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Psychemedics Releases 2025 Workforce Insights Report
Globenewswire· 2025-06-16 13:00
Core Insights - The 2025 Psychemedics Workforce Insights Report highlights the evolving drug landscape and its implications for workplace safety, hiring practices, and employer risk [2][3] - Employers face increasing pressure to maintain safe and compliant workplaces due to new synthetic substances, rising marijuana potency, and changing laws [3] Industry Trends - The report analyzes data from hundreds of thousands of hair drug testing samples collected in 2024 across various sectors, including transportation, manufacturing, healthcare, and government [2] - Positive drug test rates in the healthcare and manufacturing industries reached 14.7% and 14.6%, indicating a significant risk in these sectors [6] Emerging Threats - Synthetic opioids, particularly fentanyl and ultra-potent nitazenes, are on the rise, with some nitazenes being up to 20 times stronger than fentanyl [6] - There is a notable resurgence in cocaine and methamphetamine use, especially in high-pressure industries [6] - Legalization of marijuana has led to a 10% increase in workplace injuries among young workers in states with legalized recreational cannabis [6] Recommendations for Employers - The report emphasizes the need for comprehensive drug testing strategies that include education, prevention, and support, beyond mere detection [4] - Hair testing is highlighted as the most reliable method for drug detection, offering a 90-day detection window and high resistance to evasion [6]
Psychemedics Named “Most Innovative Drug Testing Company of the Year”
GlobeNewswire News Room· 2025-05-16 13:00
Core Insights - Psychemedics Corporation has been recognized as the "Most Innovative Drug Testing Company of the Year" by Acquisition International Magazine in the 2025 Global Excellence Awards [1][2] - The recognition highlights Psychemedics' leadership in drug detection science, particularly with the launch of Enhanced Quartile Reporting, which offers deeper insights into drug use severity and behavioral risk patterns [2][3] Company Innovations - Enhanced Quartile Reporting provides interpretive value by categorizing positive results into population-based quartiles, aiding employers in high-risk industries to make informed safety and risk management decisions [3][4] - The company emphasizes its commitment to innovation, focusing on improving testing reliability and providing actionable insights for better hiring and risk decisions [3][4] Technology and Market Position - Psychemedics' hair testing technology is noted for its unmatched detection sensitivity, tamper resistance, and extended detection window, making it a trusted solution for various sectors including Fortune 500 companies, law enforcement, schools, and insurers [4][6] - The company is dedicated to maintaining high standards in substance abuse testing and providing valuable insights to its clients [6]
Psychemedics(PMD) - 2024 Q4 - Annual Report
2025-03-24 20:05
Part I [Business](index=5&type=section&id=Item%201.%20Business) Psychemedics Corporation provides patented hair sample drug testing services, delisting from Nasdaq in 2024 to become a private entity while continuing R&D - The company's core business is providing drug detection services by analyzing hair samples using a **patented technology** that digests hair to release trapped substances, followed by a **proprietary enzyme immunoassay (EIA)**[18](index=18&type=chunk) - In November 2024, the company executed a 1-for-5,000 reverse stock split followed by a 5,000-for-1 forward stock split. This transaction led to the cash-out of **876,238 shares for $2.1 million** and the company's subsequent delisting from Nasdaq and deregistration with the SEC[21](index=21&type=chunk)[22](index=22&type=chunk) - The company holds **twelve U.S. patents**, including patents for its hair digestion method and its Solid Phase Multi-Analyte Assay. It also relies on trade secrets to protect its technology[42](index=42&type=chunk)[43](index=43&type=chunk) - R&D expenses were **$749 thousand in 2024**, a decrease from **$1.1 million in 2023**. 2024 R&D achievements include developing a ketamine EIA test and getting three manuscripts accepted for publication[67](index=67&type=chunk)[68](index=68&type=chunk) Revenue by Geographic Region | Region | 2024 Revenue | 2023 Revenue | | :--- | :--- | :--- | | United States | 5% of consolidated revenues | 4% of consolidated revenues | [Risk Factors](index=13&type=section&id=Item%201A.%20Risk%20Factors) The company faces intense competition, economic sensitivity, and significant risks from its recent delisting, which reduces liquidity and public information - The company faces intense competition from larger clinical laboratories, which can lead to price competition that may negatively impact net revenues and profitability[71](index=71&type=chunk)[72](index=72&type=chunk) - Operational results are vulnerable to customers' hiring practices, which are tied to general economic conditions. A failure to retain existing customers or attract new ones could materially impact business growth[74](index=74&type=chunk)[76](index=76&type=chunk) - The company has delisted its common stock from Nasdaq and deregistered with the SEC. This will result in **significantly less public information**, **reduced stock liquidity** as it trades on the OTC market, and **no further access to public capital markets**[102](index=102&type=chunk)[103](index=103&type=chunk) - Cybersecurity breaches pose a significant risk. While no material incidents have occurred, the company acknowledges its limited resources for mitigating these risks and the potential for system compromises to disrupt business operations and harm its reputation[78](index=78&type=chunk)[79](index=79&type=chunk) [Unresolved Staff Comments](index=21&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - There are no unresolved staff comments[104](index=104&type=chunk) [Cybersecurity](index=21&type=section&id=Item%201C.