Mitesco Inc. (MITI)

[Stockingstuffer12]

Not from their last projections.

All fake!

For 2022, we look for revenues of $17.8 million, based on 17 clinics in operation at year end (12 clinics opened during the year). We model average clinic revenues of $1 million in the first year, based on 60% capacity utilization. For more mature clinics, we model revenues of $1.5 million, based on 80% utilization. Depending on the timing of new clinic openings, it’s possible that reported costs will also differ materially from our estimate.
We assume that operating costs for each clinic are largely fixed at $0.9 million per year, excluding construction and start-up costs. For 2022, we model $15.7 million in COGs, a clinic level gross margin of 12%. We’ve modeled $4.9 million in general and administrative costs for 2022, interest expense of $0.8 million for clinic construction debt financing, and other expense of $0.7 million. Earnings are forecast to improve from $(0.06) 2021 to $(0.02) in 2022.
We expect the Company to report breakeven net income in 2023, based on our revenue estimate of $36.7 million (32 clinics at year end), 19% gross margin, 5% operating margin and $0.2 million in net income to common shareholders.
Cash flow
Mitesco’s business model is cash intensive, as are mos