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Psychemedics history
Psychemedics company history timeline
Thus, in September 1986 the Baumgartners and their partners incorporated Psychemedics Corp. and the company set up shop in Santa Monica, California.
Since 1986 our patented drug test using hair has identified more drug users for more companies than any hair testing company in the world.
By the end of 1991 the company’s roster of clients numbered 200, resulting in annual revenues of about $2 million.
After two full years with Kubacki at the helm, Psychemedics turned profitable, netting $953,000 on revenues of $6.6 million in 1993.
Then, in 1995, Baumgartner received an additional patent for a screening assay for marijuana, which was especially difficult to detect in subjects.
Revenues grew to $10.1 million in 1995, and net income totaled $1.6 million.
Psychemedics made its PDT-90 testing service available through more than 10,000 chain and independent drugstores in 1997 to further spur sales.
Psychemedics made its PDT-90 testing service available through more than 10,000 chain and independent drugstores in 1997 to further spur sales. As a result, revenues increased to $15.4 million in 1997, although net income remained flat at $2.5 million.
In 1998 the company received a Japanese patent for its technology, which along with patents in the United States and Europe positioned Psychemedics to make its services available around the world.
Sales dipped to $19.2 million and net income to $1.7 million in 2000 because of the erosion of manufacturing jobs in the United States, especially in the automotive industry, which led to less hiring and a diminished need for drug testing.
Revenues in 2001 fell to $15.7 million and Psychemedics barely broke even, netting just $233,000.
Lewis, Diane E., “Firms Turn to Hair Test to Check Prospective Employees for Drug Use,” Boston Globe, December 15, 2003.
The following year continued to bring better results, as Psychemedics posted sales of $23.4 million and net income of $4.9 million in 2006.
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Psychemedics competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Epic Sciences | 2008 | $1.0M | 10 | 6 |
| Medivation | 2003 | $1.0B | 628 | - |
| UMass Memorial Health | 1930 | $1.5B | 10,001 | 778 |
| Zoetis | 1952 | $9.3B | 11,300 | 239 |
| GlobeImmune | 1995 | $6.5M | 22 | - |
| ArTara Therapeutics | 2017 | $284.9K | 5 | - |
| Imprimis Pharmaceuticals | 1998 | $48.9M | 143 | - |
| American Society of Consultant Pharmacist | 1969 | $10.0M | 73 | - |
| Genova Diagnostics | 1986 | $78.0M | 519 | 10 |
| American Institute of Toxicology (AIT) | 1990 | $10.0M | 200 | - |
Psychemedics history FAQs
Zippia gives an in-depth look into the details of Psychemedics, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Psychemedics. The employee data is based on information from people who have self-reported their past or current employments at Psychemedics. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Psychemedics. The data presented on this page does not represent the view of Psychemedics and its employees or that of Zippia.
Psychemedics may also be known as or be related to PSYCHEMEDICS CORP, Psychemedics, Psychemedics Corp. and Psychemedics Corporation.