%20Cybersecurity) Psychemedics' cybersecurity program, managed by the VPIT & CISO, aligns with CIS 18 guidelines and reports to the Board, despite limited resources and no material incidents - The cybersecurity program is overseen by the VPIT & CISO and is aligned with industry standards, specifically the CIS Critical Security Controls ("CIS 18") guidelines[106](index=106&type=chunk) - The VPIT & CISO reports on the information security program's health and status to the Board of Directors at least twice annually[108](index=108&type=chunk) - The company has not experienced any known material cybersecurity incidents in the past year but acknowledges having limited resources dedicated to this area[106](index=106&type=chunk) [Properties](index=22&type=section&id=Item%202.%20Properties) The company leases its principal executive office in Dallas, its primary laboratory in Culver City, and an additional office in Las Vegas - The company leases its corporate office in Dallas, TX (lease through March 2025), its laboratory in Culver City, CA (lease through December 2026), and another office in Las Vegas, NV (lease through April 2025)[109](index=109&type=chunk)[110](index=110&type=chunk) [Legal Proceedings](index=22&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding legal proceedings is detailed in Note 9 - "Commitments and Contingencies" within the Consolidated Financial Statements - Details on legal proceedings are located in Item 8, Financial Statements and Supplementary Data, Note 9[111](index=111&type=chunk) [Mine Safety Disclosures](index=22&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company[112](index=112&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=23&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock delisted from NASDAQ in December 2024, now trades on the OTC Market, and the company repurchased shares as part of its 'going dark' transaction - The company's stock was voluntarily delisted from NASDAQ on December 12, 2024, and commenced trading on the OTC Market under the new symbol "PMDI" on December 13, 2024[115](index=115&type=chunk) - As part of the delisting transaction, the company repurchased **876,238 shares for $2.1 million** (**$2.35 per share**) from stockholders holding fewer than 5,000 shares[119](index=119&type=chunk) Quarterly Stock Price and Dividends | Fiscal Year/Quarter | High | Low | Dividends per Share | | :--- | :--- | :--- | :--- | | **2024** | | | | | First Quarter | $3.95 | $2.86 | $ - | | Second Quarter | $2.94 | $2.24 | $ - | | Third Quarter | $2.51 | $1.64 | $ - | | Fourth Quarter | $3.25 | $1.11 | $ - | | **2023** | | | | | First Quarter | $6.75 | $4.87 | $0.07 | | Second Quarter | $5.63 | $4.51 | $0.07 | | Third Quarter | $5.15 | $3.51 | $ - | | Fourth Quarter | $3.97 | $2.06 | $ - | [Reserved](index=23&type=section&id=Item%206.%20Reserved) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenues decreased by 11% in 2024 to $19.7 million, but the net loss significantly improved to $1.9 million due to a 21% reduction in operating expenses, with current liquidity deemed sufficient Financial Performance Comparison (in thousands) | Metric | 2024 | 2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $19,685 | $22,098 | $(2,413) | -11% | | **Gross Profit** | $7,101 | $8,413 | $(1,312) | -16% | | **Operating Loss** | $(1,893) | $(2,921) | $1,028 | -35% | | **Net Loss** | $(1,861) | $(4,154) | $2,293 | -55% | | **Net Loss per Share** | $(0.32) | $(0.72) | | | - The **11% revenue decrease** was driven by a **12% decline in domestic revenues**, attributed to higher employee retention and reduced hiring at client companies. This was partially offset by a **22% increase in international revenues** from strategic partnership expansions[125](index=125&type=chunk) - Total operating expenses decreased by **21% ($2.3 million)** in 2024, primarily due to lower personnel costs across **G&A (-21%)**, **Marketing & Selling (-15%)**, and **R&D (-35%)**[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - The company's cash position decreased from **$2.0 million at year-end 2023 to $1.4 million at year-end 2024**. Operating activities provided **$929 thousand in cash in 2024**, a significant improvement from using **$1.5 million in 2023**[130](index=130&type=chunk)[131](index=131&type=chunk) - The "going dark" transaction provided **$2.6 million in net funding**, with **$2.1 million used for share cash-outs** and **$500 thousand for working capital**. Management believes current liquidity is adequate for at least the next 12 months[136](index=136&type=chunk)[175](index=175&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not