24/7 Market News Snapshot 12 November, 2024 – LogicMark, Inc. Common Stock (NV) (NASDAQ:LGMK)

November 12, 2024

DENVER, Colo., 12 November, 2024 (247marketnews.com) – (NASDAQ:LGMK) are discussed in this article.
LogicMark, Inc. is experiencing significant movement in its stock performance, recently opening at $0.214 before rising by 38.35% to $0.184, following yesterday’s close of $0.133. This surge, supported by an impressive trading volume of 539.52 million shares, has caught the attention of investors and traders alike, indicating increased interest and potential opportunities for short-term gains in the market.

Alongside this market activity, LogicMark has announced robust financial results for the third quarter of 2024, with revenues reaching $2.7 million—an increase of 14% year-over-year. The rise in revenue is largely attributed to strong sales of its personal emergency response systems (PERS), particularly the recently launched Freedom Alert Mini. CEO Chia-Lin Simmons expressed her satisfaction with the company’s results, noting that gross margins have remained steady at 67% over the past six quarters, with a gross profit of $1.8 million, reflecting a 13% increase from the previous year.

The successful introduction of the Freedom Alert Mini, which saw unit sales skyrocket from 191 in the second quarter to 1,106 in the third quarter, further underscores LogicMark’s potential in the personal safety technology market. This quarter also marked a strategic partnership with Black Knight LLC, aimed at enhancing services for the Veterans Administration.

Although the company reported a net loss of $1.6 million, it managed to keep operating expenses stable at $3.4 million, reinforcing its operational discipline. Furthermore, LogicMark is proactively addressing Nasdaq listing requirements through a reverse stock split and the implementation of a new rights agreement to protect shareholder interests.

As LogicMark continues to innovate and enhance its market presence, it remains committed to empowering individuals to live independently with dignity through its effective emergency response solutions. This promising trajectory in both market performance and financial growth positions LogicMark as a company to watch in the care and safety sector.

Related news for (LGMK)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.