NEWS
LogicMark, Inc. Announces Second Quarter 2024 Financial Results; Expansion Strategy into Personal Safety Markets Continues
LOUISVILLE, Ky., Aug. 13, 2024 (GLOBE NEWSWIRE) -- 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.
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.
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