required for the company - Disclosure is not required[140](index=140&type=chunk) [Financial Statements and Supplementary Data](index=28&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for 2024 and 2023, including balance sheets, statements of operations, and detailed notes on key financial events Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$8,318** | **$12,326** | | Cash | $1,417 | $1,964 | | Total Current Assets | $4,938 | $6,805 | | **Total Liabilities** | **$3,188** | **$5,654** | | Total Current Liabilities | $2,711 | $4,709 | | **Total Shareholders' Equity** | **$5,130** | **$6,672** | Consolidated Statements of Operations (in thousands) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Revenues | $19,685 | $22,098 | | Gross Profit | $7,101 | $8,413 | | Operating Loss | $(1,893) | $(2,921) | | Net Loss | $(1,861) | $(4,154) | | Basic and Diluted EPS | $(0.32) | $(0.72) | - The company completed a reverse/forward stock split and repurchased **876,238 shares for $2.6 million**. It also issued **1,089,004 shares to 3K Limited Partnership**, an affiliate of a director, for a net financing of **$1.9 million after a true-up repurchase**. This was part of the transaction to go private[170](index=170&type=chunk)[171](index=171&type=chunk)[164](index=164&type=chunk) - The company recorded a full valuation allowance of **$2.7 million against its net deferred tax assets of $3.2 million** as of December 31, 2024, due to a three-year cumulative loss position, resulting in no net deferred tax assets[217](index=217&type=chunk)[218](index=218&type=chunk) - In 2023, the company paid **$1.2 million to settle the Enma Sagastume lawsuit**. It also settled a contract dispute with a shipping carrier, paying the final **$167 thousand balance in 2024**[236](index=236&type=chunk)[237](index=237&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=54&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company changed its independent registered public accounting firm from BDO USA, P.C. to Whitley Penn LLP in June 2024, with no reported disagreements - The company changed its independent registered public accounting firm, dismissing BDO USA, P.C. on June 6, 2024, and appointing Whitley Penn LLP on June 12, 2024[250](index=250&type=chunk) - There were no disagreements with the former auditor, BDO, on any accounting or auditing matters[250](index=250&type=chunk) [Controls and Procedures](index=54&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that both disclosure controls and internal control over financial reporting were effective as of December 31, 2024, with no material changes reported - Management concluded that both disclosure controls and procedures, and internal control over financial reporting, were effective as of December 31, 2024[251](index=251&type=chunk)[254](index=254&type=chunk) - No material changes were made to the company's internal control over financial reporting during the fourth quarter of 2024[255](index=255&type=chunk) [Other Information](index=55&type=section&id=Item%209B.%20Other%20Information) This item is not applicable - This item is not applicable[256](index=256&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=55&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable - This item is not applicable[257](index=257&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=55&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) The company's leadership includes new CEO Brian Hullinger and a Board of Directors with an Audit Committee Financial Expert, operating under a code of ethics Executive Officers and Directors (as of March 24, 2024) | Name | Age | Position | | :--- | :--- | :--- | | Brian Hullinger | 57 | Chief Executive Officer, President, Director | | Shannon Shoemaker | 39 | Chief Revenue Officer | | Daniella Mehalik | 35 | Vice President of Finance; Treasurer | | Robyn C. Davis | 63 | Director | | Peter H. Kamin | 63 | Director | | Darius G. Nevin | 67 | Chairperson of the Board and Director | | Andrew M. Reynolds | 57 | Director | - The Audit Committee is chaired by Darius G. Nevin, who the Board has determined qualifies as an "**Audit Committee Financial Expert**"[271](index=271&type=chunk) - The company has a code of ethics applicable to all employees and directors, satisfying Item 406 of Regulation S-K[270](index=270&type=chunk) [Executive Compensation](index=58&type=section&id=Item%2011.%20Executive%20Compensation) Non-employee directors received $40,000 in 2024, while CEO Brian Hullinger's total compensation was $446,418, with employment agreements including severance provisions Director Compensation for Fiscal Year 2024 | Name | Fees Earned or Paid in Cash | Total | | :--- | :--- | :--- | | Robyn C. Davis | $40,000 | $40,000 | | Peter H. Kamin | $40,000 | $40,000 | | Darius G. Nevin | $40,000 | $40,000 | | Andrew M. Reynolds | $40,000 | $40,000 | Summary Compensation Table (2024) | Name and Position | Salary | Bonus | Option Awards | Total | | :--- | :--- | :--- | :--- | :--- | | Brian Hullinger (CEO) | $375,000 | $71,417 | - | $446,418 | | Shannon Shoemaker (CRO) | $250,000 | $12,603 | - | $262,603 | | Daniella Mehalik (VP Finance) | $205,000 | $10,106 | $149,450 | $364,556 | - CEO Brian Hullinger's employment agreement provides for a lump sum payment of **one times his