Acton-based drug testing company moving headquarters to Texas after turbulent 2023
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The Acton headquarters of Psychemedics
After hinting at a corporate restructuring in November, Psychemedics, an Acton-based manufacturer of hair drug testing kits, has announced it is moving their corporate headquarters to Dallas, Texas.
The company made the decision to further streamline its operations in order to better serve its clients, according to a press release issued by Psychemedics on Tuesday.
This news comes after a turbulent 2023 for the business, where a number of high-ranking employees departed the organization, including its executive vice president, vice president of lab operations, and assistant controller.
“Our shift to Dallas signifies a pivotal step in our growth strategy,” Brian Hullinger, CEO and president of Psychemedics, said in the press release. “This relocation bolsters our ability to innovate and reinforces our unwavering dedication to delivering exceptional service to our clients.”
Psychemedics did not disclose whether the decision will lead to a reduction of Massachusetts-based employees or a closure of their Acton office. In 2022, the company reported to WBJ’s Research Department it had 12 employees in Acton, among its 133 worldwide, according to Yahoo Finance.
The company did not respond to multiple emails from WBJ seeking more details on the rationale for the move.
The company has already updated its website to reflect the change, with references to its Acton location removed. Psychemedics’ Acton offices are owned by 289 Great RD Property LLC, a corporation managed by Lexington Management Inc.
Psychemedics already had an office in Dallas before it announced the decision to relocate its headquarters there. The company also has a location in Culver City, California, according to its LinkedIn page.
Psychemedics reported a $2.1-million loss in the third quarter of fiscal 2023, after seeing an 18% rise in operating expenses due to legal and settlement fees and third-party accounting fees.
Hullinger joined the company as president and CEO in August, replacing longtime leader Ray Kubacki, who joined the company in 1991.
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