PMD on NASDAQ
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 Its shares trade on NASDAQ under the symbol PMD.1 Wikipedia text CC BY-SA 4.0
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Last updated Oct 21, 2026.
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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 the company’s reports to the SEC. Every number links to the filing it came from.
Out of $19.7M in revenue.7 The company lost money this year.
Out of $929.0K of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.7
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Revenue | $42.7M8 | $37.7M9 | $21.4M10 | $24.9M10 | $25.2M11 | $22.1M7 | $19.7M7 |
| Cost of revenue | $22.1M8 | $21.2M9 | $16.5M10 | $14.6M10 | $15.9M11 | $13.7M7 | $12.6M7 |
| Gross profit | $20.6M8 | $16.4M9 | $4.9M10 | $10.3M10 | $9.3M11 | $8.4M7 | $7.1M7 |
| Research and development | $1.6M8 | $1.6M9 | $1.3M10 | $1.1M10 | $1.3M11 | $1.1M7 | $749.0K7 |
| Operating expenses | $10.1M10 | $10.4M11 | $11.3M7 | $9.0M7 | |||
| Operating income | $7.6M8 | $3.0M9 | -$6.1M10 | $209.0K10 | -$1.1M11 | -$2.9M7 | -$1.9M7 |
| Interest | $106.0K8 | $59.0K9 | $75.0K10 | $49.0K10 | $32.0K11 | $17.0K7 | $26.0K7 |
| Income before tax | -$821.0K10 | -$1.0M11 | -$3.4M7 | -$1.9M7 | |||
| Income tax | $3.1M8 | $1.5M9 | -$2.3M10 | -$156.0K10 | $44.0K11 | $716.0K7 | -$55.0K7 |
| Net income | $4.6M8 | $1.5M9 | -$3.9M10 | -$665.0K10 | -$1.1M11 | -$4.2M7 | -$1.9M7 |
| Earnings per share | $0.838 | $0.289 | -$0.7010 | -$0.1210 | -$0.1911 | -$0.727 | -$0.327 |
| Earnings per share (diluted) | $0.838 | $0.289 | -$0.7010 | -$0.1210 | -$0.1910 | ||
| Shares (weighted, basic) | 5.5M shares10 | 5.6M shares11 | 5.7M shares7 | 5.9M shares7 | |||
| Shares (weighted, diluted) | 5.5M shares10 | 5.6M shares11 | 5.7M shares7 | 5.9M shares7 |
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Cash | $4.1M16 | $7.3M8 | $2.8M9 | $2.0M10 | $4.8M11 | $2.0M7 | $1.4M7 |
| Receivables | $4.1M10 | $3.7M11 | $3.7M7 | $2.5M7 | |||
| Current assets | $13.9M15 | $12.9M8 | $9.6M9 | $10.3M10 | $10.0M11 | $6.8M7 | $4.9M7 |
| Property, plant and equipment | $6.7M10 | $4.6M11 | $3.1M7 | $2.0M7 | |||
| Total assets | $25.0M15 | $27.5M8 | $24.0M9 | $21.6M10 | $18.7M11 | $12.3M7 | $8.3M7 |
| Accounts payable | $994.0K10 | $448.0K11 | $752.0K7 | $462.0K7 | |||
| Short-term debt | $664.0K10 | $294.0K11 | $305.0K7 | $07 | |||
| Current liabilities | $4.1M15 | $5.8M8 | $3.9M9 | $5.8M10 | $5.7M11 | $4.7M7 | $2.7M7 |
| Long-term debt | $1.2M15 | $2.0M8 | $3.4M9 | $599.0K10 | $305.0K11 | $011 | |
| Total liabilities | $6.2M15 | $10.7M8 | $11.5M9 | $9.3M10 | $8.0M11 | $5.7M7 | $3.2M7 |
| Retained earnings | -$9.6M10 | -$11.8M11 | -$16.8M7 | -$18.6M7 | |||
| Shareholders’ equity | $18.7M9 | $16.8M10 | $12.5M10 | $12.2M11 | $10.8M7 | $6.7M7 | $5.1M7 |
| Shares outstanding | 5.5M shares15 | 5.5M shares8 | 5.5M shares9 | 5.6M shares10 | 5.7M shares11 | 5.8M shares7 | 6.1M shares7 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Cash from operations | $7.9M8 | $4.3M9 | -$4.1M10 | $414.0K10 | $4.9M11 | -$1.5M7 | $929.0K7 |
