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LogicMark, Inc. Reports Fourth Quarter and Full Year 2023 Results

LogicMark, Inc. Reports Fourth Quarter and Full Year 2023 Results

LogicMark, Inc. 公佈2023年第四季度和全年業績
LogicMark ·  04/18 12:00
Fourth Quarter Year Over Year Revenue Increased 13% and Gross Profit Increased 21%
第四季度收入同比增長13％，毛利增長21％

LOUISVILLE, Ky., April 18, 2024 (GLOBE NEWSWIRE) -- LogicMark, Inc. (Nasdaq: LGMK), a provider of personal emergency response systems (PERS), health communications devices, and technology for the growing care economy, today announced financial results for the fourth quarter and full year ended December 31, 2023.

肯塔基州路易斯維爾，2024 年 4 月 18 日（GLOBE NEWSWIRE）— LogicMark, Inc.。納斯達克股票代碼：LGMK）是爲不斷增長的醫療經濟提供個人應急系統（PERS）、健康通信設備和技術的提供商，今天公佈了截至2023年12月31日的第四季度和全年財務業績。

Chia-Lin Simmons, Chief Executive Officer, shared her thoughts on LogicMark's results stating, "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.

首席執行官嘉琳·西蒙斯分享了她對LogicMark業績的看法，她說：“我們的團隊在2023年取得的顯著成就證明了我們的集體奉獻精神。我們以強勁的勢頭結束了這一年，第四季度收入增長了13％，毛利同比增長了21％。此外，我們在第四季度實現了66％的毛利率，比去年第四季度提高了450個點子。除了強勁的財務業績外，我們還擴展了軟件和技術套件，以補充兩款新產品的推出。

"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.

“在第四季度，我們推出了兩款備受期待的產品。首先，Freedom Alert Plus是一款獨特的支持Wi-Fi和觸摸屏的設備。其次，新的4G Freedom Alert Mini是一款外形較小的設備，可以滿足旅途中的需求。這兩款產品均包括美國緊急救援人員每月提供的全天候監控服務，以及獲得專利的多傳感器跌倒檢測，提供安全、便捷和安心。這些產品可在新的 LogicMark 商店購買 亞馬遜 以及我們最近升級的電子商務網站門戶。

"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 (CPaaS) model can be leveraged to launch other IoT solutions.

“然後，我們發佈了名爲Aster的訂閱型軟件應用程序，開啓了2024年，進入了一個新市場，該應用程序現已在蘋果和谷歌Play商店上市。這款獨立軟件包含許多功能，可讓所有年齡段的用戶都高枕無憂，使他們能夠與親人或看護人保持聯繫。作爲對軟件的補充，LogicMark 藍牙按鈕可以固定在口袋、鑰匙或包上，當與 Aster 配對時，它可以用作快速訪問的應急設備。Aster就是一個很好的例子，說明如何利用我們的關懷平台即服務（CPaaS）模式來推出其他物聯網解決方案。

"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," concluded Ms. Simmons.

“展望未來，我們計劃擴大基於蜂窩的產品線和功能，使用CPaaS提供多層安全支持。這將使我們能夠與各種第三方聯網和可穿戴設備和服務整合，爲家中或旅途中的客戶提供服務。我們熱衷於開發和實施我們的技術解決方案，利用領先的人工智能和機器學習工具來改善每個人的生活質量，” 西蒙斯女士總結道。

