May 12, 2010
Acton Drug Test Firm Sees Improved Results
By Matthew L. Brown
Drug testing firm Psychemedics Corp. said its first quarter profit increased to $506,000 from $39,000 in the first quarter of "a depressed 2009."
Revenue increased from $4.1 million a year ago to $4.5 million.
The Acton-based firm said it began adding new customers during the quarter and also saw increased demand from its existing customer base.
Psychemedics carries no long-term debt and finished the quarter with $5.2 million in cash and short-term investments, about flat with the end of 2009.
The company tests the hair of its clients' employees for evidence of drug abuse.
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