August 11, 2010
Acton Firm Sees Q2 Turnaround
By Matthew L. Brown
Acton-based drug testing firm Psychemedics Corp. made a $873,000 profit on $5.4 million in revenue during the second quarter, both steep increases over the same period a year ago.
A year ago, the company reported a $174,000 profit on revenue of $3.9 million.
The company said the year-over-year improvement was the result of increased demand from existing clients, strict cost controls and the rollout of a new European sales and marketing initiative.
The company ended the quarter with $4.7 million in cash and equivalents and no long-term debt.
Psychemedics contracts with corporate clients to test hair samples for evidence of employee drug abuse.
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