NASDAQ:LGMK LogicMark Q3 2024 Earnings Report $0.0087 0.00 (-6.45%) Closing price 04/25/2025 04:00 PM EasternExtended Trading$0.01 +0.00 (+0.57%) As of 04/25/2025 07:59 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings History LogicMark EPS ResultsActual EPS-$5.00Consensus EPS -$10.75Beat/MissBeat by +$5.75One Year Ago EPS-$27.50LogicMark Revenue ResultsActual Revenue$2.71 millionExpected Revenue$2.44 millionBeat/MissBeat by +$270.00 thousandYoY Revenue GrowthN/ALogicMark Announcement DetailsQuarterQ3 2024Date11/12/2024TimeAfter Market ClosesConference Call DateTuesday, November 12, 2024Conference Call Time4:30PM ETUpcoming EarningsLogicMark's next earnings date is estimated for Wednesday, May 21, 2025, based on past reporting schedules. Conference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Quarterly Report (10-Q)Earnings HistoryCompany ProfilePowered by LogicMark Q3 2024 Earnings Call TranscriptProvided by QuartrNovember 12, 2024 ShareLink copied to clipboard.There are 4 speakers on the call. Operator00:00:00Good afternoon, and thank you for participating in today's Q3 2024 Conference Call. Shailene Simmons, Chief Executive Officer and Mark Archer, Chief Financial Officer are joining me from LogicMark today. 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 about these risks, please refer to the risk factors described in LogicMark's most recently filed annual report on Form 10 ks and subsequent periodic reports filed with the SEC and LogicMark's press release that accompanies this call, particularly the cautionary statements in it. Operator00:01:03Statements made on this call may include reference to non GAAP financial measures as defined in Regulation G of the Securities Exchange Act of 1934, including adjusted EBITDA, which is reconciled to the most directly comparable GAAP financial measures. Management believes that non GAAP adjusted EBITDA provides investors with insight into the company's overall operating performance. The content of this call contains time sensitive information that is accurate only as of today, November 12, 2024. Expect as required by law, LogicMark disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. It is now my pleasure to turn the call over to Shailene Siemens. Operator00:02:04Please go ahead. Speaker 100:02:08Thank you, Kathleen, and welcome, everyone. I'm pleased to share that we delivered improved 3rd quarter financial results with double digit gains in key metrics. Our $2,700,000 of revenue reflects a 14% increase compared to the same period last year. Gross profit improved by 13% to $1,800,000 and the gross margin was 67%, a critical KPI we have maintained for the last 6 consecutive quarters. I want to congratulate our employees on their contribution to this progress. Speaker 100:02:47While we have much we can still accomplish, these numbers reflect our commitment to grow unit sales and operate efficiently. I believe our Q3 results are also validate our go to market strategy. LogicMark is now a software and hardware solutions provider, growing our footprint in personal safety and emergency response systems. We're making progress because of all the great work that our team has done through research and development, the creation of a tremendous intellectual property portfolio, new products and expanded sales and marketing efforts. Our Freedom Alert Mini has been well received with its many great features. Speaker 100:03:34These include patented superior flaw detection technology, integrated geofencing to notify caregivers when the device exits the map boundary previously set, as well as two way communications with a 20 fourseven U. S.-based customer care service that dispatches emergency services for support and care. It doesn't end there. The FM Mini has an extended battery life of 6 days in the always on mode and 30 days in the standby mode for fall detection. Also included is GPS location services, which provide accolocation tracking for enhanced safety and a caretaker companion app, which offers emergency notifications, enables location monitoring and facilitates service on both iOS and Android. Speaker 100:04:25That's a terrific set of features for the price. Yesterday was Veterans Day, a time to honor the brave men and women who have faithfully served our country. We are privileged to continue working with the Veterans Administration to provide solutions that enhance many veterans' quality of life. Our recent partnership with Black Knight, a service disabled veteran owned small business retailer, further strengthens our commitment to the veteran community by expanding our sales and marketing channels to reach even more customers. Service Disabled Veteran Owned Small Businesses, also called SDVOSBs, and other resellers like Black Knight play a vital role in the healthcare ecosystem, especially in making essential products like PERS and other assistive devices more accessible to a broader audience. Speaker 100:05:20This new collaboration aligns seamlessly with our mission to deliver innovative solutions in the care economy, supporting those who have given so much to our country. Needless to say, there is excellent potential to continue expanding our customer base and growing sales. Long standing relationship Speaker 200:05:41with the VA Speaker 100:05:42is only part of the market opportunity we can capture. The caregiving gap is a widening problem that can only be solved with technology. Baby boomers are turning 65 at a rate of over 10,000 per day. In 2,040, 1 in 4 Americans will be over the age of 65. So for independent living and aging, the market opportunity is projected to reach $17,260,000,000 by 2028. Speaker 100:06:09In addition to PRRS devices, we have also established a footprint in the personal safety market. Smart personal safety market opportunity is projected Operator00:06:20to reach Speaker 100:06:20$33,500,000,000 by 2,030. Why? Personal safety fears are at a 3 decade high. 66% of adults avoid social outdoor activities due to the fear of personal crime. 