LogicMark, Inc. Reports Strong Third-Quarter 2024 Results Led by Double-Digit Growth in Year-Over-Year Sales and Gross Profit
LogicMark, a provider of personal safety and emergency response systems, reported strong Q3 2024 financial results. Revenues rose 14% year-over-year to $2.7 million, driven by increased sales of the Guardian Alert 911 Plus and the new Freedom Alert Mini. Gross profit increased 13% to $1.8 million, maintaining a gross margin of 67%. Operating expenses remained flat at $3.4 million, with a 6% decline from Q2 2024. The company reported a net loss of $1.6 million, compared to $1.5 million in Q3 2023, and an adjusted EBITDA loss of $0.8 million, an improvement from a $1.1 million loss last year. As of September 30, 2024, cash and cash equivalents stood at $5.6 million. The company also completed a $4.5 million registered secondary offering in August. A reverse stock split was approved in October to regain Nasdaq compliance. Additionally, a Rights Agreement was enacted to protect against hostile takeovers.
LogicMark, fornitore di sistemi di sicurezza personale e risposta alle emergenze, ha riportato solidi risultati finanziari per il terzo trimestre del 2024. I ricavi sono aumentati del 14% rispetto all'anno precedente, raggiungendo i 2,7 milioni di dollari, grazie all'aumento delle vendite del Guardian Alert 911 Plus e del nuovo Freedom Alert Mini. Il profitto lordo è aumentato del 13% fino a 1,8 milioni di dollari, mantenendo un margine lordo del 67%. Le spese operative sono rimaste stabili a 3,4 milioni di dollari, con un calo del 6% rispetto al secondo trimestre del 2024. L'azienda ha riportato una perdita netta di 1,6 milioni di dollari, rispetto ai 1,5 milioni di dollari del terzo trimestre del 2023, e una perdita di EBITDA rettificato di 0,8 milioni di dollari, un miglioramento rispetto a una perdita di 1,1 milioni di dollari dello scorso anno. Al 30 settembre 2024, la liquidità e gli equivalenti in cassa ammontavano a 5,6 milioni di dollari. L'azienda ha anche completato un'offerta secondaria registrata di 4,5 milioni di dollari ad agosto. È stata approvata una suddivisione delle azioni inversa in ottobre per mantenere la conformità con Nasdaq. Inoltre, è stata attuata una Convenzione sui Diritti per proteggere l'azienda da acquisizioni ostili.
LogicMark, un proveedor de sistemas de seguridad personal y respuesta a emergencias, informó resultados financieros sólidos para el tercer trimestre de 2024. Los ingresos aumentaron un 14% interanual hasta alcanzar los 2,7 millones de dólares, impulsados por el incremento en las ventas del Guardian Alert 911 Plus y el nuevo Freedom Alert Mini. El beneficio bruto aumentó un 13% hasta los 1,8 millones de dólares, manteniendo un margen bruto del 67%. Los gastos operativos se mantuvieron estables en 3,4 millones de dólares, con una disminución del 6% respecto al segundo trimestre de 2024. La compañía reportó una pérdida neta de 1,6 millones de dólares, en comparación con 1,5 millones de dólares en el tercer trimestre de 2023, y una pérdida de EBITDA ajustado de 0,8 millones de dólares, una mejora respecto a la pérdida de 1,1 millones de dólares del año pasado. A 30 de septiembre de 2024, el efectivo y equivalentes de efectivo se situaban en 5,6 millones de dólares. La empresa también completó una oferta secundaria registrada de 4,5 millones de dólares en agosto. Se aprobó una división de acciones inversa en octubre para recuperar la conformidad con Nasdaq. Además, se implementó un Acuerdo de Derechos para protegerse contra adquisiciones hostiles.
