Mangoceuticals, Inc. (NASDAQ: MGRX) (“MangoRx” or the “Company”), a
company focused on developing, marketing, and selling a variety of
men’s health and wellness products in the area of erectile
dysfunction (ED), hair growth, weight loss, and hormone replacement
therapies, today announced its financial results for the three and
six months ending June 30, 2024, showing a significant growth in
both shareholder’s equity and gross revenues.
During the six months ending June 30, 2024,
MangoRx’s shareholder equity increased to $13,829,445, compared to
$774,754 as of December 31, 2023, reflecting an increase of 1,685%,
or $13,054,691. A substantial portion of this increase is
attributed to the Company’s recent acquisition of the comprehensive
global patent portfolio surrounding respiratory illness and
preventive care technology from Intramont Technologies in April
2024, which is currently undergoing 3rd party efficacy studies
anticipated to be completed by the end of the 3rd quarter.
MangoRx also reported increased gross revenues
with $377,258 in revenue for the six months ended June 30, 2024, a
55.92% increase compared to $241,959, for the six months ended June
30, 2023. Gross profit reached $217,190, up 50.48% from $144,329 in
the prior year period. These results reflect MangoRx’s efforts in
expanding its market presence and refining its product offerings in
the men’s health and wellness sector.
Jacob Cohen, Co-Founder and CEO of MangoRx
commented, “MangoRx continues to advance its core business segments
with a focus on innovation and customer satisfaction. The Company
expects further growth in the second half of the year, supported by
ongoing product development and market expansion efforts and fueled
by the recent launch of our newly developed Drug Enforcement
Administration (DEA) approved telemedicine operating system.”
Although this press release focuses on the
financial results through the first half of the year, MangoRx is
excited for the upcoming launch of its highly anticipated
compounded oral dissolvable tablet (ODT) GLP-1 inhibitors featuring
Semaglutide and Tirzepatide for weight loss, or ‘Slim’ and ‘Trim’,
respectively, as well as its recently launched hormone therapy
‘MOJO’, featuring Enclomiphene citrate and pregnenolone for the
treatment of low testosterone and hormonal balance. While revenues
from the sale of these products are not reflected in the most
recent quarterly report, the Company anticipates the addition of
these new products – along with its current product offerings -
will further drive growth as the Company heads into the second half
of the year and beyond.
About MangoRx
MangoRx is focused on developing a variety of
men's health and wellness products and services via a secure
telemedicine platform. To date, the Company has identified men's
wellness telemedicine services and products as a growing sector and
especially related to the area of erectile dysfunction (ED), hair
growth and hormone replacement therapies. Interested consumers can
use MangoRx’s telemedicine platform for a smooth experience.
Prescription requests will be reviewed by a physician and, if
approved, fulfilled and discreetly shipped through MangoRx’s
partner compounding pharmacy and right to the patient’s doorstep.
