Psychemedics Corporation Reports 2023 Financial Results

DALLAS, March 28, 2024 (GLOBE NEWSWIRE) -- 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.