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 via a secure telemedicine
platform, including its uniquely formulated erectile dysfunction
(ED) drug branded “Mango,” is pleased to provide the following
updates to current and prospective shareholders on the Company’s
recent 3rd quarter achievements, along with guidance on year end
and near-term initiatives. MangoRx is pleased to report on the
following topics:
Year to Date Company Achievements
(through September 30, 2023)
- Revenue Growth:
The Company experienced sequential revenue growth of 28.8% from Q1
to Q2, 42.5% from Q2 to Q3, and 59% from Q1 to Q3. We attribute
this growth to three primary factors: 1) the growing prominence of
the Mango brand, 2) the Company’s aggressive marketing efforts
through digital initiatives as well as sponsorships and promotions
with Barstool Sports and the various podcast platforms launched
with Audacy (as referenced in our press release dated September 6,
2023), and 3) funds raised in our initial public offering.
- Customer
Acquisition: To date, we have successfully onboarded a
rapidly growing customer base with an Average Order Value (AOV) of
$105. Our goal is to continuously increase our customer base
through additional prospecting and retargeting efforts. We have
also launched an aggressive email marketing campaign to reach out
to customer leads that have expressed interest in our products. To
date, we have received positive results and plan to continue these
efforts on an ongoing basis.
- Customer Subscriptions and
Refills: Historically, subscribing customers have
accounted for approximately 10% of all new orders with an Average
Order Value (AOV) of approximately $130. Subscription sales
increased 65% from Q1 to Q3, with Q2 to Q3 sequential growth of
47%, demonstrating an accelerating growth curve.
Additionally, many of
our subscribing customers manually refill additional orders prior
to receiving their scheduled auto-refill prescriptions, which we
believe reflects the strong value-add role our Mango ED products
have for our customers. Our goal is to grow the share of new orders
that come from subscribing customers from 10% to 20-25%, which if
successful, we expect will drive greater predictability and growth
in revenues and cash flow, allowing the Company to invest even more
aggressively in new customer acquisition.
- New Orders and
Refills: For the nine-months ending September 30, 2023,
new orders accounted for 76% of total revenues while
refills/auto-refills accounted for 24% of total revenues. Sales
from refills/auto-refills have grown sequentially by more than 50%
over the past two consecutive quarters.
4th
Quarter Goals and Initiatives
- New Men’s Health Product
Categories: The Company has developed, and is in the
process of developing, new men’s health and wellness pharmaceutical
grade products expected to be launched and marketed and made
available on www.MangoRx.com through our telemedicine portal. These
product categories include, but are not limited to: hair loss,
weight loss, performance, and various hormone therapies.
The Company has been
working with internal product developers, third-party software
developers, packaging vendors, marketing agencies, doctors’
networks, and the Company’s related-party compounding pharmacy, to
ensure the timely and successful launch of these new and innovative
products. The Company anticipates launching at least one additional
product category by the end of the 4th quarter or the first quarter
of 2024, funding permitted.
- New Web Design and User
Experience: The Company has undertaken a complete redesign
of its website, www.MangoRx.com. Currently, the Company’s website
is singularly geared toward its erectile dysfunction Mango
products. As the Company expands into new product categories, a
newer design and user interface experience is necessary for the
promotion and marketing of those new products. The Company
anticipates launching its new web presence by the end of the 4th
quarter.
- Launch of Affiliate
Marketing Program: The Company is extremely pleased with
the launch of its Affiliate Marketing Program, which allows various
companies, influencers, and publishers to market and sell MangoRx
products as an affiliate. Interested parties can sign up to become
an affiliate at www.MangoRevenue.com, where they will have access
to Company approved media, tools, and content to use on their own
marketing platforms. If a purchase is made using their unique link
or code, these affiliates are paid a commission on each product
sold. Since launching the program in early October 2023, the
Company has already signed up 100 affiliates in short order and has
a goal of achieving 500 affiliates by the end of 2023.
The Company estimates
that a well-executed and managed affiliate marketing program may be
able to drive up to 20% of the Company’s overall gross
revenues.
- Ongoing Marketing
Initiatives: The Company has recently retained digital
marketing agency Accelerated Digital Media (ADM), a digital media
and marketing agency that specifically focuses on
direct-to-consumer telemedicine and pharmaceutical brands. With
clients including NURX, TalkSpace, and Keeps, management believes
that the ADM team has the skills necessary to launch and execute an
effective digital marketing strategy to assist with our social
media advertising on top-of-funnel ad platforms such as Meta
(Instagram/Facebook), Google, and YouTube.
All of this is in
addition to the Company’s current sponsorships of various
nationally recognized podcasts such as NoJumper and PlugTalk with
Adam22, Pillow Talk with Ryan Pownall, OnlyStans by BarStool Sports
and Glenny Balls, Monday Morning Podcast with Bill Burr, Fly on the
Wall with Dana Carvey and David Spade, The Dale Jr Podcast with
Dale Earnhard Jr., and We’re Here To Help with Jake Johnson and
Gareth Reynolds.
