Welcome to our dedicated page for Psychemedics Corporation news (Ticker: PMD), a resource for investors and traders seeking the latest updates and insights on Psychemedics Corporation stock.
Psychemedics Corporation (NASDAQ: PMD) is the global leader in drug testing using hair samples to detect drug abuse. For over 30 years, Psychemedics has been trusted by thousands of corporations around the world, including more than 10% of the Fortune 500 companies, major police departments, Federal Reserve banks, and educational institutions. Psychemedics' patented hair analysis technology offers a reliable and non-invasive method for pre-employment and employee drug screening.
The company provides comprehensive testing services, including sample collection training and positive sample storage. Their innovative method digests hair to release trapped drugs without destroying them, making it more effective than traditional urine testing. Psychemedics generates the majority of its revenue from the United States and continues to expand its reach globally.
Recently, Psychemedics launched an advanced 5-Panel Drug Screen replacing marijuana with fentanyl, addressing the evolving drug landscape. This new panel also detects cocaine, opioids, PCP, and amphetamines, ensuring the highest level of workplace safety. Despite the challenges posed by a labor shortage, the company has improved its gross margin and reduced operating expenses. In a strategic move, Psychemedics relocated its headquarters to Dallas, Texas, aiming to foster innovation and better serve its clients.
Financially, Psychemedics maintains a solid position with approximately $2.4 million in cash and cash equivalents as of June 30, 2023. The company is also focusing on restructuring to align costs with revenue trends and improve its market approach under the leadership of newly appointed CEO, Brian Hullinger.
For more information, visit the Psychemedics website at www.psychemedics.com.
Psychemedics (NASDAQ: PMD), a leading provider of hair testing for drugs of abuse, announced its financial results for Q3 2024, ending September 30. The company's revenue for Q3 2024 was $5.2 million, a 9% decrease from $5.7 million in Q3 2023. Net loss for the quarter was $0.5 million, or $0.09 per share, compared to a net loss of $2.1 million, or $0.36 per share, in the same period last year.
For the nine months ending September 30, 2024, revenue was $15.3 million, down 11% from $17.1 million in the same period in 2023. Net loss for the nine months was $2.1 million, or $0.35 per share, compared to a net loss of $3.2 million, or $0.56 per share, for the same period last year.
Psychemedics (NASDAQ: PMD) has released its first-ever Education Insights Report, analyzing drug trends in educational institutions through hair testing. The report reveals a 25% increase in overall drug positivity rates in the education sector over the past five years, rising from 3.9% to 4.9%. Key findings include:
- Marijuana was present in 57.6% of positive tests, followed by nicotine at 17.9%.
- 11% of 12th-grade students used Delta-8 THC in the past year.
- Challenges of marijuana legalization in preventing underage access.
The report emphasizes the importance of health and wellness-focused drug testing programs in creating safer learning environments. Psychemedics aims to provide educational institutions with tools to effectively monitor and address drug use among students and staff.
Psychemedics (NASDAQ: PMD), a leader in hair testing, has launched a new ketamine hair testing service. This innovative solution offers a 90-day detection window, non-invasive collection, and high accuracy. Key features include:
- Long detection window up to 90 days
- Non-invasive and convenient collection process
- High sensitivity and specificity
- Integration with existing multi-drug panels
- Applicability across various industries
The service aims to address the growing concern of ketamine abuse in workplaces, educational institutions, and law enforcement. CEO Brian Hullinger emphasized the company's commitment to providing reliable drug testing solutions for maintaining safe environments.
Psychemedics (NASDAQ: PMD), the leading provider of hair testing for drugs of abuse, has reported its Q2 2024 financial results. The company experienced a 15% decrease in revenue, from $5.5 million in Q2 2023 to $4.7 million in Q2 2024. The net loss increased to $0.8 million ($0.14 per share) compared to $0.7 million ($0.13 per share) in the same period last year.
For the first half of 2024, revenue declined by 12% to $10.1 million, with a net loss of $1.5 million ($0.26 per share), up from $1.1 million ($0.19 per share) in H1 2023. CEO Brian Hullinger attributed the revenue decline to lower hiring rates among clients but emphasized ongoing efforts to adjust operating costs and explore new markets and applications.
Psychemedics (Nasdaq:PMD) has announced plans to terminate the registration of its common stock and delist from the Nasdaq Capital Market. The company's Board of Directors has approved a reverse stock split at a ratio between 1-for-4,000 and 1-for-6,000, with smaller shareholders being cashed out at $2.35 per share. This move aims to reduce costs by over $900,000 annually and focus on enhancing long-term stockholder value. The company has entered a stock purchase agreement with investors to raise up to $3,750,000 at $2.35 per share. The transaction is subject to stockholder approval at the 2024 Annual Meeting and is expected to be completed in fall 2024.
Psychemedics (NASDAQ: PMD), a leading entity in hair testing for drugs, has launched its inaugural Insights Report. This comprehensive report analyzes drug trends in the workplace, derived from hundreds of thousands of hair samples collected in 2023. The report reveals an overall positive drug test rate of 9.5%, with a 23% increase in positive rates over the last five years. Marijuana, cocaine, and opiates are the most detected substances, while fentanyl shows a troubling rise. The report underscores the effectiveness of hair testing for employment drug screening and aims to help employers and policymakers address workplace drug use. More details can be accessed at the provided link.
Psychemedics (NASDAQ: PMD), a leading provider of hair testing for drugs of abuse, announced its Q1 2024 financial results on May 14, 2024. For the quarter ended March 31, 2024, the company reported a revenue of $5.4 million, down 9% from $5.9 million in the same quarter of the previous year. The net loss for Q1 2024 was $0.7 million, or $0.12 per share, compared to a net loss of $0.4 million, or $0.07 per share, in Q1 2023. Despite the decline, CEO Brian Hullinger expressed optimism about future growth and revenue stabilization, highlighting the company's ongoing efforts to explore new markets and applications for its hair testing solutions.
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