Psychemedics Corporation provides testing services for the detection of drugs of abuse through the analysis of hair samples in the United States, Brazil, and internationally. The company offers screening and confirmation by mass spectrometry using industry-accepted practices for cocaine, marijuana, PCP, amphetamines, opiates, synthetic cannabinoids, and benzodiazepines. Its testing results provide quantitative information that can indicate the approximate amount of drug ingested, as well as historical data that can show a pattern of individual drug use over a longer period-of-time. The company provides its services to employers for applicant and employee testing; and treatment professionals, law enforcement agencies, school administrators, and parents concerned about their children's drug use. Psychemedics Corporation was founded in 1986 and is headquartered in Acton, Massachusetts.
IPO Year:
Exchange: NASDAQ
Website: psychemedics.com
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 positive reports collected over the past 12 months. By segmenting results into four quartiles – Lower, Median, Upper, and Highest – this advanced reporting provides real-time context and bench
DALLAS, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD) (the "Company"), the world's leading provider of hair testing for drugs of abuse, today announced that, following the approval of the Company's stockholders at its Annual Meeting of Stockholders held on November 25, 2024, the Company's Board of Directors has approved a 1-for-5,000 reverse stock split of its common stock (the "Reverse Stock Split") followed immediately by a 5,000-for-1 forward stock split of its common stock (the "Forward Stock Split," and together with the Reverse Stock Split, the "Stock Split"), to be effective at 5:01 p.m. and 5:02 p.m., Eastern Time, respectively, on Tuesday, December 3, 202
DALLAS, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), a global leader in hair testing, reminds its stockholders to vote ahead of the Company's upcoming annual meeting of stockholders scheduled for November 25, 2024. Each stockholder's vote is important. The Company's Board of Directors recommends that stockholders vote "FOR" each proposal at the annual meeting. Instructions for voting your shares are set forth below. The record date for the annual meeting is October 8, 2024. If you have previously voted your shares and do not wish to change your vote, you do not need to take any action. If you have already voted or given your proxy and wish to change your vote,
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 Septem
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 continue our commitment to providing groundbreaking insights based on data from hair testing. For the Education Insights Report, Psychemedics analyzed thousands of hair samples collecte
DALLAS, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), a global leader in hair testing, is proud to announce the launch of its new ketamine hair testing solution. This innovative testing method marks a significant advancement in the detection and prevention for a drug-free workplace and community. Ketamine, a powerful dissociative anesthetic and emerging drug of abuse, poses a growing concern for employers, educators, and law enforcement agencies. With the introduction of this new testing service, Psychemedics aims to equip organizations with the tools needed to identify and address ketamine use effectively. Key Features and Benefits of Ketam
DALLAS, Aug. 13, 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 second quarter ending June 30, 2024. The Company's revenue for three months ended June 30, 2024, was $4.7 million versus $5.5 million for three months ended June 30, 2023, a decrease of 15%. Net loss was $0.8 million, or $0.14 per share, compared to a net loss of $0.7 million, or $0.13 per share, for the three months ended June 2024 and 2023, respectively. The Company's revenue for six months ended June 30, 2024, was $10.1 million versus $11.4 million for six months ended June 30, 2023, a decrease of 12
DALLAS, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD) ("Psychemedics" or the "Company") today announced that a Transaction Committee (the "Transaction Committee") of the Board of Directors of the Company (the "Board") comprised of independent directors has recommended, and the Board has approved, a plan to cease the registration of the Company's common stock under the federal securities laws following the completion of a proposed reverse stock split and to delist its shares of common stock from trading on the Nasdaq Capital Market. It is expected that this plan would be effectuated in the fall of 2024, assuming the approval of Psychemedics' stockholders at the Com
DALLAS, June 21, 2024 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), a global leader in hair testing for drugs of abuse, proudly presents its inaugural Insights Report. This groundbreaking report offers a comprehensive analysis of drug trends in the workplace, drawing insights from a vast dataset of hair samples collected and analyzed in 2023. As pioneers in the field of hair testing, Psychemedics collected hundreds of thousands of hair samples from individuals across diverse industries and regions. Leveraging advanced analytical techniques, the Psychemedics team meticulously analyzed these samples to detect a wide range of drugs and metabolites, forming the foundation of the
