LogicMark (LGMK) 13 Aug 242024 Q2 Earnings call transcript

Good afternoon, and thank you for participating in today's second quarter 2024 conference call.

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

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

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

For more information of these risks, please refer to the risk factors described in LogicMark's most recent filed annual report on Form 10-K and subsequent periodic reports filed with the SEC and LogicMark's press release that accompanies this call, particularly the cautionary statements in it. The content of this call contains time-sensitive information that is accurate only as of today August 13, 2024. call. It law, any any or over information could after by update to circumstances to required pleasure occur revise my or to this Chia-Lin as Simmons. LogicMark the option disclaims publicly that to Except turn now call is reflect events

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decrease the unchanged in compared by a operating to company year, The $X.X year. more fully million XXXX, attributable second $X.X per expenses the development X%. months and million you, products months the second of period for were share prior $X.X the compared Revenue XXXX. of spending second same in slightly driven was ended for partially in the second net the common this year. developing was a was XX, loss the XXXX, in million in the the in diluted ended quarter share with softness our million net up the XX, million last XX% selling with Reduced from was offset profit pivots compared XX% for last Gross margin with Thank price of June million, period sales, June to the recruiting, operating $X.X professional On unit products compared in $X.XX with basis, for shareholders putting more ended quarter X down net loss from The Chia-Lin. engineering, lower than Yes. of $X.X a the same hands net expenses the normalized costs higher offset million administrative higher average the loss $X.X $X.XX X year. Total same a quarter in $X.X relatively fell period also of year for technical legal customers. General June A spending quarter sales. gross as versus last due loss in per at last a marketing by period. was to of new lower product advertising and those and and were fees.

As of June XX, XXXX, million. our cash $X.X balance was

August purposes. the million. on As to Chia-Lin at deducting closed priced We proceeds X, general capital from on corporate offering the approximately before expenses and for Gross registered use working secondary intend referenced, the net offering placement were proceeds $X.X market. a estimated fees we and offering agent

company's things, NASDAQ's X, also which, stock, other C on October with shares meeting common of minimum for We allowing Shareholders first, common more bid of X, well of secondary compliance plan issuance record the us price for, stockholders a preferred vote. the holding Series XX% XXXX, a our August seek of as; on approval of will regain of of to among special as connection in reverse be and requirement of the offering. to two, with approval as shares entitled will or completed stock just split

With like questions. any up to that, open to I'd call the

Marin of [Operator the Instructions] Zacks. We question from with have a coming line M.

how in gaining us is you've you plans what And viewed through said that the an the think to DXC? you sales as to that new color channel Can channel see I that channel any try promote your give going past traction? are So important forward. DTC on

question, Yes. Marla. for the Thank you

talk from I or not Store our when important DXC, So sales very in App we're website product is us. really even channel a our yes, And for about Aster think, sales just for DTC, talking we for downloads the with we're easy worked Amazon. an are often to [indiscernible] we're a corporate they and with work also not ever And organization has who work are talking about they as but that entity. anybody Amazon, on about doing

there, as as cost, in quickly And mini particular as regarding our shipping the to now participating actually strides make launched we product key one reducing well. which well of XXX on that products heritage Amazon sort programs the product, for so to into the of get we products platform we continue the our ensure is that as as hands customers possible. And have our

to for continue will ways increase to those look promote So and we opportunities. basically

customer at, on value DXC a focused opportunities, sort basically ad the course, of very as lifetime as increasing working constantly always are We also acquisition of different doing and of looking number the possible. of with well LTV

are basically we much to with of that's We cost basically as because very of in market. deal acquisition people of the we're our so But been people and company background. team sort with with customer be our competitive always in startup a hearts, can interest to corporate low our nimble acquire as has start-up to and size a

so more been DXC privately our DXC folks which have in than that of for think have and a company, us. we Guardian, I to extremely is years, market some very, held right? new Medical XX is here for And note competitors, these very the

And good so make lines. along we those continue very strides to

question, Aster. then is Okay. one last And about which

you've some very but your that belt. Now line, time a time long had not on

target new market, represents Aster believe, a a demographic. new I

that for demographic say, outside for will I demographic? opportunities demographics, be So particular you going your the demographic or and/or thinking that in are services products forward, new addressing of fall to that terms of other should provide core that traditional there

that's -- for continue marketplace, to love mean along and the see an been comes be Aster with PERS that the tsunami global that U.S. to our to sort XX of exciting XX, and like There's to -- people when It's X/X turning is your how X/X nothing following. candid, we it's nothing one in launch customers us. a that right? is demographic the have -- silver up Yes. I and make compared of are many and X/X terms of over, look of when

really new on to a the also we it are ] to activities. very was It partnerships [ terms aging Americans Swift canceled. who But places of all the be actually tickets go very tsunami can Aster I have up different lot type is friends had for opens are the the allows that us do to XX% continue reality we that Austria outdoor think participate that and really in of bullish of completely us afraid in do market. I saddened. silver market company. to in. The to a TAM things of see Taylor So I'm

a lot of like is really safe where that's for them going big mind think from of of people, a And lot don't festival. feel to personal to I a so safety top events anymore. People that

after actually people rather really like shocking. good the of so to about I a marketplace feeling jogging, concerts, events, mean, opens Americans up us going not And XX% that's product outdoor activities of doing --

that, opportunity us our to to a And so partner also a market in we side. is think this But Aster that a that represents for pie. us BXBXC allows solid and grow the also marketplace very product

And so of partnerships these we this distribution in us available to and who of sort heck with more partnerships a partnerships. category actually talking see you make in to business terms will work to a products of about lot

So to a in. exciting it's very spot be

at no showing I'm for to queue turn remarks. time. back Chia-Lin And call I the any you. will questions further over in the now closing Thank this

look of living as Thank than show We've prefer to Studies the to concerns of and appreciate prospects. as you. say personal to age longer Thank is our place safety support continue developments. like elderly that that about ever strides more elder encouraged reactive have you, all-time in personal all and you -- to in the life. improve forward a care to LogicMark and quality for This well the into provided stock supplier high. our thus future In on summary, is Olivia. our that we predictive the I'd personal and updated safety keeping of made markets. We investing time are transforming far, great population stakeholders us and right solutions in I'm innovative, safety

conclude and Thank that participation. gentlemen, today. Ladies does for your for you conference

now may You disconnect.