| Depreciation and amortization | $2.8M10 | $2.4M11 | $1.7M7 | $1.1M7 | |||
| Stock-based compensation | $743.0K10 | $872.0K11 | $908.0K7 | $917.0K7 | |||
| Capital spending | $1.2M8 | $1.7M9 | $991.0K10 | $182.0K10 | $187.0K11 | $157.0K7 | $51.0K7 |
| Free cash flow | $6.7M | $2.6M | -$5.1M | $232.0K | $4.7M | -$1.6M | $878.0K |
| Cash from investing | -$220.0K10 | -$208.0K11 | -$159.0K7 | -$87.0K7 | |||
| Dividends paid | $3.8M8 | $4.0M9 | $993.0K10 | $279.0K10 | $1.2M11 | $799.0K7 | $07 |
| Share buybacks | $07 | $2.6M7 | |||||
| Cash from financing | -$1.0M10 | -$1.9M11 | -$1.1M7 | -$1.4M7 | |||
| Dividend per share | $0.698 | $0.729 | $0.2111 | $0.0510 | $0.1411 | $0.147 |
Psychemedics Corporation sits at the top of its group. 3 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Psychemedics Corporation
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What Psychemedics Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
| Item | Latest | A year before | Change |
|---|---|---|---|
| Furniture and fixtures | $2.3M7 Dec 31, 2024 | $2.3M7 Dec 31, 2023 | 0% |
| Computer equipment and software | $5.9M7 Dec 31, 2024 | $4.8M7 Dec 31, 2023 | +23.7% |
| Leasehold improvements | $3.7M7 Dec 31, 2024 | $3.6M7 Dec 31, 2023 | +1.0% |
| Property and equipment, before depreciation | $24.2M7 Dec 31, 2024 | $26.7M7 Dec 31, 2023 | −9.5% |
| Accumulated depreciation | $22.2M7 Dec 31, 2024 | $23.6M7 Dec 31, 2023 | −6.2% |
| Property and equipment, net | $2.0M7 Dec 31, 2024 | $3.1M7 Dec 31, 2023 | −34.6% |
| Finance-lease assets | $80.0K7 Dec 31, 2024 | $07 Dec 31, 2023 | |
| Operating-lease assets (leased space) | $844.0K7 Dec 31, 2024 | $1.8M7 Dec 31, 2023 | −53.8% |
We maintain our corporate office at 5220 Spring Valley Road, Dallas, TX 75254; the office consists of two thousand square feet and is leased through March 2025.
We lease one facility for laboratory testing, customer care, and information technology purposes in Culver City, California. The facility is fourteen thousand square feet of space with an additional ten thousand square feet of storage space. This facility is leased through December 2026.
We lease one other office in Las Vegas, Nevada, with a lease through April 2025.
Item 2 of the 10-K filed Mar 24, 2025.17
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
Who has led Psychemedics Corporation, and when. Pick a name to see everywhere that person has worked.
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.
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
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
In May, 2014, it was announced that The Psychemedics Corporation would be providing hair testing services to three private Cleveland-area schools. Journalists quickly noted a severe conflict of interest, as James Kubacki, Principal of St. Edward's High School, is the brother of Raymond Kubacki, CEO of The Psychemedics Corporation. The Plain Dealer noted that this fact was not disclosed to parents, revealing that it "wasn't stated at the institution-wide meetings to discuss with students their soon-to-be-curtailed privacy."
