A Massachusetts company has moved its corporate headquarters to Dallas in a move designed to help it grow.
“Our shift to Dallas signifies a pivotal step in our growth strategy,” Psychemedics Corporation president and CEO Brian Hullinger said in a news release. “This relocation bolsters our ability to innovate and reinforces our unwavering dedication to delivering exceptional service to our clients.”
Psychemedics tests for drugs of abuse in hair samples. Last headquartered in Acton, a suburb of Boston, the company has used patented technology for almost 30 years to help employers identify unlawful drug use among their workforce, including in education, law enforcement, the oil and gas industry, and the transportation industry.
“The move to Dallas underscores Psychemedics’ commitment to expanding operations, fostering innovation, and better serving its diverse clientele globally,” the company said in the release. “This strategic relocation aims to further streamline operations while ensuring uninterrupted, top-tier services for clients.”
In November, Psychemedics appointed Daniella Mehalik vice president of finance following her most recent role as vice president and controller at Neubase Therapeutics in Pittsburgh.
“We are thrilled to welcome Daniella to our team, entrusting her with a critical role in the company,” Hullinger said at the time in a news release. “Her strong technical background within the biotech sector aligns seamlessly with Psychemedics’ growth strategy, positioning the company for sustained advancement.”
The company’s revenue for the third quarter of 2023 was $5.7 million — down from $6.5 million over the same period the previous year, Psychemedics announced in November. Meanwhile, Psychemedics has begun restructuring the company to “align costs with current revenue trends.”
Psychemedics made the move despite Dallas’ relatively high levels of crime, as well as the city’s ongoing issue with homelessness and vagrancy.