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LogicMark (NASDAQ:LGMK) stock is on the rise Wednesday following the release of its earnings report for the full year of 2022.
That earnings report begins with LogicMark reporting losses per share of 76 cents. While that may seem bad at first, investors will keep in mind that its losses per share from the year prior were $2.25.
The personal emergency response company’s narrower losses per share is thanks to its net loss of $7.3 million in its latest earnings report. For comparison, the company’s net loss from the previous year was $14 million.
In addition to that, LogicMark’s revenue for the full year of 2022 comes in at $11.92 million. Yet again, that’s an improvement compared to the company’s revenue of $10 million in 2021.
LGMK CEO Commentary
Chai-Lin Simmons, CEO of LogicMark, said the following in the earnings report.
“We continue to work diligently on our strategy to capitalize on the PERS opportunity and related markets, driven by the increasing industry demand resulting from growth in elder population. With 90% of 50+ years old wanting to age in place, the market is expected to grow at a 13% CAGR in the coming years and we expect to be a beneficiary of this increasing demand.”
Alongside this earnings report comes heavy trading of LGMK stock. That has some 6.6 million shares changing hands as of this writing. For comparison, the company’s daily average trading volume is about 1.6 million.
LGMK stock is up 30.9% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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