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Psychemedics Corporation Reports Third Quarter 2024 Financial Results
PsychemedicsPsychemedics(US:PMD) GlobeNewswire News Roomยท2024-11-12 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].