Psychemedics Corporation Reports Third Quarter 2023 Financial Results
10 11월 2023 - 7:00AM
Psychemedics Corporation (NASDAQ: PMD), a leading provider of hair
testing for drugs of abuse, today announced financial results for
the third quarter ended September 30, 2023.
The Company’s revenue for the quarter ended
September 30, 2023, was $5.7 million versus $6.5 million for the
quarter ended September 30, 2022, a decrease of 12%. Net loss for
the quarter ended September 30, 2023, was $(2.1 million) or $(0.36)
per diluted share, versus net loss of $(97,000) or $(0.02) per
diluted share, for the comparable period last year.
The Company has initiated a series of restructuring changes that
will align costs with current revenue trends. Restructuring changes
and related financial benefits will start to be realized in the
fourth quarter and into fiscal year 2024. In addition, significant
go-to-market improvements are in process led by the newly hired
Chief Revenue Officer, Shannon Shoemaker, designed to evolve our
pursuit of new verticals and improve our revenue growth in existing
markets.
Gross margin percentage improved to 37% compared to 36% in third
quarter of last year, as our cost reduction programs were able to
offset the revenue decreases. Operating expenses increased 18%
versus the comparable period last year in large part due to
legal and settlement fees and third-party accounting and consulting
fees. Also impacting the third quarter, the Company incurred costs
related to appointment of the new CEO as announced on July 12,
2023. These charges are mostly non-recurring in nature and not
expected to continue into fiscal year 2024. The Company also
recorded a non-cash tax charge of $0.7 million as it was deemed
more likely than not that the Company’s deferred tax assets will
not be realized.
Psychemedics Corporation is a leading global
provider of innovative hair testing for drugs of abuse. With a
commitment to accuracy and reliability, the company offers
cutting-edge drug testing solutions. Psychemedics Corporation is
dedicated to providing valuable insights and maintaining the
highest standards in substance abuse testing.
Cautionary Statement for purposes of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995: From time to time, information provided by
Psychemedics may contain forward-looking information that involves
risks and uncertainties. In some cases, the reader can
identify forward-looking statements by words such as “may”,
“should”, “expect”, “intend”, “will”, “estimate”, “anticipate”,
“believe”, “predict,”, or similar words. In particular, statements
contained in this release that are not historical facts, including
without limitation, statements concerning the impact of
restructuring changes and go-to-market improvements and impact on
future revenues may be “forward looking” statements. Actual
results may differ from those stated in any forward-looking
statements. Factors to be taken into account in connection
with such forward-looking statements include, but are not limited
to, revenues, earnings, collections of receivables, 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, 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, including
acceptance by the court of our wage/break settlement arrangement,
general economic conditions, current and anticipated cash flows,
available surplus, capital expenditure reserves required, debt
service obligations, regulatory requirements, requirements under
our bank loan agreements, and other factors that the Board of
Directors of the Company may take into account. The forward-looking
statements contained herein speak only of the Company’s
expectations as of the date of this press release. The Company
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any such statement to reflect
any change in the Company’s expectations or any change in events,
conditions, or circumstances on which any such statement is
based.
