Thinly traded nano cap Psychemedics (PMD -19.6%) slumps on a 9x surge in volume following its Q4 report released after the close yesterday. Highlights:
Revenues were up 2% to $9.9M, net income down 63% to $643K, EPS down 62% to $0.16.
The company says its business in Brazil is more uncertain after a healthcare services provider there acquired 55% of its independent distributor Psychemedics Brasil. It is currently in talks about the future of their distribution agreement, which either party may cancel after July. As backup, it is “exploring additional options” in the country.
Previously: Psychemedics reports Q4 results (March 4)
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