Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 20, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | PSYCHEMEDICS CORP | |
Entity Central Index Key | 0000806517 | |
Trading Symbol | pmd | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 5,516,931 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Shell Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 7,097 | $ 4,069 |
Marketable securities | 3,905 | |
Accounts receivable, net of allowance for doubtful accounts of $46 in 2019 and $67 in 2018 | 4,526 | 4,829 |
Prepaid expenses and other current assets | 1,700 | 1,067 |
Total Current Assets | 13,323 | 13,870 |
Fixed assets, net of accumulated amortization and depreciation of $14,820 in 2019 and $13,341 in 2018 | 9,503 | 10,177 |
Other assets | 893 | 927 |
Operating lease right-of-use assets | 1,416 | |
Total Assets | 25,135 | 24,974 |
Current Liabilities: | ||
Accounts payable | 704 | 682 |
Accrued expenses | 2,220 | 2,962 |
Current portion of long-term debt | 416 | 416 |
Current operating lease liabilities | 861 | |
Total Current Liabilities | 4,201 | 4,060 |
Long-term debt | 1,005 | 1,212 |
Deferred tax liabilities, long-term | 897 | 955 |
Long-term operating lease liabilities | 555 | |
Total Liabilities | 6,658 | 6,227 |
Commitments and Contingencies (Note 7) | ||
Shareholders' Equity: | ||
Preferred stock, $0.005 par value, 873 shares authorized, no shares issued or outstanding | ||
Common stock, $0.005 par value; 50,000 shares authorized Shares issued and outstanding: 6,185 in 2019 and 6,175 in 2018 | 31 | 31 |
Additional paid-in capital | 31,809 | 31,523 |
Accumulated deficit | (1,916) | (1,326) |
Less - Treasury stock, at cost, 668 shares | (10,082) | (10,082) |
Accumulated other comprehensive loss | (1,365) | (1,399) |
Total Shareholders' Equity | 18,477 | 18,747 |
Total Liabilities and Shareholders' Equity | $ 25,135 | $ 24,974 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts | $ 46 | $ 67 |
Accumulated amortization and depreciation | $ 14,820 | $ 13,341 |
Preferred stock, par value (in dollars per share) | $ 0.005 | $ 0.005 |
Preferred stock, shares authorized (in shares) | 873 | 873 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.005 | $ 0.005 |
Common stock, shares authorized (in shares) | 50,000 | 50,000 |
Common stock, shares issued (in shares) | 6,185 | 6,175 |
Common stock, shares outstanding (in shares) | 6,185 | 6,175 |
Treasury stock, shares (in shares) | 668 | 668 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | $ 9,289 | $ 10,787 | $ 19,111 | $ 21,722 |
Cost of revenues | 5,120 | 5,615 | 10,534 | 11,195 |
Gross profit | 4,169 | 5,172 | 8,577 | 10,527 |
Operating Expenses: | ||||
General & administrative | 1,355 | 1,457 | 3,270 | 3,308 |
Marketing & selling | 1,088 | 1,301 | 2,217 | 2,540 |
Research & development | 400 | 358 | 820 | 717 |
Total Operating Expenses | 2,843 | 3,116 | 6,307 | 6,565 |
Operating income | 1,326 | 2,056 | 2,270 | 3,962 |
Other income, net | 22 | 24 | 48 | 56 |
Net income before provision for income taxes | 1,348 | 2,080 | 2,318 | 4,018 |
Provision for income taxes | 580 | 903 | 923 | 1,590 |
Net income | 768 | 1,177 | 1,395 | 2,428 |
Other Comprehensive Income (Loss): | ||||
Foreign currency translation | 82 | (1,154) | 34 | (1,165) |
Total Comprehensive Income | $ 850 | $ 23 | $ 1,429 | $ 1,263 |
Basic net income per share (in dollars per share) | $ 0.14 | $ 0.21 | $ 0.25 | $ 0.44 |
Diluted net income per share (in dollars per share) | 0.14 | 0.21 | 0.25 | 0.44 |
Dividends declared per share (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.36 | $ 0.36 |
Weighted average common shares outstanding, basic (in shares) | 5,514 | 5,502 | 5,510 | 5,497 |
Weighted average common shares outstanding, diluted (in shares) | 5,523 | 5,554 | 5,535 | 5,552 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 6,160 | 668 | ||||
Balance at Dec. 31, 2017 | $ 31 | $ 31,022 | $ (10,082) | $ (2,113) | $ (238) | $ 18,620 |
Shares issued – vested (in shares) | 15 | |||||
Shares issued – vested | ||||||
Tax withholding related to employee stock vesting | (92) | (92) | ||||
Stock compensation expense | 278 | 278 | ||||
Cash dividends | (1,812) | (1,812) | ||||
Net income | 2,428 | 2,428 | ||||
Other comprehensive income | (1,165) | (1,165) | ||||
Balance (in shares) at Jun. 30, 2018 | 6,175 | 668 | ||||
Balance at Jun. 30, 2018 | $ 31 | 31,208 | $ (10,082) | (1,497) | (1,403) | 18,257 |
Balance (in shares) at Dec. 31, 2018 | 6,175 | 668 | ||||
Balance at Dec. 31, 2018 | $ 31 | 31,523 | $ (10,082) | (1,326) | (1,399) | 18,747 |
Shares issued – vested (in shares) | 10 | |||||
Shares issued – vested | ||||||
Tax withholding related to employee stock vesting | (33) | (33) | ||||
Stock compensation expense | 319 | 319 | ||||
Cash dividends | (1,985) | (1,985) | ||||
Net income | 1,395 | 1,395 | ||||
Other comprehensive income | 34 | 34 | ||||
Balance (in shares) at Jun. 30, 2019 | 6,185 | 668 | ||||
