Psychemics Revenue Up, Profits Down
Psychemedics Corp. of Acton grew sales 2 percent in the third quarter, but reported a 20-percent drop in profits as the maker of drug-detection tests re-engineered operations that officials said will position the firm for long-term growth.
The company reported sales of $6.5 million, up from $6.3 million in the same quarter in 2011, with the extra $200,000 coming from new business, the company said. Net income for the quarter was $878,000, down from $1.1 million last year. Earnings per share was 17 cents, down from 21 cents.
For the first nine months of the year, Psychemedics’ revenue was up $1.1 million to $19.6 million, while profits were $2.7 million, down from $3.1 million.
Raymond C. Kubacki, the company’s chairman and CEO, called the third quarter “very solid … in view of the soft economy” and the changes in operations. He said the changes required re-engineering several operational processes and systems to accommodate development of a new enzyme immunoassay technology that he called “an important long-term investment.”
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