53% of women are afraid to walk alone at night. Speaker 100:06:40When we began transforming this company 3 years ago, we reinvented our approach to the PERS and safety markets. Since then, we've strengthened our staff and Board of Directors, expanded our product portfolio and found many important new patents. Our IP portfolio now includes 23 total patents allowed and issued, 16 patents filed since May of 2021, 2024 with many that are focused on AI and ML. Given our progress, I'm pleased to say that we are attracting the attention of many who are interested in our story. Our focus on operational excellence and sales growth will continue. Speaker 100:07:25We are committed to developing and implementing technology solutions that enhance everyone's quality of life by utilizing leading edge AI and machine learning tools. Our dedication to building a care village with proprietary technology continues to drive us forward and towards creating innovative solutions for the care economy. I'll turn over the call to Mark to further comment on the financial results. Speaker 200:07:53Yes. Thank you, Shaoyen. The entire team shares your enthusiasm for our Q3 results. 3rd quarter revenue of $2,700,000 reflects a 14% increase compared to the same quarter last year. Higher sales of both our legacy Guardian Alert 911 Plus product and the recently released Freedom Alert Mini monitored purse device drove the improved results. Speaker 200:08:22In fact, sales of the FA Mini improved from 191 units in the 2nd quarter to over 1100 units in the 3rd quarter. Gross profit in the 3rd quarter was 13 rose 13 percent to $1,800,000 compared with $1,600,000 in the same quarter last year. And gross margin was 67% remaining constant for the last 6 quarters. The shift to higher margin products this quarter offset cost pressures. Total operating expenses in the Q3 of 2024 were 3,400,000 dollars which was virtually flat with the same period last year and 6% lower than the Q2 of 2024. Speaker 200:09:13Lower spending in general and administrative expense offset higher depreciation expense. Adjusted EBITDA for the 3rd quarter was a loss of $785,000 an improvement over the $1,100,000 loss in the Q3 of 2023. Adjusted EBITDA includes the add back of non cash stock based compensation charges. Net loss attributable to common shareholders for the Q3 was $1,600,000 compared with a net loss of $1,500,000 in the same quarter last year. And on a fully diluted basis, the net loss per share was $0.20 compared with a net loss of $1.10 per share in the same period last year. Speaker 200:10:10As of September 30, our cash balance was $5,600,000 and this balance reflects the completion of a registered secondary offering in August that resulted in approximately $4,500,000 in gross proceeds. At this time, I'd like to open the call up for questions. Kathleen? Operator00:10:34Thank you. We will now begin the question and answer session. And your first question comes from the line of Emmeline. Your line is now open. Speaker 300:11:19Thank you. Hi. So I have a couple of questions. So the Freedom Alert Mini, it's based on the numbers you just cited. It appears to be gaining traction in the Q3. Speaker 300:11:37So can you give us a little bit more color on what you're seeing there? What you're thinking? And specifically, did you conduct some increased promotional activities for the new product? Speaker 100:11:52Hello, Marla. How are you today? Operator00:11:54Thank you Speaker 100:11:55for the question. And so I will sort of answer and then pass it off to Mark as well to see if he has additional sort of feedback as well. On our side, we the product was we certainly have actually participated in additional marketing activities, but nothing that's out of the ordinary, in a sense of we have created a really fantastic product, in fact, one that probably has better and richer features than our competitors in, for example, the business government space. And so we have been very, very active in going out and sharing the enhanced services, of those products. And I think that's what you're seeing as a result of that. Speaker 100:12:42So we launched the product around sort of mid second quarter of this past year. And so, we're actually beginning of Q2. And so I think the improvements that you're seeing is really about a lot of groundwork that we're doing. So and getting out there and sharing the message of the product and its enhanced services. Speaker 300:13:05When you say sharing the message, with some of your partners, just, in