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.
Psychemedics Corporation (NASDAQ: PMD) reported second-quarter results for 2022 with a 7% revenue increase to $6.5 million compared to $6.1 million in 2021. However, the company faced a net loss of $0.3 million or ($0.06) per diluted share, down from net income of $0.1 million or $0.02 per diluted share last year. Domestic revenue rose 13%, but international revenue fell by 65%. Operating expenses rose 17%, influenced by higher legal and personnel costs. The board declared a $0.07 dividend per share, underlining confidence in financial strength amidst economic challenges.
Psychemedics Corporation (NASDAQ: PMD) has announced the nomination of Peter H. Kamin and Darius G. Nevin to its Board of Directors during the Annual Meeting of Stockholders scheduled for August 12, 2022. This change coincides with the retirement of Walter S. Tomenson, Jr. The new appointments result from a Cooperation Agreement with Kamin-affiliated entities, which hold approximately 11.1% of the company's shares. Both nominees bring extensive experience in investment management and corporate governance, potentially strengthening the Board's leadership.
Psychemedics Corporation (NASDAQ: PMD) reported financial results for Q1 2022, revealing a 14% increase in revenue to $6.5 million compared to Q1 2021. However, net income fell to $39,000, down from $83,000 the previous year. Domestic revenues rose 17%, driven by key sectors like Oil & Gas, Transportation, and Manufacturing, while international revenues, mainly from Brazil, declined 42%. The company declared a cash dividend of $0.07 per share, reflecting confidence in future growth despite challenges such as increased shipping costs and lack of Employee Retention Credit.
Psychemedics Corporation (NASDAQ: PMD) reported financial results for Q4 and full year 2021, showing a 17% revenue increase to $24.9 million compared to 2020. The net loss narrowed to $0.7 million or $0.12 per share versus a loss of $3.9 million in 2020. Q4 revenue rose 21% to $6.4 million, but net loss widened to $1.6 million. Domestic growth was driven by sectors like Oil & Gas and Transportation, while international revenues fell 29%. The firm faces challenges from legal settlements but expects operational improvement in 2022 with a strong balance sheet.
Psychemedics Corporation (NASDAQ:PMD) announced the appointment of Andrew "Drew" M. Reynolds to its Board of Directors, effective April 4, 2022. Reynolds brings over 25 years of global experience in strategy, corporate development, and marketing, with a notable track record in driving profitable growth. His expertise, especially in the trucking sector, aligns well with Psychemedics' objectives. Concurrently, Harry Connick will retire from the Board after 18 years, having significantly contributed to the company's mission to combat drug abuse.
Psychemedics Corporation (NASDAQ:PMD) has declared a cash dividend of $0.05 per share, payable on December 30, 2021, to shareholders of record as of December 20, 2021. This marks a return to dividend payments after a suspension due to the COVID-19 pandemic, during which the company focused on liquidity. The company has a long history of consistent dividends, having paid them for over 23 years until 2020. CEO Raymond C. Kubacki expressed confidence in the company’s future and commitment to rewarding shareholders.
Psychemedics Corporation (NASDAQ:PMD) reported strong financial results for Q3 2021, with revenues rising 29% year-over-year to $6.7 million and a net income of $0.7 million or $0.13 per diluted share, compared to a loss in Q3 2020. For the nine months ended September 30, 2021, revenue increased 16% to $18.5 million, and net income reached $1.0 million. Domestic revenues grew 27%, driven by sectors like Oil & Gas and Manufacturing. The Company received a $0.8 million Employee Retention Credit, boosting margins. Despite positive results, the Board is exploring strategic alternatives amid ongoing uncertainties due to COVID-19.
Psychemedics Corporation (NASDAQ:PMD) reported a remarkable revenue increase of 85% in Q2 2021, totaling $6.1 million, compared to $3.3 million in Q2 2020. The company achieved a net income of $0.1 million or $0.02 per diluted share, rebounding from a net loss of $2.1 million or ($0.37) per share last year. For the first half of 2021, revenue rose by 8% to $11.8 million. Key growth drivers included domestic operations, particularly in Oil & Gas and Manufacturing sectors. The company is leveraging employee retention credits and improved cost management.
FAQ
What is the current stock price of Psychemedics Corporation (PMD)?
What is the market cap of Psychemedics Corporation (PMD)?
What does Psychemedics Corporation do?
Who are Psychemedics' primary clients?
What is unique about Psychemedics' drug testing method?
What recent products has Psychemedics introduced?
How has Psychemedics performed financially?
Where is Psychemedics' headquarters located?
Who is the CEO of Psychemedics Corporation?
What has been a recent strategic move by Psychemedics?
How does Psychemedics' testing method compare to others?
Where can I find more information about Psychemedics?
