$MITI - An operational update on Mitesco and The G
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Posted On: 10/25/2021 7:05:22 AM
$MITI - An operational update on Mitesco and The Good Clinic
DD
Mitesco ($MITI) is a healthcare and technology Holdings company whose bottom line is “The Good Clinic”, an innovative primary care model of healthcare with nurse practitioners leading the clinics.
$MITI Overview
Current PPS = .26c
Authorized Shares = 500m
Outstanding Shares = 212,853,706
“The Good Clinic”
3 Clinics open (3 in Minnesota)
5 Additional Leases Signed (Minnesota + Denver)
Approximately 11 leases being negotiated (2 Minnesota + 9 Denver)
Cost of Buildout per clinic– $1,000,000
Clinic Buildout Time – Approximately 14 weeks
Estimated yearly revenue per clinic - $1,000,000
Each clinics take approximately 14-16 months to go net positive
Insider Ownership (Estimates based on filings)
Lawrence Diamond (CEO) – 8,008,271 Common Stock as of 8/30/2021
Naqvi Faraz - 1,100,000
Phillip Keller – 750,000
Iturregui Juan Carlos – 1,100,000
Thomas Broadmerkel – 416,667
Sheila Schweitzer – 1,000,000
Security Counsel – Lucosky Brookman - https://www.lucbro.com/
Investment Bankers – EF Hutton - https://efhuttongroup.com/
Public Relations – MZ Group - https://www.mzgroup.us/
Overview
Currently the company has 3 open clinics, 8 signed leases, 2 additional LOIs, and operations in two states (Minnesota and Colorado). The company also has an additional 18 jobs open for clinics (https://www.thegoodclinic.com/careers/ ) showing rapid expansion and one of the most experienced management teams in the OTC market hands down.
Healthcare is a rapidly growing field and is expected to keep growing at an exponential rate. By 2027, primary care is expected to be a $409 billion dollar market in the United States. Not only that, but MITI is also planning to utilize a telemedicine model. This includes following up with their patients 5-6 times a year through quick follow-up appointments.
Latest Presentation Deck
https://api.mziq.com/mzfilemanager/v2/d/e2eb2...f?origin=1
Latest Presentation from CEO – Benzinga Healthcare Small Cap Conference
https://www.youtube.com/watch?v=O3-QS1VJS30
Key Points
Providing primary care, preventive care, behavioral wellness, chronic disease management, immunizations, skin care, wellness planning, women’s health & virtual care
Leverages the nurse practitioner primary care clinic expertise
Target market: the 70% of people with average use of <$2k or less in healthcare
Residential amenity
Planned expansions – Not only is the good clinic planning on building roughly 40-50 clinics over the course of the next 3 years, they also plan to target retiring physicians and acquire their clinics at about the same time. This will cost approximately the same as building a clinic due to renovation costs. A soft estimate is potentially sitting approximately around 60-75 clinics over the next three years using a slow rollout model where they begin slow and then speed up fast once they get things rolling.
They are expanding their partnerships into markets where clinicians are older and nearing retirement. They currently have partnership with Lennar, an extremely large building corporation, and Colliers which are helping the expansion efforts by finding prime real estate for rapid clinic expansion.
MITI currently has 3 institutional investors onboard as of their S1. The offering achieved MITI a total of approximately $12 million in funding at an average at .46c per share. This is through purchase of shares, as well as warrants which can be cashed out at .50c and .75c
10/23/2021 - An additional 8k was filed for an additional $2million dollars and up to an additional $8million dollars totaling at $10 million dollars. The terms of this offering were essentially identical to an offering earlier this year for its Series C Convertible Preferred Stock, and the institutional investors were also participants in that offering. The two individual investors were employees of the Company or its subsidiaries and added these securities to their existing holdings.