terms of when you're meeting with some reps? I mean, how are you positioning that so that you continue to see that traction accelerate? Speaker 100:13:27Sure, absolutely. So we spend a lot of time now on the ground with our sales force, speaking with all of those example, government businesses, the VISNs of the Veterans Administration. And so we've actually beefed up all of our marketing collaterals and the products that we send them, as well as basically touting the features of the product, right? It's really a really brand new product in the system and it's one that is unique and differentiated from those that our competitors are putting out in the market. And so we're spending a lot of time basically communicating via email, in person, on calls, actually really sharing with them how the product is differentiated and the pricing structure that is, I think, very competitive. Speaker 100:14:16Also, we spent some time as a small business selling to the Veterans Administration in things like small business days, and also the different sort of conventions that basically speak to the veterans directly as well. And so it really, I think, helps us when we do those conferences in the summer that we've attended to have the veterans walk in and say, look, we've heard about this amazing LogicMark product and that's the unit that we want to have. And so that's really helped us both those businesses as well. Related to consumer side, I think that we are spending a little bit more time further enhancing our message in social media. We're enhancing those message in our Amazon store. Speaker 100:15:04And so and that's actually showing some level of initial traction as well. Speaker 300:15:10Got it. Okay. So you just mentioned, I have a follow-up on something you just said about the Amazon store. And I know that direct to consumer and e online sales, that's been a sort of push for the company recently. Can you give us any color there in terms of what you're seeing, if you're satisfied with the way things are going or it's still too early to really say? Speaker 100:15:37Well, I'm never going to be satisfied ever. Our job is to bring more shareholder value via the e commerce every channel that we go through. So that said, I think it's a little bit too early to tell for those folks who have actually had experience working as a seller on Amazon. It is not an easy sort of platform to go on. They are difficult in terms of placements. Speaker 100:16:01It's difficult to we do shipping through and through and with them. And so there are always sort of pluses and minuses of doing that. They certainly take a bite out of your margins as well. And so but it is one of the best sort of methodologies to reach and channels to reach the end consumer. And so we're actively participating in all of the different sort of programs that's available to us on Amazon, Transparency programs to make sure that people are buying brands directly from us and not sort of a used version of the product that may not have warranty on it. Speaker 100:16:40We are very focused on actually having and doing Amazon shipping and all of those things that help us basically get the products to the hand of the customer as quickly and as easily as possible through the Amazon channels. And so we're very excited about the work that we're doing there. But as anyone who's ever worked on Amazon, it takes a toll and it's a lot of work. And so we're slowly working through all of the different sort of layers and sort of challenges that is often to work with Amazon to get to our customer. And I think we're slowly succeeding there. Speaker 300:17:15Okay. And then switching gears a little bit. So you mentioned in the prepared remarks, your patent position and it's been growing. So given the IP portfolio that you have, how are you feeling about potentially down the road? Obviously, the timeline would be subject what's going on with other things you're working on. Speaker 300:17:43But how are you thinking right now about potentially down the road, possibly licensing some of the technology to 3rd party? Speaker 100:17:52Yes. I think that's a really great question. We've been saying that since I joined the company that we're interested in being more than just a hardware company. I'm very proud that along with Mark and my executive team and everybody at LogiPhar to actually have been working and steadfastly working on ensuring that our margins are high for a hardware company. But as we all know, shareholders are also very interested in ensuring that we have software margins that they're typically seeing out in the technology industry. Speaker 100:18:28And so very soon, you'll actually see the launch of the one of the first launches of a very highly visible ecosystem product that we're working on. And so I think that with the portfolio that we have, we certainly see a lot of promise. We entered this company with a very strong focus on actually building an IP portfolio strategy. Oftentimes, when people approach doing technology companies, you're trying to do build new products and you happen to just basically file the patents that is coinciding with the work that you're doing, which I think it's very fruitful certainly, but it's not strategic. And so what we've done here is