• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    LogicMark, Inc. Reports Third Quarter Results Highlighted by Five Percentage Point Increase in Gross Margin

    11/9/23 4:05:00 PM ET
    $LGMK
    Industrial Specialties
    Health Care
    Get the next $LGMK alert in real time by email

    Shipments of Freedom Alert Plus Underway 

    New PERS Device Expected to Launch in Fourth Quarter 

    Expanded Board of Directors Adds Expertise

    LOUISVILLE, Ky., Nov. 09, 2023 (GLOBE NEWSWIRE) --  LogicMark, Inc. (NASDAQ:LGMK), a provider of personal emergency response systems (PERS), health communications devices, and technology for the growing care economy, announced financial results for the third quarter ended September 30, 2023, and recent highlights.   

    Results and Recent Highlights:   

    • Gross margin percentage improved to 67% in the third quarter of 2023, a five percentage point increase compared to 62% for the prior year period.
    • Revenues were $2.4 million, compared with $2.8 million for the prior year period.
    • Overall operating expenses were 12% lower at $3.4 million compared with $3.8 million in the prior year period.
    • Cash and cash equivalents were $6.7 million, on September 30, 2023, compared with $7.0 million at year-end 2022.
    • Two new board members were recently appointed to expand depth of experience.
    • Freedom Alert Plus PERS shipments are in progress, complemented by our unique Care Village software suite.
    • Preparations are underway for the launch of a new PERS device in the coming weeks.

    Ms. Chia-Lin Simmons, Chief Executive Officer of LogicMark, commented, "In the third quarter, we made significant strides with our Care Village ecosystem as our catalog of innovative products, services, and intellectual property expanded. With the successful launch of the new Freedom Alert Plus, our focus now turns to the release of another new PERS product in the weeks ahead. This will mark our second product launch this year and we are delighted to report that the initial feedback during testing has been very positive, particularly regarding its compact design, GPS location service, and fall detection feature."

    "I'm pleased to see that our new product launches are gaining traction, as we introduce a variety of industry-leading solutions with modern technology to meet on-the-go and at-home customer needs. We pride ourselves on offering options for every budget, including premium Wi-Fi-connected devices with a monthly subscription service, continuous monitoring, and automatic software updates through our Care Village application. We also offer 4G LTE as well as landline-based connectivity to support consumers whose budget better accommodates the one-time purchase of a PERS device with no recurring costs. For those unable to purchase their PERS device upfront, interest-free installment plans are also available."

    "Given our plans to enter several new verticals, we recently named two new board members, expanding the total number of directors to six. We look forward to the Board's collective expertise in many areas, including corporate governance, finance, operations, hardware, and software solutions. I'm excited about our depth of talent and growing product offering as we enter the next phase of our evolution as a company," concluded Simmons.

    Third Quarter 2023 Results  

    Revenue for the third quarter ended September 30, 2023, was $2.4 million compared with $2.8 million in the same period last year. The decrease in year-over-year revenues was due to one-time replacement sales in the same period last year of Freedom Alert 911 Plus 4G PERS units replacing older 3G units, as the national cellular network carriers announced in 2022 that they would no longer support 3G networks.

    Gross profit margin in the third quarter was 67%, or five percentage points higher compared with 62% in the prior year period. The higher margin was due to improvements in the Company's supply chain management, including a shift from air freight to transpacific shipping from Asia-based contract manufacturers, as well as a competitive bidding process to obtain optimal shipping rates to all domestic customers. Gross profit in the third quarter of this year was $1.6 million compared to $1.7 million in the same period last year.

    Total operating expenses in the third quarter of 2023 were $3.4 million, decreasing 12% or $0.5 million, compared with the same period last year and down 13% quarter-over-quarter. The lower operating expenses year-over-year were mainly due to a reduction in general and administrative expenses, slightly offset by higher selling and marketing expenses.

    Net loss attributable to common shareholders for the third quarter was $1.5 million compared with a net loss of $2.2 million in the same period last year.   On a fully diluted basis, the net loss per share was $1.10, compared with a net loss of $4.53 per share in the prior period. The year-over-year earnings per common share comparison includes a 1-for-20 reverse split of outstanding common stock that took place in the second quarter of 2023.

    As of September 30, 2023, the cash and cash equivalents balance was $6.7 million, compared with $7.0 million at the end of December 2022.

    Investor Call and SEC Filings    

    Ms. Chia-Lin Simmons, CEO, and Mr. Mark Archer, CFO, will host a live investor call and webcast on November 9, 2023, at 1:30 PM (PDT) / 4:30 PM (EDT) to review the Company's results.