Balance at Jun. 30, 2019 | $ 31 | $ 31,809 | $ (10,082) | $ (1,916) | $ (1,365) | $ 18,477 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Dividends declared per share (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.36 | $ 0.36 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 1,395 | $ 2,428 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,501 | 1,528 |
Deferred income taxes | (58) | (105) |
Non-cash interest income | 36 | |
Stock-based compensation | 319 | 278 |
Changes in assets and liabilities: | ||
Accounts receivable | 303 | (857) |
Other current assets | (633) | (253) |
Accounts payable | (428) | 322 |
Accrued expenses and accrued income taxes | (745) | 259 |
Net cash provided by operating activities | 1,690 | 3,600 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from short-term investments | 3,810 | |
Purchases of equipment and leasehold improvements | (165) | (281) |
Cost of internally developed software | (191) | (152) |
Other assets | 14 | (102) |
Net cash provided by / (used in) investing activities | 3,468 | (535) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of stock, net of tax withholding | (33) | (92) |
Payments of equipment financing | (207) | (478) |
Cash dividends paid | (1,985) | (1,812) |
Net cash used in financing activities | (2,225) | (2,382) |
Effect of exchange rate changes on cash and cash equivalents | 95 | (1,127) |
Net increase (decrease) in cash and cash equivalents | 3,028 | (444) |
Cash and cash equivalents, beginning of period | 4,069 | 8,165 |
Cash and cash equivalents, end of period | 7,097 | 7,721 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for income taxes | 1,499 | 1,910 |
Cash paid for interest | 38 | 56 |
Cash paid for operating leases | 523 | 502 |
Right-of-use assets acquired through operating leases | 1,927 | |
Purchases of equipment through accounts payable and accrued liabilities | $ 450 | $ 397 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation The interim condensed consolidated financial statements of Psychemedics Corporation (the “Company”) presented herein, have been prepared pursuant to the rules of the Securities and Exchange Commission for quarterly reports on Form 10 not December 31, 2018, 2018 10 “10 The condensed consolidated balance sheet as of June 30, 2019, three six June 30, 2019 2018, six June 30, 2019 2018 six June 30, 2019 2018 December 31, 2018 not The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three six June 30, 2019 may not may December 31, 2019, Unless the context requires otherwise, the terms “we”, “us”, “our”, or “the Company” refer to Psychemedics Corporation and its consolidated subsidiaries. |
Note 2 - Cash and Cash Equivale
Note 2 - Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of 90 |
Note 3 - Marketable Securities
Note 3 - Marketable Securities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Marketable Securities All investments with original maturities of more than 90 June 30, 2019, no |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Fair Value Measurements The Company has financial instruments, such as accounts receivable, accounts payable, and accrued expenses, which are stated at carrying amounts that approximate fair value because of the short maturity of those instruments. The carrying amount of the Company’s long-term debt approximates fair value as the interest rate on the debt approximates the estimated borrowing rate currently available to the Company. |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 5. Stock-Based Compensation The Company’s 2006 December 31, 2018, 77 2006 2019 350 no 10 June 30, 2019, 221 Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). The compensation cost charged against income is included in cost of revenues and operating expenses as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Share-based compensation related to: Stock option grants $ 119 $ 73 $ 221 $ 131 Restricted Stock Unit awards ("RSUs") 42 70 98 147 Total share-based compensation $ 161 $ 143 $ 319 $ 278 There was no three six June 30, 2019 2018. A summary of the Company’s stock option activity for the six June 30, 2019 000’s Number of Weighted Average Weighted Average Aggregate (1) Outstanding, December 31, 2018 398 $ 17.09 8.2 years $ 493 Granted 192 $ 10.60 Exercised — Forfeited — Outstanding, June 30, 2019 590 $ 14.98 8.4 years $ — Exercisable, June 30, 2019 239 $ 14.55 7.4 years $ — ( 1 The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on June 30, 2019 ( $10.09 A summary of the Company’s stock unit award (“SUA”) activity for the six June 30, 2019 000’s Number of Shares Weighted Average Price per Share (2) Weighted Average Fair Value (2) Outstanding & Unvested, December 31, 2018 19 $ 18.20 $ 343 Granted 18 $ 10.60 $ 191 Converted to common stock (10 ) Cancelled (3 ) Forfeited — Outstanding & Unvested, June 30, 2019 24 $ 12.84 $ 311 ( 2 Weighted average price per share is the weighted grant price based on the closing market price of each of the stock grants related to each grant of stock unit awards. The weighted average fair value is the weighted average share price times the number of shares. As of June 30, 2019, 835 June 30, 2019, $1.6 3.1 |
Note 6 - Basic and Diluted Net
