LogicMark Reports 31% Revenue Growth in Q1

LogicMark, Inc. (Nasdaq: LGMK), a provider of personal emergency response systems (PERS), health communications devices, and technology, announced its revenues for Q1 2023 ended March 31 rose 31% versus the prior quarter. The company’s gross profit in the first quarter was $1.9 million, up 41% from the prior quarter. Gross margin in the first quarter was 66.3%.

In January 2023, LogicMark completed a registered public offering of common stock, raising $5.2 million in gross proceeds. In April, the company executed a 1-for-20 reverse stock split of its outstanding shares of Common Stock and Series C Redeemable Preferred Stock in order to regain compliance with Nasdaq listing requirements. Prior to the reverse stock split, the stock had sunk to just $0.23 cents per share. The stock is at $3.30 per share today.

Other highlights from the company include the launch of the LogicMark store on Amazon, expanding its B2C sales channel, and partnering with US Monitoring to offer 24/7 monitoring services. LogicMark’s cash balance on March 31, 2023 was $9.8 million, up from $7 million on December 31, 2022.

Chia-Lin Simmons, LogicMark’s Chief Executive Officer, commented, “Our recent launch of the LogicMark store on Amazon’s platform represents a pivotal expansion of our B2C footprint, establishing yet another channel upon which to grow sales, especially in light of our upcoming product launch activities slated for second half of 2023. Amazon, as the largest online retailer in the country, presents an enormous opportunity for LogicMark to expand its reach. We are pleased to see a steady stream of sales emerging from this new channel which just launched mid-April and look forward to expanding the store offerings with upcoming product launches.”

Coinciding with this expansion is our exciting new 24/7 monitoring service partnership with US Monitoring. This represents the launch of our new subscription revenue model and opportunities to enhance the services margins for LogicMark which has, until now, been a pure hardware company. US Monitoring, a U.S.-based company, provides national wholesale monitoring services.

Back in 2016, LogicMark was acquired by NXT-ID for $20 million.  Back in 2012, SSI Hall of Famer Ben Cornett was among the acquirers of LogicMark.

The post LogicMark Reports 31% Revenue Growth in Q1 appeared first on Security Sales & Integration.



from News Archives - Security Sales & Integration https://www.securitysales.com/news/logicmark-reports-31-revenue-growth-in-q1/
via IFTTT

Comments

Post a Comment

Popular posts from this blog

Total Tech Summit Puts Call Out for Top Integrators to Apply Now

Image
FRAMINGHAM, Mass. — Total Tech Summit announces that applications are now being accepted to attend this year’s event. Comprised of the  SSI Summit, CE Pro Summit and Commercial Integrator Summit, this year’s event will take place in Las Vegas at the MGM Grand Hotel and Casino, Nov. 13-15. At this all-expense-paid, exclusive event, VIP guests will have the chance to sit in on industry-defining sessions, key boardroom presentations, and be able to meet one-on-one with potential vendors. Total Tech Summit brings together the best in class to share ideas, learn from others, and most importantly, accelerating the next stage of their businesses. It is the only event of its kind that bridges channels and connections by bringing together professional security, commercial AV and residential AV integrators. Another perk of the Total Tech Summit is the VIP Peer-to-Peer groups. These group conversations take place throughout the months leading up to the event and are guided by the editors of t
Read more

Evolv Technology, Pittsburgh Pirates Team Up for Fan-Friendly Ballpark Security

Image
WALTHAM, Mass.—Evolv Technology has announced its partnership with Major League Baseball’s Pittsburgh Pirates, adding to the growing list of Pittsburgh, Pa. venues that have teamed up with Evolv to help keep people safe, including the Pittsburgh Cultural Trust and Acrisure Stadium, home of the Pittsburgh Steelers. When the Pirates opened the gates at PNC Park for the 2023 MLB season in early April, all attending fans passed through Evolv’s state-of-the-art Evolv Express screening solution, which uses sensor technology with artificial intelligence (AI) to provide safer, more accurate threat detection at unprecedented volume and speed, the company states. Fans can now walk through without always having to stop or open bags, reducing long lines and allowing guests to make their way directly into the ballpark. “What continues to make PNC Park so special, aside from the physical design, is the total fan experience. That begins from the moment they walk up to our gates,” said Travis Willi
Read more

Minnesota AG Calls for Cancellation of Home Security Contracts for Alleged Fraud

STEARNS COUNTY, Minn. — Bring Me the News reports that Minnesota’s Attorney General, Keith Ellison, says he’s gotten consumers in Stearns County out of home security contracts after they were misled by a door-to-door salesman. According to the report, Ellison’s office announced that home security companies Skyline Security Management and Safe Home Security have agreed to their cancel contracts with customers in and around Stearns County who purchased their systems from door-to-door salesman Gary Harvey. “Door-to-door salesmen and their employers are in the business of trust-building,” Ellison said in a statement. “They know they need to have your trust to sell you their products, particularly expensive products like security systems that are supposed to keep your home safe. When that trust is betrayed, it’s emotionally and financially painful. I appreciate Skyline and Safe Home taking the right step in canceling these contracts while my office does what we can under the law to hold M
Read more