Psychemedics Corp
psychemedics.comPsychemedics Corp (NASDAQ: PMDI) is a drug and alcohol testing company that analyzes hair samples to detect substance use. Revenue comes from per-test fees charged to employers and organizations that use hair analysis for pre-employment screening, random testing, and related programs. The company holds twelve U.S. patents covering its hair analysis methods, including proprietary techniques for digesting hair and releasing trapped drug compounds without destroying them. Its standard test uses a 3.9-centimeter head hair sample to measure drug use over approximately three months, a detection window it positions as superior to urinalysis. Total revenue was $19.7 million in FY2024, down 11% from $22.1 million in FY2023, with domestic revenue of $18.6 million and international revenue of $1.0 million. The company posted a net loss of 9.4% of revenue in FY2024. CEO Brian Hullinger leads the company alongside Chief Revenue Officer Shannon Shoemaker as of March 24, 2025.
Products & Services
Hair drug testing using patented digestion and immunoassay methods, covering a roughly three-month detection window. Hair alcohol testing measuring ethyl glucuronide (EtG) as a direct alcohol biomarker, launched in 2013. The company holds twelve U.S. patents, including patents on hair sample digestion, integrity testing, and solid-phase extraction methods.
Revenue Model
Transactional, per-test fees for hair-based drug and alcohol testing services. Prices are generally set slightly above urinalysis testing alternatives. No subscription or recurring-contract revenue model is described in the filing.
Customers & Markets
Employers conducting pre-employment and random drug screening. The filing notes FY2024 domestic revenue declined due to higher employee retention among existing clients and reduced new hiring from economic uncertainty. International revenue grew 22% in FY2024, attributed to new market entry through sales partnerships.
Geographic Exposure
United States is the primary market, representing $18.6 million or approximately 95% of FY2024 total revenue. International revenue was $1.0 million, or approximately 5% of FY2024 total revenue, up from $0.9 million in FY2023.
Financial Snapshot
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