annual salary and 12 months of health coverage** if terminated without cause or if he resigns for good reason[291](index=291&type=chunk) - As of December 31, 2024, **527,227 securities remained available** for future issuance under the company's equity compensation plans approved by security holders[302](index=302&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=63&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) As of March 24, 2025, Peter H. Kamin beneficially owns 28.4% of shares, and all executive officers and directors as a group own 31.4% Security Ownership of Certain Beneficial Owners (as of March 24, 2025) | Name | Beneficial Ownership | Percentage Owned | | :--- | :--- | :--- | | Peter H. Kamin | 1,736,741 | **28.4%** | | R. Adam Lindsay / Powell Anderson | 984,256 | **16.1%** | | All Current Executive Officers and Directors (7 persons) | 1,948,422 | **31.4%** | [Certain Relationships and Related Transactions, and Director Independence](index=64&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Four of five directors are independent, and the Audit Committee reviews related party transactions, with no disclosable transactions in fiscal 2024 - Four of the five company directors are non-employee, independent directors[305](index=305&type=chunk) - The Audit Committee is responsible for reviewing related party transactions. No such transactions requiring disclosure occurred in fiscal 2024[307](index=307&type=chunk) [Principal Accounting Fees and Services](index=66&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Total accounting fees decreased to $418,132 in 2024 from $570,281 in 2023, primarily for audit services from both current and former auditors Accounting Fees (Fiscal Years 2024 & 2023) | Fee Category | 2024 | 2023 | | :--- | :--- | :--- | | Audit Fees | $296,069 | $491,753 | | Audit-Related Fees | $20,600 | $25,346 | | Tax Fees | $101,463 | $53,182 | | **Total** | **$418,132** | **$570,281** | Part IV [Exhibits and Financial Statement Schedules](index=66&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) Required financial statements are in Part II, Item 8, with other schedules omitted and an Exhibit Index referenced - Financial statements are located in Part II, Item 8. Other schedules are omitted, and an Exhibit Index is included elsewhere in the report[310](index=310&type=chunk)[311](index=311&type=chunk) [Form 10-K Summary](index=66&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K summary is provided - No Form 10-K summary is provided[312](index=312&type=chunk)
Psychemedics Launches Groundbreaking Quartile Reporting for Enhanced Drug Testing Insights
Globenewswire· 2025-03-03 14:00
Core Insights - Psychemedics Corporation has launched an innovative Quartile Reporting feature for hair drug testing, providing organizations with enhanced insights into drug test results and promoting safer workplaces [1][3][4] Product Features - The Quartile Reporting feature segments test results into four quartiles: Lower, Median, Upper, and Highest, allowing clients to benchmark substance use trends within their workforce [2][3] - This feature is available to all Psychemedics clients at no additional cost, reflecting the company's commitment to delivering exceptional value [4] Company Mission and Commitment - The company aims to provide reliable and actionable drug testing solutions, enhancing clarity and precision in understanding drug test results [3] - Psychemedics is dedicated to innovation and meeting the growing demand for comprehensive drug testing data, positioning itself as a leader in the evolving drug testing landscape [3][4] Benefits of Quartile Reporting - Enhanced insights allow organizations to understand individual results in the context of other positive reports, aiding in data-driven decision-making [5] - Real-time analytics provide up-to-date data and trends, empowering clients to act confidently in their hiring, retention, and compliance strategies [5]
Psychemedics Corporation Announces Reverse and Forward Stock Split
GlobeNewswire News Room· 2024-12-02 13:10
Core Viewpoint - Psychemedics Corporation has announced a 1-for-5,000 reverse stock split followed by a 5,000-for-1 forward stock split, effective December 3, 2024, to facilitate the proposed delisting from Nasdaq and deregistration under the Securities Exchange Act, aiming to reduce costs and focus on business growth [1][4]. Group 1: Stock Split Details - The reverse stock split will result in stockholders with fewer than 5,000 shares receiving $2.35 in cash for each share, while those with more than 5,000 shares will not receive cash for fractional shares [2]. - The forward stock split will reconvert shares held by continuing stockholders back to the same number of shares they held before the reverse split, ensuring no change in their total shareholding [2]. Group 2: Financial Implications - The company anticipates annual savings exceeding $845,000 from the proposed deregistration and delisting, which will allow for a greater focus on managing business operations and pursuing new initiatives for long-term growth [4]. Group 3: Company Overview - Psychemedics Corporation is recognized as the leading provider of hair testing for drug detection, serving a wide range of clients including Fortune 500 companies, law enforcement, and educational institutions [6].
