Revenues at Psychemedics, a hair-based drug testing company, grew by 45 percent for the full year 2016, and by 75 percent in the fourth quarter compared to the same time period in 2015.
Year-over-year net income at the Acton company also grew significantly for the full year, up 342 percent to $6.7 million for 2016, compared to $1.5 million in 2015. Fourth quarter net income also increased from $185,000 in 2015 to $2.4 million this past year, a 1,176-percent jump.
Growth in the Brazilian market was cited as the main driver behind Psychemedics' significant growth, but other domestic business -- in the oil and gas industries as well as in schools -- also started to pick up, according to the company. Use of Psychemedics products to test Brazilian drivers for drug abuse started in the second quarter of 2016, according to the company.
Revenue for 2016 was $39 million, compared to $27 million in 2015.