Psychemedics Q3 revenue $5.7M (-12% YoY); net loss widens to $2.1M

PSYCHEMEDICS CORP

2023-Q3 EPS reported -$0.56 revenue$17,100,000

Revenue $5.7M vs $6.5M YoY; net loss $(2.1M) or $(0.36)/diluted share vs $(0.02) loss.
Gross margin improved to 37% from 36%, cost programs partly offset revenue decline.
Operating expenses up 18% due to legal/settlement fees, CEO transition, and consulting.
Non-cash tax charge of $0.7M on deferred tax assets deemed unrealizable.
Restructuring initiated to align costs; new CRO Shannon Shoemaker leading go-to-market changes.

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 0.98

PSYCHEMEDICS CORP reported the third quarter ended September 30, 2023 results: revenue $5.7 million, net income $(2.1 million), EPS $(0.36) per diluted share.

Period: the third quarter ended September 30, 2023
Revenue: $5.7 million
Net income: $(2.1 million)
EPS: $(0.36) per diluted share
Result: reported results

Exact text from the filing

The Company’s revenue for the quarter ended September 30, 2023, was $5.7 million versus $6.5 million for the quarter ended September 30, 2022, a decrease of 12%. Net loss for the quarter ended September 30, 2023, was $(2.1 million) or $(0.36) per diluted share, versus net loss of $(97,000) or $(0.02) per diluted share, for the comparable period last year.

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Source: SEC EDGAR

accession 0001171843-23-006962

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