Psychemedics Corporation Reports Second Quarter 2024 Financial Results
Psychemedics (NASDAQ: PMD), the leading provider of hair testing for drugs of abuse, has reported its Q2 2024 financial results. The company experienced a 15% decrease in revenue, from $5.5 million in Q2 2023 to $4.7 million in Q2 2024. The net loss increased to $0.8 million ($0.14 per share) compared to $0.7 million ($0.13 per share) in the same period last year.
For the first half of 2024, revenue declined by 12% to $10.1 million, with a net loss of $1.5 million ($0.26 per share), up from $1.1 million ($0.19 per share) in H1 2023. CEO Brian Hullinger attributed the revenue decline to lower hiring rates among clients but emphasized ongoing efforts to adjust operating costs and explore new markets and applications.
Psychemedics (NASDAQ: PMD), il principale fornitore di test sui capelli per la rilevazione di droghe, ha riportato i suoi risultati finanziari del Q2 2024. L'azienda ha registrato una diminuzione del 15% nel fatturato, passando da 5,5 milioni di dollari nel Q2 2023 a 4,7 milioni di dollari nel Q2 2024. La perdita netta è aumentata a 0,8 milioni di dollari (0,14 dollari per azione) rispetto a 0,7 milioni di dollari (0,13 dollari per azione) nello stesso periodo dell'anno scorso.
Per il primo semestre del 2024, il fatturato è diminuito del 12% a 10,1 milioni di dollari, con una perdita netta di 1,5 milioni di dollari (0,26 dollari per azione), in aumento rispetto a 1,1 milioni di dollari (0,19 dollari per azione) nel H1 2023. Il CEO Brian Hullinger ha attribuito la diminuzione del fatturato a tassi di assunzione più bassi tra i clienti, ma ha sottolineato gli sforzi in corso per ridurre i costi operativi e esplorare nuovi mercati e applicazioni.
Psychemedics (NASDAQ: PMD), el proveedor líder de pruebas capilares para la detección de drogas, ha publicado sus resultados financieros del Q2 2024. La empresa experimentó una disminución del 15% en los ingresos, pasando de 5,5 millones de dólares en Q2 2023 a 4,7 millones de dólares en Q2 2024. La pérdida neta aumentó a 0,8 millones de dólares (0,14 dólares por acción) en comparación con 0,7 millones de dólares (0,13 dólares por acción) en el mismo periodo del año anterior.
Para la primera mitad de 2024, los ingresos cayeron un 12% a 10,1 millones de dólares, con una pérdida neta de 1,5 millones de dólares (0,26 dólares por acción), un aumento respecto a 1,1 millones de dólares (0,19 dólares por acción) en H1 2023. El CEO Brian Hullinger atribuyó la disminución de ingresos a tasas de contratación más bajas entre los clientes, pero enfatizó los esfuerzos continuos para ajustar los costos operativos y explorar nuevos mercados y aplicaciones.
Psychemedics (NASDAQ: PMD)는 마약 검사용 모발 테스트의 주요 제공업체로, 2024년 2분기 재무 결과를 발표했습니다. 이 회사는 수익이 15% 감소하여 2023년 2분기 550만 달러에서 2024년 2분기 470만 달러로 줄어들었습니다. 순손실이 증가하여 80만 달러(주당 0.14달러)로, 작년 동기 70만 달러(주당 0.13달러)에 비해 증가했습니다.
2024년 상반기 동안 수익은 12% 감소하여 1010만 달러에 달했으며, 순손실이 150만 달러 (주당 0.26달러)로, 지난해 같은 기간의 110만 달러(주당 0.19달러)에서 증가했습니다. CEO 브라이언 헐린저는 수익 감소의 원인을 고객들의 고용율 저조 때문이라고 설명하면서, 운영 비용 조정과 새로운 시장 및 응용 프로그램 탐색을 위한 지속적인 노력을 강조했습니다.
Psychemedics (NASDAQ: PMD), le principal fournisseur de tests capillaires pour la détection de drogues, a annoncé ses résultats financiers du Q2 2024. L'entreprise a connu une diminution de 15% de ses revenus, passant de 5,5 millions de dollars au Q2 2023 à 4,7 millions de dollars au Q2 2024. La perte nette a augmenté pour atteindre 0,8 million de dollars (0,14 dollar par action) par rapport à 0,7 million de dollars (0,13 dollar par action) durant la même période l'année dernière.
Pour le premier semestre de 2024, les revenus ont diminué de 12% à 10,1 millions de dollars, avec une perte nette de 1,5 million de dollars (0,26 dollar par action), contre 1,1 million de dollars (0,19 dollar par action) au H1 2023. Le PDG Brian Hullinger a attribué la baisse des revenus à des taux d'embauche plus bas chez les clients, mais a souligné les efforts continus pour ajuster les coûts d'exploitation et explorer de nouveaux marchés et applications.
