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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 (Nasdaq: LGMK) announced its 2022 Annual Meeting, scheduled for August 25, 2022, emphasizing the importance of shareholder voting on key proposals. The company has strengthened its financial position, becoming debt-free after raising $12.5 million. New leadership, including a CFO and VP of Engineering, has been appointed to drive innovation. LogicMark also added three experienced board members and filed five new patents. The letter highlights the company's transition towards technology solutions in the care economy, aiming for revenue growth and enhanced shareholder value.
LogicMark, Inc. (Nasdaq: LGMK) announced its 2022 Annual Meeting of Stockholders will be held on August 25, 2022. CEO Chia-Lin Simmons highlighted the company's transformation into a technology firm focused on the care economy, leveraging proprietary remote care solutions. The company is poised for growth through new leadership, debt elimination, and enhanced technology in AI and machine learning. Shareholders are encouraged to support key proposals, including Board reappointments and the selection of BPM LLP as auditors, aimed at ensuring future success and reducing shareholder dilution.
LogicMark, Inc. (Nasdaq: LGMK) announced its annual general meeting of shareholders set for August 25, 2022, at 9:30 a.m. (PT) in American Canyon, California. Shareholders of record as of June 28, 2022, will receive proxy materials starting July 1, 2022. The meeting will cover key items including the election of five board members, ratification of BPM LLP as independent accountants, adoption of a 2022 Stock Incentive Plan, and a proposal for reincorporation in Nevada. The Board recommends a 'FOR' vote on all proposals.
LogicMark, Inc. (LGMK) announced the appointment of Barbara Gutierrez to its Board of Directors, where she will lead the Audit Committee. With over 30 years of financial leadership experience, Gutierrez is currently the CFO of InnovAge Holding Corp. (INNV) and brings extensive expertise in capital transactions and strategic planning. CEO Chia-Lin Simmons highlighted her pivotal role in enhancing the company's B2B focus and the broader care economy. LogicMark aims to redefine its position with innovative technologies and substantial market opportunities.
LogicMark, Inc. (Nasdaq: LGMK) reported strong first-quarter results for 2022, with revenue reaching $3.7 million, a 50% increase year-over-year. Gross profit rose to $2.2 million with a gross margin of 60%, slightly up from last year. Operating expenses escalated to $3.5 million, primarily due to enhanced investments in product development and the sales team, leading to an operating loss of $1.3 million. Despite this, the net loss decreased significantly to $1.3 million from $4.2 million a year prior. The company ended the quarter with $12.2 million in unrestricted cash.
LogicMark, Inc. (NASDAQ: LGMK) will release its first-quarter 2022 financial results on May 12, 2022, after market close. Management will host a conference call at 1:30 PM PDT (4:30 PM EDT) to discuss the results and provide a corporate update. Stakeholders can participate via a webcast or by dialing into the conference call using the provided credentials. LogicMark specializes in personal emergency response systems, health communication devices, and IoT technologies aimed at enhancing home care and supporting aging in place.
LogicMark, Inc. (Nasdaq: LGMK) reported Q4 and full-year financial results for 2021, revealing a 6% year-over-year revenue decline in Q4 to $2.4 million, with an annual revenue drop of 12% to $10.0 million. Gross profit also fell by 26% for the year. Operating expenses surged 60% to $13.2 million due to non-cash impairment charges. The company aims to enhance growth through new product launches and market partnerships in 2022. LogicMark has taken steps to regain Nasdaq compliance and is focusing on transitioning to 4G products in response to the shutdown of 3G networks.
LogicMark, Inc. (NASDAQ: LGMK) has announced a rescheduled earnings call on April 19, 2022, to discuss its fourth quarter and full-year 2021 financial results. CEO Chia-Lin Simmons and CFO Mark Archer will host this call at 11:00 AM (PDT) / 2:00 PM (EDT). Investors can register through the LogicMark Investor Relations website. The company's personal emergency response systems (PERS) and IoT technologies continue to support its mission to enable home care and promote confidence in aging in place.
LogicMark (NASDAQ: LGMK) has rescheduled its conference call to discuss the fourth quarter and full year 2021 financial results, initially set for March 30, 2022, at 11:00 AM PDT. CEO Chia-Lin Simmons stated that 2021 was a transitional year as the company assessed its management and corporate infrastructure. The upcoming call will outline their strategic plans for growth. LogicMark provides personal emergency response systems and IoT technologies to enhance connected care.
LogicMark, Inc. (NASDAQ: LGMK) announced the appointment of John Pettitt to its Board of Directors, bringing nearly 40 years of experience in technology and entrepreneurship. Pettitt has a notable background in e-commerce and multiple successful startups, including CyberSource and Relay Media. His expertise is expected to enhance LogicMark's growth and product evolution in the Personal Emergency Response Systems (PERS) category. CEO Chia-Lin Simmons expressed confidence in Pettitt's ability to provide invaluable insights as the company aims to improve care technology for seniors.
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