Psychemedics Corp (PMD, Financial) filed Quarterly Report for the period ended 2012-06-30.
Psychemedics Corp. has a market cap of $60.7 million; its shares were traded at around $11.65 with a P/E ratio of 18 and P/S ratio of 2.5. The dividend yield of Psychemedics Corp. stocks is 5.2%. Psychemedics Corp. had an annual average earning growth of 8.4% over the past 10 years.
Revenues were $6.9 million for three months ended June 30, 2012 compared to revenues of $6.2 million for the three months ended June 30, 2011, representing an increase of 10%. The increase in revenues for the three months ended June 30, 2012 was a result of an increase in testing volume from new and existing clients of 15%. The average revenue per sample decreased 5% from the comparative period in 2011, which was primarily driven by the mix of customers. Revenues for the six months ended June 30, 2012 were $13.1 million, representing an increase of 7% in revenues from the comparable period of 2011 of $12.2 million. The increase was primarily due to an increase in volume, as test samples increased 9% from the first half of 2011.
Gross profit increased $0.4 million to $4.1 million for the three months ended June 30, 2012, compared to $3.7 million for the three months ended June 30, 2011. Direct costs increased by $269 thousand or 11% for the three months ended June 30, 2012 compared to the same period in 2011, mainly due to a greater volume of samples. The gross profit margin was 60% for the three months ended June 30, 2012 and for the comparable period of 2011. Gross profit for the six months ended June 30, 2012 increased $0.4 million to $7.8 million compared to $7.4 million for the comparable period in 2011. Direct costs increased by $465 thousand or 10% for the six months ended June 30, 2012 when compared to the same period in 2011, mostly due to a greater volume in samples and partly due to an increase in supplies related to new business. The gross profit margin for the six month period ended June 30, 2012 was 59% compared to 60% for the comparable period in 2011.
Marketing and selling expenses were $1.2 million for the three months ended June 30, 2012 as compared to $950 thousand for the three months ended June 30, 2011, an increase of 28%. Total marketing and selling expenses represented 18% of revenue for the three months ended June 30, 2012, compared to 15% for the comparable period of 2011. For the six months ended June 30, 2012, marketing and selling expenses were $2.3 million, an increase of $381 thousand from the prior year at $2.0 million. The increase in marketing and selling expenses was primarily from the addition of additional sales positions, as well as higher information technology costs related to marketing programs.
Research and development (“R&D”) expenses for the three months ended June 30, 2012 were $214 thousand compared to $121 thousand for the comparable period of 2011, an increase of 77%. This increase is driven by the recently announced technology change in our screening process to enzyme immunoassay (EIA) analysis. R&D expenses represented 3% of revenue for the three months ended June 30, 2012, compared to 2% for the comparable period of 2011. Research and development expenses for the six months ended June 30, 2012 were $382 thousand compared to $264 thousand in the prior year. R&D expenses represented 3% and 2% of revenue for the six months ended 2012 and 2011, respectively.
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Psychemedics Corp. has a market cap of $60.7 million; its shares were traded at around $11.65 with a P/E ratio of 18 and P/S ratio of 2.5. The dividend yield of Psychemedics Corp. stocks is 5.2%. Psychemedics Corp. had an annual average earning growth of 8.4% over the past 10 years.
Highlight of Business Operations:
Revenues for the second quarter of 2012 were $6.9 million, an increase of 10% from the second quarter 2011 revenue of $6.2 million. The Company reported net income of $0.19 per diluted share for the three months ended June 30, 2012, compared to net income of $0.21 per share in the comparable period in 2011. At June 30, 2012, the Company had $4.8 million of cash and cash equivalents. The Company distributed $790 thousand or $0.15 per share of cash dividends to its shareholders in the three months ended June 30, 2012. The Company has paid sixty-three consecutive quarterly cash dividends.Revenues were $6.9 million for three months ended June 30, 2012 compared to revenues of $6.2 million for the three months ended June 30, 2011, representing an increase of 10%. The increase in revenues for the three months ended June 30, 2012 was a result of an increase in testing volume from new and existing clients of 15%. The average revenue per sample decreased 5% from the comparative period in 2011, which was primarily driven by the mix of customers. Revenues for the six months ended June 30, 2012 were $13.1 million, representing an increase of 7% in revenues from the comparable period of 2011 of $12.2 million. The increase was primarily due to an increase in volume, as test samples increased 9% from the first half of 2011.
Gross profit increased $0.4 million to $4.1 million for the three months ended June 30, 2012, compared to $3.7 million for the three months ended June 30, 2011. Direct costs increased by $269 thousand or 11% for the three months ended June 30, 2012 compared to the same period in 2011, mainly due to a greater volume of samples. The gross profit margin was 60% for the three months ended June 30, 2012 and for the comparable period of 2011. Gross profit for the six months ended June 30, 2012 increased $0.4 million to $7.8 million compared to $7.4 million for the comparable period in 2011. Direct costs increased by $465 thousand or 10% for the six months ended June 30, 2012 when compared to the same period in 2011, mostly due to a greater volume in samples and partly due to an increase in supplies related to new business. The gross profit margin for the six month period ended June 30, 2012 was 59% compared to 60% for the comparable period in 2011.
Marketing and selling expenses were $1.2 million for the three months ended June 30, 2012 as compared to $950 thousand for the three months ended June 30, 2011, an increase of 28%. Total marketing and selling expenses represented 18% of revenue for the three months ended June 30, 2012, compared to 15% for the comparable period of 2011. For the six months ended June 30, 2012, marketing and selling expenses were $2.3 million, an increase of $381 thousand from the prior year at $2.0 million. The increase in marketing and selling expenses was primarily from the addition of additional sales positions, as well as higher information technology costs related to marketing programs.
Research and development (“R&D”) expenses for the three months ended June 30, 2012 were $214 thousand compared to $121 thousand for the comparable period of 2011, an increase of 77%. This increase is driven by the recently announced technology change in our screening process to enzyme immunoassay (EIA) analysis. R&D expenses represented 3% of revenue for the three months ended June 30, 2012, compared to 2% for the comparable period of 2011. Research and development expenses for the six months ended June 30, 2012 were $382 thousand compared to $264 thousand in the prior year. R&D expenses represented 3% and 2% of revenue for the six months ended 2012 and 2011, respectively.
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