NXT-ID Inc · Q3 2023 earnings

Briefing

LogicMark, Inc. reported results for the third quarter of 2023, which was highlighted by a five percentage point increase in gross margin.

LogicMark, Inc. reported a revenue of $2.4 million for Q3 2023, a decrease compared to the same period last year. However, the gross profit margin increased by five percentage points to 67%. The net loss attributable to common shareholders was $1.5 million, an improvement from the $2.2 million loss in the same period last year.

• Revenue for the third quarter ended September 30, 2023, was $2.4 million compared to $2.8 million in the same period last year.
• Gross profit margin in the third quarter was 67%, five percentage points higher compared with 62% in the prior year period.
• Net loss attributable to common shareholders for the third quarter was $1.5 million compared with a net loss of $2.2 million in the same period last year.
• As of September 30, 2023, the cash and cash equivalents balance was $6.7 million, compared with $7.0 million at the end of December 2022.

Headline financials

Revenue & EPS history

The company is focused on the release of another new PERS product in the weeks ahead, marking their second product launch this year. Initial feedback during testing has been very positive, particularly regarding its compact design, GPS location service, and fall detection feature.