LGMK - Earnings call transcript Q2 2022

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Operator

Good day. My name is Chantel and I will be your conference operator today. At this time, I would like to welcome everyone to the LogicMark Second Quarter Financial Results and Corporate Update Conference Call.

As a reminder, today's conference call is being recorded. All lines have been placed on mute to prevent any background noise. there a remarks, session. speaker's your will question-and-answer be After [Operator you. instructions] Thank call to company's Louis like now over Investor turn firm. the I'd IR, the to CORE Toma Relations from

Louie Toma

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

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

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

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

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

Chia-Lin Simmons

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

care we The strategy our of over as quarter quarter, second was by to another addressed execute on building growing grew XX% while the revenues our economy. success the that continuing prior year solutions

the with veterans' remains contributing growth. relationship Our sales administration our solid, to health healthy

Alert, sale, our increasing opportunity Guardian new drive In website Guardian for the launched channel that to federal, several includes newly direct-to-consumer directly and Freedom business Plus, our Alert calls expand the through growth. GSA products approved products have Alert state well and sales in sales models, July, website generate the as consumers vendor, to up level, additional agency channel LogicMark. This new an launch where we've accessories. including can governmental-related revenue opportunity. I related market designed Currently talked we as sales opportunity buy opens about As had our BXC our future past from local XXX the at various our

professionals new We as us relationship our will in being and to accessories direct impact and deeper think directly enable leadership. available. positively we revenue sell our We sales area. in establish to end This be Recently, future important our new profit. product products of with will sales. sales additional connections growth customers, this and they the should channel opportunity become will products by adding added involved two provide and upgraded This senior investments

product establish will As successfully revenue sales over a infrastructure we a to in getting establish critical products time. will support market. our these growth foundation be solid This to roadmap, having strong investment

some we are market on capitalize current Given a dynamics, strong the position market in very trends. to

increasingly Research Here supports are of to daily, with in silver age strong XX% economy tsunami The setting care the XX,XXX total place, total of that is people in baby is billion. over that care market growing for are shown that for a technology a and rapidly. to a XX We're few. currently this turning demand of want economy about that place demand stage XX, XX years has is XX% come. a for in the -- CAGR midst aging expected boomers increasing the

gift enjoyed to relished. is to the don't mission be the we At living is strategy a believe [ph]. of LogicMark, is that aging personal life experience and We aging protect fullest. Our to believe a

they you the Our need. the to to remove direct this job with June continue provide as work of help independently position of about a mission updating address aging worry that the excited to to been for that initiatives. and hard we joining solutions company with loved LogicMark these progress that innovative new my is innovation, new for economy. We're has the opportunity year, Since to involved success. in providing forward announcements to everyone last ones care to look the We connection

set have established we a goals. achieving drive first quarter revenue financial results, and the date, to our have scratch track provide improve have remarks. execute to was and have financial directors. of those that objectives growth. shared to record and but with accomplishments and successfully pause condition our company made We the to goal some we Archer team and return successfully second just my and strategy, board of products. drive laying We're substantial One; progress have to sales Two, established the a stakeholders a team; new I'll launch new are also begun to three, sales we to and now corporate have four, build Mark executing management we have that opportunities property and our improved surface. portfolio on foundation expanded the These we our closing excited discuss started added new our a direct-to-consumer and governance our ask to additional highlight channel cost personnel credibility about to of experienced management; building to solid I'll our have then intellectual and

Mark Archer

Well, thank you Chia-Lin.

XX% Alert to Gross up in share XXX of same Plus sales compared same as and quarter hospitals was commissions, last Here to quarter ago last higher year. margin this costs, an period, product quarter sales same investment and XX, of the and as addressing company lower to improved flat result XG common the cash of gross development, The to versus drive these operating the $X.XX Gross at the organization Guardian no year's and were margin $X.X Net addition quarter. by the $X.X up shipping to for $XX loss due the $X.X million expenses unit, year. quarter was quarter quarter result last previous financial million loss quarter investing of was $X.X end costs quarter $X personnel, product our higher a Guardian was in in $X.X the VA in we $X.X is versus mix million a per this bonus of by Operating opportunities in $XXX,XXX $X.XX year. million That million in marketing has our was and second mostly operating XX% clinics, end sales company loss a million versus Alert the well held We was higher quarter. infrastructure. sales XX% The XX% our $X.X the the quarter shift of in this ago to operating XXX loss of from as June replacement the as resources of increase expenses lower with results sunset administrative increased December last finance to driven the last variance over are of finished the are profit attributable the XXXX. which was million well the compared Plus to the loss Operating margin shareholders this million. for from at At same new the Net model. of Revenue device quarter last quarter. year. XG were and net in debt. expenses. driven ended end, year the million was sales year believe replacement year

Chia-Lin Simmons

Thanks Mark.

