149  0 Kommentare MangoRx Reports Revenue Growth of 108% in Q1 2024 Fueled by Amplified Customer Acquisition and Early Market Penetration

Dallas, Texas, May 16, 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 and hormone replacement therapies today announced that it has recently reported noteworthy growth in both revenue and customer acquisition in the first quarter ended March 31, 2024 as compared to the quarter ended March 31, 2023. Specifically, the company reported an impressive 108% increase in sales, growing from $214,000 USD compared to approximately $100,000 USD in the first quarter of 2023. This revenue growth demonstrates a positive trajectory for the company's financial performance in Q1 2024.

In addition to achieving significant revenue growth, MangoRx has strategically advanced its customer acquisition and revenue expansion efforts. The company launched a direct-to-clinic sales division enabling medical professionals to prescribe MangoRx products directly from their offices, clinics, and wellness facilities. This unique approach is expected to bolster recurring revenue channels while minimizing customer acquisition costs typically associated with conventional digital marketing strategies. In a move that sets it apart in the competitive landscape, MangoRx is implementing a strategy that deploys a dedicated sales force to establish a presence in existing brick-and-mortar men's health and wellness clinics across the United States.

Jacob Cohen, Co-Founder and CEO of MangoRx commented, “MangoRx is continuously seeking strategies to expand our customer base and enhance revenue streams by focusing on the development, marketing, and distribution of a range of men's health and wellness products via our unique telemedicine platform. Our platform allows customers to access our third-party physician network and licensed pharmacy for the online fulfillment and distribution of our prescribed MangoRx medications, products and treatments.”

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Furthermore, and as previously announced, MangoRx has acquired a global patent portfolio aimed at the preventative care market, independently valued by a third party at approximately $35 million, for a total purchase price of $20 million. The Company intends to commence its monetization and commercialization strategy commencing with clinical trials in the 3^rd quarter of this year. The acquisition of this patent portfolio further signifies the Company’s dedication and commitment to complementing our current pharmaceutical based products with the launching of non-pharmaceutical based products to enhance its overall product portfolio.