Expect new Head of Sales as near-term focus shifts to sales, marketing of expanded product suite
LogicMark, Inc. (NASDAQ:LGMK) is transforming its business from a hardware company generating one-time revenue from sales of personal emergency response systems (PERS) to a broader personal safety company offering solutions for a substantially wider target market. Over time, the company expects new products and services to both diversify and augment its revenue streams and contribute to growing recurring revenues.
With its expanded product line. LGMK’s near-term focus is expected to be on sales, marketing and advertising, as LGMK seeks to boost awareness and sales of its growing suite of products and services. The company has also indicated that it is seeking to hire a new head of sales to lead these efforts during this next phase in its transition.
New product features include advanced fall detection, geofencing for memory care, connected cloud & caretaker app support, sensors, AI / ML, predictive technology…
The company has expanded its software and technology portfolio and now has five PERS solutions in its suite. Product features include advanced fall detection, geofencing for memory care, connected cloud and caretaker app support, leveraging Big Data, sensors, AI and ML (machine learning). Most PERS products are focused on reactive technology, but the company’s focus is both to improve reactive technology versus competitors’, upgrade continuously and provide fewer false positive triggers. The company's developing AI technology is expected to detect pattern changes that might indicate potential for falls (predictive technology), as well as health communications services such as medicine reminders (preventative technology). The company believes false positive triggers frequently make people not want to wear PERS devices. By incorporating enhanced sensors, algorithms, and machine learning technology to analyze movement patterns and other relevant data, the company expects to report and even predict the likelihood of a fall more accurately than competitive devices that rely on legacy technologies. LGMK has indicated that future innovations likely will incorporate additional technologies to monitor health data and provide additional services.
The company has a growing intellectual property position. Since 2021, LGMK has filed 14 patents. The newest patent was filed just last week. It relates to risk and safety metrics calculation and assessment using sensors and algorithms. Other patents cover AI capabilities, game theory, environmental sensing, and personalized behavior monitoring, among other features. The company believes this IP portfolio will facilitate its opportunities to license its technology and boost recurring revenue. The company expects to license its software and believes the patent portfolio can help it ensure that it is creating products that are defensible from competitors as it innovates and creates technology that it can license to others.
… Aster expands LGMK target market to younger adults, students, other demographics
➢ Freedom Alert Plus - Wi-Fi and touch-screen-enabled
➢ Freedom Alert Mini – smaller for a more active demographic
In 2023, LGMK launched two new products: Freedom Alert Plus and Freedom Alert Mini. The Freedom Alert Plus is a Wi-Fi and touch-screen-enabled device. The 4G Freedom Alert Mini is a smaller device meant to be mobile for people with more active lifestyles. The new products each include monthly 24/7 monitoring service by U.S.-based emergency operators and patented multi-sensor fall detection technology.
More recently, LGMK introduced Aster, a software application that broadens its target market beyond the senior demographic and their caregivers. Aster is a subscription-based software application that is available on the Apple and Google Play Stores. The LogicMark Bluetooth button can be worn or attached to the user’s pocket, key or other convenient location and paired with Aster to provide quick-access to Aster. The company believes Aster illustrates how well it can leverage its Caring Platform as a Service (CPaaS) model to launch new Internet of Things (IoT) solutions to help ensure safety for a broadening group of users and to enable caregivers and family to monitor the health and safety of loved ones remotely.
Aster offers emergency alert feature if user fails to check in as personal safety concerns rise…
The company envisions a broad market for Aster, ranging from college students concerned about their on-campus security, real estate agents showing houses alone, active seniors and more. according to a recent Gallup poll, concerns about personal safety are at a 30-year high in the U.S. About 40% of respondents to Gallup’s annual Crime poll in October 2023 indicate concerns about (responded yes) walking at night near their home. according to Gallup research, growing numbers of Americans believe crime has worsened over the past year and rate it as a serious problem. This growing concern inhibits people from a variety of activities, including visiting cities and exercising outdoors. With Aster, LogicMark aims to enhance security for any demographic group. The company also believes that personal safety issues become increasingly more complex as the care economy evolves. The Aster app provides a software solution that enables users to remain connected to emergency contacts and also easily contact emergency services when needed.
The Aster app offers a “Follow Me” feature that enables users to connect their mobile phone calendars and share select events so that friends and family know where they are. The app sends automated texts regarding event start times and if the user fails to check in at the event, the app triggers an emergency alert that automatically sends texts to the user’s followers and also notifies a live agent in emergency situations. The user’s emergency followers and first responders will get a text / alert with a Google Maps link that indicates the user’s GPS location. In an emergency, a LogicMark live agent will be notified and will call the user. If there is no reply or request for help, the agent can notify emergency services. Aster is a subscription-based app.
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