A drug testing company announced it will move its headquarters from Massachusetts to Dallas.
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A drug testing company announced it will move its headquarters from Massachusetts to Dallas.
Psychemedics, known for its devices that test hair for drugs such as opiates and cocaine, was based in Acton, Massachusetts, about 20 miles northwest of Boston. The new headquarters address is his 5220 Spring Valley Road, Suite 230 in North Dallas.
The move to Dallas “underscores Psychemedics' commitment to expand our business, foster innovation, and better serve our diverse customers around the world,” according to the company's Jan. 2 announcement. That's what it means. The company said the move is aimed at streamlining its operations.
“Our move to Dallas represents a pivotal step in our growth strategy,” Brian Hallinger, president and CEO of Psychemedics, said in a statement. “This move strengthens our innovation capabilities and reinforces our unwavering dedication to providing excellent service to our customers.”
The company has not disclosed how many people will be transferred. The company had 133 employees at the end of 2022, according to its most recent annual report filed with regulators. For his three-month period ending in September, Psychemedics reported his $5.7 million in revenue and his nearly $2.1 million net loss.
In October, Psychemedics announced the start of five-panel drug testing aimed at shifting the focus of workplace testing from marijuana to fentanyl.
“Few workplace challenges have undergone as dramatic a shift as the shifting dynamics between marijuana and fentanyl,” Hallinger said in a statement on Oct. 27. Medix developed the Advanced 5 Panel to fill that gap.” ”
Psychemedics, Inc. (NASDAQ: PMD) stock closed at $3.39 on January 2nd, giving it a market capitalization of approximately $20 million.
The move will establish a new headquarters in Dallas-Fort Worth on the first day of 2024. North Texas has seen a rapid pace of head office relocation in recent years, but the movement slowed down in 2023.
