Psychemedics

Psychemedics Corporation (NASDAQ: PMD) is a biotechnology company operating as a specialized testing laboratory. Its primary business focus is the analysis of hair samples for the detection of drugs of abuse. The company provides this service to employers for pre-employment and workplace testing, as well as to law enforcement agencies, schools, and other organizations. Psychemedics states that its testing method offers a longer window of detection compared to traditional urine-based tests, capable of detecting drug use over a period of approximately 90 days. Founded in 1986 and headquartered in the United States, the company has developed proprietary methods for digesting hair samples to extract drug analytes for testing. Psychemedics describes its hair testing process as providing court-admissible results. The company’s operations are centered on this specific diagnostic service within the broader biotech sector, focusing on forensic and occupational toxicology rather than therapeutic development. As a publicly traded entity, Psychemedics’ commercial activities are concentrated on the demand for drug-free workplaces and safety-sensitive environments. The company’s testing panels are designed to detect a range of substances, including cocaine, marijuana, opiates, amphetamines, and PCP. Its business model is based on providing laboratory testing services and associated products directly to clients and through distribution partners.