{"id":709407,"date":"2022-11-09T17:40:41","date_gmt":"2022-11-09T22:40:41","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/psychemedics-corporation-reports-third-quarter-2022-financial-results-and-declares-quarterly-cash-dividend\/"},"modified":"2022-11-09T17:40:41","modified_gmt":"2022-11-09T22:40:41","slug":"psychemedics-corporation-reports-third-quarter-2022-financial-results-and-declares-quarterly-cash-dividend","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/psychemedics-corporation-reports-third-quarter-2022-financial-results-and-declares-quarterly-cash-dividend\/","title":{"rendered":"Psychemedics Corporation Reports Third Quarter 2022 Financial Results and Declares Quarterly Cash Dividend"},"content":{"rendered":"
\n

ACTON, Mass., Nov. 09, 2022 (GLOBE NEWSWIRE) — Psychemedics Corporation (NASDAQ: PMD), the world\u2019s 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.<\/p>\n

The Company\u2019s 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 $0.13 per diluted share, for the comparable quarter last year. The Company\u2019s revenue for the nine months ended September 30, 2022, was $19.5 million versus $18.5 million for the comparable period in 2021, an increase of 5%. Net loss for the nine months ended September 30, 2022, was $0.4 million or ($0.07) per diluted share, versus net income of $1.0 million or $0.17 per diluted share, for the comparable period last year.<\/p>\n

Raymond C. Kubacki, Chairman and Chief Executive Officer, stated:<\/p>\n

\u201cIn the face of some strong headwinds, we continued to maintain a strong domestic business in the third quarter of 2022. While total revenues showed a slight 3% decline, domestic revenues were flat year-over-year due primarily to the solid performance from our Oil and Gas, Transportation, and Schools market segments. These sectors continue to be key anchors to windward. The major headwind impacting our clients is the chronic labor shortage which is unprecedented in its severity and duration. At the same time, the high rate of inflation is impacting us all. We have implemented a price increase in September, as well as put additional strong cost reduction programs in place.<\/p>\n

\u201cAs with the previous two quarters, after accounting for non-recurring items, our earnings performance was better than reported when compared to last year\u2019s third quarter. While gross profit for the quarter of $2.3 million showed a decline from $3.1 million in the third quarter of 2021, last year\u2019s third quarter had the benefit of the Employee Retention Credit (\u201cERC\u201d) amounting to $1.0 million with $0.7 million recorded in cost of revenues and the remainder in operating expenses. We do not have the ERC this third quarter of 2022, making difficult comparisons for gross profit and profitability compared to last year\u2019s reported results. Excluding the ERC in last year\u2019s third quarter, gross margins remained relatively flat. Operating expenses for the third quarter of 2022 increased by $0.5 million, or 22%, compared to the third quarter of 2021. However, excluding the ERC in last year\u2019s third quarter, operating expenses only increased by $0.2 million or 9%. The increase, excluding ERC, was primarily attributable to increased insurance coverages and corporate costs relating to the Annual Shareholder Meeting in August, which normally takes place in May.<\/p>\n

\u201cWe do recognize that we must still contend with the two major headwinds of the severe labor shortage and high inflation. Nonetheless, we believe the continued resilience of our domestic business, as well as the revenue and cost initiatives recently undertaken, position us well to meet the challenges ahead in a positive manner.<\/p>\n

\u201cLooking at the balance sheet, the Company had $3.5 million of cash as of September 30, 2022, a significant increase over the $2.0 million year end 2021. The total equipment financing outstanding was $0.7 million as of September 30, 2022, compared to a total amount borrowed of $12.2 million reflecting repayments of $11.5 million since May 2014.<\/p>\n

\u201cThe Board has declared a cash dividend of $0.07 per share. Our disciplined approach and strong cash flow are essential to our priorities and delivering value to our shareholders. This dividend, our third consecutive quarterly cash dividend, is a reflection of the Board\u2019s confidence in the Company and its commitment to reward shareholders for their ownership. We will continue to evaluate the dividend as we move forward.<\/p>\n

\u201cThroughout 2021 and 2022,\u00a0we have stated that we are exploring ways to further enhance shareholder value through a comprehensive review of strategic alternatives. We continue to explore such opportunities. There can be no assurances that the strategic alternatives review process will result in a transaction or other strategic change or outcome. The management team and Board of Directors are committed to continuing to evaluate all avenues for enhancing shareholder value.\u201d<\/p>\n

