March 3, 2011
Psychemedics Revenues Up, Profits Down
Acton drug testing company Psychemedics Corp. saw its fourth-quarter revenues grow 20 percent to $5.1 million in 2010, while profits fell 24 percent to $416,989.
For the full year, the company's revenue grew 19 percent to $20.1 million and profits rose 71 percent to $2.6 million.
Psychemedics said the revenue growth came from both the general economic recovery and the company's addition of new customers and new programs.
The company also announced a quarterly dividend of 12 cents per share.
Psychemedics helps companies test employees' hair to check for drug use.
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