Psychemedics Corp. Files Q3 2024 10-Q

TL;DR

Psychemedics Q3 10-Q is in: revenue & receivables data for CustomerOne/Two detailed, watch for concentration risk.

AI Summary

Psychemedics Corp. reported its Q3 2024 results, ending September 30, 2024. The company's financial performance for the nine months ended September 30, 2024, and the comparable period in 2023 is detailed. Specific customer concentration risks related to accounts receivable and sales revenue are highlighted, with data provided for CustomerOne and CustomerTwo.

Why It Matters

This filing provides insight into Psychemedics Corp.'s financial health and operational performance for the third quarter of 2024, including potential risks associated with customer concentration.

Risk Assessment

Risk Level: medium — The filing explicitly mentions customer concentration risk for accounts receivable and sales revenue, indicating a potential dependency on a few key clients.

Key Numbers

• N/A — Sales Revenue Net (Specific dollar amounts for sales revenue are not provided in this snippet, but the filing indicates data for CustomerOne and CustomerTwo for periods ending 2023-09-30 and 2024-09-30.)
• N/A — Accounts Receivable (Specific dollar amounts for accounts receivable are not provided in this snippet, but the filing indicates data for CustomerOne and CustomerTwo for periods ending 2023-09-30 and 2024-09-30.)

Key Players & Entities

• PSYCHEMEDICS CORP (company) — Filer
• 20240930 (date) — Conformed Period of Report
• 20241112 (date) — Filed as of Date
• 0000806517 (company) — Central Index Key
• 8071 (industry_code) — Standard Industrial Classification
• 581701987 (irs_number) — IRS Number
• DE (state) — State of Incorporation
• 125 NAGOG PARK (address) — Business Address
• ACTON (city) — Business Address City
• MA (state) — Business Address State

FAQ

Key Financial Figures

• $0.005 — nge on which registered Common stock. $0.005 par value PMD The Nasdaq Stock Mark

Filing Documents

• pmd20240930_10q.htm (10-Q) — 720KB
• ex_742600.htm (EX-31.1) — 11KB
• ex_742601.htm (EX-31.2) — 11KB
• ex_742602.htm (EX-32.1) — 4KB
• ex_742603.htm (EX-32.2) — 4KB
• 0001171843-24-006286.txt ( ) — 3454KB
• pmd-20240930.xsd (EX-101.SCH) — 32KB
• pmd-20240930_def.xml (EX-101.DEF) — 226KB
• pmd-20240930_lab.xml (EX-101.LAB) — 224KB
• pmd-20240930_pre.xml (EX-101.PRE) — 247KB
• pmd-20240930_cal.xml (EX-101.CAL) — 28KB
• pmd20240930_10q_htm.xml (XML) — 398KB

- 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 7 Notes to Condensed Consolidated Financial Statements 8

- 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 12 Results of Operations 13 Liquidity and Capital Resources 14

- Controls and Procedures

Item 4 - Controls and Procedures 14

- OTHER INFORMATION

PART II - OTHER INFORMATION

- Legal Proceedings

Item 1 - Legal Proceedings 15

- Risk Factors

Item 1A - Risk Factors 15

- 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 15

- Exhibits

Item 6 - Exhibits 15

– 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 ) September 30, December 31, ASSETS 2024 2023 Current Assets: Cash and cash equivalents $ 1,405 $ 1,964 Accounts receivable, net of allowance for credit losses of $ 52 at September 30, 2024, and $ 64 at December 31, 2023 3,325 3,687 Prepaid expenses and other current assets 1,302 1,136 Income tax receivable 15 18 Total Current Assets 6,047 6,805 Fixed assets, net of accumulated amortization and depreciation of $ 21,907 at September 30, 2024, and $ 23,633 at December 31, 2023 2,236 3,061 Other assets 505 632 Operating lease right-of-use assets, net 959 1,828 Finance lease right-of-use asset, net 88 - Total Assets $ 9,835 $ 12,326 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 994 $ 752 Accrued expenses 1,816 2,604 Insurance note payable 418 - Equipment financing debt 77 305 Current portion of finance lease liability 28 - Current portion of operating lease liabilities 460 1,048 Total Current Liabilities 3,793 4,709 Long-term portion of operating lease liabilities 535 945 Long-term portion of finance lease liability 61 - Total Liabilities 4,389 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 6,563 and 6,474 shares issued and 5,895 and 5,806 shares outstanding as of September 30, 2024 and December 31, 2023, respectively 32 32 Additional paid-in capital 35,953 35,129 Accumulated deficit ( 18,823 ) ( 16,773 ) Less - Treasury stock, at cost, 668 shares ( 10,082 ) ( 10,082 ) Accumulated other comprehensive loss ( 1,634 ) ( 1,634 ) Total Shareholders' Equity 5,446 6

View Full Filing

View this 10-Q filing on SEC EDGAR