Psychemedics Corporation is the world\u2019s largest provider of hair testing for the detection of drugs of abuse. The Company\u2019s patented process is used by thousands of U.S. and international clients, including over 10% of the 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.<\/p>\n

Cautionary Statement for purposes of the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995:\u00a0From time to time, information provided by Psychemedics may contain forward-looking information that involves risks and uncertainties.\u00a0In particular, statements contained in this release that are not historical facts (including but not limited to statements concerning profitability, cash flows, dividends, future business, growth opportunities and strategic alternatives, may be \u201cforward looking\u201d statements.\u00a0Actual results may differ from those stated in any forward-looking statements.\u00a0Factors that may cause such differences include but are not limited to risks associated with the continued severity of the COVID-19 pandemic, and its impact on the Company\u2019s markets, including its impact on the Company\u2019s customers, suppliers and employees, as well as its risk on the United States and worldwide economies, audit risk in connection with compliance by the Company with repayment forgiveness requirements under the Paycheck Protection Program, supply chain issues, transportation pricing, changes in 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\u2019s ability to maintain its reputation and brand image, the ability of the Company to achieve its business plans, cost controls, leveraging of its global operating platform, risks of information technology system failures and data security breaches, the uncertain global economy, the Company\u2019s ability to attract, develop and retain executives and other qualified employees and independent contractors, including distributors, the Company\u2019s ability to obtain and protect intellectual property rights, litigation risks, including acceptance by the court of our 2021 wage\/break settlement arrangement, general economic conditions and other factors disclosed in the Company’s filings with the Securities and Exchange Commission.\u00a0With respect to the continued payment of cash dividends, factors include, but are not limited to, all of the factors listed above, plus current and anticipated cash flows, available surplus, capital expenditure reserves required, debt service obligations, regulatory requirements, requirements under our bank loan agreements and other factors that the Board of Directors of the Company may take into account. The forward-looking statements contained herein speak only of the Company’s expectations as of the date of this press release.\u00a0The 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.<\/p>\n

The Psychemedics Corporation web site is www.psychemedics.com<\/strong><\/a><\/p>\n

William Norris
Assistant Controller\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
(978) 206-8228
WilliamN@psychemedics.com<\/a><\/p>\n

