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Psychemedics Corporation (PMDI0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, indicating a decrease in revenue to $19.7 million from $22.1 million in 2023, primarily due to a reduction in domestic sales.
The company reported a gross profit of $7.1 million, down from $8.4 million the previous year, with a gross margin of 36.1% compared to 38.1% in 2023.
Operating expenses decreased by 21% to $9.0 million, driven by reductions in general and administrative expenses, which fell to $5.7 million from $7.2 million.
Psychemedics recorded a net loss of $1.9 million, an improvement from the $4.2 million loss in 2023. The improvement was attributed to cost reduction efforts and lower settlement expenses.
The company completed a reverse and forward stock split transaction, reducing the number of shareholders and delisting from Nasdaq, now trading on the OTC market under the symbol PMDI.
Psychemedics continues to focus on its core business of providing hair testing services for drugs of abuse, with a noted increase in international sales due to strategic partnerships.
The filing also highlights the company's liquidity position, with $1.4 million in cash and no outstanding debt under its equipment financing arrangement as of December 31, 2024.
The company has no significant contractual obligations for supply agreements and expects its current cash position to be sufficient to meet its operational needs for the next 12 months.
Psychemedics identified no critical audit matters in its financial statements for the year ended December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Psychemedics Corporation annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.