Psychemedics Corporation Reports Second Quarter 2024 Financial Results

Core Viewpoint - Psychemedics Corporation reported a decline in revenue and an increase in net loss for the second quarter of 2024 compared to the same period in 2023, attributing the decrease to lower hiring by clients while continuing to adjust operating costs and pursue new markets [2][3]. Financial Performance - Revenue for Q2 2024 was $4.7 million, down 15% from $5.5 million in Q2 2023 [2]. - Net loss for Q2 2024 was $0.8 million, or $0.14 per share, compared to a net loss of $0.7 million, or $0.13 per share, in Q2 2023 [2]. - Revenue for the first half of 2024 was $10.1 million, a decrease of 12% from $11.4 million in the first half of 2023 [3]. - Net loss for the first half of 2024 was $1.5 million, or $0.26 per share, compared to a net loss of $1.1 million, or $0.19 per share, in the same period of 2023 [3]. Company Overview - Psychemedics Corporation is the leading provider of hair testing for drug detection, serving thousands of clients including Fortune 500 companies, police departments, and schools [4]. - The company claims its patented drug testing process is superior to traditional urine testing and other hair testing methods [4].