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LogicMark, Inc. (Nasdaq: LGMK) is a leading provider of personal emergency response systems (PERS), health communications devices, and innovative IoT technologies aimed at enhancing the well-being of individuals, particularly aging adults. Founded over 15 years ago, LogicMark revolutionized the PERS industry by incorporating two-way voice communication technology directly into its medical alert pendants, offering life-saving technology at an affordable price.
The company's core business revolves around creating a Connected Care Platform that enables individuals to receive care at home and maintain their independence. Their product lineup includes the acclaimed Freedom Alert Plus, a device with fall detection and Wi-Fi connectivity, and the new 4G Freedom Alert Mini, which offers GPS location services for on-the-go safety.
LogicMark's products are available through various channels, including the United States Veterans Health Administration, dealers, distributors, and direct-to-consumer sales. The company has secured a contract with the U.S. General Services Administration, allowing it to distribute products to federal, state, and local governments.
Recent financial reports highlight LogicMark's strong performance, with significant improvements in gross profit margins and a decrease in operating expenses. The company's strategic focus on supply chain efficiency and product innovation has driven these positive financial outcomes.
Under the leadership of CEO Chia-Lin Simmons, LogicMark continues to expand its product portfolio and enter new market verticals. The upcoming launch of the Aster software application, available on the Apple and Google Play Stores, exemplifies their commitment to leveraging AI and machine learning to enhance the quality of life for users.
With a mission to let people of all ages lead a life with dignity, independence, and the joy of possibility, LogicMark is dedicated to building a 'Care Village' that supports users' safety, connectivity, and well-being through cutting-edge technology and user-centric solutions.
LogicMark, Inc. (NASDAQ: LGMK) announced a new distribution channel for its medical alert devices, now available on Amazon. This initiative aims to support the aging population by enhancing access to emergency response systems. CEO Chia-Lin Simmons emphasized their mission to promote independence and peace of mind for users, particularly for the 'sandwich generation' caretakers. The launch includes products like the Guardian Alert 911 and accessories, as well as a partnership with U.S. Monitoring for a new 24/7 monitored service called LifeSentry. This service provides immediate access to trained operators for emergency assistance.
LogicMark, Inc. (NASDAQ: LGMK) announced a 1-for-20 reverse stock split of its common and Series C preferred stock, effective April 21, 2023. This measure aims to comply with Nasdaq’s requirement of a $1.00 minimum bid price for continued listing. The decision, approved at a Special Meeting on March 7, 2023, is set to enhance the company's position as it plans to introduce new products. Trading on a split-adjusted basis will commence on April 24, 2023. CEO Chia-Lin Simmons emphasized that the reverse split is critical for maintaining Nasdaq listing benefits and thanked shareholders for their support. Shareholders holding certificates will receive further instructions from Nevada Agency and Transfer Company regarding the exchange process.
LogicMark, a provider of personal emergency response systems, will present at the Planet MicroCap Showcase: VEGAS 2023 on April 26, 2023, at 9:30 AM PT. The event, hosted at the Horseshoe Hotel and Casino in Las Vegas, aims to showcase innovative companies in the microcap sector. CEO Chia-Lin Simmons will deliver a corporate overview, highlighting LogicMark's commitment to delivering accessible health communication technologies.
LogicMark's offerings include advanced medical alert systems designed for users to receive care at home, empowering them to age in place. The company's products are distributed through the U.S. Veterans Health Administration and a GSA contract, facilitating access to federal, state, and local governments. One-on-one meetings will be available at the conference, with registration accessible online.
LogicMark reported a 19% revenue growth for 2022, totaling $11.9 million, driven by increased sales to VA hospitals. The gross profit saw a 25% increase to $7.2 million, with a gross margin of 60.7%.
Despite a net loss of $7.3 million, it represents an improvement from a $14.0 million loss in 2021. The company raised $5.2 million in January 2023 and is investing in new product development and marketing. New executives were appointed to enhance sales strategies as the demand for personal emergency response systems is expected to rise in the aging population segment.
LogicMark, Inc. (Nasdaq: LGMK) announced that it will report its fourth quarter and full year 2022 financial results after market close on March 28, 2023. CEO Chia-Lin Simmons and CFO Mark Archer will host a conference call at 1:30 PM PDT / 4:30 PM EDT to discuss these results and provide a corporate update. Participants can register to obtain dial-in information and access the live webcast on the company's investor relations website. LogicMark specializes in personal emergency response systems (PERS) and health communication devices aimed at supporting care at home and allowing individuals to age confidently in place.
LogicMark, Inc. (NASDAQ: LGMK) held a Special Meeting of Stockholders on March 7, 2023, where all proposals were approved. Key approvals included ratifying BPM LLP as independent accountants for the fiscal year ending December 31, 2022, adopting the 2023 Stock Incentive Plan, and reincorporating from Delaware to Nevada. Additionally, shareholders approved two reverse stock splits for common and Series C preferred stocks. CEO Chia-Lin Simmons expressed optimism about shareholder support in advancing the company’s growth strategy. Detailed voting results are available in a Current Report filed with the SEC.
LogicMark, Inc. (NASDAQ: LGMK) has adjourned its Special Meeting of Stockholders from March 2, 2023, to March 7, 2023. This decision allows shareholders additional time to vote on proposals in the Proxy Statement filed on January 31, 2023. The company emphasizes the importance of each shareholder's vote, regardless of share ownership. Stockholders can vote online using their proxy control number. Those who voted against prior proposals are encouraged to reconsider their votes. Assistance is available from the proxy solicitor, Laurel Hill Advisory Group.
LogicMark, Inc. (NASDAQ: LGMK) announces the adjournment of its Special Meeting of Stockholders originally scheduled for February 28, 2023, now set for March 2, 2023. This postponement aims to provide stockholders additional time to vote on proposals detailed in the Proxy Statement filed on January 31, 2023. The Company emphasizes the importance of each stockholder's vote and encourages prompt participation. Those who need assistance with voting can contact the Company's proxy solicitor. The Company offers personal emergency response systems, enhancing care and confidence for users at home.
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