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

with proportion care the trend to the exciting to represent who a an market to segment positioned provide opportunity billion leader population, will creative people an total is this be home. $XX to of creating tech solutions LogicMark continue increasing continue to economy to for companies in the and age the elders innovative strategies. IP and As our to desire sales increasingly becoming expand, new

highlights value succeed penetrating time, to Our track ability I our our market, adding open call follow questions. ability objectives through our on Operator? stakeholders. record At and execute to will this the to and to and our this

Operator

[Operator with from instructions] question Barinstein Global. comes Ariana Our first Alliance

open. is line Your

Ariana Barinstein

share this for is innovative expected Could timeline Ariana services some products describe Brian. new on Hi, of products, specifically, be some you will releases new the your and including products for of monitor available for sale? when commercially those new the

Chia-Lin Simmons

Think Great you, Sure. question. Ariana.

going you're into of the see products of by launching to first portfolio the going are year. connected We end QX this -- our

of QX the the by so, first designed hardware probably designed of products some next hardware And year. end of and nearly

mentioned unconnected as products. as our the stay we been within past, continue a launch continue last to first well. firmly this again, are six as has monitor will which sort desire months to believe in really sell of other early see of portfolio, year segments QX in They of directly to to there So segments, is potentially what as These XX said us we our We income and are love XXX, connect well as our best-selling the income, you'll we've senior that products that and That as our products in looking fixed you charge. low at products products these and products.

garage building products amazing product. space so be to around or innovative product, does about from like into talk we hardware neck. build it openers reference we in newer the what when your a first are first you'll at on what mean products to QX, really us They focused and looks technology building looking see actually So a perspective, don't wearable have

on sort the Now our they advance to as detection fall utilize aging, around you'll we boomers are well of believe roll so actually on and machine the also who products they those should their -- out. want of that should see learning bodies that something work those of would wear be and advanced in some first

will our products. will continue first product into in-home build so that we ML connect -- and data cloud, in launching bring replace basically product the be that our we it will will actually on Wi-Fi technology. a is can that be to be using For the be our to connected to And it QX,

Ariana Barinstein

Thank you new at talk in about are existing chain Okay, if all, manufacturing then and how pricing the great. supply challenges you. products? of And impacting could

Chia-Lin Simmons

absolutely. Yeah,

question. that's a I think really great

As we electronics products chips, being in a automakers or consumer of COVID, that to chain we which actually basically so about in is or like second any company the from the year continuing utilize forth. and impacted ours are continue to the for consumer are every third to overall company every just supply see essence on

quite And seeing skyrocket. component parts, so candidly we are

are small we definitively for our the products warehouses the a to to manufacturing. we and fortunate nimble We seeing That said, to of are slowdowns, to be in are supply sort company. that looking chain our very and getting

not past, so in we've volume. are have our bad apple, we're time, at and good million ICs a we right, IC not that As chips to purchase don't a the at mentioned buying or we

needs. our within market our that capture on low the So the prices spot them can the them as the purchase a and items lookout so small smart actually given spot flu and into we those size at flexibility warehouse when to market for us then go the and has be place they're

are to the able so some us it problem of that prior to a had supplies those capture bit in little we And to -- supply is supply certain we because been on impacting this a less degree bit chain little easier. chain a we're taking inventory

before take of some you'll utilize basically market So in basically pricing little us them these assets actually as we inventory on price bit is we can see fluctuating. again have need to more hand that the purchasing a ahead so

hold So will products for we we want to have manufacturing. them can that buy it so we a and low those

call, we're so mentioned we as seeing in shipping And cost particular this challenges. also

our the and issues to that hands low us are actually look looking we at shipping possible. we our can get as so And as customers partner fixing for to to so work we quickly can cost at a of with dynamically well, as possible products as those as ways out best

as we to but ticker fortunate symbol. we're with nimble seeing impact startup industry, no and be about question the it, in So company every every moving again, are fast like

so able ride of And we've been those some issues. to

and the very however, are We costs the some demands of conscientious chain. supply of of

of you us at see cost So rolling looking in will increases out products. the potentially our

Ariana Barinstein

again. you last in economic begun to my the demand see And expect is or any question downturn, to given for have thank Okay, products? changes you see your

Chia-Lin Simmons

great and question. think I really that's Yeah, a

hasn't and we needs, when demand probably we the at slowdown of product. up and in for that don't think end four -- we Americans, in XX demands one changed would a change so a, see I our look

In see in products the fact, see, we've discussion we for for increase of sort our will no of in aging the will demand waits market that because, we as continued man. mentioned forces,

the I security answers to like. look continues age and remains need everybody and economic your safety for conditions hope question. that so And

Ariana Barinstein

Yes. Thank so much you

Operator

S instructions] for the [Operator now now turn to to I'll back turn call over I'll over back call Chia-Lin closing for remarks. remarks. closing the

Louie Toma

lost signal. I on think She a we concerned losing the today about may have cell Chia-Lin. was phone and

the to in you like forward at our updates to on And very listen thank times. much. I'd who we Thank you to behalf, all of to her on progress So all to our dialed continuing appropriate call look provide today.

Operator

his concludes This conference call.

disconnect. now may You

LogicMark (LGMK) 12 Aug 222022 Q2 Earnings call transcript