Fourth Quarter 2023 Financial Summary

2023 年第四季度財務摘要

  • Revenue in the fourth quarter of 2023 was $2.4 million, a 13% increase from $2.1 million in the same period last year. This quarter's year-over-year comparison saw the end of one-time incremental sales in the prior year's results due to the sunsetting of 3G service by the mobile carriers.
  • Gross profit in the fourth quarter of 2023 was $1.6 million, up 21% from $1.3 million in the same period last year. Gross profit improved from increased sales and cost reductions.
  • Gross margin improved to 66.0% in the fourth quarter of 2023, a 450 bp increase from the same period last year. In addition to the impact of selected price increases taken last July, improvements in both inbound and outbound shipping costs continue to be realized.
  • In the fourth quarter of 2023, a deemed dividend of $0.9 million was recorded due to the warrant inducement transaction completed in November 2023, as well as a $7.8 million goodwill impairment charge. Both expenses were non-cash.
  • Excluding the impact of the goodwill impairment charge, total operating expenses for the fourth quarter of 2023 were $3.2 million, compared to $3.7 million in the same period last year, a 14% decrease.
  • Net loss was $1.73 per share on 1.7 million weighted shares outstanding in the quarter, excluding the impact of the impairment charge and deemed dividend, compared with a net loss of $5.23 per share on 0.5 million weighted shares outstanding in the prior-year quarter. Adding back the two non-cash charges, the net loss was $5.74 per share.
  • 2023年第四季度的收入爲240萬美元，較去年同期的210萬美元增長了13％。在本季度的同比比較中，由於移動運營商停止提供3G服務，去年業績中的一次性增量銷售額結束了。
  • 2023年第四季度的毛利爲160萬美元，較去年同期的130萬美元增長21％。由於銷售額的增加和成本的降低，毛利潤有所改善。
  • 毛利率在2023年第四季度提高到66.0％，比去年同期增長450個點子。除了去年7月部分價格上漲的影響外，入境和出境運輸成本繼續有所改善。
  • 2023年第四季度，由於2023年11月完成的認股權證激勵交易以及780萬美元的商譽減值費用，錄得90萬美元的認定股息。這兩項費用均爲非現金。
  • 不包括商譽減值費用的影響，2023年第四季度的總運營支出爲320萬美元，而去年同期爲370萬美元，下降了14％。
  • 本季度170萬股加權已發行股票的淨虧損爲每股1.73美元，其中不包括減值費用和視同股息的影響，而去年同期50萬股加權股票的淨虧損爲每股5.23美元。加上兩項非現金費用，淨虧損爲每股5.74美元。

Full Year 2023 Financial Summary

2023 年全年財務摘要

  • Total annual revenue for 2023 was $9.9 million, a 17% decrease from the prior year's revenue of $11.9 million. This decrease was due to one-time revenues in the prior year's results that were driven by replacement sales related to the 3G sunsetting by mobile carriers.
  • Gross profit was $6.7 million, down slightly from $7.2 million in the prior year. Cost reduction measures helped offset some of the impact from lower year-over-year revenues.
  • Gross margin improved to 67.1% in 2023, a 640 bp increase from the full year 2022. As was the case in the fourth quarter, much of the improvement resulted from lower inbound and outbound shipping costs.
  • Total operating expenses for the year were relatively unchanged at $14.2 million for the year ended 2023, compared with $14.1 million for the year ended 2022, excluding the recent quarter's goodwill impairment charge.
  • The net loss for 2023 was $4.03 per share on 1.4 million weighted shares outstanding, compared with the prior year's net loss of $15.15 per share on 0.5 million weighted shares outstanding, excluding the impact of the impairment charge and deemed dividend. Adding back the two non-cash charges, the 2023 net loss was $11.66 per share.
  • 2023年的年總收入爲990萬美元，較上一年的1190萬美元收入下降了17％。這一下降是由於去年業績中的一次性收入，這些收入是由移動運營商與3G停用相關的替代銷售推動的。
  • 毛利爲670萬美元，略低於去年的720萬美元。成本削減措施幫助抵消了收入同比下降的部分影響。
  • 毛利率在2023年提高到67.1％，比2022年全年增長了640個點子。與第四季度一樣，改善在很大程度上歸因於入境和出境運輸成本的降低。
  • 截至2023年年度，該年度的總運營支出相對保持不變，爲1,420萬美元，而截至2022年的年度爲1,410萬美元，其中不包括最近一個季度的商譽減值費用。
  • 2023年已發行140萬股加權股票的淨虧損爲每股4.03美元，而去年50萬股加權已發行股票的淨虧損爲每股15.15美元，其中不包括減值費用和視同股息的影響。加上這兩項非現金費用，2023年的淨虧損爲每股11.66美元。

As of December 31, 2023, the Company had cash and cash equivalents of $6.4 million, compared with $7.0 million at the end of December 2022. During the year ended December 31, 2023, the Company received gross proceeds of $6.4 million from issuing common stock, warrants, and the exercise of common stock purchase warrants.

截至2023年12月31日，該公司的現金及現金等價物爲640萬美元，而2022年12月底爲700萬美元。在截至2023年12月31日的年度中，公司通過發行普通股、認股權證和行使普通股購買權證獲得了640萬美元的總收益。

Investor Call and SEC Filings
Chia-Lin Simmons, CEO, and Mark Archer, CFO, will host a live investor call and webcast to review the results today, Thursday, April 18, 2024, at 1:30 PM (PDT) / 4:30 PM (EDT).

