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Psychemedics Corporation Announces Record Revenues For 2012; Declares 66th Consecutive Quarterly Dividend
Date:2/25/2013

of 2012, the FDA granted the Company 501(k) clearances for five new, additional assays to test for the detection of cocaine, opiates, PCP, methamphetamine and marijuana using enzyme immunoassay (EIA) analysis of head and body hair. The newly developed immunoassays produced by the R&D team at Psychemedics were uniquely designed specifically to meet and even exceed the standards of radioimmunoassay (RIAH), and represent a significant technological breakthrough. 

"By combining our new FDA-cleared immunoassays, which are equivalent in effectiveness and sensitivity to radioimmunoassay, with our new patented method of releasing the drugs from the hair, we continue to demonstrate our technological leadership and to offer truly proprietary technology that provides superior detection of drugs of abuse for our many clients.  That is what sets us apart. 

"Of course, receiving the patent and FDA clearances was just the beginning.  We then needed to implement this change in technology from RIAH to EIA. I am pleased to say that we made this once in a generation transition with an almost seamless impact to our clients.  That said, the transition impacted profits in Q3 and Q4 of 2012 through the additional costs of; re-engineering of several operational processes and systems, one-time development costs, and maintaining two technologies in parallel to ensure a smooth transition for our clients.  Even with this impact, we still obtained a pre-tax margin for 2012 of 20%.  In addition to the P&L impact of this new technology, the project also required a major capital investment in excess of $1.5 million.  This along with $1.2 million of additional capital investment, is the driver behind the reduction in our cash balance at year end.

"The Company's balance sheet remains strong with approximately $3.1 million in cash and cash equivalents and no long-term debt.  Our directors share our confidence in the future of
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SOURCE Psychemedics Corporation
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