PMD on NASDAQ

Psychemedics Corporation

Psychemedics Corporation is a United States corporation which provides patented, FDA-cleared, CAP certified clinical laboratory services for the detection of drugs of abuse. The company's corporate headquarters are located in Acton, Massachusetts and its laboratory operations are located in Culver City, California.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

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  • TickerPMD on NASDAQ1
  • IndustryServices-Medical Laboratories1
  • HeadquartersActon1
  • Websitepsychemedics.com
  • Incorporated inDE4
  • Business address125 Nagog Park, Acton, Ma 017204
  • Filer categoryNon-accelerated filer, Smaller reporting company4

Psychemedics Corporation is a United States corporation which provides patented, FDA-cleared, CAP certified clinical laboratory services for the detection of drugs of abuse. The company's corporate headquarters are located in Acton, Massachusetts and its laboratory operations are located in Culver City, California.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

36.1%Gross margin6
-9.6%Operating margin6
-9.5%Net margin6
-10.9%Revenue growth, 20246
-36.3%Return on equity6
$878.0KFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue64¢$12.6M
  • Research and development4¢$749.0K
  • Other costs32¢$6.3M
  • Interest0¢$26.0K
  • Income tax0¢$55.0K

Out of $19.7M in revenue.6 The company lost money this year.

Where each dollar of operating cash went, fiscal 2024

  • Capital spending2¢$51.0K
  • Share buybacks98¢$2.6M

Out of $929.0K of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue789106$19.7M in 2024−54% since 2018
0$20.0M$40.0M$60.0M2018: $42.7M$42.7M20182019: $37.7M$37.7M2019−12%2020: $21.4M$21.4M2020−43%2021: $24.9M$24.9M2021+17%2022: $25.2M$25.2M2022+1%2023: $22.1M$22.1M2023−12%2024: $19.7M$19.7M2024−11%
Gross profit789106$7.1M in 2024−66% since 2018
0$10.0M$20.0M$30.0M2018: $20.6M$20.6M20182019: $16.4M$16.4M2019−20%2020: $4.9M$4.9M2020−70%2021: $10.3M$10.3M2021+110%2022: $9.3M$9.3M2022−9%2023: $8.4M$8.4M2023−9%2024: $7.1M$7.1M2024−16%
Operating income789106-$1.9M in 2024
-$10.0M-$5.0M0$5.0M$10.0M2018: $7.6M$7.6M20182019: $3.0M$3.0M2019−61%2020: -$6.1M-$6.1M20202021: $209.0K$209.0K20212022: -$1.1M-$1.1M20222023: -$2.9M-$2.9M2023+170%2024: -$1.9M-$1.9M2024−35%
Net income789106-$1.9M in 2024
-$5.0M-$2.5M0$2.5M$5.0M2018: $4.6M$4.6M20182019: $1.5M$1.5M2019−66%2020: -$3.9M-$3.9M20202021: -$665.0K-$665.0K2021−83%2022: -$1.1M-$1.1M2022+63%2023: -$4.2M-$4.2M2023+283%2024: -$1.9M-$1.9M2024−55%
Fiscal year2018201920202021202220232024
Revenue$42.7M7$37.7M8$21.4M9$24.9M9$25.2M10$22.1M6$19.7M6
Cost of revenue$22.1M7$21.2M8$16.5M9$14.6M9$15.9M10$13.7M6$12.6M6
Gross profit$20.6M7$16.4M8$4.9M9$10.3M9$9.3M10$8.4M6$7.1M6
Research and development$1.6M7$1.6M8$1.3M9$1.1M9$1.3M10$1.1M6$749.0K6
Operating expenses$10.1M9$10.4M10$11.3M6$9.0M6
Operating income$7.6M7$3.0M8-$6.1M9$209.0K9-$1.1M10-$2.9M6-$1.9M6
Interest$106.0K7$59.0K8$75.0K9$49.0K9$32.0K10$17.0K6$26.0K6
Income before tax-$821.0K9-$1.0M10-$3.4M6-$1.9M6
Income tax$3.1M7$1.5M8-$2.3M9-$156.0K9$44.0K10$716.0K6-$55.0K6
Net income$4.6M7$1.5M8-$3.9M9-$665.0K9-$1.1M10-$4.2M6-$1.9M6
Earnings per share$0.837$0.288-$0.709-$0.129-$0.1910-$0.726-$0.326
Earnings per share (diluted)$0.837$0.288-$0.709-$0.129-$0.199
Shares (weighted, basic)5.5M shares95.6M shares105.7M shares65.9M shares6
Shares (weighted, diluted)5.5M shares95.6M shares105.7M shares65.9M shares6

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The story

1858: Hoppe-Seyler publishes report finding arsenic in the hair in an 11-year old buried body.

