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 Corporation (NASDAQ: PMD) announced its financial results for Q4 and the full year ended December 31, 2022. Total revenue for 2022 was $25.2 million, a 1% increase from 2021, while Q4 revenue decreased by 11% to $5.7 million. The net loss for the year widened to $1.1 million, compared to a loss of $0.7 million in the previous year. The company declared a quarterly cash dividend of $0.07 per share, highlighting strong cash flow and commitment to shareholders. Despite challenges from labor shortages and inflation, domestic revenue rose by 4%. The operating loss reduced significantly to $1.1 million, excluding the effects of the Employee Retention Credit.
Psychemedics Corporation (PMD) reported a Q3 2022 net loss of $0.1 million ($0.02 per diluted share), down from a net income of $0.7 million ($0.13 per diluted share) in Q3 2021. Revenue for the quarter was $6.5 million, a 3% decline from $6.7 million YoY. However, YTD revenue rose 5% to $19.5 million. The company declared a $0.07 quarterly dividend for shareholders of record by December 2, payable December 16. CEO Raymond Kubacki noted headwinds from labor shortages and high inflation, but maintained confidence in domestic business resilience.
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