Psychemedics Corp. of Acton reported a 5-percent increase in revenue for 2012, a year in which the maker of highly sensitive drug tests received federal approval for five different modes of analysis in a patented test.
Revenue for the year totaled $25.2 million, up from $24.1 million in 2011. Net income, meanwhile, was $3 million, a 15-percent drop from 2011. The company attributed that to a one-time technology change, as well as re-engineering several processes and systems.
Fourth-quarter revenue rose only 2.5 percent to $5.7 million while quarterly profits totaled $272,600, a drop of more than 37 percent from the fourth quarter of 2011.
The company also announced its 66th consecutive quarterly dividend of 15 cents per share, which will be paid March 21.
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