Psychemedics Corporation Reports First Quarter 2024 Financial Results
14 Mai 2024 - 10:55PM
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 optimistic about the
future. We continue to actively explore new markets and
applications for our hair testing solutions. With a renewed focus
on client acquisition, we are confident we are positioning the
Company first for revenue stabilization and then for growth.”
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,
including revenue stabilization, growth, and new markets and
applications for our hair testing solutions, 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
(800)
628-8073DaniellaM@psychemedics.com
Psychemedics (NASDAQ:PMD)
Historical Stock Chart
Von Aug 2024 bis Sep 2024
Psychemedics (NASDAQ:PMD)
Historical Stock Chart
Von Sep 2023 bis Sep 2024