DALLAS, May 14, 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 first quarter ended March 31, 2024. The Company's revenue for the quarter ended March 31, 2024, was $5.4 million versus $5.9 million for the quarter ended March 31, 2023, a decrease of 9%. Net loss for the quarter was $0.7 million, or $0.12 per share, compared to a net loss of $0.4 million, or $.07 per share, for the comparable quarter last year. Brian Hullinger, President, and Chief Executive Officer, stated: "Although we experienced a decrease in revenues and earnings for the quarter, we remain optimi
ACTON, Mass., Nov. 27, 2023 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), a global leader in hair testing for substance abuse, proudly announces the appointment of Daniella Mehalik as its new Vice President - Finance. In her new role, Ms. Mehalik will assume responsibility for directing and managing all financial activities at Psychemedics, including comprehensive oversight of external reporting and internal analysis. Reporting directly to CEO and President Brian Hullinger, she will play a pivotal role in steering the financial trajectory of the organization. Bringing over a decade of extensive experience to her new position, Ms. Mehalik possesses a robust background in acco
ACTON, Mass., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), a leading provider of hair testing for drugs of abuse, today announced financial results for the third quarter ended September 30, 2023. The Company's revenue for the quarter ended September 30, 2023, was $5.7 million versus $6.5 million for the quarter ended September 30, 2022, a decrease of 12%. Net loss for the quarter ended September 30, 2023, was $(2.1 million) or $(0.36) per diluted share, versus net loss of $(97,000) or $(0.02) per diluted share, for the comparable period last year. The Company has initiated a series of restructuring changes that will align costs with current revenue trends. Res
ACTON, Mass., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Psychemedics Corporation, the world's largest provider of hair testing for drugs of abuse, is pleased to announce the appointment of Shannon Shoemaker as its new Chief Revenue Officer. In this role, Shoemaker will be responsible for overseeing the company's revenue generation and growth strategies. With an exceptional track record of leadership and a strong background in revenue growth and optimization, Shoemaker brings a wealth of experience to her new position. Her appointment marks a significant milestone for Psychemedics Corporation as it continues to expand its presence in the rapidly evolving field of substance abuse testing. "We are
ACTON, Mass., March 22, 2022 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), the world's largest provider of hair testing for drugs of abuse, is pleased to welcome Andrew "Drew" M. Reynolds to the Psychemedics Board of Directors effective April 4th, 2022. Mr. Reynolds will also serve as a member of the Audit, Compensation, and Nominating and Governance Committees. Mr. Reynolds currently serves as a board director and independent consultant to a number of companies. He has over 25 years-experience and has held positions in strategy, corporate development, sales and marketing, both domestically and internationally. He has a strong track record of driving profitable growth and cre
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ACTON, Mass., Oct. 27, 2023 (GLOBE NEWSWIRE) -- In an era marked by relentless change and the pressing need to adapt, Psychemedics, a pioneer in the drug screening industry, proudly announces the launch of a revolutionary, Advanced 5-Panel Drug Screen. This groundbreaking offering will transform the way organizations safeguard their workplaces, shifting the spotlight from marijuana to the paramount threat of fentanyl. Complemented by the detection of cocaine, opioids, PCP, and amphetamines, the advanced panel is a leap forward in drug screening technology. As we grapple with an ongoing labor shortage and with marijuana's legal landscape evolving in 49 states, it's clear that the time for
ACTON, Mass., Aug. 11, 2023 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), the world's largest provider of hair testing for drugs of abuse, today announced financial results for the second quarter ended June 30, 2023. The Company's revenue for the quarter ended June 30, 2023, was $5.5 million versus $6.5 million for the quarter ended June 30, 2022, a decrease of 15%. Net loss for the quarter ended June 30, 2023, was $(726,000) or $(0.13) per diluted share, versus net loss of $(338,000) or $(0.06) per diluted share, for the comparable period last year. In the second quarter, the labor shortage continued to have an adverse impact on our clients' use of hair testing in hirin