The Psychemedics Corporation web site is
www.psychemedics.com
Investor Relations:
Phone: 978-206-8220Email: InvestorRelations@Psychemedics.com
|
Psychemedics
Corporation |
Consolidated
Statements of Operations |
(in thousands,
except per share amounts) |
(UNAUDITED) |
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September 30, |
|
September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Revenues |
$ |
5,704 |
|
|
$ |
6,516 |
|
|
$ |
17,100 |
|
|
$ |
19,537 |
|
Cost of
revenues |
|
3,613 |
|
|
|
4,184 |
|
|
|
10,745 |
|
|
|
12,492 |
|
Gross
profit |
|
2,091 |
|
|
|
2,332 |
|
|
|
6,355 |
|
|
|
7,045 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
General & administrative |
|
2,200 |
|
|
|
1,588 |
|
|
|
5,291 |
|
|
|
4,360 |
|
Marketing & selling |
|
723 |
|
|
|
791 |
|
|
|
2,258 |
|
|
|
2,409 |
|
Research & development |
|
275 |
|
|
|
328 |
|
|
|
859 |
|
|
|
1,003 |
|
Total
Operating expenses |
|
3,198 |
|
|
|
2,707 |
|
|
|
8,408 |
|
|
|
7,772 |
|
|
|
|
|
|
|
|
|
Operating
loss |
|
( 1,107 |
) |
|
|
( 375 |
) |
|
|
( 2,053 |
) |
|
|
( 727 |
) |
|
|
|
|
|
|
|
|
Other income
(expense) : |
|
|
|
|
|
|
|
Settlement |
|
- |
|
|
|
- |
|
|
|
( 500 |
) |
|
|
- |
|
Other |
|
- |
|
|
|
( 8 |
) |
|
|
( 9 |
) |
|
|
49 |
|
Total other
income (expense), net |
|
- |
|
|
|
( 8 |
) |
|
|
( 509 |
) |
|
|
49 |
|
|
|
|
|
|
|
|
|
Loss before
provision for (benefit from) income taxes |
|
( 1,107 |
) |
|
|
( 383 |
) |
|
|
( 2,562 |
) |
|
|
( 678 |
) |
|
|
|
|
|
|
|
|
Provision
for (benefit from) income taxes |
|
992 |
|
|
|
( 286 |
) |
|
|
647 |
|
|
|
( 282 |
) |
|
|
|
|
|
|
|
|
Net
loss |
$ |
(2,099 |
) |
|
$ |
(97 |
) |
|
$ |
(3,209 |
) |
|
$ |
(396 |
) |
|
|
|
|
|
|
|
|
Diluted net
loss per share |
$ |
(0.36 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.07 |
) |
|
|
|
|
|
|
|
|
Dividends
declared per share |
$ |
- |
|
|
$ |
0.07 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
Psychemedics
Corporation |
Consolidated
Balance Sheets |
(in thousands,
except par value) |
(UNAUDITED) |
|
|
September 30, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
Current
Assets: |
|
|
|
Cash and cash equivalents |
$ |
1,370 |
|
|
$ |
4,750 |
|
Accounts receivable, net of allowance for doubtful accounts |
|
4,596 |
|
|
|
3,739 |
|
Prepaid expenses and other current assets |
|
1,524 |
|
|
|
1,136 |
|
Income tax receivable |
|
382 |
|
|
|
339 |
|
Total
Current Assets |
|
7,872 |
|
|
|
9,964 |
|
|
|
|
|
Fixed
assets, net of accumulated amortization and depreciation |
|
3,357 |
|
|
|
4,573 |
|
Other
assets |
|
809 |
|
|
|
823 |
|
Net deferred
tax assets |
|
- |
|
|
|
691 |
|
Operating
lease right-of-use assets |
|
2,066 |
|
|
|
2,681 |
|
Total
Assets |
$ |
14,104 |
|
|
$ |
18,732 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
Accounts payable |
$ |
817 |
|
|
$ |
448 |
|
Accrued expenses |
|
3,208 |
|
|
|
3,939 |
|
Current portion of long-term debt |
|
302 |
|
|
|
294 |
|
Current portion of operating lease liabilities |
|
1,058 |
|
|
|
1,037 |
|
Total
Current Liabilities |
|
5,385 |
|
|
|
5,718 |
|
|
|
|
|
Long-term
debt |
|
77 |
|
|
|
305 |
|
Deferred tax
liabilities, long-term |
|
7 |
|
|
|
- |
|
Long-term
portion of operating lease liabilities |
|
1,206 |
|
|
|
1,938 |
|
Total
Liabilities |
|
6,675 |
|
|
|
7,961 |
|
|
|
|
|
Shareholders’ Equity: |
|
|
|
Common stock, $0.005 par value; 50,000 shares authorized; 6,470 and
6,349 shares issued and 5,802 and 5,681 shares outstanding,
respectively |
|
32 |
|
|
|
32 |
|
Additional paid-in capital |
|
34,941 |
|
|
|
34,275 |
|
Less - Treasury stock, at cost, 668 shares |
|
( 10,082 |
) |
|
|
( 10,082 |
) |
Accumulated deficit |
|
( 15,828 |
) |
|
|
( 11,820 |
) |
Accumulated other comprehensive loss |
|
( 1,634 |
) |
|
|
( 1,634 |
) |
Total
Shareholders’ Equity |
|
7,429 |
|
|
|
10,771 |
|
|
|
|
|
Total
Liabilities and Shareholders’ Equity |
$ |
14,104 |
|
|
$ |
18,732 |
|
|
|
|
|
Psychemedics (NASDAQ:PMD)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Psychemedics (NASDAQ:PMD)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024