Business
MangoRx Reports 1,685% Increase in Shareholders’ Equity From December 31, 2023, to $13.8MM, and 56% Increase in Year-Over-Year Revenue for First Half of 2024
Dallas, Texas, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Mangoceuticals, Inc. (NASDAQ: MGRX) (“MangoRx” or the “Company”), a company focused on developing, marketing,
About this update from Mangoceuticals, Inc.
[{"type":"text","content":"Dallas, Texas, Aug. 15, 2024 (GLOBE NEWSWIRE) -- 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 b...