LogicMark reports Q4 adjusted EPS ($1.73) vs. ($5.23) last year

Reports revenue $2.4M vs. $2.1M last year.Chia-Lin Simmons, CEO, stated “Our team’s remarkable accomplishments during 2023 are a testament to our collective dedication. We finished the year with strong momentum, increasing fourth-quarter revenues by 13% and improving gross profit by 21% year-over-year. Moreover, we achieved a 66% gross margin in the fourth quarter, an improvement of 450 bps from last year’s fourth quarter. In addition to strong financial results, we expanded our software and technology suite to complement the launch of two new products. During the fourth quarter, we launched two highly anticipated products. Firstly, the Freedom Alert Plus is a unique Wi-Fi and touch-screen-enabled device. Secondly, the new 4G Freedom Alert Mini is a smaller form factor device to meet the needs of those on the go. Both products include monthly 24/7 monitoring service by US-based emergency operators and patented multi-sensor fall detection, providing safety, convenience, and peace of mind. These products are available for purchase at the new LogicMark store on Amazon.com and on our recently upgraded eCommerce website portal. We then kicked off 2024 with entry into a new market by releasing our subscription-based software application called Aster, now available on the Apple and Google Play Stores. This standalone software contains many features to provide peace of mind to users of all ages, allowing them to remain connected to their loved ones or caregivers. To complement the software, the LogicMark Bluetooth button can be attached to a pocket, key, or bag, and when paired with Aster, it can serve as a quick-access emergency device. Aster is an excellent example of how our Caring Platform as a Service model can be leveraged to launch other IoT solutions. Looking ahead, we plan to expand our cellular-based product line and features to provide multi-layer safety support using CPaaS. This will allow us to integrate with various third-party connected and wearable devices and services to serve our customers at home or on the go. We are passionate about developing and implementing our technology solutions, utilizing leading-edge AI and machine learning tools to improve the quality of life for everyone.”