LGMK: Expanding Product Suite Enhances Convenience, Extends Target Market
By M. Marin
NASDAQ:LGMK
READ THE FULL LGMK RESEARCH REPORT
Caring Platform as a Service (CPaaS): new connected products
LogicMark, Inc. (NASDAQ:LGMK) continues to expand its product line within the personal emergency response systems (PERS) space as it develops its Care Village ecosystem. Over the past few weeks, the company has expanded its product suite with the launch of two new products, furthering its growth strategy. LGMK introduced the Freedom Alert Mini, its new mobile medical alert device illustrated below, and Aster, which is a software application designed to broaden its target market beyond the senior demographic and their caregivers.
Freedom Alert Mini - aging Bably Boomers want to remain active & independent.…
Freedom Alert Mini offers fall detection and GPS location technology. It is a compact-sized mobile device that enables seniors to remain connected to caregivers and loved ones while enjoying mobility. The company believes its mini size makes it convenient for wearers to use daily and maintain an independent lifestyle. The device’s 4G LTE connectivity provides two-way communication regardless of location and the fall detection and GPS location features are expected to increase the wearer’s sense of confidence that in the event of a fall or other issue, help will be alerted quickly. Management also believes that the quality of its fall detection solutions is better than technology in competing products.
Moreover, the features and technology are designed to enable wearers to maintain active and independent lifestyles. Studies show that aging Baby Boomers and other seniors increasingly want to live independently, with more than 25% of U.S. seniors living alone. The company’s technology is designed to help monitor people remotely so that care givers and family can make sure they are safe.
Aster marks LogicMark’s expansion beyond traditional demographic market
In addition, earlier this month, the company introduced Aster, which is a standalone software product, LogicMark’s first, that operates independently of any hardware component. This product launch advances the company’s goal to extend beyond hardware to a broader model to be positioned to benefit from the ongoing growth of the care economy. With Aster, LogicMark aims to enhance security for any demographic group. The company 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 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.
The 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 with a $9.99 monthly fee that is available on the Apple App store. A Google Play release is expected shortly.
…While continuing to innovate for traditional target demographic group…
Importantly, the Aster launch marks LogicMark’s expansion beyond the traditional demographic market for PERS devices and also the first software app that can be used without dedicated hardware. The company is developing and introducing new products and services, as it moves forward in developing its connected platform. LGMK has indicated that future innovations likely will incorporate additional technologies to monitor health data and provide additional services. Moreover, even as LGMK broadens its target market and product suite, the company’s strategy is to continue to innovate for its traditional target demographic group.
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