LogicMark (LGMK) 1 Jan 222023 Q2 Earnings call transcript

Good day and thank you for standing by. Welcome to LogicMark's Second Quarter 2023 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a Q&A session. [Operator Instructions] Please be advised that today's conference is being recorded.

to Dubois, conference with like speaker to now Pierre today, Investor would hand over the your I Relations. Please go ahead.

Well, to everyone, participating and good you Norma, call. for conference in thank also today's and you, thank afternoon

Joining and Archer, Officer; me Chief Officer. Mark from Chia-Lin Chief today Simmons, LogicMark Executive Financial are

During performance including results or that this and be LogicMark's address anticipated statements management forward-looking will launches. operational expectations call, product making statements for future

those and risks to other factors cause may results from involve that differ actual materially statements statements. Forward-looking

information most report more periodic in XX-K cautionary to that SEC, risks, the risk refer this release For press the subsequent accompanies about the please statements recently as call, these in factors and LogicMark's for well reports with it. described on LogicMark's filed annual as filed Form particularly

this update contains only or reflect any as required events that is of call. today, XX, any content disclaims or occur circumstances publicly LogicMark that information call obligation XXXX. accurate August time-sensitive to revise by Except after of this as to The information law,

pleasure it's over call Chia-Lin. to that, turn the to With now my

to a joining for care Thank as and welcome economy. continue efforts their our LogicMark like employees by provider everyone you, for tireless would us today. build we to leading to Pierre, solutions start into I thanking the

we Our of team but is relatively be have proud to much new, us.

XX%-plus You'll see level margin gross for a again, from another sustain our second quarter. to quarter were, results that able consecutive we

other will highest on keep and XX%, And are This the top logistics. in focused new of building, In looking supply is improvements our margin, But to in line. still level products in releasing also fact, due our the we're efficiencies. we our quarter second which testing, XX very for partly grow is reported mind, last quarters. gross operating chain

instant that expecting company is the last team new the new Alert a wearable we the of to detection, product Platform, industry. us more additional By releases, launch that health touchscreen and in announce can and technology a since new Alert product our Village The to features, excited for Freedom eight into and legacy first device Software which year, offer new predictive reactive to technology fall Plus a was I am to hired introduces Plus, called caregivers, helping comprehensive sophisticated valuable a from product. a years. is connection device the are Care product unique we to most a to Speaking more in PERS incorporating very the communications design mere a first transform Freedom

fall a likelihood and has and team in Accurate the it been CPaaS as now using fall to monitor ecosystem. efforts accurately of solutions is can R&D the in These our and to With Service Caring Platform best various real care. assessment machine some analyze time, usage, PERS our and utilize lacking a the predict detection other to to head our of proprietary with or patterns, movement through occurring. learning machine relevant optimize techniques wellbeing this data we and LogicMark needed data the new systems customers' algorithms, capture time, our product artificial sensors, on market innovative tackling intelligence learning for

new customers most with features Care will optimize iOS CPaaS our and a be customers. utilizes devices includes system, devices. proprietary platform device Platform, our Village updates. our detection to services. connected by can our services, The cloud-based on both the new accessed add all times. providing ensuring new suite LogicMark of us Care for and us operating also allows app Software Android This continuously Village permits innovative features, sustainability automatic fall The LogicMark at which offer It to

of reminder medicine a our incorporating be we'll upcoming releases. example, in For one product

for program can are they prescription medicines alerts taking. various the user The

the as accessible on feature hardware products is the aim to available. Our the LogicMark features make become all new

