Welcome to our dedicated page for Psychemedics news (Ticker: PMD), a resource for investors and traders seeking the latest updates and insights on Psychemedics stock.
Psychemedics Corporation provides hair testing for drugs of abuse and reports developments tied to workplace, education, law enforcement, and risk-management testing programs. Company news commonly covers its proprietary hair-test data, Workforce Insights and Education Insights reports, long-window drug detection, and trends involving substances such as opioids, stimulants, cannabis, and ketamine.
Updates also include service enhancements such as ketamine hair testing and Quartile Reporting, which adds population-based context to positive test results. Corporate news may cover stockholder meetings, share-structure actions, and other governance matters related to PMD common stock.
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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