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October 29, 2013

Psychemedics Sees Major Sales, Net Income Growth

PHOTO/Emily Micucci Psychemedics CEO Raymond Kubacki

Sales and profits surged at Psychemedics Corp. of Acton in the third quarter.

The maker of drug-detection tests reported quarterly net income of $1.05 million, up from $878,000 last year. Earnings per share was 20 cents, up from 17 cents, in line with analysts’ expectations.

Psychemedics also announced revenue of $7.1 million, up from $6.5 million in the same quarter in 2012.

“We achieved record sales for the second quarter in a row,” said Raymond Kubacki, chairman and CEO, in a statement. “Our new business growth continues to be robust, coming from several different segments.”

For the first nine months of the year, Psychemedics’ sales were up $800,000 to $20.4 million, while profits were $2.9 million, up from $2.7 million.

The company also announced its 69th consecutive quarterly dividend of 15 cents per share, which will be paid Nov. 22. 

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