    Investors wishing to participate in the conference call must register to obtain their dial-in and pin number here https://register.vevent.com/register/BI5a557980b737415b9849bf393083a654.

    To listen to the live webcast, please visit the LogicMark Investor Relations website here, or use the following link: https://edge.media-server.com/mmc/p/tpcfsqtm.  

    The associated press release, SEC filings, and webcast replay will also be accessible on the investor relations website. 

    About LogicMark   

    LogicMark, Inc. (NASDAQ:LGMK) provides personal emergency response systems (PERS), health communications devices and technologies to create a Connected Care Platform. The Company's devices give people the ability to receive care at home and the confidence to age in place. LogicMark revolutionized the PERS industry by directly incorporating two-way voice communication technology into its medical alert pendant, providing life-saving technology at a price point that everyday consumers can afford. The Company's PERS technologies are sold through the United States Veterans Health Administration, dealers, distributors, and direct-to-consumers.  LogicMark has been awarded a contract by the U.S. General Services Administration that enables the Company to distribute its products to federal, state, and local governments.  For more information visit our corporate website at logicmark.com and the investor website at investors.logicmark.com.

    Cautionary Statement Regarding Forward-Looking Statements 

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements because of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology, including the anticipated product launches of Aster, CPaaS and Freedom Alert Plus; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; the Company's ability to maintain its Nasdaq listing for its common stock; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the SEC.   

    Investor Relations Contact:   

    A. Pierre Dubois

    FINN Partners, Inc.

    [email protected]

      

    Financial tables to follow:

    LogicMark, Inc.

    CONDENSED BALANCE SHEETS

    (Unaudited)
     
      
      September 30,  December 31, 
      2023  2022 
    Assets      
    Current Assets      
    Cash and cash equivalents $6,682,997  $6,977,114 
    Restricted cash  59,988   59,988 
    Accounts receivable, net  12,194   402,595 
    Inventory  1,135,786   1,745,211 
    Prepaid expenses and other current assets  680,872   349,097 
    Total Current Assets  8,571,837   9,534,005 
             
    Property and equipment, net  228,530   255,578 
    Right-of-use assets, net  128,718   182,363 
    Product development costs, net of amortization of $15,029 as of September 30, 2023 and December 31, 2022  1,117,135   646,644 
    Software development costs  1,018,810   364,018 
    Goodwill  10,958,662   10,958,662 
    Other intangible assets, net of amortization of $5,476,060 and $4,904,713, respectively  3,128,507   3,699,854 
             
    Total Assets $25,152,199  $25,641,124 
             
    Liabilities, Series C Redeemable Preferred Stock and Stockholders' Equity        
             
    Current Liabilities        
    Accounts payable $715,838  $673,052 
    Accrued expenses  1,211,005   1,740,490 
    Total Current Liabilities  1,926,843   2,413,542 
    Other long-term liabilities  390,259   440,263 
    Total Liabilities  2,317,102   2,853,805 
             
    Commitments and Contingencies (Note 8)        
             
    Series C Redeemable Preferred Stock        
    Series C redeemable preferred stock, par value $0.0001 per share: 2,000 shares designated; 10 shares issued and outstanding as of September 30, 2023 and December 31, 2022  1,807,300   1,807,300 
             
    Stockholders' Equity        
    Preferred stock, par value $0.0001 per share: 10,000,000 shares authorized        
    Series F preferred stock, par value $0.0001 per share:  1,333,333 shares designated; 106,333 and 173,333 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively, aggregate liquidation preference of $319,000 as of September 30, 2023 and $520,000 as of December 31, 2022  319,000   520,000 
    Common stock, par value $0.0001 per share: 100,000,000 shares authorized; 1,419,017 and 480,447 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively  142   48 
    Additional paid-in capital  111,864,732   106,070,253 
    Accumulated deficit  (91,156,077)  (85,610,282)
             
    Total Stockholders' Equity  21,027,797   20,980,019 
             
    Total Liabilities, Series C Redeemable Preferred Stock and Stockholders' Equity $25,152,199  $25,641,124 



    LogicMark, Inc.

