Synthetic Drug Threats and Legalization Risks Shape a New Era for Workplace SafetyDALLAS, June 16, 2025 (GLOBE NEWSWIRE) -- Psychemedics Corporation, a global leader in hair testing for drugs of abuse, today announced the release of its second annual Workforce Insights Report, providing a comprehensive look at the evolving drug landscape and its impact on workplace safety, hiring practices, and employer risk. The 2025 Psychemedics Insights Report draws from the largest proprietary database of hair drug test ...

DALLAS, May 16, 2025 (GLOBE NEWSWIRE) -- Psychemedics Corporation, the world’s leading provider of hair drug testing, is proud to announce it has been named “Most Innovative Drug Testing Company of the Year” by Acquisition International Magazine as part of its prestigious 2025 Global Excellence Awards. This recognition honors Psychemedics’ continued leadership in advancing the science of drug detection, including the recent launch of its Enhanced Quartile Reporting. This breakthrough analytics tool provides ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-13738 PSYCHEMEDICS CORPORATION (Exact Name of Registrant as Specified in Its Charter) Indicate by check mark whether the registrant has submitted electronically every Interactive Dat ...

DALLAS, March 03, 2025 (GLOBE NEWSWIRE) -- Psychemedics Corporation, a global leader in hair drug testing, is proud to announce the launch of its innovative Quartile Reporting feature. This industry-first enhancement empowers organizations with unprecedented insights into drug test results, enabling data-driven decision-making and fostering safer, more productive workplaces. The new Quartile Reporting feature allows clients to see where a candidate’s or employee’s test results fall within a range of positiv ...

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].

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]

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]

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 thre ...

DALLAS, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ: PMD), a global leader in hair testing for drugs of abuse, is excited to announce the release of its first-ever Education Insights Report. This report provides an in-depth analysis of drug trends within educational institutions, shedding light on the growing challenges schools face in maintaining a drug-free environment for students and staff. Following the success of our inaugural Workforce Insights Report earlier this year, we con ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2024 or ☐ Transition report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 for the transition period from _________ to __________ Commission file number: 1-13738 PSYCHEMEDICS CORPORATION (Exact Name of Registrant as Specified in its Charter) | --- | --- | |----------------- ...