Business
Mitesco Inc. (MITI) Reports 2021 Year-end Financial Results
Mitesco Inc. (MITI) Reports 2021 Year-end Financial Results.
About this update from Mitesco, Inc.
[{"type":"text","content":"\n MINNEAPOLIS, MN, April 05, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Mitesco, Inc. (OTCQB: MITI), an operator of primary care clinics using a nurse practitioner model to deliver a wide range of traditional medicine and wellness options, today reported that for the year ended December 31, 2021, the company had a net loss available to common shareholders of $11.2 million, or $(.06) per share, on revenue of $116,000, compared with a net loss available to common shareholders of $2.9 million, or $(.03) per share, on zero revenue for the year ended December 31, 2020. Mitesco’s revenue in 2021 resulted from the opening, from February to September, of three of the company’s The Good Clinic primary care centers in Minneapolis.  The company’s increased loss for 2021 compared to 2020 was mainly due to an increase in operating expenses of about $3.5 million and an increase in declared Preferred Stock dividends and Preferred Stock deemed dividends of $3.2 million. Excluding declared Preferred Stock dividends and Preferred stock deemed dividends, the company had a net loss in 2021 of $7.9 million, or $(.04) per share, compared with a net loss of $2.9 million, or $(.03) per share, in 2020. At December 31, 2021, MITI had cash on hand of $1.2 million compared to approximately $65,000 at December 31, 2020, and zero long-term debt excluding operating leases for the clinics. Net cash raised via financing activities during 2021 was about $8.0 million, while net cash used in investing activities during the year was $1.9 million and net cash used in operating activities was $5.0 million “I’m happy to report that we made significant progress in 2021,” said chief executive Larry Diamond. “As of December 31, we had six clinics open and operating in Minneapolis, with two more clinics under construction in the Denver area. Our total patient visits in Q4 – the first quarter in which we had three clinics open throughout -- ramped up from less than 200 to over 1,300 per month and we anticipate this trend will improve in our three newly opened Minneapolis facilities.  “We intend to open an additional 14 to 20 clinics this year in Minnesota and Colorado and another 10 to 14 clinics next year in Arizona and Florida, and expect Minnesota clinics to reach breakeven around year-end 2023...