LogicMark, Inc. (NASDAQ:LGMK) Q4 2022 Earnings Call Transcript

And so instead of now being a reactive technology like a lot of these products are in the marketplace, we are obviously working to get you to help that you need quickly as possible, but we are also trying to be reactive and be proactive. So via a technology that is checking in on your health and allowing your caretakers to checking on your health more actively versus just basically responding where you are having an emergency situation and so it becomes a much more comprehensive technology product. How we sort of also win here is that, a lot of these technology companies or a lot of these companies that were competing against in this particular category space, they don’t have to make their own technology, they tend to buy them off the shelf, which is great.

But we — our technology, so we are building our own technology, so that means that we are building our own AI algorithm, we are building our own user experience that is more conducive to end user, your elderly loved ones, so that user experience is much more positive towards somebody who is aging, as well as a user experience that is conducive to a multi-care taker environment, whether or not that be a family of three or four, whether or not it’s a family of three or four in the next door neighbor and the professional care taker, right, because there’s a lot of coordination that’s involved. And so we are really focused on trying to bring a comprehensive technology suite to the market versus basically, hey, we are a monitor focused company and here is the independent product that we didn’t build, that we are going to make offerings to you and we will connect our sort of call services to instead offering product that have the same user experience across the Board.

So we don’t have to relearn that, but also have a really wonderful sort of caretaker experience as well, because we know that at the end of this sort of product, it’s not just about people who are wearing the devices, but it’s also the people who care about them, the younger generation who also wanted to make sure that their family members are safe and now coordinating their care. And so we go into this, as we spoke about since we have taken over the company was this idea of having a CPaaS system, a caring platform-as-a-service of offering a really comprehensive capability to the care economy versus sort of things that you pull together randomly on different sort of offerings and products. I hope that’s helpful.

Allen Klee: Yeah. I am curious when you have done your market research, what has — people who are in the market to buy, what do they say is the most important things and how do you think you have addressed that?

Chia-Lin Simmons: Yeah. Some of the most important things that is and you have to take a look at customers and sort of two different sort of groups. First is the end user, right? The people who are actually wearing the devices. So they want to device that is much better about getting rid of false positives, right? They don’t want to wear a device that constantly goes off, the false system to turn off fall detection because fall detection is faulty, right? And so it’s going off at the time, and it makes them feel very unconspicuous when their randomly walking and they might just slow down and it triggers something. So that’s really like always a first concern to people that these false positives happens quite frequently. Secondarily is that these devices, the way they look, the way they feel make people feel old and they don’t want to wear it.