    CONDENSED STATEMENTS OF OPERATIONS

    (Unaudited)
     
      For the Three Months Ended

    September 30,
      For the Nine Months

    Ended September 30,
     
      2023  2022  2023  2022 
    Revenues $2,367,227  $2,751,570  $7,503,940  $9,769,951 
    Costs of goods sold  769,956   1,047,204   2,444,401   3,860,176 
    Gross Profit  1,597,271   1,704,366   5,059,539   5,909,775 
                     
    Operating Expenses                
    Direct operating cost  266,746   345,972   841,974   1,156,959 
    Advertising costs  57,195   68,170   190,588   68,170 
    Selling and marketing  636,643   264,528   1,620,109   728,746 
    Research and development  242,697   374,842   806,851   841,917 
    General and administrative  1,901,516   2,575,105   6,759,135   7,025,674 
    Other expense  54,296   3,222   133,261   35,306 
    Depreciation and amortization  217,767   210,632   649,468   599,686 
                     
    Total Operating Expenses  3,376,860   3,842,471   11,001,386   10,456,458 
                     
    Operating Loss  (1,779,589)  (2,138,105)  (5,941,847)  (4,546,683)
                     
    Other Income                
    Interest income  88,975   44,587   149,914   57,747 
    Other income  246,138   -   246,138   - 
    Total Other Income  335,113   44,587   396,052   57,747 
                     
    Loss before Income Taxes  (1,444,476)  (2,093,518)  (5,545,795)  (4,488,936)
    Income tax expense  -   -   -   - 
    Net Loss  (1,444,476)  (2,093,518)  (5,545,795)  (4,488,936)
    Preferred stock dividends  (75,000)  (81,790)  (225,000)  (257,934)
    Net Loss Attributable to Common Stockholders $(1,519,476) $(2,175,308) $(5,770,795) $(4,746,870)
                     
    Net Loss Attributable to Common Stockholders Per Share - Basic and Diluted $(1.10) $(4.53) $(4.73) $(9.93)
                     
    Weighted Average Number of Common Shares Outstanding - Basic and Diluted  1,380,373   480,447   1,219,749   478,118 


    Primary Logo

    Get the next $LGMK alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $LGMK

    DatePrice TargetRatingAnalyst
    More analyst ratings

    $LGMK
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • LogicMark, Inc. Appoints Jeffrey Durkin as Senior Vice President of Sales to Drive Strategic Growth in the Care Economy and Personal Safety Markets

      LOUISVILLE, Ky, June 17, 2025 (GLOBE NEWSWIRE) -- LogicMark, Inc. (the "Company"), a provider of personal emergency response systems (PERS), health communication devices, and technology for the growing safety and care economy, announced the appointment of Jeffrey Durkin, as Senior Vice President of Sales effective June 23, 2025. Mr. Durkin previously held sales and marketing roles with InfoMC, Casenet, InstaMed, HMS, and Allscripts. He holds a Master of Business Administration from Anna Maria College and a Bachelor of Science in Marketing from Fitchburg State University. In his new role, Mr. Durkin will lead the sales team at LogicMark and drive significant growth for the company in the c

      6/17/25 9:00:00 AM ET
      $LGMK
      Industrial Specialties
      Health Care
    • LogicMark, Inc. Common Stock to Commence Trading on OTC Markets as the Company Continues Advancing Growth Initiatives

      LOUISVILLE, Ky., June 02, 2025 (GLOBE NEWSWIRE) -- LogicMark, Inc. (the "Company"), a provider of personal emergency response systems ("PERS"), health communication devices, and technology for the growing care economy, today announced that it expects that its common stock will begin trading on the over-the-counter markets ("OTC Markets"), effective today. The move to OTC Markets follows Nasdaq's decision to delist the Company's common stock at the opening of trading today, due solely to the Company's non-compliance with Nasdaq's $1.00 minimum bid price requirement. Chia-Lin Simmons, CEO of LogicMark, emphasized the importance of this transition, stating, "The ability to continue quotation

      6/2/25 8:30:00 AM ET
      $LGMK
      Industrial Specialties
      Health Care
    • LogicMark, Inc. Unveils New Board Committee Leadership Structure to Align with Strategic Goals

      LOUISVILLE, Ky., April 28, 2025 (GLOBE NEWSWIRE) -- LogicMark, Inc. (NASDAQ:LGMK) (the "Company"), a provider of personal emergency response systems (PERS), health communication devices, and technology for the growing care economy, today announced changes to its Board committee assignments. The LogicMark Board of Directors maintains an Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee. The Board comprises four independent non-executive directors who serve on the Committees and the Company's Chief Executive Officer (CEO), totaling five directors. The following new Board committee assignments reflect LogicMark's ongoing efforts to ensure that it

      4/28/25 9:00:00 AM ET
      $LGMK
      Industrial Specialties
      Health Care

    $LGMK
    SEC Filings

    See more
    • SEC Form PRE 14A filed by LogicMark Inc.