投資者電話會議和美國證券交易委員會文件
首席執行官Chia-Lin Simmons和首席財務官Mark Archer將於今天，即2024年4月18日星期四下午 1:30（太平洋夏令時）/下午 4:30（美國東部時間）主持投資者電話會議和網絡直播，以回顧業績。

Investors and analysts wishing to participate in the conference call must register to obtain their dial-in and pin number here:
https://register.vevent.com/register/BI2ce1241f4eec494dab730a8fb99713f4.

希望參加電話會議的投資者和分析師必須在此處註冊以獲取其撥入和密碼：
https://register.vevent.com/register/BI2ce1241f4eec494dab730a8fb99713f4。

To listen to the live webcast, please visit the LogicMark Investor Relations website here or use the following link: https://edge.media-server.com/mmc/p/z449z9mq.

要收聽網絡直播，請訪問LogicMark投資者關係網站 這裏 或者使用以下鏈接： https://edge.media-server.com/mmc/p/z449z9mq。

The associated press release, SEC filings, and webcast replay will also be accessible on the Company's investor relations website.

美聯社的新聞稿、美國證券交易委員會的文件和網絡直播重播也將在公司的投資者關係網站上公佈。

About LogicMark
LogicMark, Inc. (Nasdaq: LGMK) is on a mission to let people of all ages lead a life with dignity, independence, and the joy of possibility. LogicMark provides personal emergency response systems (PERS), health communications devices, personal safety apps, services, and technologies to create a Connected Care Platform. Made up of a team of leading technologists with a deep understanding of IoT, AI, and machine learning and a passionate focus on understanding consumer needs, LogicMark is dedicated to building a 'Care Village' with proprietary technology and creating innovative solutions for the care economy. The Company's PERS technologies are sold through the United States Veterans Health Administration, dealers, distributors, and direct-to-consumer. LogicMark has been awarded a contract by the U.S. General Services Administration that enables the Company to distribute its products to federal, state, and local governments. To learn more, visit logicmark.com and investors.logicmark.com.

關於 LogicMark
LogicMark, Inc.（納斯達克股票代碼：LGMK）的使命是讓所有年齡段的人過上有尊嚴、獨立和充滿可能性的快樂的生活。LogicMark 提供個人應急響應系統 (PERS)、健康通信設備、人身安全應用程序、服務和技術，以創建互聯醫療平台。LogicMark 由一支對物聯網、人工智能和機器學習有深刻理解並熱衷於了解消費者需求的領先技術專家團隊組成，致力於利用專有技術建立 “關愛村”，爲醫療經濟創造創新的解決方案。該公司的PERS技術通過美國退伍軍人健康管理局、經銷商、分銷商和直接面向消費者銷售。LogicMark 已獲得美國總務管理局簽訂的合同，使公司能夠將其產品分銷給聯邦、州和地方政府。要了解更多信息，請訪問 logicmark.com 和 investors.logicmar。

Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the Company's financials, the status of and plans for its products and services described above, and the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; the Company's ability to maintain its Nasdaq listing for its common stock; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the SEC.

關於前瞻性陳述的警示聲明
本新聞稿包含1995年《私人證券訴訟改革法》所指的前瞻性陳述。前瞻性陳述反映了管理層截至本新聞稿發佈之日的當前預期，並涉及某些風險和不確定性。前瞻性陳述包括此處有關公司財務狀況、上述產品和服務的狀況和計劃以及公司業務戰略的成功執行的陳述。由於各種因素，公司的實際業績可能與這些前瞻性陳述中的預期存在重大差異。除其他外，此類風險和不確定性包括我們通過專利程序建立和維護我們技術的專有性質的能力，以及我們可能從開發產品所需的其他專利和專利申請中獲得許可的能力；融資的可得性；公司爲其技術的各種應用實施長期業務計劃的能力；公司與任何必要的營銷和/或分銷合作伙伴簽訂協議的能力；競爭的影響，獲得以及維持適用於公司技術應用的任何必要監管許可；公司維持其普通股在納斯達克上市的能力；以及對增長和其他風險和不確定性的管理，這些風險和不確定性可能會在公司向美國證券交易委員會提交的報告中不時詳細說明。

