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) 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.
Psychemedics Corporation (NASDAQ: PMD) has appointed Robyn C. Davis to its Board of Directors, following the passing of Clint Allen. Ms. Davis brings extensive experience in life sciences and strategy, having served on the boards of prominent companies like Brooks Automation and Akston Bioscience. She is a Managing Director at Angel Healthcare Investors and has advised various organizations on growth strategies. The company is a leader in drug testing, utilizing its patented hair testing method preferred by many Fortune 500 companies.
Psychemedics Corporation (NASDAQ: PMD) has appointed Andrew Limbek as Vice President, Controller. Andrew brings over 12 years of experience in financial activities, including external reporting and internal analysis. He has worked with prominent accounting advisory firms and held operational roles, including Controller at Racepoint Global, Inc. His educational background includes a Bachelor of Science in Accounting from the University of New Hampshire. CEO Raymond C. Kubacki emphasizes Andrew's technical expertise and financial analysis skills as pivotal for the company’s growth strategy.
Psychemedics Corporation (NASDAQ: PMD) announces the reappointment of Sarah Ashby as Vice President, General Counsel. She will oversee all legal activities and report to the CEO. Sarah's prior experience includes roles at Decibel Therapeutics and Takeda Pharmaceutical, focusing on R&D, toxicology studies, and clinical trials. CEO Raymond C. Kubacki emphasized the strategic importance of her role in supporting clients with legal challenges. Psychemedics is the largest provider of hair testing for drug abuse detection, serving numerous clients, including Fortune 500 companies.
Psychemedics Corporation (NASDAQ:PMD) announced a 47% revenue decline to $5.2 million for Q3 2020, with a net loss of $1.1 million compared to a profit of $0.7 million in Q3 2019. Year-to-date revenues fell 45% to $16.0 million, with a net loss of $3.3 million. Despite ongoing challenges from COVID-19, the company reported a 56% revenue increase from Q2 2020. Domestic sales decreased by 30% year-over-year but improved by 56% from Q2 2020. The company noted a significant drop in international revenues (93%) due to closures in Brazil. It has plans for cost-cutting measures and a focus on recovery.
Psychemedics Corporation (NASDAQ:PMD) reported a sharp decline in second quarter revenue, earning $3.3 million compared to $9.3 million a year prior, marking a 64% decrease. The net loss was $2.1 million, translating to ($0.37) per diluted share, contrasting with a net income of $0.8 million or $0.14 per share in 2019. The COVID-19 pandemic affected domestic revenue significantly, which fell by 54%. Despite challenges, the company received a $2.2 million PPP loan, anticipating $1.7 million forgiveness. The company has suspended its dividend after 94 consecutive payments.
Psychemedics Corporation (NASDAQ:PMD) reported a 23% revenue decline in Q1 2020, totaling $7.5 million compared to $9.8 million in Q1 2019. A net loss of $0.2 million or ($0.03) per diluted share was recorded, contrasting with a net income of $0.6 million or $0.11 per diluted share last year. The 34% drop in sales volume, influenced by COVID-19, was partially offset by an 11% revenue per sample increase. The company secured a $2.2 million loan from the Paycheck Protection Program to maintain operations. Despite challenges, they introduced an FDA-cleared nicotine test in April.
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