LogicMark는 개인 안전 및 비상 대응 시스템 제공업체로서 2024년 3분기에 강력한 재무 결과를 보고했습니다. 매출은 전년 대비 14% 증가하여 270만 달러에 달했으며, 이는 Guardian Alert 911 Plus와 새로운 Freedom Alert Mini의 판매 증가에 힘입은 것입니다. 총 이익은 13% 증가하여 180만 달러에 달했으며, 총 이익률은 67%를 유지했습니다. 운영 비용은 340만 달러로 변동이 없었고, 2024년 2분기 대비 6% 감소했습니다. 회사는 순손실이 160만 달러로, 2023년 3분기의 150만 달러와 비교되어 있으며, 조정된 EBITDA 손실은 80만 달러로, 지난해 110만 달러의 손실에서 개선되었습니다. 2024년 9월 30일 기준으로 현금 및 현금성 자산은 560만 달러에 달했습니다. 이 회사는 또한 8월에 450만 달러 규모의 등록된 2차 공모를 완료했습니다. 나스닥 규정 준수를 회복하기 위해서 10월에 역분할이 승인되었습니다. 그리고 적대적 인수로부터 보호하기 위해 권리 계약이 제정되었습니다.
LogicMark, fournisseur de systèmes de sécurité personnelle et de réponse aux urgences, a annoncé des résultats financiers solides pour le troisième trimestre 2024. Les revenus ont augmenté de 14% par rapport à l'année précédente, atteignant 2,7 millions de dollars, stimulés par une augmentation des ventes du Guardian Alert 911 Plus et du nouveau Freedom Alert Mini. Le bénéfice brut a augmenté de 13% pour atteindre 1,8 million de dollars, maintenant une marge brute de 67%. Les charges d'exploitation sont restées constantes à 3,4 millions de dollars, avec une baisse de 6% par rapport au deuxième trimestre 2024. L'entreprise a déclaré une perte nette de 1,6 million de dollars, contre 1,5 million de dollars au troisième trimestre 2023, et une perte d'EBITDA ajusté de 0,8 million de dollars, une amélioration par rapport à une perte de 1,1 million de dollars l'année dernière. Au 30 septembre 2024, la trésorerie et équivalents de trésorerie s'élevaient à 5,6 millions de dollars. L'entreprise a également finalisé une offre secondaire enregistrée de 4,5 millions de dollars en août. Une division inversée des actions a été approuvée en octobre pour regagner la conformité de Nasdaq. De plus, un Accord de Droits a été mis en œuvre pour se protéger contre les prises de contrôle hostiles.
LogicMark, ein Anbieter von persönlichen Sicherheits- und Notfallsystemen, hat starke finanzielle Ergebnisse für das dritte Quartal 2024 berichtet. Die Einnahmen stiegen im Vergleich zum Vorjahr um 14% auf 2,7 Millionen Dollar, angetrieben durch höhere Verkaufszahlen des Guardian Alert 911 Plus und des neuen Freedom Alert Mini. Der Bruttogewinn erhöhte sich um 13% auf 1,8 Millionen Dollar und hielt eine Bruttomarge von 67%. Die Betriebsausgaben blieben stabil bei 3,4 Millionen Dollar, mit einem Rückgang von 6% im Vergleich zum zweiten Quartal 2024. Das Unternehmen berichtete über einen Nettverlust von 1,6 Millionen Dollar, verglichen mit 1,5 Millionen Dollar im dritten Quartal 2023, und einen bereinigten EBITDA-Verlust von 0,8 Millionen Dollar, was eine Verbesserung gegenüber einem Verlust von 1,1 Millionen Dollar im letzten Jahr darstellt. Zum 30. September 2024 lagen die liquiden Mittel und liquiden Äquivalente bei 5,6 Millionen Dollar. Das Unternehmen schloss außerdem ein eingetragenes sekundäres Angebot über 4,5 Millionen Dollar im August ab. Eine Umkehraktionsteilung wurde im Oktober genehmigt, um die Nasdaq-Konformität wiederherzustellen. Außerdem wurde eine Rechtevereinbarung eingeführt, um gegen feindliche Übernahmeversuche zu schützen.
- Revenue increased 14% to $2.7 million.
- Gross profit rose 13% to $1.8 million.
- Gross margin maintained at 67%.
- Adjusted EBITDA loss improved to $0.8 million from $1.1 million.
- Cash and cash equivalents at $5.6 million.
- Successful $4.5 million registered secondary offering.
- Net loss increased to $1.6 million from $1.5 million.
