Psychemedics Corporation Reports 2023 Financial Results
28 März 2024 - 1:20PM
Psychemedics Corporation (NASDAQ: PMD), the world’s leading
provider of hair testing for drugs of abuse, announced today
financial results for the year ended December 31, 2023.
“2023 proved to be another challenging year due
to the negative impact of major economic forces. The labor shortage
continues and remains unprecedented in its severity and duration,
having an adverse impact on our clients. Despite these challenges,
my confidence in our potential continues to increase. As cost
reductions from Q4 continue to materialize, we will start our
pursuit of new markets and new applications for our hair testing
science to create value for clients and shareholders,” stated Brian
Hullinger, Chief Executive Officer of Psychemedics.
“Leveraging our expertise and reputation for
accuracy combined with a renewed focus on client acquisition, we
expect that our innovative approach will not only drive sustainable
growth but also solidify our position as the leader in the
industry,” added Shannon Shoemaker, Chief Revenue Officer.
- The Company's
revenue for the year ended December 31, 2023, was $22.1 million
versus $25.2 million for the prior year, a decrease of 12%.
- As of December
31, 2023, the Company had cash and cash equivalents of
approximately $2.0 million, compared with approximately $4.8
million as of December 31, 2022.
- For the fiscal
year ended December 31, 2023, the Company reported a net loss of
approximately $4.2 million, or $0.72 per share, compared to a net
loss of approximately $1.1 million, or $0.19 per share in
2022.
- For the fiscal
year ended December 31, 2023, total operating expenses were
approximately $11.3 million, consisting of approximately $7.2
million in general and administrative, $3.0 million in marketing
and selling, and $1.1 million in research and development. This
compares with total operating expenses of approximately $10.4
million for 2022, consisting of approximately $5.9 million in
general and administrative, $3.2 million in marketing and selling,
and $1.3 million in research and development.
About Psychemedics
Corporation
Psychemedics Corporation is the world’s leading
provider of hair testing for the detection of drugs of abuse. The
Company’s patented process is used by thousands of U.S. and
international clients, including Fortune 500 companies, for
pre-employment and random drug testing. Major police departments,
Federal Reserve banks, schools, and other public entities also rely
on our unique patented drug testing process. We strongly believe
our drug testing method to be superior to any other product
currently in use, including traditional urine testing and other
hair testing methods. To learn more, visit
www.psychemedics.com.
Use of Forward-Looking Statements
Cautionary Statement for purposes of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995: From time to time, information provided by
Psychemedics may contain forward-looking information that involves
risks and uncertainties. In particular, statements contained
in this release that are not historical facts including but not
limited to statements concerning future business potential, growth
opportunities, profitability, value, new accounts, new applications
and solidifying our position as the leader in the industry, may be
“forward-looking” statements. Actual results may differ from
those stated in any forward-looking statements. Factors that
may cause such differences include but are not limited to risks
associated with the changes in U.S. and foreign government
regulations, including but not limited to FDA regulations, R&D
spending, competition (including, without limitation, competition
from other companies pursuing the same growth opportunities), the
Company’s ability to maintain its reputation and brand image, the
ability of the Company to achieve its business plans, cost
controls, leveraging of its operating platform, risks of
information technology system failures and data security breaches,
the uncertain global economy, the Company’s ability to attract,
develop and retain executives and other qualified employees and
independent contractors, including distributors, the Company’s
ability to obtain and protect intellectual property rights,
litigation risks, general economic conditions and other factors
disclosed in the Company's filings with the Securities and Exchange
Commission. The forward-looking statements contained herein speak
only of the Company's expectations as of the date of this press
release. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
such statement to reflect any change in the Company's expectations
or any change in events, conditions, or circumstances on which any
such statement is based.
Psychemedics Investor Contact:
Daniella MehalikVP of Finance(412)
816-5590DaniellaM@psychemedics.com
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