Psychemedics Corporation - PMD STOCK NEWS

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.

Psychemedics Corporation (NASDAQ:PMD) reported Q1 2021 revenue of $5.7 million, down 24% from $7.5 million in Q1 2020. However, net income improved to $0.1 million ($0.01 per share) compared to a net loss of $0.2 million (-$0.03 per share) last year, driven by a $0.8 million Employee Retention Credit. Domestic revenues fell 15% year-over-year, while international volumes remained significantly low. The company, holding $2.2 million in cash, expressed confidence in returning to profitable growth as the economy recovers, though it suspended dividends during the pandemic.

Psychemedics Corporation (NASDAQ:PMD) reported a significant decline in financial performance for the year ending December 31, 2020. Revenue decreased by 43% to $21.4 million, with a net loss of $3.9 million, or $0.70 per diluted share, compared to a net income of $1.5 million in 2019. The fourth quarter also saw a 39% drop in revenue to $5.3 million. Despite challenges from the COVID-19 pandemic, the company is optimistic about recovery, citing improved testing volumes and a strong balance sheet with $2.8 million in cash. The company aims for profitable growth while evaluating dividend resumption.