LogicMark, Inc. (Nasdaq: LGMK), a provider of personal safety,
personal emergency response systems (PERS), health communications
devices, and technology for the growing care and safety economy,
today announced financial results for the quarter ended June
30, 2024.
Summary:
- Revenues
were $2.3 million, up slightly compared with the prior year
period.
- Gross margin in
the second quarter of 2024 was 67%, compared with 69% for the
second quarter of 2023.
- Overall
operating expenses were $3.6 million, compared with $3.9 million
for the prior year period.
- The cash balance
on June 30, 2024 was $3.0 million.
- The Company’s
intellectual property portfolio is expanding, with 14 patents filed
since June 2021. This includes five provisional patents, three
awarded patents, and the remaining patents, which have been
finalized.
- The Company’s
product line now includes five hardware products, with new devices
that include fall detection, geo-fencing, and proprietary
leading-edge technology which includes cloud and mobile caretaker
support app technology and a new personal safety app with a
Bluetooth emergency button.
Chia-Lin
Simmons, Chief Executive Officer
of LogicMark, commented, “Our second quarter results
reflect our expanded sales and marketing efforts to promote our
products across various verticals, targeting higher revenue
streams. We now offer five PERS solutions that include features
such as advanced fall detection, geo-fencing for memory care,
connected cloud and caretaker app support, a personal safety
solution with the Aster safety app, and a robust and growing
intellectual property portfolio which includes artificial
intelligence and machine learning.
“The demand for solutions that enhance personal
safety and independence remains strong. Our data indicates that the
elderly population is living longer and prefers to age in place.
With approximately 10,000 baby boomers turning 65 daily, the demand
for healthcare and home industry workers surpasses supply. Concerns
about personal safety are at an all-time high, and our solutions
are designed to provide much-needed peace of mind.
“Our understanding of these evolving industry
trends is clear, leading us to design solutions that are both
reactive and predictive. As the personal safety and elder care
markets continue to grow, our Care Village ecosystem of software
and hardware is helping meet the changing needs of society and its
families across the USA.”
Second Quarter 2024
Results Revenue for the second quarter
ended June 30, 2024 was $2.3 million, up slightly
compared with the same period last year. A higher average selling
price more than offset softness in unit sales.
The gross margin was a more normalized 67% for
the three months ended June 30, 2024, down from 69% for the three
months ended June 30, 2023. Gross profit in the second quarter of
this year was relatively unchanged at $1.6
million, compared with $1.6 million in the same period
last year.
Total operating expenses in the second quarter
of 2024 were $3.6 million versus $3.9 million in the second
quarter of 2023, a decrease of 6%. Reduced operating expenses were
driven by lower spending in product development and technical
engineering, partially offset by higher spending in sales,
marketing, and advertising as the Company pivots from developing
new products to putting those products in the hands of our
customers. General and administrative costs also fell due to lower
recruiting, professional, and legal fees.
Net loss attributable to common shareholders for
the second quarter was $2.1 million compared with a net
loss to common shareholders of $2.3 million in the same
period last year. On a fully diluted basis, the net loss per
share was $0.96, compared with a net loss of $1.83 per
share in the same period last year. This $0.87 per share
improvement in the net loss per share includes $0.68 per share
attributable to the higher weighted average number of common shares
outstanding.
As of June 30, 2024, the cash balance
was $3.0 million.
Subsequent EventsOn August 5,
2025, the Company closed a public offering of units and pre-funded
units consisting of shares of common stock, warrants and pre-funded
warrants. Before deducting placement agent discounts and
commissions and estimated offering expenses, gross proceeds were
approximately $4.5 million. The Company intends to use the net
proceeds from the offering for continued new product development,
working capital and other general corporate purposes.
Investor Call and SEC
Filings Chia-Lin Simmons, CEO,
and Mark Archer, CFO, will host a live investor call and webcast
on August 13, 2024, at 1:30 PM (PDT) / 4:30 PM
(EDT) to review the Company’s second quarter of 2024 financial
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/BI84b6f480bffa411bb180ee9109eecda5.
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/76eaj2t5.