we've built this great sort of technology that we're implementing, but we've also basically put some very strategic structures around the IP portfolio so that we actually have the right sort of products from an IP perspective that would make it very is more likely for people to want to license from us because if they don't, they'll stumble upon one of our IPs or CIPs and so forth. Speaker 100:19:41And so we've been very thoughtful versus sort of randomly shooting about building that portfolio. And most importantly, I think there's a lot of talk about AI and Zen AI and all of those things, which is very exciting. And we're an applied AI company. And so we're very excited about the AI work and the machine learning work that we're doing here because ultimately the application of AI into the health and personal safety is where we all want to see applications, right? It's always fun to see AI applied to photos and like text and all that kind of stuff. Speaker 100:20:20That's really fun. But wouldn't it be better if we all saw AI applied to the caring of our loved ones, right? And so we're very excited by the work that we're doing. Speaker 300:20:32Okay, great. Thank you. And last question from me. Aster, it represents new demographic target market for you, a different way of getting your technology out there. Are you getting any kind of meaningful feedback yet? Speaker 300:20:50Or is it still too early since product launch or since launching Aster? Speaker 100:20:57I tend to think that it's always a little bit too early. It really takes time to make sure that everything is well adjusted for product market fit. As much as I'm one of many sandwich generation people out there and I'm a woman who's probably afraid to walk at night, one of the 53% of women who may be a little bit afraid to walk at night by myself, I don't think that I'm my only customer. And so we've really spent a lot of time talking to focus groups and doing the initial testing of the product and we're making adjustments to the product as well as we're moving forward. This is the beauty in many ways of where the company is directionally today, right? Speaker 100:21:39We actually have a very interesting new product that is actually a sort of hardware and software package. And so it gives us the opportunity to provide and refresh and enhance as we hear back from customers in a way that if you were actually building a hardware only company, that sort of feedback loop is just a bit of a longer sort of cycle to adapt to. And so you see us basically get feedback constantly from the marketplace and constantly enhancing the product. And so again, a little bit too early, but you'll see us actually also take on a lot of really cool new activities to market the product in Q4 as well. Speaker 300:22:24Okay. Thank you so much. Speaker 100:22:28Thank you. Appreciate your questions. Operator00:22:43There are no further questions at this time. I will turn the call back over to Charlene Siemens for the closing remarks. Speaker 100:22:52Thank you, Kathleen. And thank you everyone for attending this call. In closing, I'd like to thank everybody for joining the call as well as for the continued support from our Board, employees and investors. We will continue to make significant strides in the personal safety and care technology landscape. As we approach the holidays, I'd also like to wish everyone a joyous season of Thanksgiving and celebration. Speaker 100:23:19And be sure to check our logicmark.com website for some holiday gift ideas for your loved ones. Thank you. Operator00:23:28Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallLogicMark Q3 202400:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K)Quarterly report(10-Q) LogicMark Earnings HeadlinesLogicMark, Inc. (NASDAQ: $LGMK) Is Driving Growth Through AI-Powered Innovation!April 24 at 4:31 AM | msn.comLogicMark Stock Short Interest Report | NASDAQ:LGMK | BenzingaApril 19, 2025 | benzinga.comNow I look stupid. Real stupid... I thought what happened 25 years ago was a once- in-a-lifetime event… but how wrong I was. Because here we are, a quarter of a century later, almost to the exact day, and it’s happening again. April 27, 2025 | Porter & Company (Ad)LGMK: Potential Revenue Catalysts: GSA Approval, Medicaid Waivers, Device UpgradesApril 8, 2025 | msn.comLogicMark Full Year 2024 Earnings: EPS Misses ExpectationsApril 2, 2025 | uk.finance.yahoo.comLogicMark secures approval to deliver new medical alter with cell phone techApril 2, 2025 | markets.businessinsider.comSee More LogicMark Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like LogicMark? Sign up for Earnings360's daily newsletter to receive timely earnings updates on LogicMark and other key companies, straight to your email. Email Address About LogicMarkLogicMark (NASDAQ:LGMK) provides personal emergency response systems (PERS), health communications devices, and Internet of Things (IoT) technology that creates a connected care platform in the United States. The company's devices provide people with the ability to receive care at home and age independently and to check, manage, and monitor a loved one's health and safety remotely. It also manufactures and distributes non-monitored and monitored personal emergency response