Psychemedics Corporation Reports Third Quarter 2024 Financial Results

Rhea-AI Summary

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.

Positive

• Net loss decreased to $0.5 million in Q3 2024 from $2.1 million in Q3 2023.
• Net loss for nine months decreased to $2.1 million from $3.2 million year-over-year.

Negative

• Revenue decreased by 9% to $5.2 million in Q3 2024 compared to Q3 2023.
• Revenue for the nine months decreased by 11% to $15.3 million compared to the same period in 2023.

DALLAS, Nov. 12, 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 third quarter ending September 30, 2024.

The Company’s revenue for three months ended September 30, 2024, was $5.2 million versus $5.7 million for three months ended September 30, 2023, a decrease of 9%. Net loss was $0.5 million, or $0.09 per share, compared to a net loss of $2.1 million, or $0.36 per share, for the three months ended September 2024 and 2023, respectively.

The Company’s revenue for nine months ended September 30, 2024, was $15.3 million versus $17.1 million for nine months ended September 30, 2023, a decrease of 11%. Net loss 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 nine months ended September 2024 and 2023, respectively.

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.

Psychemedics Investor Contact:

Daniella Mehalik
VP of Finance         
(800) 628-8073
DaniellaM@psychemedics.com

FAQ

What were Psychemedics 's Q3 2024 financial results?

Psychemedics reported Q3 2024 revenue of $5.2 million and a net loss of $0.5 million, or $0.09 per share.

How did Psychemedics 's Q3 2024 revenue compare to Q3 2023?

The Q3 2024 revenue of $5.2 million was a 9% decrease from Q3 2023's $5.7 million.

What was the net loss for Psychemedics in Q3 2024?

The net loss for Q3 2024 was $0.5 million, or $0.09 per share.

How did Psychemedics 's nine-month revenue for 2024 compare to 2023?

For the nine months ending September 30, 2024, revenue was $15.3 million, an 11% decrease from $17.1 million in the same period in 2023.

What was Psychemedics 's net loss for the first nine months of 2024?

The net loss for the first nine months of 2024 was $2.1 million, or $0.35 per share.