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, a14% year-over-year increase. - Gross profit increased to
$1.8 million , a13% 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-Lin Simmons, Chief Executive Officer of LogicMark, commented, "I’m pleased to share that in the third quarter, we achieved significant revenue growth compared to last year while successfully maintaining strong gross margins. The recent addition of the Freedom Alert Mini to our PERS solutions lineup has been met with positive reception, affirming the effectiveness of our go-to-market strategy. In the third quarter, we sold 1,106 units compared to 191 units in the second quarter. We are also excited about our new reseller partnership with Black Knight LLC, a service-disabled, veteran-owned small business, and the sales opportunities it will provide. This new partnership continues to affirm our commitment to the Veterans Administration and the military heroes who the VA supports.”
Third Quarter 2024 Results
Revenue for the third quarter ended September 30, 2024, was
Gross margin was
Total operating expenses in the third quarter of 2024 were
Adjusted EBITDA for the third quarter was a loss of
Net loss attributable to Common shareholders for the third quarter was
As of September 30, 2024, the cash and cash equivalents balance was
Subsequent Events
On October 1, 2024, the Company held a Special Meeting of Shareholders, which, among other scheduled business, approved a reverse split of the Company’s outstanding shares of common stock and Series C preferred stock, to assist the Company with regaining compliance with Nasdaq listing requirements.
As previously disclosed in the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (“SEC”) on November 1, 2024, to respond to recent actions by a stockholder that the Company’s board of directors believed was not in the Company’s or its stockholders’ best interests, the Company announced on the same date that it had entered into a Rights Agreement with Nevada Agency and Transfer Company, as rights agent, allowing for a possibility of a dividend of a right exercisable for a fraction of a share of a new series of Series G preferred stock to all holders of common stock other than an Acquiring Person (as defined in the Rights Agreement) that would occur once a person, entity or group acquires beneficial ownership of
Investor Call and SEC Filings
Chia-Lin Simmons, CEO, and Mark Archer, CFO, will host a live investor call and webcast on November 12, 2024, at 1:30 PM (PST) / 4:30 PM (EST) to review the Company’s financial results for the third quarter of 2024.
Investors and analysts wishing to participate in the conference call should use these dial-in numbers:
Participant Toll-Free Dials: (800) 715-9871
Participant Toll Dials: (646) 307-1963
Conference ID: 7663305
To listen to the live webcast, please visit the LogicMark Investor Relations website or use the link: https://edge.media-server.com/mmc/p/7itvhwqo. The associated press release, SEC filings, and webcast replay will also be accessible on the investor relations website.
About Us
LogicMark, Inc. (Nasdaq: LGMK) is on a mission to let people of all ages lead a life with dignity, independence, and the joy of possibility. The Company provides personal safety, personal emergency response systems (PERS), software apps, health communications devices, services, and technologies to create a Connected Care Platform. Made up of a team of leading technologists with a deep understanding of IoT, AI, and machine learning and a passionate focus on understanding consumer needs, LogicMark is dedicated to building a ‘Care Village’ with proprietary technology and creating innovative solutions for the care economy. The Company’s PERS technologies are sold through the United States Veterans Health Administration, dealers, distributors, and direct to consumer. 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 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 and the Company’s planned use of the proceeds received in connection with any public offerings. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result 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; 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 effect a reverse stock split and 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.
Note Regarding Non-GAAP Financial Measures
This press release includes non-GAAP financial measures as defined in Regulation G of the Securities Exchange Act of 1934, including adjusted EBITDA, which is reconciled to the most directly comparable GAAP financial measures. Management believes that non-GAAP adjusted EBITDA provides investors with insight into the Company’s overall operating performance.
