---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-23-003111"
form_type: "8-K"
ticker: "PMDI"
cik: "0000806517"
company_name: "PSYCHEMEDICS CORP"
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T11:06:56.775254+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001171843-23-003111
- form_type: 8-K
- ticker: PMDI
- cik: 0000806517
- company_name: PSYCHEMEDICS CORP
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/806517/000117184323003111/0001171843-23-003111-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/806517/000117184323003111/f8k_050923.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-23-003111
- JSON: https://secwatch.observer/filing/0001171843-23-003111.json
- Plain text: https://secwatch.observer/filing/0001171843-23-003111.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/806517/000117184323003111/0001171843-23-003111-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.