PSYCHEMEDICS CORP

psychemedics.com

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2024 10-K, filed Mar 24, 2025.

The sections below describe the company as of the FY2024 annual report.

What Did They Do?

Tests hair samples for drugs and alcohol for employers, schools, and parents.

How Did They Make Money?

Customers pay an agreed fee for each test. Psychemedics typically bills monthly, and payment is generally due within 30 to 60 days; shipping and collection charges are billed with the related test.

revenue

Segment	Share	How money arrives
Testing Sold outright	85% FY2021: 88%	Sold outright
Shipping/Collection (Hair) Sold outright	15% FY2021: 11%	Sold outright
Other Revenue Sold outright	0.6% FY2021: 0.7%	Sold outright

Who Were Their Customers?

Employers, schools, government entities, and other organizations buy testing through Psychemedics’ sales force, partners, and distributors. Parents can order its home testing service directly online.

Did Revenues Turn Into Profits?

Not on paper. It lost $1.9M in FY2024, but brought in more cash than it spent: $878K of free cash flow.

Operating income, FY2024

−10% of revenue

▼ −35% (Loss) vs FY2023 (−$2.9M, −13%)

Net income, FY2024

−9% of revenue

▼ −55% (Loss) vs FY2023 (−$4.2M, −19%)

Free cash flow, FY2024

4% of revenue

▲ Now profitable vs FY2023 (−$1.6M, −7%)

How Were They Changing?

Shrank. Revenue fell 8% in 4 years, from $21.4M in FY2020 to $19.7M in FY2024, about 2% a year.

Revenue over time

Testing Shipping/Collection (Hair) Other Revenue

$50M$25M$0

FY2020 FY2021 FY2022 FY2023 FY2024

Who Did They Compete With?

Competes with Quest Diagnostics

Comments