This is not the first time that The Psychemedics Corporation has been scrutinized for questionable business tactics, having previously hired the high ranking employees of their clients. "Dr. George Elder, a principal for decades, says he instituted drug testing for all students and faculty members at his school. Now he's Psychemedics vice president and pitchman."
From Wikipedia’s article on Psychemedics Corporation, shared under CC BY-SA 4.0.5
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
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:
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.
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.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 17, 2024 | Powell Anderson Capital Partners LLC10% owner | Buy | 19,700 | $1.87 | $36.8K | Form 4 |
| Dec 16, 2024 | Powell Anderson Capital Partners LLC10% owner | Buy | 60,000 | $1.97 | $118.2K | Form 4 |
| Dec 13, 2024 | Powell Anderson Capital Partners LLC10% owner | Buy | 80,000 | $1.88 | $150.4K | Form 4 |
| Dec 12, 2024 | Powell Anderson Capital Partners LLC10% owner | Buy | 75,000 | $2.67 | $200.2K | Form 4 |
| Dec 11, 2024 | Powell Anderson Capital Partners LLC10% owner | Buy | 4,518 | $2.71 | $12.2K | Form 4 |
| Dec 10, 2024 | Kamin PeterDirector | Sale | 320,708 | $2.35 | $753.7K | Form 4 |
| Dec 10, 2024 | Powell Anderson Capital Partners LLC10% owner | Buy | 7,473 | $2.59 | $19.4K | Form 4 |
| Dec 3, 2024 | Kamin PeterDirector | Buy | 1,409,712 | $2.35 | $3.3M | Form 4 |
| Aug 17, 2023 | Doucot Charles MExecutive Vice President | Sale | 12,700 | $4.66 | $59.2K | Form 4 |
| Dec 16, 2022 | SCHAFFER MICHAEL IVP of Laboratory Operations | Buy | 100 | $4.95 | $495 | Form 4 |
| Apr 20, 2022 | Kamin PeterDirector | Buy | 15,658 | $6.72 | $105.2K | Form 4 |
| Apr 19, 2022 | Kamin PeterDirector | Buy | 27,485 | $6.52 | $179.2K | Form 4 |
| Apr 8, 2022 | Kamin PeterDirector | Buy | 4,000 | $6.79 | $27.2K | Form 4 |
| Apr 7, 2022 | Kamin PeterDirector | Buy | 3,000 | $6.68 | $20.0K | Form 4 |
| Mar 31, 2022 | Kamin PeterDirector | Buy | 4,589 | $6.92 | $31.8K | Form 4 |
| Mar 30, 2022 | Kamin PeterDirector | Buy | 7,814 | $6.88 | $53.8K | Form 4 |
| Mar 16, 2022 | Kamin PeterDirector | Buy | 4,000 | $6.51 | $26.0K | Form 4 |
From Forms 4 filed with the SEC.
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.
How Psychemedics Corporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
ARS (15), S-8 POS (12), SC 13D/A (10), S-8 (8), DEFA14A (6), SC 13D (5), 10-K/A (4), 4/A (4), 8-K/A (4), SC 13E3/A (4), UPLOAD (4), 10-Q/A (3), CORRESP (3), 10QSB (2), 25 (2), 424B3 (2), 5 (2), EFFECT (2), NT 10-Q (2), POS AM (2), PRE 14A (2), PRER14A (2), 10-K405 (1), 10KSB (1), 10KSB/A (1), 144 (1), 15-12G (1), 8-A12B (1), 8-A12B/A (1), CERTAMX (1), CERTNAS (1), DEFR14A (1), SC 13E3 (1)
The risks Psychemedics Corporation names in Item 1A of its 10-K filed Mar 24, 2025: 26 risks under these headings, as written.17
Information pertaining to legal proceedings can be found in Item 8. Financial Statements and Supplementary Data Note 9 - “Commitments and Contingencies” to the Consolidated Financial Statements included in this Annual Report.
The opening of Item 3, Legal Proceedings.17
The numbers on this page point here. Each one links to the record it came from.
