The price of pushing its product cost Acton-based Psychemedics Corp. a 14 percent decrease to its first quarter net earnings when compared to the same period last year.
The company reported net earnings of $900,000 for the quarter. During the first quarter of 2007, the company earned $1 million. Revenue for the quarter remained virtually unchanged from the first quarter of 2007 at $5.7 million.
Psychemedics does drug testing using hair samples. The company said the earnings dip was the result of hiring a director of marketing and other sales and marketing initiatives.
