Psychemedics Corp Files 10-Q for Q1 2024

TL;DR

<b>Psychemedics Corp filed its Q1 2024 10-Q report on May 14, 2024, detailing financial performance and business operations for the quarter ending March 31, 2024.</b>

AI Summary

PSYCHEMEDICS CORP (PMDI) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Psychemedics Corp reported on its Q1 2024 results, filed on May 14, 2024. The filing covers the period ending March 31, 2024. Key financial data points and business segments are detailed within the report. Information regarding stock awards and employee stock options is provided for Q1 2024 and comparative periods. The company's business address is 125 Nagog Park, Acton, MA.

Why It Matters

For investors and stakeholders tracking PSYCHEMEDICS CORP, this filing contains several important signals. This 10-Q filing provides investors with a quarterly update on Psychemedics Corp's financial health, operational performance, and any significant business developments. The detailed information on revenue segments, financial instruments, and stock-based compensation can inform investment decisions and risk assessments.

Risk Assessment

Risk Level: low — PSYCHEMEDICS CORP shows low risk based on this filing. The filing is a standard 10-Q report, which typically contains routine financial and operational information without immediate, significant market-moving news.

Analyst Insight

Review the detailed financial statements and segment information in the 10-Q to understand revenue trends and operational performance for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-14 — Filing Date (Filed as of date)
• 0000806517 — Central Index Key (Filer's Central Index Key)
• 8071 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• PSYCHEMEDICS CORP (company) — Filer name
• 0000806517 (company) — Central Index Key
• 2024-03-31 (date) — Period of report
• 2024-05-14 (date) — Filing date
• 125 NAGOG PARK (location) — Business address street
• ACTON (location) — Business address city
• MA (location) — Business address state
• 01720 (location) — Business address zip

FAQ

Industry Context

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

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Analyze the revenue breakdown and growth rates for different service segments.
2. Review any disclosed customer concentration risks and their potential impact.
3. Examine details on financial instruments, debt arrangements, and stock-based compensation.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-14: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update from previous filings.

Key Financial Figures

• $0.005 — nge on which registered Common stock. $0.005 par value PMD The Nasdaq Stock Mark
• $2.1 million — iorities. Gross profit decreased 4% to $2.1 million for the three months ended March 31, 20
• $2.2 million — onths ended March 31, 2024, compared to $2.2 million for the same period in 2023. Cost of re
• $0.4 million — in 2023. Cost of revenues decreased by $0.4 million or 11% for the three months ended March
• $0.1 million — ve ( " G&A " ) expenses increased 9% or $0.1 million to $1.8 million for the three months en
• $1.8 million — xpenses increased 9% or $0.1 million to $1.8 million for the three months ended March 31, 20
• $1.6 million — onths ended March 31, 2024, compared to $1.6 million for the same period in 2023. As a perce
• $0.7 million — penses decreased 12% or $0.1 million to $0.7 million for the three months ended March 31, 20
• $0.8 million — onths ended March 31, 2024, compared to $0.8 million for the same period in 2023. Total mark
• $0.2 million — penses decreased 30% or $0.1 million to $0.2 million for the three months ended March 31, 20
• $0.3 million — onths ended March 31, 2024, compared to $0.3 million for the same period in 2023. R&D expens
• $149 thousand — tax rate of 20.2%) and a tax benefit of $149 thousand (effective tax rate of 28%) for the com
• $1.4 million — 31, 2024, the Company had approximately $1.4 million of cash and cash equivalents. The Compa
• $0.5 million — s operating activities used net cash of $0.5 million for the three months ended March 31, 20
• $5 thousand — rch 31, 2024. Investing activities used $5 thousand of net cash while financing activities

Filing Documents

• pmd20240331_10q.htm (10-Q) — 484KB
• ex_666408.htm (EX-10.1) — 11KB
• ex_666446.htm (EX-31.1) — 13KB
• ex_666447.htm (EX-31.2) — 13KB
• ex_666448.htm (EX-32.1) — 5KB
• ex_666449.htm (EX-32.2) — 5KB
• 0001171843-24-002876.txt (&nbsp;) — 2740KB
• pmd-20240331.xsd (EX-101.SCH) — 29KB
• pmd-20240331_def.xml (EX-101.DEF) — 196KB
• pmd-20240331_lab.xml (EX-101.LAB) — 181KB
• pmd-20240331_pre.xml (EX-101.PRE) — 214KB
• pmd-20240331_cal.xml (EX-101.CAL) — 25KB
• pmd20240331_10q_htm.xml (XML) — 271KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