Investor Relations:
investors@logicmark.com

投資者關係：
investors@logicmark.com

LogicMark, Inc.
BALANCE SHEET
As of December 31, As of December 31,
2023 2022
Assets
Current Assets
Cash and cash equivalents $ 6,398,164 $ 6,977,114
Restricted cash - 59,988
Accounts receivable, net 13,647 402,595
Inventory 1,177,456 1,745,211
Prepaid expenses and other current assets 460,177 349,097
Total Current Assets 8,049,444 9,534,005
Property and equipment, net 203,333 255,578
Right-of-use assets, net 113,761 182,363
Product development costs, net of amortization of $68,801 and $15,029, respectively 1,269,021 646,644
Software development costs, net of amortization of $23,354 and $0, respectively 1,299,901 364,018
Goodwill 3,143,662 10,958,662
Other intangible assets, net of amortization of $5,666,509 and $4,904,713, respectively 2,938,058 3,699,854
Total Assets $ 17,017,180 $ 25,641,124
Liabilities, Series C Redeemable Preferred Stock and Stockholders' Equity
Current Liabilities
Accounts payable $ 901,624 $ 673,052
Accrued expenses 1,151,198 1,740,490
Total Current Liabilities 2,052,822 2,413,542
Other long-term liabilities 51,842 440,263
Total Liabilities 2,104,664 2,853,805
Commitments and Contingencies
Series C Redeemable Preferred Stock
Series C redeemable preferred stock, par value $0.0001 per share: 2,000 shares designated; 10 shares issued and outstanding as of December 31, 2023 and December 31, 2022 1,807,300 1,807,300
Stockholders' Equity
Preferred stock, par value $0.0001 per share: 10,000,000 shares authorized
Series F preferred stock, par value $0.0001 per share: 1,333,333 shares designated; 106,333 and 173,333 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively, aggregate liquidation preference of $319,000 as of December 31, 2023 and $520,000 as of December 31, 2022 319,000 520,000
Common stock, par value $0.0001 per share: 100,000,000 shares authorized; 2,150,412 and 480,447 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively 216 48
Additional paid-in capital 112,946,891 106,070,253
Accumulated deficit (100,160,891) (85,610,282)
Total Stockholders' Equity 13,105,216 20,980,019
Total Liabilities, Series C Redeemable Preferred Stock and Stockholders' Equity $ 17,017,180 $ 25,641,124
LogicMark, Inc.
資產負債表
截至12月31日， 截至12月31日，
2023 2022
資產
流動資產
現金和現金等價物 $ 6,398,164 $ 6,977,114
受限制的現金 - 59,988
應收賬款，淨額 13,647 402,595
庫存 1,177,456 1,745,211
預付費用和其他流動資產 460,177 349,097
流動資產總額 8,049,444 9,534,005
財產和設備，淨額 203,333 255,578
使用權資產，淨額 113,761 182,363
產品開發成本，分別扣除68,801美元和15,029美元的攤銷 1,269,021 646,644
軟件開發成本，分別扣除23,354美元和0美元的攤銷額 1,299,901 364,018
善意 3,143,662 10,958,662
其他無形資產，扣除攤銷額分別爲5,666,509美元和4,904,713美元 2,938,058 3,699,854
總資產 $ 17,017,180 $ 25,641,124
負債、C系列可贖回優先股和股東權益
流動負債
應付賬款 $ 901,624 $ 673,052
應計費用 1,151,198 1,740,490
流動負債總額 2,052,822 2,413,542
其他長期負債 51,842 440,263
負債總額 2,104,664 2,853,805
承付款和或有開支
C 系列可贖回優先股
C系列可贖回優先股，每股面值0.0001美元：指定2,000股；截至2023年12月31日和2022年12月31日已發行和流通的10股股票 1,807,300 1,807,300
股東權益
優先股，面值每股0.0001美元：已授權1,000,000股
F系列優先股，面值每股0.0001美元：指定1,333,333股；截至2023年12月31日和2022年12月31日已發行和流通的股票分別爲106,333和173,333股，截至2023年12月31日的清算優先權總額爲319,000美元，截至2022年12月31日的清算優先權總額爲52萬美元 319,000 520,000