1978: Dr. Werner Baumgartner, PhD develops a radioimmunological(RIA)method for detecting drug use from hair specimens.

1987: Psychemedics begins offering services commercially

From Wikipedia’s article on Psychemedics Corporation, shared under CC BY-SA 4.0.5

Leadership

Who has led Psychemedics Corporation, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (18)

Products and brands

Dr. Werner Baumgartner was responsible for founding Psychemedics and spearheading its initial research. A nationally recognized expert on drug testing through hair samples, Dr. Baumgartner gained acclaim by procuring some strands of hair from the 19th-century poet John Keats. Despite the age of the hair, Baumgartner was able to detect that the poet, who died at the age of 26 from tuberculosis, had been taking an increasing amount of opium before his death, most likely used in painkillers. Dr. Baumgartner's find created a minor sensation, enough to warrant a mention in a 1985 Time magazine cover story about drugs in the workplace.

After years of research proved that drugs deposited in the hair can be accurately measured, the company was formed in 1987 and pioneered the use of hair testing in commercial markets including banks, manufacturers, retailers, mining operations, hotels and casinos. The technology capitalizes on the way the body metabolizes ingested drugs as they flow through the blood stream and deposit in the cortex of the hair. Hair is stable and the deposits are permanently embedded in the hair, so hair acts like a tape recorder — “recording” drug deposits in proportion to use over time as drugs are deposited in proportion to use. Hair grows at approximately the rate of ½ an inch per month and takes about 5 days to grow out past the external layer of skin. Psychemedics’ standard test uses a 1 ½ inch sample of head hair, which provides an approximate 3 month history of drug use. Body hair can also be collected if head hair is not available.

Psychemedics hair tests are available in Brazil through the company's independent distributor, Psychemedics Brazil. The partnership goes back over 15 years and the drug tests are provided at clinics throughout Brazil, and then shipped to the lab in Culver City, California for analysis.

Hair testing analyzes the hair shaft, rather than body fluids like urine or saliva, to determine whether illegal drugs are present. Compared to analysis of body fluids, hair testing is highly resistant to evasion by adulterating or substituting samples, or by simply abstaining from drug use for a few days. Though Psychemedics previously used a proprietary radio immunoassay (RIA) method, they have since switched to the industry-standard enzyme immunoassay screening method, which has been successfully employed for years by competitors such as Quest Diagnostics. They use GC/MS/MS or LC/MS/MS confirmation to measure the drug molecules and metabolites within the hair which were incorporated following ingestion.

Read the full text

The Psychemedics technology includes tests for cocaine, marijuana, opiates (including heroin and oxycodone), methamphetamine, Ecstasy (MDMA), Eve (MDEA) and phencyclidine (PCP). A standard test of approximately one-and-one-half inches of head hair cut close to the scalp can provide a several month window to detect drug ingestion.

In 2013, Psychemedics Corporation began offering hair based alcohol Ethyl glucuronide testing. This testing was previously attempted by laboratories in the United Kingdom, but has suffered from numerous lawsuits. Due to the concerns of legal risk, few laboratories offer this type of testing anymore, as they deem it unreliable and unsupportable. The Society of Hair Testing also notes the limitations of EtG, stating that this form of testing can determine "chronic excessive alcohol consumption only. This consensus is not applicable for determination of abstinence from alcohol or moderate consumption of alcohol." SoFT also states that "It is not advisable to use the results of the hair testing for alcohol markers in isolation," supporting the belief that additional testing evidence is required to properly identify an individual's alcohol usage. As such, this form of testing is only applicable for scenarios where severe alcohol abuse is present.