- Financial Statements (unaudited)

Item 1 - Financial Statements (unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Shareholders ' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7

- Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Factors that May Affect Future Results 11 Results of Operations 12 Liquidity and Capital Resources 12

- Controls and Procedures

Item 4 - Controls and Procedures 13

- OTHER INFORMATION

PART II - OTHER INFORMATION

- Legal Proceedings

Item 1 - Legal Proceedings 13

- Risk Factors

Item 1A - Risk Factors 13

- Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

Item 2 - Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 13

- Exhibits

Item 6 - Exhibits 14

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) PSYCHEMEDICS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value) (UNAUDITED ) March 31, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 1,421 $ 1,964 Accounts receivable, net of allowance for credit losses of $ 58 at March 31, 2024, and $ 64 at December 31, 2023 3,883 3,687 Prepaid expenses and other current assets 870 1,136 Income tax receivable 13 18 Total Current Assets 6,187 6,805 Fixed assets, net of accumulated amortization and depreciation of $ 23,943 at March 31, 2024, and $ 23,633 at December 31, 2023 2,759 3,061 Other assets 608 632 Operating lease right-of-use assets 1,598 1,828 Total Assets $ 11,152 $ 12,326 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 1,131 $ 752 Accrued expenses 1,780 2,604 Equipment financing debt 230 305 Current portion of operating lease liabilities 1,043 1,048 Total Current Liabilities 4,184 4,709 Long-term portion of operating lease liabilities 687 945 Total Liabilities 4,871 5,654 Commitments and Contingencies (Note 6) Shareholders' Equity: Preferred stock, $0.005 par value, 873 shares authorized, no shares issued or outstanding Common stock, $ 0.005 par value; 50,000 shares authorized; 6,474 and 6,474 shares issued and 5,806 and 5,806 shares outstanding as of March 31, 2024 and December 31, 2023, respectively 32 32 Additional paid-in capital 35,426 35,129 Accumulated deficit ( 17,461 ) ( 16,773 )) Less - Treasury stock, at cost, 668 shares ( 10,082 ) ( 10,082 )) Accumulated other comprehensive loss ( 1,634 ) ( 1,634 )) Total Shareholders' Equity 6,281 6,672 Total Liabilities and Shareholders' Equity $ 11,152 $ 12,326 See accompanying notes to unaudited condensed consolidated financial statements. 3 PSYCHEMEDICS CORPORATION CONDENSED CONSOLIDATED

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FACTORS THAT MAY AFFECT FUTURE RESULTS From time to time, information provided by the Company or statements made by its employees may contain forward-looking information that involves risks and uncertainties. In particular, statements contained in this report that are not historical facts (including but not limited to statements concerning earnings, earnings per share, revenues, cash flows, dividends, future business, growth opportunities, profitability, pricing, new accounts, customer base, market share, test volume, sales and marketing strategies, market demand for drug testing services in the U.S. and foreign drug testing laws and regulations, required investments in plant, equipment and people and new test development) may be "forward looking" statements. Actual results may differ from those stated in any forward-looking statements. Factors that may cause such differences include but are not limited to risks associated with the changes in U.S. and foreign government regulations, FDA regulations, R&D spending, competition (including, without limitation, competition from other companies pursuing the same growth opportunities), the Company's ability to maintain its reputation and brand image, the ability of the Company to achieve its business plans, cost controls, the continued labor shortage, leveraging of its global operating platform, risks of information technology system failures and data security breaches, the uncertain global economy, the Company's ability to attract, develop and retain executives and other qualified employees and independent contractors, including distributors, the Company's ability to obtain and protect intellectual property rights, litigation risks, and general economic conditions. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements represent the Company's estimates and assum

View Full Filing

View this 10-Q filing on SEC EDGAR