Monday, August 29, 2022

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.

Refer to the full report for the price target, fundamental analysis, and rating.

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.…

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.