Psychemedics reports 2023 revenue down 12% to $22.1M, net loss widens to $4.2M

PSYCHEMEDICS CORP

Revenue $22.1M in 2023, down 12% from $25.2M in 2022.
Net loss widened to $4.2M ($0.72 per share) from $1.1M loss ($0.19) in 2022.
Cash & equivalents fell to $2.0M from $4.8M at end of 2022.
Operating expenses increased to $11.3M from $10.4M, with G&A rising to $7.2M.
CEO cites ongoing labor shortage; plans cost reductions and pursuit of new markets.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

PSYCHEMEDICS CORP reported the year ended December 31, 2023 results: revenue $22.1 million, net income net loss of approximately $4.2 million, EPS $0.72 per share.

Period: the year ended December 31, 2023
Revenue: $22.1 million
Net income: net loss of approximately $4.2 million
EPS: $0.72 per share
Result: reported results

Exact text from the filing

but also solidify our position as the leader in the industry,” added Shannon Shoemaker, Chief Revenue Officer. The Company's revenue for the year ended December 31, 2023, was $22.1 million versus $25.2 million for the prior year, a decrease of 12%. As of December 31, 2023, the Company had cash and cash equivalents of approximately $2.0 million, compared with

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Source: SEC EDGAR

accession 0001171843-24-001669

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