It's not reading the card correctly. Try ejecting the card and reinsertting it while it says No Memory. This always gets the cam to read the card for me when I get that message. If that doesn't work try another card. Use a plain SanDisk card that doesn't say ultra or high speed. If that doesn't work then the cam may have issues.
Sodbuster is spot one. One other thing to look for is on the side of the SD Card, there is a "Lock" switch. Make sure that's not flipped to on. That will prevent the card from being read.
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