10-Q - PSYCHEMEDICS CORP (0000806517) (Filer)

Tue, May 14, 9:06 PM (9 days ago)

Psychemedics Corporation's 10-Q report for the quarter ending March 31, 2024, reveals a 9% decline in revenue to $5.4 million compared to the same period in 2023, due to decreased volumes from its base business. Gross profit decreased by 4% to $2.1 million, with a gross profit margin of 39.6%. Operating expenses remained relatively stable, leading to an operating loss of $567,000. The net loss for the quarter was $688,000, or $0.12 per share, compared to a net loss of $384,000, or $0.07 per share, in the prior year. Cash and cash equivalents decreased to $1.4 million from $2.0 million at year-end 2023. The company’s liquidity remains a concern, with management indicating the need for potential external financing to meet future capital needs. Significant uncertainties include economic conditions, customer priorities, and the ability to secure financing.