Investor Relations Contact
investors@logicmark.com
LogicMark, Inc. | |||||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited) | |||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenues | $ | 2,705,461 | $ | 2,367,227 | $ | 7,652,813 | $ | 7,503,940 | |||||||
Costs of goods sold | 903,834 | 769,956 | 2,529,018 | 2,444,401 | |||||||||||
Gross Profit | 1,801,627 | 1,597,271 | 5,123,795 | 5,059,539 | |||||||||||
Operating Expenses | |||||||||||||||
Direct operating cost | 359,044 | 266,746 | 1,010,624 | 841,974 | |||||||||||
Advertising costs | 114,795 | 57,195 | 402,229 | 190,588 | |||||||||||
Selling and marketing | 599,306 | 636,643 | 1,792,337 | 1,620,109 | |||||||||||
Research and development | 96,650 | 242,697 | 404,108 | 806,851 | |||||||||||
General and administrative | 1,727,550 | 1,901,516 | 5,609,510 | 6,759,135 | |||||||||||
Other expense | 101,013 | 54,296 | 254,770 | 133,261 | |||||||||||
Depreciation and amortization | 402,821 | 217,767 | 1,126,346 | 649,468 | |||||||||||
Total Operating Expenses | 3,401,179 | 3,376,860 | 10,599,924 | 11,001,386 | |||||||||||
Operating Loss | (1,599,552 | ) | (1,779,589 | ) | (5,476,129 | ) | (5,941,847 | ) | |||||||
Other Income | |||||||||||||||
Interest income | 41,109 | 88,975 | 134,286 | 149,914 | |||||||||||
Other income | 39,638 | 246,138 | 39,638 | 246,138 | |||||||||||
Total Other Income | 80,747 | 335,113 | 173,924 | 396,052 | |||||||||||
Loss before Income Taxes | (1,518,805 | ) | (1,444,476 | ) | (5,302,205 | ) | (5,545,795 | ) | |||||||
Income tax expense | - | - | - | - | |||||||||||
Net Loss | (1,518,805 | ) | (1,444,476 | ) | (5,302,205 | ) | (5,545,795 | ) | |||||||
Preferred stock dividends | (75,000 | ) | (75,000 | ) | (225,000 | ) | (225,000 | ) | |||||||
Net Loss Attributable to Common Stockholders | (1,593,805 | ) | (1,519,476 | ) | (5,527,205 | ) | (5,770,795 | ) | |||||||
Net Loss Attributable to Common Stockholders Per Share - Basic and Diluted | $ | (0.20 | ) | $ | (1.10 | ) | $ | (1.34 | ) | $ | (4.73 | ) | |||
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 7,995,555 | 1,380,373 | 4,112,228 | 1,219,749 | |||||||||||
LogicMark, Inc. | |||||||
BALANCE SHEETS | |||||||
(Unaudited) | |||||||
September 30, | December 31, | ||||||
2024 | 2023 | ||||||
Assets | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 5,585,835 | $ | 6,398,164 | |||
Accounts receivable, net | 116,533 | 13,647 | |||||
Inventory | 818,717 | 1,177,456 | |||||
Prepaid expenses and other current assets | 486,490 | 460,177 | |||||
Total Current Assets | 7,007,575 | 8,049,444 | |||||
Property and equipment, net | 139,290 | 203,333 | |||||
Right-of-use assets, net | 65,758 | 113,761 | |||||
Product development costs, net of amortization of | 1,491,460 | 1,269,021 | |||||
Software development costs, net of amortization of | 1,827,839 | 1,299,901 | |||||
Goodwill | 3,143,662 | 3,143,662 | |||||
Other intangible assets, net of amortization of | 2,366,711 | 2,938,058 | |||||
Total Assets | $ | 16,042,295 | $ | 17,017,180 | |||
Liabilities, Series C Redeemable Preferred Stock and Stockholders’ Equity | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 549,126 | $ | 901,624 | |||
Accrued expenses | 1,181,386 | 1,151,198 | |||||
Deferred Revenue | 150,007 | - | |||||
Total Current Liabilities | 1,880,519 | 2,052,822 | |||||
Other long-term liabilities | - | 51,842 | |||||
Total Liabilities | 1,880,519 | 2,104,664 | |||||
Commitments and Contingencies (Note 8) | |||||||
Series C Redeemable Preferred Stock | |||||||
Series C redeemable preferred stock, par value | 1,807,300 | 1,807,300 | |||||
Stockholders’ Equity | |||||||
Preferred stock, par value | |||||||
Series F preferred stock, par value | 319,000 | 319,000 | |||||
Common stock, par value | 1,187 | 216 | |||||
Additional paid-in capital | 117,497,385 | 112,946,891 | |||||
Accumulated deficit | (105,463,096 | ) | (100,160,891 | ) | |||
Total Stockholders’ Equity | 12,354,476 | 13,105,216 | |||||
Total Liabilities, Series C Redeemable Preferred Stock and Stockholders’ Equity | $ | 16,042,295 | $ | 17,017,180 | |||
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