To learn more about MangoRx’s mission and other products, please
visit www.MangoRx.com or on social media @Mango.Rx.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements made in this press release
contain forward-looking information within the meaning of
applicable securities laws, including within the meaning of the
Private Securities Litigation Reform Act of 1995 (“forward-looking
statements”). These forward-looking statements represent the
Company’s current expectations or beliefs concerning future events
and can generally be identified using statements that include words
such as “estimate,” “expects,” “project,” “believe,” “anticipate,”
“intend,” “plan,” “foresee,” “forecast,” “likely,” “will,” “target”
or similar words or phrases. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which
are outside of the Company’s control which could cause actual
results to differ materially from the results expressed or implied
in the forward-looking statements, our ability to meet Nasdaq’s
minimum bid price requirement and other continued listing
requirements of Nasdaq, including the fact that the Company does
not currently comply with Nasdaq’s minimum bid price requirement;
our ability to maintain the listing of our common stock on Nasdaq;
our ability to commercialize our patent portfolio; our ability to
obtain Comisión Federal para la Protección contra Riesgos
Sanitarios for our ED product in Mexico, the costs thereof and
timing associated therewith; our ability to obtain additional
funding and generate revenues to support our operations; risks
associated with our products which have not been, and will not be,
approved by the U.S. Food and Drug Administration (“FDA”) and have
not had the benefit of the FDA’s clinical trial protocol which
seeks to prevent the possibility of serious patient injury and
death; risks that the FDA may determine that the compounding of our
products does not fall within the exemption from the Federal Food,
Drug, and Cosmetic Act (“FFDCA Act”) provided by Section 503A; the
effect of data security breaches, malicious code and/or hackers;
competition and our ability to create a well-known brand name;
changes in consumer tastes and preferences; material changes and/or
terminations of our relationships with key parties; significant
product returns from customers, product liability, recalls and
litigation associated with tainted products or products found to
cause health issues; our ability to innovate, expand our offerings
and compete against competitors which may have greater resources;
our significant reliance on related party transactions and risks
associated with related party relationships and agreements; the
projected size of the potential market for our technologies and
products; risks related to the fact that our Chairman and Chief
Executive Officer, Jacob D. Cohen has significant voting control
over the Company; risks related to the number of shares in the
public float, our share volume, the effect of sales of a
significant number of shares in the marketplace; dilution caused by
recent offerings; conversion of outstanding shares of preferred
stock and the rights and preferences thereof, the fact that we have
a significant number of outstanding warrants to purchase shares of
common stock and other convertible securities, the resale of which
underlying shares have been registered under the Securities Act of
1933, as amended, dilution caused by exercises/conversions thereof,
overhang related thereto, and decreases in the trading price of our
common stock caused by sales thereof; our ability to build and
maintain our brands; cybersecurity, information systems and fraud
risks and problems with our websites; changes in, and our
compliance with, rules and regulations affecting our operations,
sales, marketing and/or our products; shipping, production or
manufacturing delays; regulations we are required to comply with in
connection with our operations, manufacturing, labeling and
shipping; our dependency on third-parties to prescribe and compound
our products; our ability to establish or maintain relations and/or
relationships with third-parties; potential safety risks associated
with our products, including the use of ingredients, combination of
such ingredients and the dosages thereof; the effects of changing
rates of inflation and interest rates, and economic downturns,
including potential recessions, as well as macroeconomic,
geopolitical, health and industry trends, pandemics, acts of war
(including the ongoing Ukraine/Russian conflict and war in Israel)
and other large-scale crises; our ability to protect intellectual
property rights; our ability to attract and retain key personnel to
manage our business effectively; overhang which may reduce the
value of our common stock; volatility in the trading price of our
common stock; and general consumer sentiment and economic
conditions that may affect levels of discretionary customer
purchases of the Company’s products, including potential recessions
and global economic slowdowns. Although we believe that our plans,
intentions and expectations reflected in or suggested by the
forward-looking statements we make in this release are reasonable,
we provide no assurance that these plans, intentions or
expectations will be achieved. Consequently, you should not
consider any such list to be a complete set of all potential risks
and uncertainties.
More information on potential factors that could
affect the Company’s financial results is included from time to
time in the “Cautionary Note Regarding Forward-Looking Statements,”
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of the
Company’s filings with the SEC, including the Company’s Annual
Report on Form 10-K for the year ended December 31, 2023 and our
Quarterly Report on Form 10-Q for the three and six months ended
June 30, 2024, and subsequent reports. These filings are available
at www.sec.gov and at our website
at https://www.mangoceuticals.com/sec-filings. All subsequent
written and oral forward-looking statements attributable to the
Company or any person acting on behalf of the Company are expressly
qualified in their entirety by the cautionary statements referenced
above. Other unknown or unpredictable factors also could have
material adverse effects on the Company’s future results. The
forward-looking statements included in this press release are made
only as of the date hereof. The Company cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, the Company undertakes no
obligation to update these statements after the date of this
release, except as required by law, and takes no obligation to
update or correct information prepared by third parties that are
not paid for by the Company. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
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