Psychemedics(PMD) - 2024 Q3 - Quarterly Report
2024-11-12 21:10
Financial Performance - Revenues for the quarter ended September 30, 2024, were $5,175 thousand, a decrease of 9.2% compared to $5,704 thousand for the same period in 2023[6] - Gross profit for the quarter was $2,039 thousand, down from $2,091 thousand year-over-year, reflecting a gross margin of 39.3%[6] - Operating loss for the quarter was $(595) thousand, an improvement from $(1,107) thousand in the same quarter last year[6] - Net loss for the quarter was $(535) thousand, compared to a net loss of $(2,099) thousand in the prior year, indicating a significant reduction in losses[6] - Operating expenses for the quarter were $2,634 thousand, down from $3,198 thousand in the same period last year, reflecting cost control measures[6] - The net loss for the nine months ended September 30, 2023, was $3,209,000, compared to a net loss of $2,050,000 for the same period in 2024[13] - Total revenue for the three months ended September 30, 2024, was $5,175 thousand, a decrease of 9.2% compared to $5,704 thousand for the same period in 2023[51] - Total revenue for the nine months ended September 30, 2024, was $15,260 thousand, a decrease of 10.8% compared to $17,100 thousand for the same period in 2023[51] Assets and Liabilities - Total current assets decreased to $6,047 thousand as of September 30, 2024, down from $6,805 thousand at December 31, 2023[4] - Total liabilities decreased to $4,389 thousand from $5,654 thousand at the end of 2023, showing improved financial stability[4] - Shareholders' equity as of September 30, 2024, was $5,446 thousand, down from $6,672 thousand at December 31, 2023, primarily due to accumulated deficit increases[4] - Cash and cash equivalents decreased to $1,405 thousand from $1,964 thousand at the end of 2023, indicating a cash flow challenge[4] - Cash and cash equivalents at the end of the period were $1,405,000, down from $1,964,000 at the beginning of the period[13] Stock and Shareholder Information - The company reported a weighted average of 5,894 shares outstanding for the quarter, compared to 5,755 shares in the same quarter last year[6] - The Company had a total of 6,470,000 common shares outstanding as of September 30, 2023[11] - The Company plans to sell up to 1,595,744 shares of Common Stock at a price of $2.35 per share, aiming for an aggregate purchase price of up to $3,750,000[21] - Approximately 1.3 million shares of common stock, or about 21% of the currently outstanding shares, are expected to be cashed out in the transaction, costing the company approximately $3.0 million[19] Expenses and Cost Management - The company reported stock-based compensation of $401,000 for the three months ended September 30, 2023[11] - The Company recorded stock-based compensation of $228,000 for the three months ended September 30, 2024, compared to $401,000 for the same period in 2023[32] - The company reported depreciation and amortization expenses of $1,394,000 for the nine months ended September 30, 2023[13] - The operating lease expense for the three and nine months ended September 30, 2024, was $150 thousand and $628 thousand, respectively[43] Cash Flow and Financing - The cash flows from operating activities showed a net cash used of $731,000 for the nine months ended September 30, 2023[13] - The Company expects to fund the costs of the transaction using proceeds from a stock sale and cash on hand[19] - As of September 30, 2024, the Company has $1.4 million in cash on hand, which, along with future operating profits, is expected to fund working capital requirements for at least the next 12 months[26] Lease and Contractual Obligations - The Company has three operating leases for office and laboratory space, with renewal options evaluated regularly[42] - As of September 30, 2024, the Company recognized a right-of-use (ROU) asset of $959 thousand and an operating lease liability of $995 thousand, with a weighted average discount rate of 3.9% and a lease term of 2.25 years[43] - The Company recognized a ROU equipment asset of $88 thousand and a financing lease liability of $89 thousand, with a weighted average discount rate of 9.0% and a lease term of 2.9 years[46] - The Company has a remaining balance of $167,000 due