LogicMark, Inc. Q2 FY2023 earnings call

• Thanked employees for their efforts in building LogicMark into a leading solutions provider for the care economy.
• Second quarter gross margin was 69%, the highest in 10 quarters, due to supply chain logistics improvements and operating efficiencies.
• Excited to announce the upcoming launch of Freedom Alert Plus, a new wearable device with fall detection, instant caregiver connection, and touchscreen design, integrating with Care Village Software Platform using AI and machine learning for real-time wellbeing monitoring.
• Partnership with US Monitoring supports the LifeSentry subscription-based product. Freedom Alert will be available through various channels including the LogicMark Amazon store launched in late March.
• Accounting function brought in-house this quarter to strengthen internal controls, improve financial reporting, and manage future growth.

In the second quarter, revenues were $2.3 million with a gross margin of 68.7%. This compares to the same period last year where revenues were $3.4 million and gross margin was 59.5%. The second quarter gross margin was 69%, the highest in the last 10 quarters. The revenue decrease year-over-year was due to one-time sales of 911 Plus 4G units replacing 3G units as national cellular networks stopped supporting 3G. The new product pipeline, including the upcoming Freedom Alert Plus, is being built to grow the top line.

• Management expects revenues to lift beginning later this year as the new product pipeline is filled and sales are ramped up.