---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-23-006962"
form_type: "8-K"
ticker: "PMDI"
cik: "0000806517"
company_name: "PSYCHEMEDICS CORP"
filed_at: "2023-11-09T23:59:59+00:00"
generated_at: "2026-06-08T08:12:45.143021+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001171843-23-006962
- form_type: 8-K
- ticker: PMDI
- cik: 0000806517
- company_name: PSYCHEMEDICS CORP
- filed_at: 2023-11-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/806517/000117184323006962/0001171843-23-006962-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/806517/000117184323006962/f8k_110923.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-23-006962
- JSON: https://secwatch.observer/filing/0001171843-23-006962.json
- Plain text: https://secwatch.observer/filing/0001171843-23-006962.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/806517/000117184323006962/0001171843-23-006962-index.htm

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