Psychemedics Q2 2021 revenue up 85% to $6.1M, swings to net income of $0.1M

PSYCHEMEDICS CORP

2021-Q2 EPS reported $0.04 revenue$11,800,000

Revenue $6.1M vs $3.3M in Q2 2020 (+85%); net income $0.1M ($0.02 EPS) vs net loss $2.1M (-$0.37).
Domestic revenue up ~80%, driven by Oil & Gas, Manufacturing, Transportation segments; international revenue up 153% on small base.
Recorded $0.8M employee retention tax credit (ERC) under CAA; expects eligibility for Q3 and Q4 2021.
PPP loan of $2.2M fully forgiven by SBA in July 2021; cash $2.7M, working capital $7.1M as of June 30.
Dividend remained suspended since Q1 2020; board continues to evaluate quarterly.

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