ACTON, Mass., May 09, 2023 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), the world's largest provider of hair testing for drugs of abuse, today announced financial results for the first quarter ended March 31, 2023, and the declaration of a cash dividend of $0.07 per share to be paid on June 8, 2023, to shareholders of record as of May 25, 2023. The Company's revenue for the quarter ended March 31, 2023, was $5.9 million versus $6.5 million for the quarter ended March 31, 2022, a decrease of 10%. Net loss for the quarter ended March 31, 2023, was $(384,000) or $(0.07) per diluted share, versus net income of $39,000 or $0.01 per diluted share, for the comparable period last ye
ACTON, Mass., March 21, 2023 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), the world's largest provider of hair testing for drugs of abuse, announced today fourth quarter and full year financial results for the period ended December 31, 2022. The Company also announced a quarterly cash dividend of $0.07 per share payable to shareholders of record as of March 31,2023, to be paid on April 10,2023. The Company's revenue for the year ended December 31, 2022, was $25.2 million versus $24.9 million for the year ended December 31, 2021, an increase of 1%. Net loss for the year ended December 31, 2022, was $1.1 million or ($0.19) per diluted share, versus net loss of $0.7 million or
ACTON, Mass., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), the world's largest provider of hair testing for drugs of abuse, today announced financial results for the third quarter ended September 30, 2022. The Company also announced a cash quarterly dividend of $0.07 per share payable to the shareholders of record as of December 2, 2022, to be paid on December 16, 2022. The Company's revenue for the quarter ended September 30, 2022, was $6.5 million versus $6.7 million for the quarter ended September 30, 2021, a decrease of 3%. Net loss for the quarter ended September 30, 2022, was $0.1 million or ($0.02) per diluted share, versus net income of $0.7 million or
ACTON, Mass., Aug. 09, 2022 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), the world's largest provider of hair testing for drugs of abuse, today announced financial results for the second quarter ended June 30, 2022. The Company also announced a quarterly dividend of $0.07 per share payable to the shareholders of record as of August 24, 2022, to be paid on September 9, 2022. The Company's revenue for the quarter ended June 30, 2022, was $6.5 million versus $6.1 million for the quarter ended June 30, 2021, an increase of 7%. Net loss for the quarter ended June 30, 2022, was $0.3 million or ($0.06) per diluted share, versus net income of $0.1 million or $0.02 per diluted shar
ACTON, Mass., May 10, 2022 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), the world's largest provider of hair testing for drugs of abuse, today announced financial results for the first quarter ended March 31, 2022, and the declaration of a cash dividend of $0.07 per share to be paid on June 24, 2022, to shareholders of record as of May 27, 2022. The Company's revenue for the quarter ended March 31, 2022, was $6.5 million versus $5.7 million for the quarter ended March 31, 2021, an increase of 14%. Net income for the quarter ended March 31, 2022, was $39 thousand or $0.01 per diluted share, versus net income of $83 thousand or $0.01 per diluted share, for the comparable perio
ACTON, Mass., March 29, 2022 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), the world's largest provider of hair testing for drugs of abuse, announced today fourth quarter and full year financial results for the period ended December 31, 2021. The Company's revenue for the year ended December 31, 2021, was $24.9 million versus $21.4 million for the year ended December 31, 2020, an increase of 17%. Net loss for the year ended December 31, 2021, was $0.7 million or $0.12 per diluted share, versus net loss of $3.9 million or $0.70 per diluted share, for the comparable period last year. The Company's revenue for the quarter ended December 31, 2021, was $6.4 million versus $5.3 mil
ACTON, Mass., Dec. 10, 2021 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), the world's largest provider of hair testing for drugs of abuse, today announced that it has declared a cash dividend of $0.05 per share to be paid on December 30th, 2021 to shareholders of record as of December 20th, 2021. As the record shows, the Company paid 94 consecutive dividends (23 ½ years) through the first quarter of 2020, even during the financial crisis in 2008. However, because of the COVID pandemic, the dividend was suspended during 2020 and 2021 thus far as the Company prioritized its liquidity and balance sheet. The Company has consistently been committed to paying a cash dividend and it
ACTON, Mass., Nov. 12, 2021 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ:PMD), the world's largest provider of hair testing for drugs of abuse, today announced financial results for the third quarter ended September 30, 2021. The Company's revenue for the quarter ended September 30, 2021, was $6.7 million versus $5.2 million for the quarter ended September 30, 2020, an increase of 29%. Net income for the quarter ended September 30, 2021, was $0.7 million or $0.13 per diluted share, versus net loss of $1.1 million or ($0.20) per diluted share, for the comparable period last year, an increase of $0.33 per diluted share. The Company's revenue for the nine months ended September 30, 2
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