      PRE 14A - LogicMark, Inc. (0001566826) (Filer)

      6/30/25 8:04:24 PM ET
      $LGMK
      Industrial Specialties
      Health Care
    • LogicMark Inc. filed SEC Form 8-K: Shareholder Director Nominations

      8-K - LogicMark, Inc. (0001566826) (Filer)

      6/26/25 4:05:28 PM ET
      $LGMK
      Industrial Specialties
      Health Care
    • LogicMark Inc. filed SEC Form 8-K: Regulation FD Disclosure, Other Events, Financial Statements and Exhibits

      8-K - LogicMark, Inc. (0001566826) (Filer)

      6/2/25 8:45:20 AM ET
      $LGMK
      Industrial Specialties
      Health Care

    $LGMK
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • SEC Form 4 filed by Director Schneider Carine

      4 - LogicMark, Inc. (0001566826) (Issuer)

      7/2/25 7:07:33 PM ET
      $LGMK
      Industrial Specialties
      Health Care
    • SEC Form 4 filed by Director Curtis Robert Arthur

      4 - LogicMark, Inc. (0001566826) (Issuer)

      7/2/25 7:07:19 PM ET
      $LGMK
      Industrial Specialties
      Health Care
    • SEC Form 4 filed by Director Gutierrez Barbara

      4 - LogicMark, Inc. (0001566826) (Issuer)

      7/2/25 7:07:05 PM ET
      $LGMK
      Industrial Specialties
      Health Care

    $LGMK
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Amendment: Large owner Winvest Investment Fund Management Corp. bought $114,112 worth of shares (1,257,257 units at $0.09), increasing direct ownership by 34% to 4,074,587 units (SEC Form 4)

      4/A - LogicMark, Inc. (0001566826) (Issuer)

      11/12/24 3:46:00 PM ET
      $LGMK
      Industrial Specialties
      Health Care
    • Large owner Winvest Investment Fund Management Corp. bought $306,880 worth of shares (3,464,987 units at $0.09), increasing direct ownership by 331% to 4,074,587 units (SEC Form 4)

      4 - LogicMark, Inc. (0001566826) (Issuer)

      10/18/24 9:31:15 PM ET
      $LGMK
      Industrial Specialties
      Health Care

    $LGMK
    Financials

    Live finance-specific insights

    See more
    • LogicMark, Inc. Reports Strong Third-Quarter 2024 Results Led by Double-Digit Growth in Year-Over-Year Sales and Gross Profit

      LOUISVILLE, Ky., Nov. 12, 2024 (GLOBE NEWSWIRE) -- LogicMark, Inc. (NASDAQ:LGMK), a provider of personal safety, emergency response systems (PERS), health communications devices, and technology for the growing care and safety economy, today announced financial results for the third quarter ended September 30, 2024. Financial and Operational Highlights: Revenues rose to $2.7 million in the third quarter of 2024, a 14% year-over-year increase.Gross profit increased to $1.8 million, a 13% increase over the third quarter of 2023.Gross margin was 67%, a level consistently maintained over the past six quarters.Overall operating expenses were $3.4 million, flat with the prior year period. Chia

      11/12/24 4:05:00 PM ET
      $LGMK
      Industrial Specialties
      Health Care
    • LogicMark, Inc. Announces Adoption of Shareholder Rights Agreement

      LOUISVILLE, Ky., Nov. 01, 2024 (GLOBE NEWSWIRE) -- LogicMark, Inc. (NASDAQ:LGMK), ("LogicMark" or the "Company"), a provider of personal safety, emergency response systems (PERS), health communications devices, and technology for the growing care and safety economy, today announced that it has entered into a Rights Agreement with Nevada Agency and Transfer Company (the "Rights Agreement") to protect shareholder rights and long-term shareholder value. This decision has been taken in response to recent actions by Winvest Investment Fund Management Corp. ("Winvest"), which recently disclosed in public filings with the U.S. Securities and Exchange Commission ("SEC") that it (i) purportedly ow

      11/1/24 4:44:26 PM ET
      $LGMK
      Industrial Specialties
      Health Care
    • LogicMark, Inc. to Announce Third Quarter 2024 Financial Results on November 12, 2024

