---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-24-001669"
form_type: "8-K"
ticker: "PMDI"
cik: "0000806517"
company_name: "PSYCHEMEDICS CORP"
filed_at: "2024-03-28T23:59:59+00:00"
generated_at: "2026-06-04T06:49:20.270386+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001171843-24-001669
- form_type: 8-K
- ticker: PMDI
- cik: 0000806517
- company_name: PSYCHEMEDICS CORP
- filed_at: 2024-03-28T23:59:59+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/806517/000117184324001669/0001171843-24-001669-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/806517/000117184324001669/f8k_032824.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-24-001669
- JSON: https://secwatch.observer/filing/0001171843-24-001669.json
- Plain text: https://secwatch.observer/filing/0001171843-24-001669.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/806517/000117184324001669/0001171843-24-001669-index.htm

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