on or before December 31, 2024, related to a previously disclosed contract dispute[41] Interest and Tax Expenses - The interest expense on outstanding debt under the Loan Agreement was $1 thousand and $5 thousand for the three and nine months ended September 30, 2024, with a weighted average interest rate of 3.8%[48] - The Company accrued $12 thousand in interest expenses related to the Insurance Financing Note for the three and nine months ended September 30, 2024, with a balance of $418 thousand as of September 30, 2024[50] - The effective tax rate for the three and nine months ended September 30, 2024, differs from the statutory rate due to a full valuation allowance on net deferred tax assets[36] Customer Concentration - The Company had no customers representing over 10% of revenue for the nine months ended September 30, 2024, compared to one customer representing 14% for the same period in 2023[52] - The Company had two customers representing 21% and 20% of total accounts receivable as of September 30, 2024[52]
Psychemedics(PMD) - 2024 Q3 - Quarterly Results
2024-11-12 21:05
Financial Results - Psychemedics Corporation announced its third quarter results for the period ending September 30, 2024[2] - The financial results are detailed in the attached press release, which is not deemed "filed" under the Securities Exchange Act[3] Forward-Looking Statements - The press release includes forward-looking statements that involve risks and uncertainties[4] Report Details - The report was signed by Brian Hullinger, President and CEO, on November 12, 2024[6]
Psychemedics Corporation Reports Third Quarter 2024 Financial Results
GlobeNewswire News Room· 2024-11-12 21:05
Core Viewpoint - Psychemedics Corporation reported a decline in revenue for the third quarter and nine months ending September 30, 2024, while managing to reduce net losses compared to the previous year [2][3]. Financial Performance - Revenue for the third quarter of 2024 was $5.2 million, a decrease of 9% from $5.7 million in the same period of 2023 [2]. - For the nine months ended September 30, 2024, revenue was $15.3 million, down 11% from $17.1 million in the same period of 2023 [3]. - The net loss for the third quarter of 2024 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 third quarter of 2023 [2]. - For the nine months ended September 30, 2024, the 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 same period in 2023 [3]. Company Overview - Psychemedics Corporation is recognized as the leading provider of hair testing for drug detection, utilizing a patented process employed by numerous clients, including Fortune 500 companies and various public entities [4].
Psychemedics Releases First-Ever Education Insights Report: Uncovering Drug Trends in Educational Institutions Through Hair Testing
GlobeNewswire News Room· 2024-09-26 13:00
Core Insights - Psychemedics Corporation has released its first Education Insights Report, analyzing drug trends in educational institutions and the challenges they face in maintaining a drug-free environment [1][4] Drug Use Trends - The overall positivity rate for drug tests in the education sector has increased by 25%, from 3.9% to 4.9% over the last five years [3] - Marijuana was detected in 57.6% of positive tests, followed by nicotine at 17.9% [3] - 11% of 12th-grade students reported using Delta-8 THC in the past year, indicating a rising trend among teens [3] Challenges and Solutions - The legalization of marijuana across various states poses challenges for schools in preventing underage access [3] - The report emphasizes the need for health and wellness-focused drug testing programs to create safer learning environments [3][4] - Psychemedics aims to provide educational institutions with innovative hair testing solutions to effectively monitor and address drug use [4]
Psychemedics(PMD) - 2024 Q2 - Quarterly Results
2024-08-13 20:05
Financial Performance - Psychemedics Corporation announced its second quarter results for the period ending June 30, 2024[2] - The company issued a press release detailing its financial performance, which is attached as Exhibit 99.1[2] Risks and Uncertainties - The report includes forward-looking statements that involve risks and uncertainties affecting future results[3]