systems, which are offered through the United States Veterans Health Administration (VHA), direct-to-consumers, healthcare durable medical equipment dealers and distributors, monitored security dealers and distributors, and its ecommerce website logicmark.com and Amazon.com. The company was formerly known as Nxt-ID, Inc. and changed its name to LogicMark, Inc. in March 2022. LogicMark, Inc. was founded in 2006 and is based in Louisville, Kentucky.View LogicMark ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Markets Think Robinhood Earnings Could Send the Stock UpIs the Floor in for Lam Research After Bullish Earnings?Market Anticipation Builds: Joby Stock Climbs Ahead of EarningsIs Intuitive Surgical a Buy After Volatile Reaction to Earnings?Seismic Shift at Intel: Massive Layoffs Precede Crucial EarningsRocket Lab Lands New Contract, Builds Momentum Ahead of EarningsAmazon's Earnings Could Fuel a Rapid Breakout Upcoming Earnings Cadence Design Systems (4/28/2025)Welltower (4/28/2025)Waste Management (4/28/2025)AstraZeneca (4/29/2025)Mondelez International (4/29/2025)PayPal (4/29/2025)Starbucks (4/29/2025)DoorDash (4/29/2025)Honeywell International (4/29/2025)Regeneron Pharmaceuticals (4/29/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. Start Your 30-Day Trial MarketBeat All Access Features Best-in-Class Portfolio Monitoring Get personalized stock ideas. Compare portfolio to indices. Check stock news, ratings, SEC filings, and more. Stock Ideas and Recommendations See daily stock ideas from top analysts. Receive short-term trading ideas from MarketBeat. Identify trending stocks on social media. Advanced Stock Screeners and Research Tools Use our seven stock screeners to find suitable stocks. Stay informed with MarketBeat's real-time news. Export data to Excel for personal analysis. Sign in to your free account to enjoy these benefits In-depth profiles and analysis for 20,000 public companies. Real-time analyst ratings, insider transactions, earnings data, and more. Our daily ratings and market update email newsletter. Sign in to your free account to enjoy all that MarketBeat has to offer. Sign In Create Account Your Email Address: Email Address Required Your Password: Password Required Log In or Sign in with Facebook Sign in with Google Forgot your password? Your Email Address: Please enter your email address. Please enter a valid email address Choose a Password: Please enter your password. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. Create My Account (Free) or Sign in with Facebook Sign in with Google By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
There are 4 speakers on the call. Operator00:00:00Good afternoon, and thank you for participating in today's Q3 2024 Conference Call. Shailene Simmons, Chief Executive Officer and Mark Archer, Chief Financial Officer are joining me from LogicMark today. 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 about these risks, please refer to the risk factors described in LogicMark's most recently filed annual report on Form 10 ks and subsequent periodic reports filed with the SEC and LogicMark's press release that accompanies this call, particularly the cautionary statements in it. Operator00:01:03Statements made on this call may include reference to non GAAP financial measures as defined in Regulation G of the Securities Exchange Act of 1934, including adjusted EBITDA, which is reconciled to the most directly comparable GAAP financial measures. Management believes that non GAAP adjusted EBITDA provides investors with insight into the company's overall operating performance. The content of this call contains time sensitive information that is accurate only as of today, November 12, 2024. Expect as required by law, LogicMark disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. It is now my pleasure to turn the call over to Shailene Siemens. Operator00:02:04Please go ahead. Speaker 100:02:08Thank you, Kathleen, and welcome, everyone. I'm pleased to share that we delivered improved 3rd quarter financial results with double digit gains in key metrics. Our $2,700,000 of revenue reflects a 14% increase compared to the same period last year. Gross profit improved by 13% to $1,800,000 and the gross margin was 67%, a critical KPI we have maintained for the last 6 consecutive quarters. I want to congratulate our employees on their contribution to this progress. Speaker 100:02:47While we have much we can still accomplish, these numbers reflect our commitment to grow unit sales and operate efficiently. I believe our Q3 results are also validate our go to market strategy. LogicMark is now a software and hardware solutions provider, growing our footprint in personal safety and emergency response systems. We're making progress because of all the great work that our team has done through research and development, the creation of a tremendous intellectual property portfolio, new products and expanded sales and marketing efforts. Our Freedom Alert Mini has been well received with its many great features. Speaker 100:03:34These include patented superior flaw detection technology, integrated geofencing to notify caregivers when the device exits the map boundary previously set, as well as two way communications with a 20 fourseven U. S.