The U.S. Substance Abuse and Mental Health Services Administration has cautioned that the test is "scientifically unsupportable as the sole basis for legal or disciplinary action" because the highly sensitive tests "are not able to distinguish between alcohol absorbed into the body from exposure to many common commercial and household products containing alcohol or from the actual consumption of alcohol."

The U.S. Food and Drug Administration has not granted FDA clearance to the Psychemedics Corporation for their EtG Alcohol test at this time, which brings the accuracy of this test into question.

From Wikipedia’s article on Psychemedics Corporation, shared under CC BY-SA 4.0.5

Timeline

  1. Aug 17, 2023New chief executive Brian Hullinger becomes CEO16
  2. Feb 14, 2006New chief executive Raymond C. Kubacki Jr. becomes CEO17

Filings

153 filings to the SEC since October 2021: 5 annual reports, 10 quarterly reports, 36 major events, 56 insider forms, 16 large holders, 30 other. The latest 20:

  1. Mar 24, 202510-K EDGAR
  2. Mar 19, 2025S-8 POS EDGAR
  3. Mar 19, 2025S-8 POS EDGAR
  4. Mar 19, 2025S-8 POS EDGAR
  5. Mar 19, 2025S-8 POS EDGAR
  6. Mar 19, 2025S-8 POS EDGAR
  7. Mar 19, 2025S-8 POS EDGAR
  8. Mar 19, 2025S-8 POS EDGAR
  9. Jan 2, 202515-12G EDGAR
  10. Dec 17, 20244 OWNERSHIP DOCUMENT EDGAR
  11. Dec 13, 202425 EDGAR
  12. Dec 12, 20244 PRIMARY DOCUMENT EDGAR
  13. Dec 12, 2024SC 13D/A EDGAR
  14. Dec 12, 20244 OWNERSHIP DOCUMENT EDGAR
  15. Dec 10, 2024SC 13E3/A EDGAR
  16. Dec 10, 20248-K EDGAR
  17. Dec 10, 20243 OWNERSHIP DOCUMENT EDGAR
  18. Dec 6, 2024SC 13G/A EDGAR
  19. Dec 5, 20244 PRIMARY DOCUMENT EDGAR
  20. Dec 5, 2024SC 13D/A EDGAR

The 153 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

17 open-market trades by officers, directors and large owners since October 2021: 15 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 17, 2024Powell Anderson Capital Partners LLC10% ownerBuy19,700$1.87$36.8KForm 4
Dec 16, 2024Powell Anderson Capital Partners LLC10% ownerBuy60,000$1.97$118.2KForm 4
Dec 13, 2024Powell Anderson Capital Partners LLC10% ownerBuy80,000$1.88$150.4KForm 4
Dec 12, 2024Powell Anderson Capital Partners LLC10% ownerBuy75,000$2.67$200.2KForm 4
Dec 11, 2024Powell Anderson Capital Partners LLC10% ownerBuy4,518$2.71$12.2KForm 4
Dec 10, 2024Kamin PeterDirectorSale320,708$2.35$753.7KForm 4
Dec 10, 2024Powell Anderson Capital Partners LLC10% ownerBuy7,473$2.59$19.4KForm 4
Dec 3, 2024Kamin PeterDirectorBuy1,409,712$2.35$3.3MForm 4
Aug 17, 2023Doucot Charles MExecutive Vice PresidentSale12,700$4.66$59.2KForm 4
Dec 16, 2022SCHAFFER MICHAEL IVP of Laboratory OperationsBuy100$4.95$495Form 4
Apr 20, 2022Kamin PeterDirectorBuy15,658$6.72$105.2KForm 4
Apr 19, 2022Kamin PeterDirectorBuy27,485$6.52$179.2KForm 4
Apr 8, 2022Kamin PeterDirectorBuy4,000$6.79$27.2KForm 4
Apr 7, 2022Kamin PeterDirectorBuy3,000$6.68$20.0KForm 4
Mar 31, 2022Kamin PeterDirectorBuy4,589$6.92$31.8KForm 4
Mar 30, 2022Kamin PeterDirectorBuy7,814$6.88$53.8KForm 4
Mar 16, 2022Kamin PeterDirectorBuy4,000$6.51$26.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Sources

The numbers on this page point here. Each one links to the record it came from.

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