\n Psychemedics Corporation<\/strong>
\n
\n Consolidated Statements of Operations<\/strong>
\n
(in thousands, except per share amounts)
(UNAUDITED)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nThree Months Ended<\/td>\n\u00a0<\/td>\nNine Months Ended<\/td>\n<\/tr>\n
\u00a0<\/td>\nSeptember 30,<\/td>\n\u00a0<\/td>\nSeptember 30,<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n2022<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2022<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Revenues<\/td>\n$<\/td>\n6,516<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6,673<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n19,537<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n18,473<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of revenues<\/td>\n\u00a0<\/td>\n4,184<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,598<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,492<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,394<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross profit<\/td>\n\u00a0<\/td>\n2,332<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,075<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,045<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,079<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating expenses:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
General & administrative<\/td>\n\u00a0<\/td>\n1,588<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,329<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,360<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,138<\/td>\n\u00a0<\/td>\n<\/tr>\n
Marketing & selling<\/td>\n\u00a0<\/td>\n791<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n652<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,409<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,950<\/td>\n\u00a0<\/td>\n<\/tr>\n
Research & development<\/td>\n\u00a0<\/td>\n328<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n244<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,003<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n817<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total operating expenses<\/td>\n\u00a0<\/td>\n2,707<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,225<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,772<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,905<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating (loss) income<\/td>\n\u00a0<\/td>\n(375<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n850<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(727<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,174<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other (expense) income<\/td>\n\u00a0<\/td>\n(8<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n75<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n49<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n62<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Loss) income before (benefit from) provision for income taxes<\/td>\n\u00a0<\/td>\n(383<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n925<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(678<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,236<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Benefit from) provision for income taxes<\/td>\n\u00a0<\/td>\n(286<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n186<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(282<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n280<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (loss) income<\/td>\n$<\/td>\n(97<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n739<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(396<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n956<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted net (loss) income per share<\/td>\n$<\/td>\n(0.02<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.13<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.07<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.17<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Dividends declared per share<\/td>\n$<\/td>\n0.07<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.14<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Psychemedics Corporation<\/strong>
\n
\n Consolidated Balance Sheets<\/strong>
\n
(in thousands, except par value)
(UNAUDITED)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nSeptember 30,<\/td>\nDecember 31,<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n2022<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n ASSETS<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current Assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0Cash<\/td>\n$<\/td>\n3,458<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,992<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0Accounts receivable, net of allowance for doubtful accounts<\/td>\n\u00a0<\/td>\n4,953<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,116<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0Prepaid expenses and other current assets<\/td>\n\u00a0<\/td>\n1,510<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,499<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0Income tax receivable<\/td>\n\u00a0<\/td>\n803<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,678<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Current Assets<\/td>\n\u00a0<\/td>\n10,724<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,285<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Fixed assets, net of accumulated amortization and depreciation<\/td>\n\u00a0<\/td>\n5,064<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,691<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n843<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n864<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net deferred tax assets<\/td>\n\u00a0<\/td>\n935<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n160<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating lease right-of-use assets<\/td>\n\u00a0<\/td>\n2,912<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,552<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Assets<\/td>\n$<\/td>\n20,478<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n21,552<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n LIABILITIES AND SHAREHOLDERS’ EQUITY<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current Liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0Accounts payable<\/td>\n$<\/td>\n857<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n994<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0Accrued expenses<\/td>\n\u00a0<\/td>\n3,974<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,188<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0Current portion of long-term debt<\/td>\n\u00a0<\/td>\n360<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n664<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0Current portion of operating lease liabilities<\/td>\n\u00a0<\/td>\n985<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n984<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Current Liabilities<\/td>\n\u00a0<\/td>\n6,176<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,830<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term debt<\/td>\n\u00a0<\/td>\n380<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n599<\/td>\n\u00a0<\/td>\n<\/tr>\n
Long-term portion of operating lease liabilities<\/td>\n\u00a0<\/td>\n2,200<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,880<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Liabilities<\/td>\n\u00a0<\/td>\n8,756<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,309<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Shareholders’ Equity:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock, $0.005 par value; 50,000 shares authorized, 6,313 shares and 6,257 shares issued at September 30, 2022, and December 31, 2021, respectively,<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
and 5,645 shares outstanding and 5,589 shares outstanding at September 30, 2022, and December 31, 2021, respectively<\/td>\n\u00a0<\/td>\n32<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\u00a0<\/td>\n34,139<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,478<\/td>\n\u00a0<\/td>\n<\/tr>\n
Less – Treasury stock, at cost, 668 shares<\/td>\n\u00a0<\/td>\n( 10,082<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n( 10,082<\/td>\n)<\/td>\n<\/tr>\n
Accumulated deficit<\/td>\n\u00a0<\/td>\n( 10,733<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n( 9,550<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\u00a0<\/td>\n( 1,634<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n( 1,634<\/td>\n)<\/td>\n<\/tr>\n
Total Shareholders’ Equity<\/td>\n\u00a0<\/td>\n11,722<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,243<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Liabilities and Shareholders’ Equity<\/td>\n$<\/td>\n20,478<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n21,552<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

ACTON, Mass., Nov. 09, 2022 (GLOBE NEWSWIRE) — Psychemedics Corporation (NASDAQ: PMD), the world\u2019s 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\u2019s 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 $0.13 per diluted share, … <\/p>\n

Continue reading “Psychemedics Corporation Reports Third Quarter 2022 Financial Results and Declares Quarterly Cash Dividend”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-709407","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nPsychemedics Corporation Reports Third Quarter 2022 Financial Results and Declares Quarterly Cash Dividend - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/psychemedics-corporation-reports-third-quarter-2022-financial-results-and-declares-quarterly-cash-dividend\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Psychemedics Corporation Reports Third Quarter 2022 Financial Results and Declares Quarterly Cash Dividend - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ACTON, Mass., Nov. 09, 2022 (GLOBE NEWSWIRE) — Psychemedics Corporation (NASDAQ: PMD), the world\u2019s largest provider of hair testing for drugs of abuse, today announced financial results for the third quarter ended September 30, 2022. 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