Psychemedics Corp. Files 2023 Annual Report (10-K)

TL;DR

<b>Psychemedics Corp. has filed its 2023 10-K annual report detailing its financial performance and operations.</b>

AI Summary

PSYCHEMEDICS CORP (PMDI) filed a Annual Report (10-K) with the SEC on March 28, 2024. Psychemedics Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Delaware and operates in the Medical Laboratories sector (SIC 8071). Its principal business address is located at 125 Nagog Park, Acton, MA 01720. The filing covers the period from January 1, 2023, to December 31, 2023. The report includes information on various financial arrangements and stock awards.

Why It Matters

For investors and stakeholders tracking PSYCHEMEDICS CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Psychemedics Corp.'s financial health, operational activities, and strategic outlook for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed information within the report, including financial statements, risk factors, and executive compensation, allows stakeholders to make informed investment decisions and understand the company's compliance with regulatory requirements.

Risk Assessment

Risk Level: low — PSYCHEMEDICS CORP shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational information, posing no immediate or unusual risks.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Psychemedics Corp.'s performance and potential challenges in the medical laboratory sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-28 — Filing Date (FILED AS OF DATE)
• 8071 — Standard Industrial Classification (SERVICES-MEDICAL LABORATORIES)
• 125 Nagog Park — Business Street Address (STREET 1)
• Acton — Business City (CITY)
• 01720 — Business Zip Code (ZIP)

Key Players & Entities

• PSYCHEMEDICS CORP (company) — COMPANY CONFORMED NAME
• 0000806517 (company) — CENTRAL INDEX KEY
• DE (company) — STATE OF INCORPORATION
• MA (company) — STATE
• 978-206-8220 (company) — BUSINESS PHONE
• BancOfAmerica Leasing And Capital (company) — Lender in Equipment Loan Arrangement
• Enma Sagastume V (person) — Mentioned in relation to a specific event
• London Interbank Offered Rate (regulator) — Mentioned in relation to a credit facility

FAQ

Industry Context

Psychemedics Corp. operates within the medical laboratories industry, providing diagnostic testing services.

Regulatory Implications

The filing is a standard 10-K annual report, adhering to SEC regulations for public companies.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Review the risk factors section to identify potential challenges and uncertainties facing Psychemedics Corp.
3. Examine any disclosed executive compensation details to understand management incentives.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-28: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 2023 10-K filing, providing the latest annual financial and operational data for Psychemedics Corp.

Key Financial Figures

• $0.005 — nge on which registered Common stock. $0.005 par value PMD The Nasdaq Stock Mark
• $4.56 — omputed based upon the closing price of $4.56 per share on June 30, 2023 As of March
• $80 billion — sinesses in the United States more than $80 billion annually in lost productivity and healt

Filing Documents

• pmd20231231_10k.htm (10-K) — 1303KB
• ex_646588.htm (EX-10.16) — 45KB
• ex_646589.htm (EX-10.17) — 35KB
• ex_646590.htm (EX-10.18) — 39KB
• ex_641973.htm (EX-21.1) — 7KB
• ex_641974.htm (EX-23.1) — 2KB
• ex_641975.htm (EX-24) — 8KB
• ex_641976.htm (EX-31.1) — 12KB
• ex_641977.htm (EX-31.2) — 12KB
• ex_641978.htm (EX-32.1) — 5KB
• ex_641979.htm (EX-32.2) — 5KB
• ex_641980.htm (EX-97) — 39KB
• logo.jpg (GRAPHIC) — 19KB
• 0001171843-24-001671.txt (&nbsp;) — 6306KB
• pmd-20231231.xsd (EX-101.SCH) — 56KB
• pmd-20231231_def.xml (EX-101.DEF) — 385KB
• pmd-20231231_lab.xml (EX-101.LAB) — 369KB
• pmd-20231231_pre.xml (EX-101.PRE) — 421KB
• pmd-20231231_cal.xml (EX-101.CAL) — 53KB
• pmd20231231_10k_htm.xml (XML) — 789KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 10 Item 1C. Cybersecurity 10 Item 2.

Properties

Properties 11 Item 3.

Legal Proceedings

Legal Proceedings 11 Item 4. Mine Safety Disclosures 11 PART II Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 12 Item 6. Reserved 12 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 13 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 16 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 34 Item 9A.

Controls and Procedures

Controls and Procedures 34 Item 9B. Other Information 35 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 35 PART III Item 10. Directors, Executive Officers and Corporate Governance 35 Item 11.

Executive Compensation

Executive Compensation 38 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 41 Item 13. Certain Relationships and Related Transactions, and Director Independence 42 Item 14. Principal Accountant Fees and Services 43 PART IV Item 15. Exhibits and Financial Statement Schedules 43 Item 16. Form 10-K Summary 43

Signatures

Signatures 44 Power of Attorney ii PART I Available Information Psychemedics Corporation (together with its wholly-owned subsidiaries, the "Company" or "Psychemedics") maintains its principal executive office at 5220 Spring Valley Road, Dallas, TX 75254. Our telephone number is (800) 527-7424and internet address is www.psychemedics.com . Our stock is traded on the NASDAQ Stock Market under the symbol "PMD". We make available, free of charge, on the Investor Information section of our website, our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K from time to time, and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with the Securities and Exchange Commission (the "SEC"). Copies are also available, without charge, from Psychemedics Corporation, Attn: Investor Relations, 5220 Spring Valley Road Suite 230, Dallas, TX 75254. Alternatively, reports filed with the SEC may be viewed or obtained at the SEC Public Reference Room in Washington, D.C., or from the SEC on our website at www.sec.gov . We do not intend for information contained in our website to be part of this Annual Report on Form 10-K.

Business

Item 1. Business General Psychemedics Corporation is a Delaware corporation organized on September 24, 1986. Our consolidated financial statements include the accounts and results of operations of Psychemedics Corporation and its wholly-owned subsidiary, Psychemedics International, LLC and their jointly-owned subsidiary, Psychemedics Laboratrios Ltd. All significant inter-company balances and transactions have been eliminated in consolidation. All of our physical assets are located within the United States. We provide testing services for the detection of drugs of abuse and other health markers through the analysis of hair samples. Our testing methods utilize a patented technology that digests the hair and releases drugs and substances trapped in the hair without destroying the drugs. This is fundamental to the entire process because the patented method gets virtually 100% of the drug out of the hair. Extracting the drug is an essential prerequisite to measuring it. We then perform a proprietary custom-designed patented enzyme immunoassay ("EIA") on the liquid supernatant, with confirmation testing by mass spectrometry. Our primary application of our patented technology is as a testing service that analyzes hair samples for the presence of certain drugs of abuse. Our customized proprietary EIA procedures to drug test hair samples differ from the more commonly used immunoassay procedures employed by other hair testing companies. Our testing results provide quantitative information that can indicate the approximate amount of drug ingested as well as historical data, which can show a pattern of individual drug use over a longer period of time, thereby providing superior detection compared to other types of drug testing. This information is useful to employers for both applicant and employee testing, as well as treatment professionals, law enforcement agencies, school administrators, and parents concerned about their children's drug use. We provide screening and co

View Full Filing

View this 10-K filing on SEC EDGAR