Mitesco Inc - MITI stock
Company Description[edit]
Mitesco, Inc. (OTC: MITI) is a holding company that delivers quality healthcare services and solutions to patients in the United States. The company operates medical clinics under the Good Clinic brand in North East Minneapolis. It focuses on establishing medical clinics using medical practitioners and acquiring and developing healthcare software technologies such as telemedicine. Mitesco offers numerous services, including behavioral health care, dermatologic services, episodic care, wellness coaching, and supplements. The firm realizes its mandate by integrating Newco4pharmacy, LLC and Mitesco NA LLC, its two subsidiaries. Mitesco NA LLC holds The Good Clinic LLC and has one primary care clinic in Minneapolis under The Good Clinic name. Newco4pharmacy, LLC, a development-stage entity, sought to acquire profitable pharmacy businesses.[1] Mitesco was initially known as True Nature Holding, Inc. before changing its name to Mitesco, Inc. in April 2020. The company was incorporated on January 18, 2012, and is headquartered in Saint Louis Park, Minnesota. Mitesco’s stocks are publicly traded on OTCQB under the MITI ticker symbol.[2]
Corporate Operations[edit]
The company aims to improve consumers' quality of life by providing personalized healthcare, meeting people's needs, and improving human interaction between healthcare providers and patients. It leverages the smooth synergic integration of healthcare and technology to improve the quality and lower the cost of care while enhancing convenience. The firm's long-term goal is to develop a portfolio of healthcare technology solution companies that provide cutting-edge solutions for improving care quality and generating optimal value for its shareholders. The firm is also committed to enhancing effective communication with shareholders.[3] Since 2020, Mitesco’s operations have been centered on employing nurse practitioners to establish medical clinics under The Good Clinic umbrella and acquiring telemedicine technologies to fuel its quality healthcare agenda. The company formed The Good Clinic LLC, its wholly-owned subsidiary, in March 2020. The Colorado limited liability company was created for its clinic business. As of November 11, 2022, the company had seven operating clinics under The Good Clinic name. The firm intends to launch up to 50 new clinics in the next three years, besides any other acquisitions closed within the same horizon.[4]
Short Corporate History[edit]
Mitesco, Inc. was formed on January 18, 2012, as True Nature Holding, Inc. in Delaware. On December 9, 2015, the firm acquired Newco4pharmacy, LLC, a development-stage company focused on acquiring compounding pharmacy enterprises, on restructuring its operations. The company completed a "spin out" of its former business scope and changed its name to Mitesco Inc. on April 24, 2020, as part of the restructuring. In the first quarter of 2021, Mitesco commissioned its first The Good Clinic in Minneapolis, Minnesota.[4]
Company and Industry Updates[edit]
On December 19, 2022, the company discussed recent actions channeled towards reinforcing its planned up list to Nasdaq and specific adjustments concerning its ‘The Good Clinic’ business operations on whether to directly invest in the subsidiary or use a joint venture approach. Larry Diamond, Mitesco CEO, stated that the company intends to adjust its service offerings, overhead, staffing, and marketing strategies to increase the venture's profitability. The company was evaluating relationships with insurance-oriented institutions seeking captive medical operations. It may consider investment in the clinic either via a direct equity infusion in a 'joint-venture' fuelled approach or a debt arrangement that will provide the clinic with a growth window that excludes funding from the parent company.[5]
Mitesco’s creation of The Good Clinic primary care earned the "Blazer Award" in the health and wellness category of Minne Inno's 2022 Fire Awards. The company emerged as a victor among 50 finalist companies shortlisted in the class. The Good Clinic was chosen for its distinctive innovations that massively benefit the local Minnesota community. The award was presented on July 14, 2022.[6]
The company provided its financial performance in its quarterly reports for the quarter that ended September 30, 2022. The result highlights include the following:
- Ended the quarter with $10,648,695 worth of total assets
- Recorded $0.2 million in revenue versus $13,500 in the same quarter in 2021, with the increase attributed to The Good Clinic operations
- Gross loss was $0.3 million compared to a gross profit of $11,000 in the same period in 2021
- Net loss per share, basic and diluted, was ($0.02) compared to ($0.01) in the same quarter of 2021.[7]
Management[edit]
Mr. Lawrence Diamond, CEO
- Has more than 25 years of executive leadership experience, steering growth and revenue generation in several public and private firms within healthcare services, telehealth, population health, analytics, pharmacy management, government programs etcetera
- Mr. Diamond’s operational responsibilities have covered M&A, general management, product development, marketing, sales, customer service, operations, and strategic planning
- Has worked at United Health Group and Point Right, and Insignia Health.
- Acquired his MBA in Marketing and Finance from the University of Minnesota and his BS in Business administration for the University of Richmond
Tom Brodmerkel, CFO
- Over 25 years of extensive experience serving as a healthcare executive
- Has vast knowledge in business development, marketing, operations, and national sales management
- Appointed CEO and Chair of Wave Global Services in 2016
- His footprint includes serving as president of Medicare Programs, nine years at UnitedHealth Group, where he served as president of Advisors and as COO of United Healthcare’s Medicare Programs division
- He graduated from United States Naval Academy in Annapolis, MD,
Jenny Lindstrom, Chief Legal Officer
- Joined the company in April 2021
- Before Metsco, she was the Executive Vice President and General Counsel at Radisson Hospitality, Inc., and served in the same role at Radisson Hospitality, AB, between 2015 and 2017
- Ms. Lindstrom has a Juris Doctor degree from Minnesota Law School and a Master of Laws, with a dissertation from Uppsala University.[8]
Legal Issues[edit]
Lawsuits[edit]
Pinnacle Performance System, Inc. d/b/a Pivot At Work, a former vendor to Mitesco Inc., filed a lawsuit against the company in October 2022 claiming. The plaintiff cited a breach of contract and securities fraud by Mitesco under the MN Securities Act, alleging damages in excess of $50,000.[9]
- ↑ Mitesco Inc. Company Details – CNBC News. Retrieved on February 20, 2023.
- ↑ Description Mitesco Inc. – Wall Street Journal. Accessed on February 20, 2023.
- ↑ About Mitesco Inc. – Mitesco website. Read on February 20, 2023.
- ↑ 4.0 4.1 Mitesco Inc. Form 10-Q – Description of Business, page 11 – United States Securities And Exchange Commission. November 11, 2022.
- ↑ Update: Mitesco, Inc. Continues on Uplist Path, Evaluates Potential Joint Venture and Alternative Funding Opportunities for The Good Clinic Business – Yahoo Finance. December 19, 2022.
- ↑ Mitesco, Inc. Named Blazer Winner at 2022 Minne Inno Fire Awards – Yahoo Finance News. July 15, 2022.
- ↑ Mitesco Inc. Form 10-Q – Results of operations, pages 43 & 44 – United States Securities And Exchange Commission. November 11, 2022.
- ↑ Mitesco Inc. Management – Mitesco website. Accessed on February 21, 2023.
- ↑ Mitesco Inc. Form 10-Q – Legal Proceedings, page 47 – United States Securities And Exchange Commission. November 11, 2022.
OTC Symbol: MITI