This is extremely bullish as it shows the institutional bankers are also investing their own money (aka HUGE INSIDER BUYING)
Clinic Expansions
MINNESOTA
First location - Northeast Minneapolis Apartments | Nordhaus (livenordhaus.com)
Second Location - Excelsior & Grand | Luxury apartments in St. Louis Park (connorgroup.com)
Third location - Elevate at Southwest Station | Apartments in Eden Prairie, MN (elevateep.com)
Fourth Location - https://www.springsapartments.com/apartments/...the-grove/
Fifth Location – Maple Grove Development - https://www.globenewswire.com/news-release/20...ation.html
Sixth Location – Minnesota Vikings Parkway, Eagan, MN - https://www.bloomberg.com/press-releases/2021...-minnesota
Seventh Location - Promenade, Wayzata - https://www.thegoodclinic.com/blog/2021/augus...all-clini/
COLORADO
Eighth Location - https://radiantapartments.com/
Ninth Location - https://www.sheaapartments.com/apartments/the-quincy/
Tenth Location – Pending- https://livelmc.com/communities/citizen-10
They have also teamed up with InstyMeds (https://instymeds.com/ ), a local Minnesota company which allows in-clinic dispensing of prescriptions in their clinics. This allows quick and convenient access to less controlled substances that still require a prescription.
They have also been adding to their executive team to include a new President, Chief Legal Officer , chairman to the board and new member to the Board of Directors. Here are some resume bullets:
Tom Brodmerkel - COO of United Healthcare medicare program, Chief Strategy Officer of Matrix Medical Network, CEO of Wave Health Technologies, Board of Trustees for US Naval Academy
Sheila Schweitzer – COO for Medunite, CEO of Caremedic, SVP of Strategy of Optum Insight, CEO of Patient Matters, Co-Founder of Blue Ox, Healthcare investing and also executive advisor of HLM Ventures.
Bradley Case – President – CEO for Estrella Health, Senior Executive for Bright Health, Prior operational experience with clinic models at United Healthcare, Chief Strategy Office for Symphony Care
Jenny Lindstrom - International real estate, employment law, litigation, and securities law specialist, most recently serving as General Counsel for Radisson Hospitality
Competitors and the Future of HealthCare
https://www.cnbc.com/2021/10/14/walgreens-buy...agemd.html
https://www.healthcaredive.com/news/walmart-n...as/584570/
ONEM 105 Clinic = Valuation $4.2 billion
VILLAGE-MD 200+ Clinics = Valuation $15 billion
MITI 3 Clinics = Valuation $55 mil Puts each per clinic at 40 mil
ONEM, 75 mil VillageMD, and 18 mil MITI. At 50 Clinics we can be anywhere between $900 mil to $3.75 billion
DD
Mitesco ($MITI) is a healthcare and technology Holdings company whose bottom line is “The Good Clinic”, an innovative primary care model of healthcare with nurse practitioners leading the clinics.
$MITI Overview
Current PPS = .26c
Authorized Shares = 500m
Outstanding Shares = 212,853,706
“The Good Clinic”
3 Clinics open (3 in Minnesota)
5 Additional Leases Signed (Minnesota + Denver)
Approximately 11 leases being negotiated (2 Minnesota + 9 Denver)
Cost of Buildout per clinic– $1,000,000
Clinic Buildout Time – Approximately 14 weeks
Estimated yearly revenue per clinic - $1,000,000
Each clinics take approximately 14-16 months to go net positive
Insider Ownership (Estimates based on filings)
Lawrence Diamond (CEO) – 8,008,271 Common Stock as of 8/30/2021
Naqvi Faraz - 1,100,000
Phillip Keller – 750,000
Iturregui Juan Carlos – 1,100,000
Thomas Broadmerkel – 416,667
Sheila Schweitzer – 1,000,000
Security Counsel – Lucosky Brookman - https://www.lucbro.com/
Investment Bankers – EF Hutton - https://efhuttongroup.com/
Public Relations – MZ Group - https://www.mzgroup.us/
Overview
Currently the company has 3 open clinics, 8 signed leases, 2 additional LOIs, and operations in two states (Minnesota and Colorado). The company also has an additional 18 jobs open for clinics (https://www.thegoodclinic.com/careers/ ) showing rapid expansion and one of the most experienced management teams in the OTC market hands down.
Healthcare is a rapidly growing field and is expected to keep growing at an exponential rate. By 2027, primary care is expected to be a $409 billion dollar market in the United States. Not only that, but MITI is also planning to utilize a telemedicine model. This includes following up with their patients 5-6 times a year through quick follow-up appointments.
