc. compare | −4.3× |
| SYRA Syra Health Corp. compare | −3.5× |
| MODVQ ModivCare Inc. compare | −3.1× |
| RHEP Adcare Health Systems Inc compare | −0.2× |
| NIVF NewGenIvf Group Limited compare | 7.8× |
| BMGL Basel Medical Group Ltd compare | 8.2× |
| BACK IMAC Holdings, Inc. | — |
| IONM Assure Holdings Corp. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI