Psychemedics Q1 revenue down 10% to $5.9M, net loss of $384K; declares $0.07 dividend

PSYCHEMEDICS CORP

2023-Q1 EPS reported -$0.07 revenue$5,859,000

Net loss of $384K ($0.07 diluted loss) vs net income of $39K ($0.01 diluted) in Q1 2022.
Revenue fell 10% to $5.9M from $6.5M, driven by labor shortage and inflationary pressures.
Gross margin held flat at 38% due to cost reductions implemented in Q4 2022.
Cash balance $4.4M, equipment financing $0.5M; dividend of $0.07/share payable June 8 to record May 25.
Oil & Gas, Railroad, School segments performed solidly; fentanyl and benzodiazepine add-on test sales grew.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PSYCHEMEDICS CORP reported the first quarter ended March 31, 2023 results: revenue $5.9 million, net income $(384,000), EPS $(0.07) per diluted share.

Period: the first quarter ended March 31, 2023
Revenue: $5.9 million
Net income: $(384,000)
EPS: $(0.07) per diluted share
Result: reported results

Exact text from the filing

The Company’s revenue for the quarter ended March 31, 2023, was $5.9 million versus $6.5 million for the quarter ended March 31, 2022, a decrease of 10%. Net loss for the quarter ended March 31, 2023, was $(384,000) or $(0.07) per diluted share, versus net income of $39,000 or $0.01 per diluted share, for the comparable period last year.

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Source: SEC EDGAR

accession 0001171843-23-003111

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