Why LogicMark (LGMK) Stock Is Popping Off

LogicMark Inc LGMK shares are trading higher by 59.17% to $0.22 Wednesday morning after the company announced financial results for the year ended 2022. The company reported FY22 revenue of $11.9 million.

What Else?

Among the highlights for FY22, LogicMark reported: 

• Revenue growth of 19% in 2022 compared to the prior year.
• Gross profit increased 25% in 2022 versus 2021. 
• Gross margin was 60.7% in 2022, up 300 bps from 57.7% in 2021.
• Appointed Brady Farrell as Vice President of Sales
• Appointed Garett Hunter as Senior Vice President of Marketing

LogicMark also says gross profit was $7.2 million for the year ended December 31, 2022, versus $5.8 million in 2021, an increase of 25%.

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According to data from Benzinga Pro, LGMK has a 52-week high of $2.38 and a 52-week low of $0.12.