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 StatementsThis 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 the public offering described above. 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
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 investors@logicmark.com
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LogicMark, Inc. |
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CONDENSED BALANCE SHEETS |
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(Unaudited) |
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June 30, |
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December 31, |
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|
2024 |
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2023 |
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Assets |
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Current Assets |
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Cash and cash equivalents |
$ |
2,959,815 |
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$ |
6,398,164 |
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Accounts receivable, net |
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11,918 |
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13,647 |
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Inventory |
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678,537 |
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1,177,456 |
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Prepaid expenses and other current assets |
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773,894 |
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460,177 |
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Total Current Assets |
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4,424,164 |
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8,049,444 |
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Property and equipment, net |
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161,501 |
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203,333 |
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Right-of-use assets, net |
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82,298 |
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|
113,761 |
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Product development costs, net of amortization of $216,151 and
$68,801, respectively |
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1,368,120 |
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1,269,021 |
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Software development costs, net of amortization of $161,775 and
$23,354, respectively |
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1,637,875 |
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1,299,901 |
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Goodwill |
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3,143,662 |
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3,143,662 |
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Other intangible assets, net of amortization of $6,047,407 and
$5,666,509, respectively |
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2,557,160 |
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2,938,058 |
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Total Assets |
$ |
13,374,780 |
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$ |
17,017,180 |
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Liabilities, Series C Redeemable Preferred Stock and
Stockholders’ Equity |
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Current Liabilities |
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Accounts payable |
$ |
796,815 |
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$ |
901,624 |
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Accrued expenses |
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767,717 |
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1,151,198 |
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Deferred Revenue |
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25,069 |
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- |
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Total Current Liabilities |
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1,589,601 |
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2,052,822 |
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Other long-term liabilities |
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13,382 |
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|
51,842 |
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Total Liabilities |
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1,602,983 |
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2,104,664 |
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Commitments and Contingencies (Note 8) |
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Series C Redeemable Preferred Stock |
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Series C redeemable preferred stock, par value $0.0001 per share:
2,000 shares designated; 10 shares issued and outstanding as of
June 30, 2024 and December 31, 2023, respectively |
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1,807,300 |
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1,807,300 |
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Stockholders’ Equity |
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Preferred stock, par value $0.0001 per share: 10,000,000 shares
authorized |
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Series F preferred stock, par value $0.0001 per share: 1,333,333
shares designated; 106,333 shares issued and outstanding as of June
30, 2024 and as of December 31, 2023, respectively, aggregate
liquidation preference of $319,000 as of June 30, 2024 and as of
December 31, 2023, respectively |
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319,000 |
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319,000 |
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Common stock, par value $0.0001 per share: 100,000,000 shares
authorized; 2,193,587 and 2,150,412 issued and outstanding as of
June 30, 2024 and December 31, 2023, respectively |
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220 |
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216 |
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Additional paid-in capital |
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113,589,568 |
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112,946,891 |
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Accumulated deficit |
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(103,944,291 |
) |
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(100,160,891 |
) |
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Total Stockholders’ Equity |
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9,964,497 |
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13,105,216 |
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Total Liabilities, Series C Redeemable Preferred Stock and
Stockholders’ Equity |
$ |
13,374,780 |
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$ |
17,017,180 |
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LogicMark, Inc. |
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CONDENSED STATEMENT OF OPERATIONS |
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(Unaudited) |
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For the Three Months Ended June 30, |
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For the Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenues |
$ |
2,336,268 |
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$ |
2,326,995 |
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$ |
4,947,351 |
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$ |
5,136,713 |
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Costs of goods sold |
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781,318 |
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727,276 |
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1,625,183 |
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1,674,445 |
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Gross Profit |
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1,554,950 |
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1,599,719 |
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3,322,168 |
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3,462,268 |
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Operating Expenses |
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Direct operating cost |
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320,660 |
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312,426 |
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651,580 |
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575,228 |
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Advertising costs |
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135,220 |
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85,277 |
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287,433 |
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133,393 |
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Selling and marketing |
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605,493 |
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517,931 |
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1,193,031 |
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983,466 |
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Research and development |
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133,556 |
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250,266 |
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307,458 |
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564,154 |
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General and administrative |
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1,982,997 |
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2,443,860 |
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3,881,960 |
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4,857,619 |
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Other expense |
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69,932 |
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50,646 |
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153,758 |
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|
78,964 |
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Depreciation and amortization |
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377,974 |
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|
215,703 |
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723,525 |
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431,701 |
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Total Operating Expenses |
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3,625,832 |
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3,876,109 |
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7,198,745 |
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7,624,525 |
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Operating Loss |
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(2,070,882 |
) |
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(2,276,390 |
) |
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(3,876,577 |
) |
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(4,162,257 |
) |
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Other Income |
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Interest income |
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32,025 |
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|
8,510 |
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|
93,177 |
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|
60,938 |
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Total Other Income |
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32,025 |
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|
8,510 |
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|
93,177 |
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|
60,938 |
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Loss before Income Taxes |
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(2,038,857 |
) |
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(2,267,880 |
) |
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(3,783,400 |
) |
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(4,101,319 |
) |
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Income tax expense |
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- |
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- |
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- |
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- |
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Net Loss |
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(2,038,857 |
) |
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(2,267,880 |
) |
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|
(3,783,400 |
) |
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|
(4,101,319 |
) |
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Preferred stock dividends |
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(75,000 |
) |
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|
(75,000 |
) |
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|
(150,000 |
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|
(150,000 |
) |
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Net Loss Attributable to Common Stockholders |
$ |
(2,113,857 |
) |
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$ |
(2,342,880 |
) |
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$ |
(3,933,400 |
) |
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$ |
(4,251,319 |
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Net Loss Attributable to Common Stockholders Per Share - Basic and
Diluted |
$ |
(0.96 |
) |
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$ |
(1.83 |
) |
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$ |
(1.81 |
) |
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$ |
(3.73 |
) |
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Weighted Average Number of Common Shares Outstanding - Basic and
Diluted |
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2,190,716 |
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1,282,794 |
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2,170,564 |
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|
1,139,437 |
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LogicMark (NASDAQ:LGMK)
過去 株価チャート
から 8 2024 まで 9 2024
LogicMark (NASDAQ:LGMK)
過去 株価チャート
から 9 2023 まで 9 2024