Acton manufacturer of hair drug tests Psychemedics reported fourth quarter losses as the company saw declines domestically and in Brazil.
The company’s revenue for the year was $37.7 million versus $42.7 million the previous year, a decrease of 12%. Net income was down 66% compared to the previous year at $1.5 million or $0.28 per diluted share.
The company’s revenue and income for the fourth quarter were both down as well. Revenue was $8.7 million, a decrease of 12% over the previous year. Net loss for the quarter was $0.5 million, versus net income of $0.9 million for the previous year’s fourth quarter.
The company attributed the year’s losses primarily to the Brazilian market, where it said development of the market has not progressed as had been expected. The company had a 25% decline in Brazil.
However, weakness in domestic business also caused domestic revenues to drop by 6%. While the company did not expand on the cause of this decline, it has previously attributed declines to a growth in jobs not requiring drug tests.
