Psychemedics ( (PMD) ) has released its Q3 earnings. Here is a breakdown of the information Psychemedics presented to its investors.
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Psychemedics Corporation is a global leader in hair testing for drugs of abuse, offering its patented testing services to numerous clients, including Fortune 500 companies and major public entities.
In the latest earnings report, Psychemedics Corporation revealed its financial performance for the third quarter of 2024, indicating a decrease in revenue and a reduction in net loss compared to the previous year.
For the third quarter ending September 30, 2024, the company reported revenue of $5.2 million, a 9% decline from $5.7 million in the same period in 2023. While the company experienced a net loss of $0.5 million, or $0.09 per share, this was an improvement from the $2.1 million loss, or $0.36 per share, reported in the third quarter of 2023. Over the first nine months of 2024, revenue decreased by 11% to $15.3 million, with a net loss of $2.1 million, compared to a $3.2 million loss in the same timeframe of the previous year.
Looking forward, Psychemedics Corporation remains committed to leveraging its unique drug testing methods, providing reliable services to its diverse clientele, and improving its financial health despite current challenges.
