Psychemedics Q2 revenue down 15% to $5.5M, net loss widens; CEO transition, dividend eliminated

PSYCHEMEDICS CORP

2023-Q2 EPS reported -$0.19 revenue$11,396,000

Revenue $5.5M vs $6.5M (-15%); net loss $(726,000) vs $(338,000); EPS $(0.13) vs $(0.06).
Gross margin improved to 37% from 35% on cost reductions; labor shortage hurt client testing volumes.
CEO Ray Kubacki retiring Aug 17; Brian Hullinger named President and CEO, pending board appointment.
Board eliminated dividend to maximize capital for growth initiatives.
Lawsuit settlement with consultant resulted in non-recurring expense; sum payable over 18 months.

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 0.95

PSYCHEMEDICS CORP reported second quarter ended June 30, 2023 results: revenue $5.5 million, net income $(726,000) or $(0.13) per diluted share, EPS $(0.13) per diluted share.

Period: second quarter ended June 30, 2023
Revenue: $5.5 million
Net income: $(726,000) or $(0.13) per diluted share
EPS: $(0.13) per diluted share
Result: reported results

Exact text from the filing

The Company’s revenue for the quarter ended June 30, 2023, was $5.5 million versus $6.5 million for the quarter ended June 30, 2022, a decrease of 15%. Net loss for the quarter ended June 30, 2023, was $(726,000) or $(0.13) per diluted share, versus net loss of $(338,000) or $(0.06) per diluted share, for the comparable period last year.

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Source: SEC EDGAR

accession 0001171843-23-005273

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