Psychemedics (NASDAQ: PMD), der führende Anbieter von Haaranalysen zur Drogenaufnahme, hat seine Finanzergebnisse für das Q2 2024 veröffentlicht. Das Unternehmen verzeichnete einen Rückgang des Umsatzes um 15%, von 5,5 Millionen Dollar im Q2 2023 auf 4,7 Millionen Dollar im Q2 2024. Der Nettoverlust stieg auf 0,8 Millionen Dollar (0,14 Dollar pro Aktie) im Vergleich zu 0,7 Millionen Dollar (0,13 Dollar pro Aktie) im gleichen Zeitraum des Vorjahres.
Im ersten Halbjahr 2024 sank der Umsatz um 12% auf 10,1 Millionen Dollar, mit einem Nettoverlust von 1,5 Millionen Dollar (0,26 Dollar pro Aktie) im Vergleich zu 1,1 Millionen Dollar (0,19 Dollar pro Aktie) im H1 2023. CEO Brian Hullinger führte den Rückgang der Einnahmen auf geringere Einstellungsquoten bei den Kunden zurück, betonte jedoch die laufenden Bemühungen zur Anpassung der Betriebskosten und zur Erkundung neuer Märkte und Anwendungen.
- Company maintains its position as the world's leading provider of hair testing for drugs of abuse
- Management is actively pursuing new markets and applications to offset revenue decline
- Operating costs are being adjusted without adversely impacting client services
- Q2 2024 revenue decreased by 15% year-over-year to $4.7 million
- Net loss for Q2 2024 increased to $0.8 million ($0.14 per share)
- H1 2024 revenue declined by 12% year-over-year to $10.1 million
- H1 2024 net loss widened to $1.5 million ($0.26 per share)
- Continued lower hiring rates by clients negatively impacting revenue
Insights
Psychemedics 's Q2 2024 results paint a concerning picture. The
The CEO's statement about "continued lower hiring by clients" suggests macroeconomic headwinds affecting Psychemedics' customer base. While cost adjustments are being made, the lack of revenue growth and widening losses raise questions about the company's ability to achieve profitability in the near term. Investors should closely monitor the success of the company's efforts to pursue new markets and applications, as diversification could be important for future growth.
The
However, the company's focus on new markets and applications could be a silver lining. As workplace drug policies evolve, especially with changing cannabis laws, there might be opportunities for innovative testing solutions. Investors should watch for any announcements regarding new partnerships or product developments that could offset the current revenue decline and position Psychemedics for growth in emerging market segments.
Psychemedics' financial struggles come at a time of evolving drug policies across the United States. As more states legalize cannabis for medical or recreational use, employers are reassessing their drug testing protocols. This shift could present both challenges and opportunities for Psychemedics.
The company may need to adapt its testing methodologies to distinguish between legal and illegal drug use, particularly for cannabis. Additionally, potential changes in federal regulations regarding workplace drug testing could significantly impact Psychemedics' business model. Investors should pay attention to any legal developments in this area, as they could have material effects on the company's future prospects and market positioning.
DALLAS, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ: PMD), the world’s leading provider of hair testing for drugs of abuse, today announced financial results for the second quarter ending June 30, 2024.
The Company’s revenue for three months ended June 30, 2024, was
The Company’s revenue for six months ended June 30, 2024, was
Brian Hullinger, President, and Chief Executive Officer, stated:
“Despite the decline in revenue due to continued lower hiring by our clients, we continue to adjust operating costs with no adverse client impact while actively pursuing new markets and applications.”
About Psychemedics Corporation
Psychemedics Corporation is the world’s leading provider of hair testing for the detection of drugs of abuse. The Company’s patented process is used by thousands of U.S. and international clients, including Fortune 500 companies, for pre-employment and random drug testing. Major police departments, Federal Reserve banks, schools, and other public entities also rely on our unique patented drug testing process. We strongly believe our drug testing method to be superior to any other product currently in use, including traditional urine testing and other hair testing methods. To learn more, visit www.psychemedics.com.
Use of Forward-Looking Statements
Cautionary Statement for purposes of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995: From time to time, information provided by Psychemedics may contain forward-looking information that involves risks and uncertainties. In particular, statements contained in this release that are not historical facts (including but not limited to statements concerning future business potential, including revenue stabilization, growth, new markets and applications for our hair testing solutions, and statements about operating costs may be “forward looking” statements. Actual results may differ from those stated in any forward-looking statements. Factors that may cause such differences include but are not limited to risks associated with the changes in U.S. and foreign government regulations, including but not limited to FDA regulations, R&D spending, competition (including, without limitation, competition from other companies pursuing the same growth opportunities), the Company’s ability to maintain its reputation and brand image, the ability of the Company to achieve its business plans, cost controls, leveraging of its operating platform, risks of information technology system failures and data security breaches, the uncertain global economy, the Company’s ability to attract, develop and retain executives and other qualified employees and independent contractors, including distributors, the Company’s ability to obtain and protect intellectual property rights, litigation risks, general economic conditions and other factors disclosed in the Company's filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only of the Company's expectations as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions, or circumstances on which any such statement is based.
Psychemedics Investor Contact:
Daniella Mehalik
VP of Finance
(800) 628-8073
DaniellaM@psychemedics.co
FAQ
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