LGMK - Earnings call transcript Q1 2022

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Operator

Hello. Good day. Thank you for standing by. Welcome to the LogicMark First Quarter Financial Results and Corporate Update Conference Call. At this time, all participants are in listen-only mode. there a presentation, session. speakers' the will question-and-answer be After [Operator Instructions]. advised Also, is that being be recorded. conference today's please [Operator Instructions]. I would speaker today, now to Mr. over like to hand the conference your Louie Toma. you. Thank go Please sir. ahead,

Louie Toma

call. for you afternoon. Good in Thank today's participating conference

me and Archer, Officer; LogicMark's Chief Officer. Mark team Chia-Lin Chief are Joining Simmons, from Executive Financial leadership

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

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

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

Chia-Lin Simmons

thanks and everyone, Welcome, joining Louie. you, us. for Thank

this XX% the our was started the partner. with Administration business, margins year discuss today, expanding we on Veterans opening in Health As strong intended gather and to our our We strong books growth a previous with solid to our as for a call close on highlighting growing revenues company. U.S. XXXX, we new saw note relationship chapter

further federal, agency products have the expand a we demonstrate the service, and with last seen XXX also but opportunity our stellar local business the These continuing government XG ourselves grow nation's sales our the our leverage our from taken GSA team. Guardian our positively cellular and already providers to This U.S. anticipate new year, cellular VA, agencies. and government, XG As vendor, we received last introduce to device. we includes in government sales. impacted Plus approval increase We've call, upgrading large with we business existing state as to reputation to we increased of our the and as Alert of sunsetting an customers our network discussed

FAQs, We which will continue to our current over XG in and I platform to help site an the mentioned support, on an center, sunsetting launch on quarter, to QX transition up outreach, we past to media to open updated current direct to video to consumer a resource instructional customer how Building various included programs communicate sales. plan including a ago, customers direct device check with an of our Web to month and from XG LogicMark momentum mailings, course, education programs, them additional devices. continued veteran direct to this e-commerce

looking We intellectual products also at-home forward while portfolio. to property and are launching upon our and on-the-go expanding solutions, new

second Specifically, the additional expect provisional of by we quarter. patent end the an

continued in expected these to model. Ukraine that implement well. endemic continue services expect recurring to are element entirety offerings, war the which business tech a add disruptions the our we to enable us challenges the addition, In chain advances, cases the our face revenue monitor as supply in them Despite to bring of to will to COVID and sector, we spikes with

nimble the believe with our LogicMark deal that with little most are stresses is interruption. chain to and to enough course corrected on continue supply We of

an the factors to these our of expect in cost price of as have do we impact market as However, business. our products on well doing

of point to at our solutions the meet offer to endeavor always will customers. price needs We varying

standard our ESG for to role both CEO, out the highest of the results, I shareholder to and move also Before set and our I accepted social endeavors. recognize we create financial when responsibilities

We dedicate guideline. economic governance the potential for and products Diversity to of It's to meets ensure align. reviews offering the ongoing price and resources equity; will audits, have in persons NASDAQ vulnerable. NASDAQ's varying last the shareholder our continue an and we neediest which of we're most to ESG three delisting that our and from towards market we policy contributed efforts This that example around had includes our our it year, stock needs products financial that so situations. different making themes; our and adherence in remediate then goals social main structured to how social address points the issues responsibility

begun practices And base. for looking we're labor standards priority enterprise also a building the company. as efficiencies; inclusion across have diversity at sustainable and finally, operational supplier examine and company We our a

As to a operations. offices closed we have streamline result,

We goal reducing the decreasing material each have materials paper company begun and are included towards of working waste of by throughout printed amount with the and the XX%. marketing device

if determine suppliers to NASDAQ's including We are and all meet customer of and also to code possible, adhere supply we an are have improvement and conduct. and ensure and expansion COX increased resources of international chain recommended energy channels demand begun review the under a evaluation domestic program efficiencies to to offset conduct that

For to continue today, momentum looking we is some We now you pause we closing quarter. financial initiated I'll communicating progress. return and first results. believe quarter ask one our to first Archer forward to in with our look as then optimism take provide towards the future to I'll of discuss we the And to the remarks. Mark message home and have continue

Mark Archer

Thank you, Chia-Lin.

in the freight the up year. in new same stock half quarter with last increasing was and compensation million, product year XX% financial for X.X compared million ramp Gross team. million million last the same XX% ago million to that last was quarter. impacted XXXX. compensation increase year better are the operating sales results the X.X The costs. again, in quarter year. in loss was million XX, That's stock profit And from unrestricted margin of to of the end, by versus same quarter. X.X loss XX% investment up end million, quarter of for the compared to increase compared same an year's in improvement X.X up held of due quarter, in the at non-cash balance $X.X to net XXX,XXX the non-cash was margin the the our in quarter the quarter cash. higher XX% a ended X.X expense. inbound Operating the from first of development was of quarter warrant company were X.X XXXX to million Gross March year. last A expense ago million Operating gross company expenses was our due year. the XX, from the Here loss million. a million in At due loss up net in was to negatively quarter X.X management last the $XXX,XXX Revenue expense the modification December X.X held XX.X from was in About the first quarter was resulting XX loss

Chia-Lin Simmons

Mark. Thanks,

we I want leave up you wrap the key As with to call, of a thoughts. couple

and team market of and to leading have poised Our products is we plans continue brand care establish development share to and larger as new to the be health in in a continue and communications to capture a build the economy. LogicMark the in pipeline care ambitious history. LogicMark our our offerings product economy I to provide position forward our And introducing to to questions. we market new this look as the optimal At Operator? will this we new this leadership value continue demonstrate time, open stockholders. chapter to to write for call

Operator

Instructions]. [Operator

Maxim line comes Your Allen the from Group. from of first Klee question

open. is line Your

Unidentified Analyst

just you're some has there on an are is a clinics as This color first normalizing and things you is [indiscernible] to for you of can just on environment looking question as part know on impact right wondering because VHA sales, regards just some get the into can I the program. provide I Allen. in that how that now? of seeing is My COVID. smaller what was

Chia-Lin Simmons

Thank you of of a clinics of terms Yes, we for are roll opening there. the out veterans the slow some in for and outreach seeing opening easing and question. the out the

to almost conditions overall our from we're the of Veterans slowly opening with seeing least partners, of sort when up. seeing it hospital like think comes our sort We're I sort better is and business. of at a understanding larger clinics now the Administration much Veterans side, situation pre-COVID COVID that Administration

Unidentified Analyst

then I was there? I year. a from question if that, were great. or wondering like you're also And to had the Okay, about target to last trying had you see GSA any if starting key agreement impacts agencies you from contract government there's material some

Chia-Lin Simmons

Yes.

of we are number absolutely targeting different government a So agencies.

agencies, but the look don't most we GSA certainly certain allows our state us have a of municipalities might contract federal and if at that necessarily states under know only stated in As falls communications which United to is, level but before, the unique of not sort category area, one I States. for also it's

federal of little as building said, of we are time for relationships so And different states takes part and federal our analyze agencies number build out as a to agencies. with slowly it strategy. those well target sales with beginning That at partnerships to which look as to team a

And we'll start so until I the some seeing towards don't believe necessarily of that end year. of the the impacts

Unidentified Analyst

you. Thank great. Okay,

Operator

please are time this at no presenters, questions continue. more There

Mark Archer

times. our you the look updates me to Let call thank We listen forward want Chia-Lin. who continuing to speak in to dialed on all of we today. for to at And to our appropriate provide progress

Operator

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

disconnect. You may now

LogicMark (LGMK) 12 May 222022 Q1 Earnings call transcript