MustGrow Biologics Corp. (MGROF)
Reports 2Q22 Operating Results
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
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2Q22 Results. MustGrow reported a net loss of $1.4 million, or a loss of $0.03 per share, for the second quarter of 2022. We had estimated a loss of $905,000, or a loss of $0.02 per share. Still in the pre-revenue stage, MustGrow reported negligible revenue of $3,721 versus our estimate of zero.
Delta. The key line items that differed versus our projections were Professional fees, which came in at $377,824 compared to our estimate of $50,000, and Patent expenses, which came in at $134,339, versus our projection of $50,000. We anticipate continued volatility in the expense levels as MustGrow moves toward regulatory approval and revenue generation.…
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