      LOUISVILLE, Ky., Oct. 31, 2024 (GLOBE NEWSWIRE) -- LogicMark, Inc. (NASDAQ:LGMK), a provider of emergency response systems, health communications devices, and technology for the growing personal safety and care economy, will issue a press release announcing its financial results for the third quarter ended September 30, 2024, after the market close on Tuesday, November 12, 2024. Ms. Chia-Lin Simmons, CEO, and Mr. Mark Archer, CFO, will host a live investor call and webcast the same day at 1:30 PM (PST) / 4:30 PM (EST) to review the results. Investors and analysts wishing to participate in the conference call must dial in here: Participant Toll-Free Dials: (800) 715-9871Participant Toll D

      10/31/24 9:15:49 AM ET
      $LGMK
      Industrial Specialties
      Health Care

    $LGMK
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13D/A filed by LogicMark Inc.

      SC 13D/A - LogicMark, Inc. (0001566826) (Subject)

      12/3/24 3:35:39 PM ET
      $LGMK
      Industrial Specialties
      Health Care
    • SEC Form SC 13G filed by LogicMark Inc.

      SC 13G - LogicMark, Inc. (0001566826) (Subject)

      11/14/24 5:58:26 PM ET
      $LGMK
      Industrial Specialties
      Health Care
    • Amendment: SEC Form SC 13D/A filed by LogicMark Inc.

      SC 13D/A - LogicMark, Inc. (0001566826) (Subject)

      11/12/24 3:45:20 PM ET
      $LGMK
      Industrial Specialties
      Health Care

    $LGMK
    Leadership Updates

    Live Leadership Updates

    See more
    • LogicMark, Inc. Appoints Jeffrey Durkin as Senior Vice President of Sales to Drive Strategic Growth in the Care Economy and Personal Safety Markets

      LOUISVILLE, Ky, June 17, 2025 (GLOBE NEWSWIRE) -- LogicMark, Inc. (the "Company"), a provider of personal emergency response systems (PERS), health communication devices, and technology for the growing safety and care economy, announced the appointment of Jeffrey Durkin, as Senior Vice President of Sales effective June 23, 2025. Mr. Durkin previously held sales and marketing roles with InfoMC, Casenet, InstaMed, HMS, and Allscripts. He holds a Master of Business Administration from Anna Maria College and a Bachelor of Science in Marketing from Fitchburg State University. In his new role, Mr. Durkin will lead the sales team at LogicMark and drive significant growth for the company in the c

      6/17/25 9:00:00 AM ET
      $LGMK
      Industrial Specialties
      Health Care
    • LogicMark Expands its Board of Directors by Naming Carine Schneider and Tom Wilkinson as Company's Innovative Product Pipeline Continues to Grow (Updated with Additional Details)

      LOUISVILLE, Ky., Oct. 31, 2023 (GLOBE NEWSWIRE) -- LogicMark, Inc. (NASDAQ:LGMK) (the "Company"), creator of the most innovative personal safety and security technology designed for the care economy, today announced that Carine Schneider, FGE, and Tom Wilkinson will join as the newest members of its Board of Directors. Ms. Schneider and Mr. Wilkinson both bring decades of corporate governance, finance, operations, technology, M&A, advisory and CEO experience. "I am thrilled to welcome Carine and Tom to our Board of Directors. Carine's demonstrated history of leadership and innovation in the technology and finance sectors, coupled with Tom's extensive experience and influential work with a

      10/31/23 11:54:15 AM ET
      $ASTC
      $LGMK
      $SONM
      Biotechnology: Laboratory Analytical Instruments
      Industrials
      Industrial Specialties
      Health Care
    • Carine Schneider and Tom Wilkinson Join LogicMark's Board of Directors to Help Accelerate Growth

      LOUISVILLE, Ky., Oct. 31, 2023 (GLOBE NEWSWIRE) -- LogicMark, Inc. (NASDAQ:LGMK) (the "Company"), creator of the most innovative personal safety and security technology designed for the care economy, today announced that Carine Schneider, FGE, and Tom Wilkinson will join as the newest members of its Board of Directors. Ms. Schneider and Mr. Wilkinson both bring decades of financial services, international business, and consulting experience. "I am thrilled to welcome Carine and Tom to our Board of Directors. Carine's demonstrated history of leadership and innovation in the technology and finance sectors, coupled with Tom's extensive experience and influential work with a variety of succes

      10/31/23 8:00:00 AM ET
      $LGMK
      Industrial Specialties
      Health Care