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Psychemedics Corporation - PMD STOCK NEWS

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.

News

Psychemedics Recognized as a Top 10 Employee Health Testing Services Provider

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Psychemedics (NASDAQ: PMD) has been recognized as one of the Top 10 Employee Health Testing Services Providers for 2024 by ManageHR. The company's commitment to excellence and innovation in drug testing using hair analysis has earned it this prestigious accolade. Psychemedics' patented technology offers accurate and non-invasive drug testing solutions, ensuring safe and drug-free workplaces for thousands of companies worldwide.
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Psychemedics Corporation Announces Relocation of Headquarters to Dallas, Texas

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Psychemedics Corporation (PMD) proudly announces the relocation of its corporate headquarters from Acton, Massachusetts to Dallas, Texas. The move aims to expand operations, foster innovation, and better serve its diverse clientele globally, while maintaining the highest standards in hair drug testing. CEO Brian Hullinger expressed confidence in the move, emphasizing its significance in the company's growth strategy.
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Psychemedics Corporation Appoints Daniella Mehalik as VP - Finance

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Psychemedics Corporation (PMD) proudly announces the appointment of Daniella Mehalik as its new Vice President - Finance. Ms. Mehalik brings over a decade of extensive experience in accounting and industry-specific insights crucial to Psychemedics’ operations, with academic credentials from Carlow University. Reporting directly to CEO and President Brian Hullinger, she will play a pivotal role in steering the financial trajectory of the organization.
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Psychemedics Corporation Reports Third Quarter 2023 Financial Results

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Psychemedics Corporation (NASDAQ: PMD) announced Q3 2023 financial results, reporting a 12% decrease in revenue to $5.7 million and a net loss of $(2.1 million). The company is implementing restructuring changes to align costs with revenue trends, expecting financial benefits in Q4 2023 and fiscal year 2024. Gross margin percentage improved to 37%, operating expenses increased 18%, and a non-cash tax charge of $0.7 million was recorded. The company also highlighted significant go-to-market improvements led by the new Chief Revenue Officer, Shannon Shoemaker.
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Unveiling the Future of Drug Testing: Psychemedics Introduces Advanced 5-Panel Drug Screen

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Psychemedics announces the launch of a revolutionary Advanced 5-Panel Drug Screen that replaces marijuana with fentanyl, addressing the evolving drug landscape and workplace challenges. The new panel is more effective in detecting opioids, cocaine, and amphetamines, and offers a cost-effective choice for organizations to adapt their testing protocols.
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Psychemedics Corporation Appoints Shannon Shoemaker as Chief Revenue Officer

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Psychemedics Corporation appoints Shannon Shoemaker as Chief Revenue Officer, marking a significant milestone for the company's expansion in substance abuse testing. Shoemaker brings a wealth of experience and a track record of leadership in revenue growth and optimization. Shoemaker's appointment is expected to contribute to strategic growth initiatives and innovation in the industry.
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Psychemedics Corporation Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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Psychemedics Corporation grants inducement awards to new CEO Brian Hullinger
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Psychemedics Corporation Reports Second Quarter 2023 Financial Results

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Psychemedics Corporation (NASDAQ: PMD) announced financial results for Q2 2023. Revenue decreased by 15% to $5.5 million compared to Q2 2022. Net loss for Q2 2023 was $(726,000) or $(0.13) per diluted share. Gross margin improved to 37% from 35% in Q2 last year. Operating expenses declined by 5%. Psychemedics settled a lawsuit with a consultant, resulting in a non-recurring expense. Ray Kubacki will retire as President and CEO, succeeded by Brian Hullinger.
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Psychemedics Corporation Announces CEO Succession Plan

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Psychemedics Corporation announces that Brian Hullinger will succeed Ray Kubacki as CEO effective August 17, 2023. Hullinger brings 30 years of leadership experience and a proven track record of driving growth.
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Psychemedics Corporation Reports First Quarter 2023 Financial Results and Declares Cash Dividend

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FAQ

What is the current stock price of Psychemedics Corporation (PMD)?

The current stock price of Psychemedics Corporation (PMD) is $2.67 as of December 13, 2024.

What is the market cap of Psychemedics Corporation (PMD)?

The market cap of Psychemedics Corporation (PMD) is approximately 15.7M.

What does Psychemedics Corporation do?

Psychemedics Corporation specializes in drug testing using hair samples to detect drugs of abuse. The company offers comprehensive drug testing services including training for sample collection.

Who are Psychemedics' primary clients?

Psychemedics serves a diverse client base including over 10% of the Fortune 500 companies, major police departments, Federal Reserve banks, and schools.

What is unique about Psychemedics' drug testing method?

Psychemedics uses a patented hair analysis technology that digests hair to release trapped drugs without destroying them, making it more effective than traditional urine testing.

What recent products has Psychemedics introduced?

Psychemedics recently launched an advanced 5-Panel Drug Screen that replaces marijuana with fentanyl and includes detection for cocaine, opioids, PCP, and amphetamines.

How has Psychemedics performed financially?

As of June 30, 2023, Psychemedics had approximately $2.4 million in cash and cash equivalents. The company has improved its gross margin and reduced operating expenses despite recent challenges.

Where is Psychemedics' headquarters located?

Psychemedics' headquarters is located at 5220 Spring Valley Road, Ste 230, Dallas, TX 75254.

Who is the CEO of Psychemedics Corporation?

Brian Hullinger is the current President and CEO of Psychemedics Corporation.

What has been a recent strategic move by Psychemedics?

Psychemedics recently relocated its headquarters to Dallas, Texas, to enhance innovation and better serve its clients.

How does Psychemedics' testing method compare to others?

Psychemedics' hair testing method is considered superior to traditional urine tests and other hair testing methods, offering more accurate detection of drug abuse.

Where can I find more information about Psychemedics?

For more information, visit the Psychemedics website at www.psychemedics.com.

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Psychemedics Corporation

Nasdaq:PMD

PMD Rankings

#5401 Ranked by Market Cap
N/A Ranked by Dividends

PMD Stock Data

15.74M
2.70M
23.14%
20.22%
0.23%
Diagnostics & Research
Services-medical Laboratories
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United States of America
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