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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 13, 2024
_______________________________
PSYCHEMEDICS CORPORATION
(Exact name of registrant as specified in its charter)
_______________________________
| Delaware | 1-13738 | 58-1701987 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
5220 Spring Valley Road, Suite 230
Dallas, Texas 75254
(Address of Principal Executive Offices) (Zip Code)
(800) 527-7424
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
_______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock. $0.005 par value | PMD | The NASDAQ Stock Market, LLC. |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On August 13, 2024, Psychemedics Corporation (the “Company”) issued a press release announcing, among other things, its results for the second quarter June 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference.
Limitation on Incorporation by Reference. The information furnished in this Item 2.02, including the press release attached hereto as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Note Regarding Forward-Looking Statements. Except for historical information contained in the press release attached as an exhibit hereto, the press release contains forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements.
(d) Exhibits
The following exhibits are filed herewith:
| 99.1 | Press release of the Company dated August 13, 2024, announcing, among other things, its results for the second quarter June 30, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PSYCHEMEDICS CORPORATION | ||
| Date: August 13, 2024 | By: | /s/ Brian Hullinger |
| Brian Hullinger | ||
| President and Chief Executive Officer | ||
EXHIBIT 99.1
Psychemedics Corporation Reports Second Quarter 2024 Financial Results
DALLAS, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Psychemedics Corporation (NASDAQ: PMD), the world’s leading provider of hair testing for drugs of abuse, today announced financial results for the second quarter ending June 30, 2024.
The Company’s revenue for three months ended June 30, 2024, was $4.7 million versus $5.5 million for three months ended June 30, 2023, a decrease of 15%. Net loss was $0.8 million, or $0.14 per share, compared to a net loss of $0.7 million, or $0.13 per share, for the three months ended June 2024 and 2023, respectively.
The Company’s revenue for six months ended June 30, 2024, was $10.1 million versus $11.4 million for six months ended June 30, 2023, a decrease of 12%. Net loss was $1.5 million, or $0.26 per share, compared to a net loss of $1.1 million, or $0.19 per share, for the six months ended June 2024 and 2023, respectively.
Brian Hullinger, President, and Chief Executive Officer, stated:
“Despite the decline in revenue due to continued lower hiring by our clients, we continue to adjust operating costs with no adverse client impact while actively pursuing new markets and applications.”
About Psychemedics Corporation
Psychemedics Corporation is the world’s leading provider of hair testing for the detection of drugs of abuse. The Company’s patented process is used by thousands of U.S. and international clients, including Fortune 500 companies, for pre-employment and random drug testing. Major police departments, Federal Reserve banks, schools, and other public entities also rely on our unique patented drug testing process. We strongly believe our drug testing method to be superior to any other product currently in use, including traditional urine testing and other hair testing methods. To learn more, visit www.psychemedics.com.
Use of Forward-Looking Statements
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 particular, statements contained in this release that are not historical facts (including but not limited to statements concerning future business potential, including revenue stabilization, growth, new markets and applications for our hair testing solutions, and statements about operating costs may be “forward looking” statements. Actual results may differ from those stated in any forward-looking statements. Factors that may cause such differences include but are not limited to risks associated with the changes in U.S. and foreign government regulations, including but not limited to FDA regulations, R&D spending, 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 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, general economic conditions and other factors disclosed in the Company's filings with the Securities and Exchange Commission. 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.
Psychemedics Investor Contact:
Daniella Mehalik
VP of Finance
(800) 628-8073
DaniellaM@psychemedics.co