-based customer care service that dispatches emergency services for support and care. It doesn't end there. The FM Mini has an extended battery life of 6 days in the always on mode and 30 days in the standby mode for fall detection. Also included is GPS location services, which provide accolocation tracking for enhanced safety and a caretaker companion app, which offers emergency notifications, enables location monitoring and facilitates service on both iOS and Android. Speaker 100:04:25That's a terrific set of features for the price. Yesterday was Veterans Day, a time to honor the brave men and women who have faithfully served our country. We are privileged to continue working with the Veterans Administration to provide solutions that enhance many veterans' quality of life. Our recent partnership with Black Knight, a service disabled veteran owned small business retailer, further strengthens our commitment to the veteran community by expanding our sales and marketing channels to reach even more customers. Service Disabled Veteran Owned Small Businesses, also called SDVOSBs, and other resellers like Black Knight play a vital role in the healthcare ecosystem, especially in making essential products like PERS and other assistive devices more accessible to a broader audience. Speaker 100:05:20This new collaboration aligns seamlessly with our mission to deliver innovative solutions in the care economy, supporting those who have given so much to our country. Needless to say, there is excellent potential to continue expanding our customer base and growing sales. Long standing relationship Speaker 200:05:41with the VA Speaker 100:05:42is only part of the market opportunity we can capture. The caregiving gap is a widening problem that can only be solved with technology. Baby boomers are turning 65 at a rate of over 10,000 per day. In 2,040, 1 in 4 Americans will be over the age of 65. So for independent living and aging, the market opportunity is projected to reach $17,260,000,000 by 2028. Speaker 100:06:09In addition to PRRS devices, we have also established a footprint in the personal safety market. Smart personal safety market opportunity is projected Operator00:06:20to reach Speaker 100:06:20$33,500,000,000 by 2,030. Why? Personal safety fears are at a 3 decade high. 66% of adults avoid social outdoor activities due to the fear of personal crime. 53% of women are afraid to walk alone at night. Speaker 100:06:40When we began transforming this company 3 years ago, we reinvented our approach to the PERS and safety markets. Since then, we've strengthened our staff and Board of Directors, expanded our product portfolio and found many important new patents. Our IP portfolio now includes 23 total patents allowed and issued, 16 patents filed since May of 2021, 2024 with many that are focused on AI and ML. Given our progress, I'm pleased to say that we are attracting the attention of many who are interested in our story. Our focus on operational excellence and sales growth will continue. Speaker 100:07:25We are committed to developing and implementing technology solutions that enhance everyone's quality of life by utilizing leading edge AI and machine learning tools. Our dedication to building a care village with proprietary technology continues to drive us forward and towards creating innovative solutions for the care economy. I'll turn over the call to Mark to further comment on the financial results. Speaker 200:07:53Yes. Thank you, Shaoyen. The entire team shares your enthusiasm for our Q3 results. 3rd quarter revenue of $2,700,000 reflects a 14% increase compared to the same quarter last year. Higher sales of both our legacy Guardian Alert 911 Plus product and the recently released Freedom Alert Mini monitored purse device drove the improved results. Speaker 200:08:22In fact, sales of the FA Mini improved from 191 units in the 2nd quarter to over 1100 units in the 3rd quarter. Gross profit in the 3rd quarter was 13 rose 13 percent to $1,800,000 compared with $1,600,000 in the same quarter last year. And gross margin was 67% remaining constant for the last 6 quarters. The shift to higher margin products this quarter offset cost pressures. Total operating expenses in the Q3 of 2024 were 3,400,000 dollars which was virtually flat with the same period last year and 6% lower than the Q2 of 2024. Speaker 200:09:13Lower spending in general and administrative expense offset higher depreciation expense. Adjusted EBITDA for the 3rd quarter was a loss of $785,000 an improvement over the $1,100,000 loss in the Q3 of 2023. Adjusted EBITDA includes the add back of non cash stock based compensation charges. Net loss attributable to common shareholders for the Q3 was $1,600,000 compared with a net loss of $1,500,000 in the same quarter last year. And on a fully diluted basis, the net loss per share was $0.20 compared with a net loss of $1.10 per share in the same period last year. Speaker 200:10:10As of September 30, our cash balance was $5,600,000 and this balance reflects the completion of a registered secondary offering in August that resulted in approximately $4,500,000 in gross proceeds. At this time, I'd like to open the call up for questions. Kathleen? Operator00:10:34Thank you. We will now begin the question