普通股，面值每股0.0001美元：已授權1億股；截至2023年12月31日和2022年12月31日，已發行和流通的股票分別爲2,150,412和480,447股 216 48
額外的實收資本 112,946,891 106,070,253
累計赤字 (100,160,891) (85,610,282)
股東權益總額 13,105,216 20,980,019
負債總額、C系列可贖回優先股和股東權益 $ 17,017,180 $ 25,641,124
LogicMark, Inc.
STATEMENT OF OPERATIONS
For the three months ended
December 31,		 For the Year Ended
December 31,
2023 2022 2023 2022
Revenues $ 2,425,689 $ 2,146,532 $ 9,929,629 $ 11,916,482
Costs of goods sold 825,566 825,416 3,269,967 4,685,639
Gross Profit 1,600,123 1,321,115 6,659,662 7,230,843
Operating Expenses
Direct operating cost 300,623 260,988 1,142,596 1,455,450
Advertising cost 80,120 37,503 270,709 105,672
Selling and marketing 585,981 403,385 2,206,091 1,094,628
Research and development 175,833 399,348 982,684 1,241,265
General and administrative 1,719,811 2,202,520 8,478,947 9,037,794
Other expense 17,554 148,684 147,506 374,389
Goodwill impairment 7,815,000 - 7,815,000 -
Depreciation and amortization 295,127 228,450 944,596 828,137
Total Operating Expenses 10,990,049 3,680,879 21,988,129 14,137,335
Operating Loss (9,389,926) (2,359,764) (15,328,467) (6,906,492)
Other Income
Interest income 71,960 61,736 221,871 119,483
Other Income - - 246,138 -
Total Other Income 71,960 61,736 468,009 119,483
Loss before Income Taxes (9,317,966) (2,298,027) (14,860,458) (6,787,009)
Income tax (benefit) expense (313,158) 137,956 (309,849) 137,956
Net Loss $ (9,004,808) $ (2,435,983) $ (14,550,609) $ (6,924,965)
Preferred stock dividends (75,000) (75,000) (300,000) (328,456)
Deemed dividend (930,122) - (930,122) -
Net Loss Attributable to Common Stockholders $ (10,009,930) $ (2,510,983) $ (15,780,731) $ (7,253,421)
Net Loss Per Share - Basic and Diluted $ (5.74) $ (5.23) $ (11.66) $ (15.15)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted 1,744,081 480,447 1,353,333 478,705
LogicMark, Inc.
運營聲明
在截至的三個月中
十二月三十一日		 截至年底
十二月 31,
2023 2022 2023 2022
收入 $ 2,425,689 $ 2,146,532 $ 9,929,629 $ 11,916,482
銷售商品的成本 825,566 825,416 3,269,967 4,685,639
毛利 1,600,123 1,321,115 6,659,662 7,230,843
運營費用
直接運營成本 300,623 260,988 1,142,596 1,455,450
廣告成本 80,120 37,503 270,709 105,672
銷售和營銷 585,981 403,385 2,206,091 1,094,628
研究和開發 175,833 399,348 982,684 1,241,265
一般和行政 1,719,811 2,202,520 8,478,947 9,037,794
其他費用 17,554 148,684 147,506 374,389
商譽減值 7,815,000 - 7,815,000 -
折舊和攤銷 295,127 228,450 944,596 828,137
總運營費用 10,990,049 3,680,879 21,988,129 14,137,335
營業虧損 (9,389,926) (2,359,764) (15,328,467) (6,906,492)
其他收入
利息收入 71,960 61,736 221,871 119,483
其他收入 - - 246,138 -
其他收入總額 71,960 61,736 468,009 119,483
所得稅前虧損 (9,317,966) (2,298,027) (14,860,458) (6,787,009)
所得稅（福利）支出 (313,158) 137,956 (309,849) 137,956
淨虧損 $ (9,004,808) $ (2,435,983) $ (14,550,609) $ (6,924,965)
優先股分紅 (75,000) (75,000) (300,000) (328,456)
視同分紅 (930,122) - (930,122) -
歸屬於普通股股東的淨虧損 $ (10,009,930) $ (2,510,983) $ (15,780,731) $ (7,253,421)
每股淨虧損-基本虧損和攤薄 $ (5.74) $ (5.23) $ (11.66) $ (15.15)
已發行普通股的加權平均數量——基本和攤薄 1,744,081 480,447 1,353,333 478,705

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Source: LogicMark, Inc.

資料來源：LogicMark, Inc.

譯文內容由第三人軟體翻譯。


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