Psychemedics reports flat FY2022 revenue; net loss widens to $0.19/sh; declares $0.07 dividend

PSYCHEMEDICS CORP

FY2022 revenue $25.2M (+1% YoY); net loss $1.1M or ($0.19) diluted EPS vs loss $0.7M ($0.12) prior year.
Q4 2022 revenue $5.7M (-11% YoY); net loss $0.7M or ($0.12) diluted EPS vs loss $1.6M ($0.29).
Board declared $0.07 quarterly cash dividend, payable April 10, 2023 to holders of record March 31, 2023.
Cash $4.8M, working capital $4.3M at year-end; equipment financing reduced to $0.6M.
Management cites labor shortage and inflation challenges; domestic revenue up 4% in 2022.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

PSYCHEMEDICS CORP reported the quarter ended December 31, 2022 results: revenue $5.7 million, net income $0.7 million, EPS ($0.12) per diluted share.

Period: the quarter ended December 31, 2022
Revenue: $5.7 million
Net income: $0.7 million
EPS: ($0.12) per diluted share
Result: reported results

Exact text from the filing

The Company’s revenue for the quarter ended December 31, 2022, was $5.7 million versus $6.4 million for the quarter ended December 31, 2021, a decrease of 11%. Net loss for the quarter ended December 31, 2022, was $0.7 million or ($0.12) per diluted share, versus net loss of $1.6 million or ($0.29) per diluted share, for the comparable period last year.

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

PSYCHEMEDICS CORP reported the year ended December 31, 2022 results: revenue $25.2 million, net income $1.1 million, EPS ($0.19) per diluted share.

Period: the year ended December 31, 2022
Revenue: $25.2 million
Net income: $1.1 million
EPS: ($0.19) per diluted share
Result: reported results

Exact text from the filing

The Company's revenue for the year ended December 31, 2022, was $25.2 million versus $24.9 million for the year ended December 31, 2021, an increase of 1%. Net loss for the year ended December 31, 2022, was $1.1 million or ($0.19) per diluted share, versus net loss of $0.7 million or ($0.12) per diluted share, for the comparable period last year.

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Source: SEC EDGAR

accession 0001171843-23-001806

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