and answer session. And your first question comes from the line of Emmeline. Your line is now open. Speaker 300:11:19Thank you. Hi. So I have a couple of questions. So the Freedom Alert Mini, it's based on the numbers you just cited. It appears to be gaining traction in the Q3. Speaker 300:11:37So can you give us a little bit more color on what you're seeing there? What you're thinking? And specifically, did you conduct some increased promotional activities for the new product? Speaker 100:11:52Hello, Marla. How are you today? Operator00:11:54Thank you Speaker 100:11:55for the question. And so I will sort of answer and then pass it off to Mark as well to see if he has additional sort of feedback as well. On our side, we the product was we certainly have actually participated in additional marketing activities, but nothing that's out of the ordinary, in a sense of we have created a really fantastic product, in fact, one that probably has better and richer features than our competitors in, for example, the business government space. And so we have been very, very active in going out and sharing the enhanced services, of those products. And I think that's what you're seeing as a result of that. Speaker 100:12:42So we launched the product around sort of mid second quarter of this past year. And so, we're actually beginning of Q2. And so I think the improvements that you're seeing is really about a lot of groundwork that we're doing. So and getting out there and sharing the message of the product and its enhanced services. Speaker 300:13:05When you say sharing the message, with some of your partners, just, in terms of when you're meeting with some reps? I mean, how are you positioning that so that you continue to see that traction accelerate? Speaker 100:13:27Sure, absolutely. So we spend a lot of time now on the ground with our sales force, speaking with all of those example, government businesses, the VISNs of the Veterans Administration. And so we've actually beefed up all of our marketing collaterals and the products that we send them, as well as basically touting the features of the product, right? It's really a really brand new product in the system and it's one that is unique and differentiated from those that our competitors are putting out in the market. And so we're spending a lot of time basically communicating via email, in person, on calls, actually really sharing with them how the product is differentiated and the pricing structure that is, I think, very competitive. Speaker 100:14:16Also, we spent some time as a small business selling to the Veterans Administration in things like small business days, and also the different sort of conventions that basically speak to the veterans directly as well. And so it really, I think, helps us when we do those conferences in the summer that we've attended to have the veterans walk in and say, look, we've heard about this amazing LogicMark product and that's the unit that we want to have. And so that's really helped us both those businesses as well. Related to consumer side, I think that we are spending a little bit more time further enhancing our message in social media. We're enhancing those message in our Amazon store. Speaker 100:15:04And so and that's actually showing some level of initial traction as well. Speaker 300:15:10Got it. Okay. So you just mentioned, I have a follow-up on something you just said about the Amazon store. And I know that direct to consumer and e online sales, that's been a sort of push for the company recently. Can you give us any color there in terms of what you're seeing, if you're satisfied with the way things are going or it's still too early to really say? Speaker 100:15:37Well, I'm never going to be satisfied ever. Our job is to bring more shareholder value via the e commerce every channel that we go through. So that said, I think it's a little bit too early to tell for those folks who have actually had experience working as a seller on Amazon. It is not an easy sort of platform to go on. They are difficult in terms of placements. Speaker 100:16:01It's difficult to we do shipping through and through and with them. And so there are always sort of pluses and minuses of doing that. They certainly take a bite out of your margins as well. And so but it is one of the best sort of methodologies to reach and channels to reach the end consumer. And so we're actively participating in all of the different sort of programs that's available to us on Amazon, Transparency programs to make sure that people are buying brands directly from us and not sort of a used version of the product that may not have warranty on it. Speaker 100:16:40We are very focused on actually having and doing Amazon shipping and all of those things that help us basically get the products to the hand of the customer as quickly and as easily as possible through the Amazon channels. And so we're very excited about the work that we're doing there. But as anyone who's ever worked on Amazon, it takes a toll and it's a lot of work. And so we're slowly working through all of the different sort of layers and sort of challenges that is often to work with Amazon to get to our customer. And I think we're slowly succeeding there. Speaker 300:17:15Okay. And then switching