LogicMark, Inc. reported a slight decline in revenue for the fiscal year ending December 31, 2024, generating $9.9 million compared to $9.93 million in 2023, marking a decrease of approximately 0.3%. The company's gross profit margin remained stable at 67%. Despite the revenue drop, LogicMark's operating loss improved to $7.7 million from $15.3 million in the previous year, while the net loss decreased to $9.0 million from $14.6 million. The company ended the year with cash and cash equivalents of $3.8 million, down from $6.4 million in 2023, and working capital also fell to $3.3 million from $6.0 million.
In terms of operational developments, LogicMark has focused on expanding its product offerings and market reach. The company launched new products, including the Freedom Alert Plus and Freedom Alert Mini, and began selling LifeSentry Monitored PERS products directly to consumers. Additionally, LogicMark has strengthened its relationship with the U.S. Veterans Health Administration (VHA) and secured a five-year GSA Agreement, which allows it to distribute products to various government entities. The company has sold over 850,000 PERS devices since 2012, with more than 500,000 sold to the U.S. government.
The company’s employee count as of March 27, 2025, stood at 31 full-time employees, one part-time employee, and three long-term contractors. LogicMark has emphasized the importance of its workforce in achieving its strategic goals, particularly in product development and customer service. The company has also been actively engaging in marketing efforts, with advertising costs increasing to support its eCommerce platform and Amazon sales.
Looking ahead, LogicMark aims to leverage the growing demand for personal emergency response systems (PERS) driven by demographic trends, particularly the aging population. The company plans to continue investing in product development and expanding its presence in both the direct-to-consumer and healthcare channels. However, it acknowledges potential challenges, including inflationary pressures that could impact operational costs and the need for ongoing capital to support its growth initiatives. The company recently completed a public offering in February 2025, raising approximately $14.4 million to bolster its financial position and support future operations.
About LogicMark, Inc.
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