---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-23-005273"
form_type: "8-K"
ticker: "PMDI"
cik: "0000806517"
company_name: "PSYCHEMEDICS CORP"
filed_at: "2023-08-11T23:59:59+00:00"
generated_at: "2026-06-11T15:56:55.833248+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001171843-23-005273
- form_type: 8-K
- ticker: PMDI
- cik: 0000806517
- company_name: PSYCHEMEDICS CORP
- filed_at: 2023-08-11T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/806517/000117184323005273/0001171843-23-005273-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/806517/000117184323005273/f8k_081123.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-23-005273
- JSON: https://secwatch.observer/filing/0001171843-23-005273.json
- Plain text: https://secwatch.observer/filing/0001171843-23-005273.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/806517/000117184323005273/0001171843-23-005273-index.htm

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