Psychemedics Corp Stock Price, News & Analysis

Psychemedics (PMD) announced a 1-for-5,000 reverse stock split followed by a 5,000-for-1 forward stock split, effective December 3, 2024. Shareholders with fewer than 5,000 shares will receive $2.35 per share in cash and will no longer be stockholders. Shareholders with more than 5,000 shares will maintain their current holdings. The company is implementing this strategy to delist from Nasdaq and deregister its common stock, aiming to reduce costs and focus on business growth. The move is expected to save over $845,000 annually in public reporting expenses.

Psychemedics (NASDAQ: PMD), a leader in hair testing, has issued a reminder to stockholders to vote for their upcoming annual meeting scheduled for November 25, 2024. The Board recommends voting 'FOR' each proposal. Stockholders of record can submit their proxy through multiple channels: online at www.proxydocs.com/PMD, by phone at (866) 586-3113, or by mail. The record date is set for October 8, 2024. For assistance, stockholders can contact Alliance Advisors at 844-618-1693. Detailed information is available in the proxy statement filed with the SEC on October 18, 2024.

Psychemedics (NASDAQ: PMD), a leading provider of hair testing for drugs of abuse, announced its financial results for Q3 2024, ending September 30. The company's revenue for Q3 2024 was $5.2 million, a 9% decrease from $5.7 million in Q3 2023. Net loss for the quarter was $0.5 million, or $0.09 per share, compared to a net loss of $2.1 million, or $0.36 per share, in the same period last year.

For the nine months ending September 30, 2024, revenue was $15.3 million, down 11% from $17.1 million in the same period in 2023. Net loss for the nine months was $2.1 million, or $0.35 per share, compared to a net loss of $3.2 million, or $0.56 per share, for the same period last year.

Psychemedics (NASDAQ: PMD) has released its first-ever Education Insights Report, analyzing drug trends in educational institutions through hair testing. The report reveals a 25% increase in overall drug positivity rates in the education sector over the past five years, rising from 3.9% to 4.9%. Key findings include:

- Marijuana was present in 57.6% of positive tests, followed by nicotine at 17.9%.
- 11% of 12th-grade students used Delta-8 THC in the past year.
- Challenges of marijuana legalization in preventing underage access.

The report emphasizes the importance of health and wellness-focused drug testing programs in creating safer learning environments. Psychemedics aims to provide educational institutions with tools to effectively monitor and address drug use among students and staff.

Psychemedics (NASDAQ: PMD), a leader in hair testing, has launched a new ketamine hair testing service. This innovative solution offers a 90-day detection window, non-invasive collection, and high accuracy. Key features include:

• Long detection window up to 90 days
• Non-invasive and convenient collection process
• High sensitivity and specificity
• Integration with existing multi-drug panels
• Applicability across various industries

The service aims to address the growing concern of ketamine abuse in workplaces, educational institutions, and law enforcement. CEO Brian Hullinger emphasized the company's commitment to providing reliable drug testing solutions for maintaining safe environments.

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) has announced plans to terminate the registration of its common stock and delist from the Nasdaq Capital Market. The company's Board of Directors has approved a reverse stock split at a ratio between 1-for-4,000 and 1-for-6,000, with smaller shareholders being cashed out at $2.35 per share. This move aims to reduce costs by over $900,000 annually and focus on enhancing long-term stockholder value. The company has entered a stock purchase agreement with investors to raise up to $3,750,000 at $2.35 per share. The transaction is subject to stockholder approval at the 2024 Annual Meeting and is expected to be completed in fall 2024.

Psychemedics (NASDAQ: PMD), a leading entity in hair testing for drugs, has launched its inaugural Insights Report. This comprehensive report analyzes drug trends in the workplace, derived from hundreds of thousands of hair samples collected in 2023. The report reveals an overall positive drug test rate of 9.5%, with a 23% increase in positive rates over the last five years. Marijuana, cocaine, and opiates are the most detected substances, while fentanyl shows a troubling rise. The report underscores the effectiveness of hair testing for employment drug screening and aims to help employers and policymakers address workplace drug use. More details can be accessed at the provided link.

Psychemedics (NASDAQ: PMD), a leading provider of hair testing for drugs of abuse, announced its Q1 2024 financial results on May 14, 2024. For the quarter ended March 31, 2024, the company reported a revenue of $5.4 million, down 9% from $5.9 million in the same quarter of the previous year. The net loss for Q1 2024 was $0.7 million, or $0.12 per share, compared to a net loss of $0.4 million, or $0.07 per share, in Q1 2023. Despite the decline, CEO Brian Hullinger expressed optimism about future growth and revenue stabilization, highlighting the company's ongoing efforts to explore new markets and applications for its hair testing solutions.