Brentwood, Tenn.-based IMAC Holdings' shares spiked 36 percent to $1.36 on April 7 after the company said it completed its pilot program that provides spine care at clinics in Walmart locations, according to Market Watch.
The company plans to triple its store count by adding at least 20 clinics in the next year, with more locations over the next three years. The new locations will be a combination of corporate and franchise facilities.
The chain of retail spine clinics, called The Back Company, provide chiropractic adjustments, corrective instrument adjusting and percussion therapies for soft tissue recovery, muscle relaxation and spinal wellness.
"During the pilot, we learned that our price point resonates well with consumers and a potential price increase could yield increased revenue without diminishing the consistent desire for care," Ben Lerner, MD, the COO of IMAC, said in an April 7 news release. "Similar models by competitors have proven an increased demand for spinal health that this fragmented industry has yet to meet."
Services are priced at $25 per treatment, with memberships available for $65 per month, in addition to family and wellness plans, according to the company.