Year to Date Company Achievements (through
- 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 datedSeptember 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
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., theUnited Kingdom ) and others where ED products can be sold over the counter at local pharmacies (e.g.,Mexico and other parts ofSouth America ). The Company’s decision to become the headline sponsor for the upcomingRaindance Film Festival inLondon is due to its interest in theUnited Kingdom as a potential viable option for global expansion.
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
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
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
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
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SOURCE: Mangoceuticals Inc.
Source:
2023 GlobeNewswire, Inc., source