Latest Presentation Deck
https://api.mziq.com/mzfilemanager/v2/d/e2eb2...f?origin=1
Latest Presentation from CEO – Benzinga Healthcare Small Cap Conference
https://www.youtube.com/watch?v=O3-QS1VJS30
Key Points
Providing primary care, preventive care, behavioral wellness, chronic disease management, immunizations, skin care, wellness planning, women’s health & virtual care
Leverages the nurse practitioner primary care clinic expertise
Target market: the 70% of people with average use of <$2k or less in healthcare
Residential amenity
Planned expansions – Not only is the good clinic planning on building roughly 40-50 clinics over the course of the next 3 years, they also plan to target retiring physicians and acquire their clinics at about the same time. This will cost approximately the same as building a clinic due to renovation costs. A soft estimate is potentially sitting approximately around 60-75 clinics over the next three years using a slow rollout model where they begin slow and then speed up fast once they get things rolling.
They are expanding their partnerships into markets where clinicians are older and nearing retirement. They currently have partnership with Lennar, an extremely large building corporation, and Colliers which are helping the expansion efforts by finding prime real estate for rapid clinic expansion.
MITI currently has 3 institutional investors onboard as of their S1. The offering achieved MITI a total of approximately $12 million in funding at an average at .46c per share. This is through purchase of shares, as well as warrants which can be cashed out at .50c and .75c
10/23/2021 - An additional 8k was filed for an additional $2million dollars and up to an additional $8million dollars totaling at $10 million dollars. The terms of this offering were essentially identical to an offering earlier this year for its Series C Convertible Preferred Stock, and the institutional investors were also participants in that offering. The two individual investors were employees of the Company or its subsidiaries and added these securities to their existing holdings.
This is extremely bullish as it shows the institutional bankers are also investing their own money (aka HUGE INSIDER BUYING)
Clinic Expansions
MINNESOTA
First location - Northeast Minneapolis Apartments | Nordhaus (livenordhaus.com)
Second Location - Excelsior & Grand | Luxury apartments in St. Louis Park (connorgroup.com)
Third location - Elevate at Southwest Station | Apartments in Eden Prairie, MN (elevateep.com)
Fourth Location - https://www.springsapartments.com/apartments/...the-grove/
Fifth Location – Maple Grove Development - https://www.globenewswire.com/news-release/20...ation.html
Sixth Location – Minnesota Vikings Parkway, Eagan, MN - https://www.bloomberg.com/press-releases/2021...-minnesota
Seventh Location - Promenade, Wayzata - https://www.thegoodclinic.com/blog/2021/augus...all-clini/
COLORADO
Eighth Location - https://radiantapartments.com/
Ninth Location - https://www.sheaapartments.com/apartments/the-quincy/
Tenth Location – Pending- https://livelmc.com/communities/citizen-10
They have also teamed up with InstyMeds (https://instymeds.com/ ), a local Minnesota company which allows in-clinic dispensing of prescriptions in their clinics. This allows quick and convenient access to less controlled substances that still require a prescription.
They have also been adding to their executive team to include a new President, Chief Legal Officer , chairman to the board and new member to the Board of Directors. Here are some resume bullets:
Tom Brodmerkel - COO of United Healthcare medicare program, Chief Strategy Officer of Matrix Medical Network, CEO of Wave Health Technologies, Board of Trustees for US Naval Academy
Sheila Schweitzer – COO for Medunite, CEO of Caremedic, SVP of Strategy of Optum Insight, CEO of Patient Matters, Co-Founder of Blue Ox, Healthcare investing and also executive advisor of HLM Ventures.
Bradley Case – President – CEO for Estrella Health, Senior Executive for Bright Health, Prior operational experience with clinic models at United Healthcare, Chief Strategy Office for Symphony Care
Jenny Lindstrom - International real estate, employment law, litigation, and securities law specialist, most recently serving as General Counsel for Radisson Hospitality
Competitors and the Future of HealthCare
https://www.cnbc.com/2021/10/14/walgreens-buy...agemd.html
https://www.healthcaredive.com/news/walmart-n...as/584570/
ONEM 105 Clinic = Valuation $4.2 billion
VILLAGE-MD 200+ Clinics = Valuation $15 billion
MITI 3 Clinics = Valuation $55 mil Puts each per clinic at 40 mil
ONEM, 75 mil VillageMD, and 18 mil MITI. At 50 Clinics we can be anywhere between $900 mil to $3.75 billion
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