Imac Holdings Inc (BACK)

IMAC Holdings Inc (BACK) stock dropped by 21.51% due to disappointing guidance provided by the company's management, including lower revenue forecast for 2024, delay in clinical trials and regulatory setbacks.

• Lower Revenue Forecast for 2024: The company's management issued guidance indicating that its projected revenue for the year 2024 would be substantially lower than previously expected. This downward revision in revenue forecasts likely concerned investors, leading to a negative market reaction.
• Delays in Clinical Trials: One of the contributing factors to the reduced revenue outlook was delays in the progress of clinical trials related to the company's RNA therapeutics, which had previously shown promise in preclinical studies for cancer and fibrosis. Delays in these trials can have a cascading effect on revenue projections.
• Regulatory Setbacks: Additionally, regulatory setbacks may have played a role in the revised revenue guidance. Regulatory challenges or hurdles can result in delays in bringing therapies to market, impacting the company's financial performance.