gears a little bit. So you mentioned in the prepared remarks, your patent position and it's been growing. So given the IP portfolio that you have, how are you feeling about potentially down the road? Obviously, the timeline would be subject what's going on with other things you're working on. Speaker 300:17:43But how are you thinking right now about potentially down the road, possibly licensing some of the technology to 3rd party? Speaker 100:17:52Yes. I think that's a really great question. We've been saying that since I joined the company that we're interested in being more than just a hardware company. I'm very proud that along with Mark and my executive team and everybody at LogiPhar to actually have been working and steadfastly working on ensuring that our margins are high for a hardware company. But as we all know, shareholders are also very interested in ensuring that we have software margins that they're typically seeing out in the technology industry. Speaker 100:18:28And so very soon, you'll actually see the launch of the one of the first launches of a very highly visible ecosystem product that we're working on. And so I think that with the portfolio that we have, we certainly see a lot of promise. We entered this company with a very strong focus on actually building an IP portfolio strategy. Oftentimes, when people approach doing technology companies, you're trying to do build new products and you happen to just basically file the patents that is coinciding with the work that you're doing, which I think it's very fruitful certainly, but it's not strategic. And so what we've done here is we've built this great sort of technology that we're implementing, but we've also basically put some very strategic structures around the IP portfolio so that we actually have the right sort of products from an IP perspective that would make it very is more likely for people to want to license from us because if they don't, they'll stumble upon one of our IPs or CIPs and so forth. Speaker 100:19:41And so we've been very thoughtful versus sort of randomly shooting about building that portfolio. And most importantly, I think there's a lot of talk about AI and Zen AI and all of those things, which is very exciting. And we're an applied AI company. And so we're very excited about the AI work and the machine learning work that we're doing here because ultimately the application of AI into the health and personal safety is where we all want to see applications, right? It's always fun to see AI applied to photos and like text and all that kind of stuff. Speaker 100:20:20That's really fun. But wouldn't it be better if we all saw AI applied to the caring of our loved ones, right? And so we're very excited by the work that we're doing. Speaker 300:20:32Okay, great. Thank you. And last question from me. Aster, it represents new demographic target market for you, a different way of getting your technology out there. Are you getting any kind of meaningful feedback yet? Speaker 300:20:50Or is it still too early since product launch or since launching Aster? Speaker 100:20:57I tend to think that it's always a little bit too early. It really takes time to make sure that everything is well adjusted for product market fit. As much as I'm one of many sandwich generation people out there and I'm a woman who's probably afraid to walk at night, one of the 53% of women who may be a little bit afraid to walk at night by myself, I don't think that I'm my only customer. And so we've really spent a lot of time talking to focus groups and doing the initial testing of the product and we're making adjustments to the product as well as we're moving forward. This is the beauty in many ways of where the company is directionally today, right? Speaker 100:21:39We actually have a very interesting new product that is actually a sort of hardware and software package. And so it gives us the opportunity to provide and refresh and enhance as we hear back from customers in a way that if you were actually building a hardware only company, that sort of feedback loop is just a bit of a longer sort of cycle to adapt to. And so you see us basically get feedback constantly from the marketplace and constantly enhancing the product. And so again, a little bit too early, but you'll see us actually also take on a lot of really cool new activities to market the product in Q4 as well. Speaker 300:22:24Okay. Thank you so much. Speaker 100:22:28Thank you. Appreciate your questions. Operator00:22:43There are no further questions at this time. I will turn the call back over to Charlene Siemens for the closing remarks. Speaker 100:22:52Thank you, Kathleen. And thank you everyone for attending this call. In closing, I'd like to thank everybody for joining the call as well as for the continued support from our Board, employees and investors. We will continue to make significant strides in the personal safety and care technology landscape. As we approach the holidays, I'd also like to wish everyone a joyous season of Thanksgiving and celebration. Speaker 100:23:19And be sure to check our logicmark.com website for some holiday gift ideas for your loved ones. Thank you. Operator00:23:28Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.Read morePowered by