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A drug-screening company has announced the relocation of its corporate headquarters to Dallas from Massachusetts.
Psychemedics Corp., known for devices that test hair for drugs such as opiates and cocaine, had been based in Acton, Massachusetts — about 20 miles northwest of Boston. Its new headquarters address is 5220 Spring Valley Road, Suite 230, in North Dallas.
The relocation to Dallas "underscores Psychemedics' commitment to expanding operations, fostering innovation and better serving its diverse clientele globally," according to a Jan. 2 announcement from the company. It said the move aims to streamline operations.
"Our shift to Dallas signifies a pivotal step in our growth strategy," Brian Hullinger, president and CEO of Psychemedics, said in a statement. "This relocation bolsters our ability to innovate and reinforces our unwavering dedication to delivering exceptional service to our clients."
The company did not disclose how many people would make the move. At the end of 2022, the company had 133 employees, according to the latest annual report filed with regulators. For the three months that ended in September, Psychemedics reported revenue of $5.7 million and a net loss of nearly $2.1 million.
Psychemedics in October announced the launch of a five-panel drug screen that aims to shift the focus of workplace screenings from marijuana to fentanyl.
"Few challenges in the workplace have undergone as dramatic a transformation as the shifting dynamics between marijuana and fentanyl," Hullinger said in a statement released Oct. 27. "Recognizing this shift, Psychemedics has developed the Advanced 5-Panel to bridge the gap."
Shares of Psychemedics (Nasdaq: PMD) closed Jan. 2 at $3.39, giving it a market capitalization of nearly $20 million.
The move gave Dallas-Fort Worth a new headquarters on the first day of 2024. North Texas has seen a heady number of HQ moves in the past few years, although that slowed in 2023.