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May 18, 2017

Brazilian market drive Acton drug tester revenues

Courtesy/Psychmedics Psychmedics's Acton offices.

Psychemedics, an Acton drug-testing company, saw revenue jump by more than 50 percent in the first quarter, driving profits to $1.5 million.

Revenue hit $10.2 million in the quarter ending March 31, compared to $6.7 million in the first quarter 2016. Its $1.5 million in profits in the first quarter this year came after a loss of $23,000 in the first quarter 2016, according to an earnings report released in late April.

Psychmedics uses hair samples to test for workplace, school and other drug tests, and says it is the only company to develop and patent a process that is able to detect nearly all drugs from hair samples. A personal drug testing kit Psychmedics makes sells for about $90.

Growth in the first quarter was due in large part to international sales, particularly in Brazil, where Psychmedics sells tests for drivers. Professional drivers there are mandated to pass drug tests, the company said.

The Brazilian market is expected to continue to be a driver of growth, said Raymond Kubacki, Psychmedics' chairman and CEO. 

"The Brazil professional drivers' market is large and will expand further in September 2018 when professional driver license renewals go from every five years to every two and a half years," he said in a statement. "While we are obviously pleased with our progress, we recognize that there are continual challenges that accompany any new large market as it develops, and we plan to address them as they may occur."

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