Drug Test Firm Signs British Marketing Agreement
Acton-based Psychemedics Corp. has signed a sales and marketing agreement for its drug and alcohol testing products with international health screening company Bupa Wellness.
Under the agreement, Bupa will market Psychemedics' hair analysis system in the United Kingdom, where the companies say one in three adults admit to using illegal drugs. The Psychemedics system is used by companies to screen employees for drug or alcohol abuse.
Bupa provides occupational health, risk assessment, sickness absence reduction and wellness promotion services. The company also helps clients draft drug and alcohol policies and screening practices.
Financial terms of the agreement were not disclosed.
Psychemedics recently reported a first quarter profit of $39,000 on $4.1 million in revenue, both significant declines from a year ago.
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