LifeSentry previously and partnership launched with government, LogicMark them US Freedom will and needs, support supports This includes our to to we've our customers' our direct-to-consumer late ability product. channels. we store, announced the help to Amazon all been available which in March our working business-to-business, direct-to-consumer through Monitoring Our to distribution. subscription-based with also respond Alert be increase

role We're our in more on population. ageing additional recent share. making working article operate excited so direct-to-consumer that about products can market serve We're to the capture marketplace U.S. the continuously channels we efficiently additional providing A our in

summarizes the their for there live their be for more desire in the and Report XX-and-older News the in older ever, strong & will the highlights few a million XX XXXX, Bureau homes decades. that By of U.S. children of adults the in XX the population older, will indicates possible. first long A survey, time projects to million World as include, and XX. there XX.X aged to under United upcoming compared States people age the Census than as

to one difficult things mobile medical their systems, reassurance and a found all, no-frills that decision having seniors, their The accessible of users' that says brings easy adopt the nearly comfort XX% medical wireless. compared matter device. Survey. While and like to it, utilize, system say that to use app, who Safety for a can technologies, them according up, or alert XX to using older assisted When provides children to set use, and similarly XX% device survey say it's Senior the be people house-related it Connectedness some easy using parents that most a and a that

top are State recent that so Separately, and CB on health company on report tech as private five are Digital navigation Health, by in in a categories XXXX. far and investments as well delivery Insights care attracting the published of data analytics

a development and few right target the the [technical with that more that points difficulty] are on path as our proof doing market is just we target. So, we're work on product

Mark I'd hand to the comments like some At the over to this on financials. point, call for

you, Yes, Chia-Lin. thank

margin same last a XX.X% revenues quarter second million the to on of XX.X% of Our include on This gross a of results million. year. $X.X period $X.X of compares margin gross revenues for

ways improve better looking and through reduction to management, margins programs. improvements, supply always cost productivity, efficiency for are We chain

to As Asia-based four return as able expensive substantial. air as five air been as from over savings an contract to times be shipping using the freight opposed the manufacturers. transpacific can freight shipping And the ocean, is example, our we've to so to

[but of XG we case the at less was networks year-over-year our that due one-time in XG the units, over In our support. Healthcare difficulty] decrease which would they year appreciated. to Administration greatly no (ph) which than hope those years in The [technical System place] XG sales revenues two replaced cellular XXXX, longer old, last cost, units to XXX the units Plus national units announced, Veterans

aware, our significant most customer. enduring been VA As the and has you are

Chia-Lin pipeline still up out our and As sales. the focused mentioned, building we're on new product ramping

period the to During the expenses rose quarter, or last XX%, year. $XXX,XXX operating compared same

Specifically, expenses to for of was the period in the the million relating reincorporation second into Nevada a one-time and sales $X.X compared department, start that year. loss quarter loss relate Meeting, net in operating of and in with was common done same to the to the advertising Net support shareholders our to million Special online in personnel last the attributable June. $X.X increased additional direct-to-consumer expenses effort, April, held the Shareholders sales

we the were share calendar April maintain we $X.XX, May XX, X-for-XX compared $X.XX On outstanding. split were X, full $X.X balance a loss and in to common notified share of that our net diluted number their requirements. over the continued a XXXX. ended of required successfully On with last Nasdaq with of per prior share we was stock the reverse compliance quarter to both to a with by $X preferred at on year. From weighted shares listing a million, per basis Nasdaq fully loss shares, liquidity we improved compared listing second the standpoint, net million because our The loss exchange. a a On was our end completed net stock cash of of compliance year which on

manage future mention that this our expected controls, I difficulty] also just function will us help quarter, our this [Technical our with move reporting strengthen accounting process, financial outsourcing finished in-house we a had And party. like would and believe growth. improve while bringing we third been internal we our to

Well, I hand ahead over before to call want Q&A. can have the any and did comments go think, kickoff her? you Norma, we you Mark, to

you Did not of any sorry. I'm Yes, that? hear

it we all. heard yes, Sure,

you wanted it hand to closing over. a had you think statement before I

to. just know didn’t if wanted So,

would product pipeline today the And guess I beginning up, I filling later just so progress say am think see with I far. pleased a this we'll with our I the revenues year. in lift

And at the like I'd for Chia-Lin back hand remarks. closing to time, this Simmons conference to

today. taking updated you keeping for we you to support of our forward look all the time We appreciate and progress. listen to your on to Thanks

today's conference your for concludes call. Thank you participation. This

disconnect. now a have day. You Everyone, may wonderful