The Company is
consistently reviewing additional marketing and sponsorship
opportunities to further enhance brand recognition throughout the
4th quarter and beyond.
- Global Expansion
Opportunities: The Company has begun the process of
identifying potential additional markets outside of the United
States which it may seek to market and sell its Mango ED products
in the future, with some of these markets requiring a doctor’s
prescription (e.g., the United Kingdom) and others where ED
products can be sold over the counter at local pharmacies (e.g.,
Mexico and other parts of South America). The Company’s decision to
become the headline sponsor for the upcoming Raindance Film
Festival in London is due to its interest in the United Kingdom as
a potential viable option for global expansion.
Jacob Cohen, the Company’s Co-Founder and Chief
Executive Officer stated, “We are extremely grateful to our loyal
shareholders for your patience and commitment. We are fully
dedicated to making Mango one of the top names in men’s health and
wellness and we believe we have a strong plan to deliver on that
commitment. As we approach the close of 2023, we believe we are
finally beginning to see accelerating growth in brand recognition
and revenues. We plan to continue to invest and reinvest in driving
new customer acquisition in our flagship Mango ED products, funding
permitting, while expanding into new verticals where our prior
investments in the Mango brand are expected to have an established
footprint with prospective customers. Stay tuned. The excitement is
just beginning!”
About Mango
Created using a special formulation featuring
either the same active ingredient as in Cialis™ (Tadalafil) or
Viagra™ (Sildenafil), each part of the Mango formulation plays a
critical role in helping men achieve optimum performance. We
believe the key to our success lies in our unique blend of
ingredients, which are used in U.S. Food and Drug Administration
(“FDA”) approved drugs. Mango contains a combination of either
Sildenafil or Tadalafil along with Oxytocin and L-Arginine that
have been traditionally used to treat sexual dysfunction.
Mango is a prescription medication that must be
approved by a physician. After an individual has completed an
online tele-health visit, our network of medical providers will
review and approve a prescription if medically appropriate. Mango
is a rapidly dissolved tablet (RDT) that is absorbed orally. For
best results, we advise taking Mango at least 15 minutes before
engaging in sexual activity. Sildenafil and Tadalafil, either of
the main ingredients in Mango, typically have effects that last up
to 4 and 36 hours, respectively.
About Mangoceuticals
Mangoceuticals, Inc. is a company focused on
developing, marketing, and selling 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). The Company has developed a
new brand of ED product under the brand name "Mango" (think: "Man,
Go!").
To participate in the Mango Revenue affiliate
marketing program, please visit: https://mangorevenue.com.
For more information, please visit
www.MangoRx.com.
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, including, but not limited to;
our ability to obtain additional funding and generate revenues to
support our operations; the availability of funding for our planned
marketing and expansion efforts; the market acceptance of new
products we may launch; our ability to obtain new customers,
maintain current customers, and increase average order value per
customer; our ability to maintain costs, add new affiliates, and
maintain our relationship with current affiliates, for our
marketing program; the ability of our marketing program to increase
customers and revenues; risks associated with our ED product and
future 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; risks associated with
related party relationships and agreements, including our
significant reliance on related party transactions; 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;
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 and President, Jonathan Arango,
combined have majority voting control over the Company; risks
related to the significant number of shares in the public float,
our share volume, the effect of sales of a significant number of
shares in the marketplace, and the fact that the majority of our
shareholders paid less for their shares than the public offering
price of our common stock in our recent initial public offering;
the fact that we have a significant number of outstanding warrants
to purchase shares of common stock at $1.00 per share, the resale
of which underlying shares have been registered under the
Securities Act of 1933, as amended; our ability to build and
maintain our brand; 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 ED product; our ability to establish or maintain relations
and/or relationships with third-parties; potential safety risks
associated with our Mango ED product and future products, including
the use of ingredients, combination of such ingredients and the
dosages thereof; the effects of high inflation, increasing 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 Israel/Hamas conflict) 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; our ability to maintain the listing of our common
stock on the Nasdaq Capital Market; 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 Quarterly
Report on Form 10-Q for the Quarter ended June 30, 2023. 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.
Follow Mangoceuticals and MangoRx on social
media: https://www.instagram.com/mango.rx
https://twitter.com/Mangoceuticals
https://www.facebook.com/MangoRxOfficial
Or just click here to see why Orange is the new
Blue: https://www.mangorx.com
FOR PUBLIC RELATIONS Lucky Break Public
Relations Sahra Simpson Sahra@luckybreakpr.com (323) 602-0091 ext.
704
FOR INVESTOR RELATIONS Mangoceuticals Investor
Relations Email: investors@mangorx.com
MEDIA CONTACT PHOENIX MGMT Marketing &
Consulting info@phoenix-mediamarketing.com
SOURCE: Mangoceuticals Inc.
Mangoceuticals (NASDAQ:MGRX)
Historical Stock Chart
From Jul 2024 to Jul 2024
Mangoceuticals (NASDAQ:MGRX)
Historical Stock Chart
From Jul 2023 to Jul 2024