Associated tags: School, Corporation, Federal Reserve Bank, Psychemedics Corporation, PMD, Abuse, Pharmaceutical industry, FDA, R, Security (finance), Forgiveness, COVID-19, Paycheck Protection Program, ERC, Transport
Locations: PA, TEXAS, MASSACHUSETTS, ACTON, MA, US, TX
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.
Key Points:
- 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 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.
This prestigious accolade highlights Psychemedics’ commitment to excellence and innovation in the field of employee health testing.
Key Points:
- This prestigious accolade highlights Psychemedics’ commitment to excellence and innovation in the field of employee health testing.
- ManageHR’s annual list recognizes companies that excel in providing cutting-edge solutions and services for employee health testing.
- Psychemedics was selected for its exceptional performance, industry leadership, and dedication to delivering reliable and accurate testing services.
- “We are honored to be recognized as one of the Top 10 Employee Health Testing Services Providers,” said Brian Hullinger, Chief Executive Officer and President of Psychemedics Corporation.
ACTON, Mass., Jan. 02, 2024 (GLOBE NEWSWIRE) -- Psychemedics Corporation, a global leader in hair testing for drugs of abuse, proudly announces the relocation of its corporate headquarters from Acton, Massachusetts, to Dallas, Texas, while reaffirming its unwavering dedication to delivering exceptional service and maintaining the highest standards in hair drug testing.
Key Points:
- ACTON, Mass., Jan. 02, 2024 (GLOBE NEWSWIRE) -- Psychemedics Corporation, a global leader in hair testing for drugs of abuse, proudly announces the relocation of its corporate headquarters from Acton, Massachusetts, to Dallas, Texas, while reaffirming its unwavering dedication to delivering exceptional service and maintaining the highest standards in hair drug testing.
- The move to Dallas underscores Psychemedics’ commitment to expanding operations, fostering innovation, and better serving its diverse clientele globally.
- Brian Hullinger, Chief Executive Officer and President of Psychemedics Corporation, expressed confidence in the move, stating, “Our shift to Dallas signifies a pivotal step in our growth strategy.
- This relocation bolsters our ability to innovate and reinforces our unwavering dedication to delivering exceptional service to our clients.”
The new address for Psychemedics Corporation headquarters is:
Retrieved on:
Monday, November 27, 2023
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.
Key Points:
- 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.
- Her strong technical background within the biotech sector aligns seamlessly with Psychemedics' growth strategy, positioning the company for sustained advancement.”
Retrieved on:
Thursday, November 9, 2023
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.
Key Points:
- 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%.
- Restructuring changes and related financial benefits will start to be realized in the fourth quarter and into fiscal year 2024.
- Also impacting the third quarter, the Company incurred costs related to appointment of the new CEO as announced on July 12, 2023.
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Psychemedics Corporation Complemented by the detection of cocaine, opioids, PCP, and amphetamines, the advanced panel is a leap forward in drug screening technology.
Key Points:
- Complemented by the detection of cocaine, opioids, PCP, and amphetamines, the advanced panel is a leap forward in drug screening technology.
- Traditional 5-panel drug tests, rooted in a four-decade-old paradigm, have failed to evolve in today’s drug market and are unable to detect the rising drug, fentanyl.
- The Advanced 5-Panel Drug Screen epitomizes this legacy, offering clients a cost-effective choice to adapt their testing protocols in sync with evolving priorities and employment policies.
- The Advanced 5-Panel Drug Screen is crafted to focus exclusively on these critical threats, ensuring the highest level of security for organizations.
Retrieved on:
Thursday, September 21, 2023
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.
Key Points:
- 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.
- 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.
- "We are thrilled to welcome Shannon Shoemaker to Psychemedics as our new Chief Revenue Officer," said Brian Hullinger, CEO of Psychemedics Corporation.
- Shannon Shoemaker brings a wealth of experience to her role as the new Chief Revenue Officer at Psychemedics Corporation.
Mr. Hullinger received an inducement grant option to purchase up to 300,000 shares of common stock.
Key Points:
- Mr. Hullinger received an inducement grant option to purchase up to 300,000 shares of common stock.
- The inducement awards were granted on August 17, 2023, Mr. Hullinger’s hire date as the Chief Executive Officer, and also the date on which he was elected to the Psychemedics Corporation Board of Directors.
- The options have a ten-year term and an exercise price of $4.65 per share, the closing price per share of Psychemedics Corporation common stock as reported by Nasdaq on August 17, 2023.
- Psychemedics Corporation is the world’s largest provider of hair testing for the detection of drugs of abuse.
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Bank 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.
Key Points:
- 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%.
- In the second quarter, the labor shortage continued to have an adverse impact on our clients’ use of hair testing in hiring.
- Also impacting the second quarter, Psychemedics settled a lawsuit on July 17th, 2023, with a consultant related to a contract dispute.
ACTON, Mass., July 12, 2023 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ: PMD), the world’s largest provider of hair testing for drugs of abuse, announced today that its board of directors has approved a transition plan for the Company’s President and CEO position. Effective August 17th, current Chairman of the Board, President, and CEO, Ray Kubacki, will retire from the positions he holds and be succeeded by Brian Hullinger as President and CEO. Subject to shareholder approval, Mr. Hullinger will also join the company’s board of directors. Mr. Kubacki will remain with the company in an advisory role for a period after August 17, 2023.
Key Points:
- Brian Hullinger Will Succeed Ray Kubacki as CEO Effective August 17, 2023
ACTON, Mass., July 12, 2023 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ: PMD), the world’s largest provider of hair testing for drugs of abuse, announced today that its board of directors has approved a transition plan for the Company’s President and CEO position.
- Effective August 17th, current Chairman of the Board, President, and CEO, Ray Kubacki, will retire from the positions he holds and be succeeded by Brian Hullinger as President and CEO.
- Under his leadership, Psychemedics became an innovator in using hair testing for drugs of abuse and a highly respected competitor in the drug testing market.
- Psychemedics Corporation is the world’s largest provider of hair testing for the detection of drugs of abuse.
