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) 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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