Note 6 - Basic and Diluted Net Income Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. Basic and Diluted Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common and dilutive common equivalent shares outstanding during the period. The number of dilutive common equivalent shares outstanding during the period was determined in accordance with the treasury-stock method. Common equivalent shares consisted of common stock issuable upon the exercise of outstanding options and common stock issuable upon the vesting of outstanding, unvested SUAs. Basic and diluted weighted average common shares outstanding for the three six June 30, 2019 2018 Three Months Ended Six Months Ended 2019 2018 2019 2018 Weighted average common shares outstanding, basic 5,514 5,502 5,510 5,497 Dilutive common equivalent shares 9 52 25 55 Weighted average common shares outstanding, diluted 5,523 5,554 5,535 5,552 The computation of diluted earnings per share for the three six June 30, 2019 not three six June 30, 2019, 357 246 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7. Commitments and Contingencies The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. While the ultimate outcome of individual legal claims is inherently unpredictable, we believe that the final resolution of any pending actions will not |
Note 8 - Operating Leases
Note 8 - Operating Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. Operating Leases The Company has six one not not not As of June 30, 2019, $1.4 842. June 30, 2019 4.1%. June 30, 2019 2.0 three six June 30, 2019 $0.3 $0.5 Maturities and balance sheet presentation of the Company’s lease liabilities for all operating leases as of June 30, 2019 2019 $ 548 2020 648 2021 156 2022 116 2023 18 Total Lease Payments 1,486 Less Interest: (70 ) Present value of lease liabilities $ 1,416 Current operating lease liabilities $ 861 Long-term operating lease liabilities 555 Total $ 1,416 |
Note 9 - Debt and Other Financi
Note 9 - Debt and Other Financing Arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Debt and Other Financing Arrangements On March 20, 2014, August 8, 2014, September 15, 2015 October 30, 2018. 10 The weighted average interest rate on outstanding debt under the Loan Agreement was 4.2% three six June 30, 2019. $17 $32 three six June 30, 2019, June 30, 2019, 4.2% $1.4 June 30, 2019. The annual principal repayment requirements for debt obligations as of June 30, 2019 000’s 2019 $ 208 2020 416 2021 416 2022 381 Total long-term debt 1,421 Less current portion of long-term debt (416 ) Total long-term debt, net of current portion $ 1,005 |
Note 10 - Revenue
Note 10 - Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10. Revenue The table below disaggregates our external revenue by major source (in thousands). For additional revenue detail relating to geographic breakdown of sales, see Note 11 Three Months Ended Six Months Ended 2019 2018 2019 2018 Testing $ 8,451 $ 9,864 $ 17,474 $ 19,896 Shipping/Collection (hair) 777 812 1,511 1,636 Other 61 111 126 190 Total Revenue $ 9,289 $ 10,787 $ 19,111 $ 21,722 |
Note 11 - Business Segment Repo
Note 11 - Business Segment Reporting | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. Business Segment Reporting The Company manages its operations as one one 10% Three Months Ended Six Months Ended 2019 2018 2019 2018 Consolidated Revenue: United States $ 6,807 $ 7,565 $ 13,867 $ 14,860 Brazil 2,358 3,101 5,001 6,628 Other 124 121 243 234 Total Revenue $ 9,289 $ 10,787 $ 19,111 $ 21,722 |
Note 12 - Significant Customers
Note 12 - Significant Customers | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 12. Significant Customers The Company had one 26% six June 30, 2019 31% 2018. two 15% 11% June 30, 2019 one 20% December 31, 2018. |
Note 13 - Recently Adopted Acco
Note 13 - Recently Adopted Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 13. Recently Adopted Accounting Pronouncements In February 2016, 2016 02, 2018 10, 2018 11, 2018 20 2019 01 842 12 December 15, 2018 842 January 1, 2019 ( 8 In August 2018, No. 33 10532 March 31, 2019. |
Note 14 - Accounting Pronouncem
Note 14 - Accounting Pronouncements Issued But Not Yet Effective | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 14. Accounting Pronouncements Issued But Not In February 2018, 2018 02, 220 2018 02, not 2018 02 2020, In August 2018, 2018 15, 2018 15 2018 15 2020, |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. Subsequent Events On July 23, 2019 $0.18 $993 August 16, 2019 August 6, 2019. |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended Six Months Ended 2019 2018 2019 2018 Share-based compensation related to: Stock option grants $ 119 $ 73 $ 221 $ 131 Restricted Stock Unit awards ("RSUs") 42 70 98 147 Total share-based compensation $ 161 $ 143 $ 319 $ 278 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Weighted Average Weighted Average Aggregate (1) Outstanding, December 31, 2018 398 $ 17.09 8.2 years $ 493 Granted 192 $ 10.60 Exercised — Forfeited — Outstanding, June 30, 2019 590 $ 14.98 8.4 years $ — Exercisable, June 30, 2019 239 $ 14.55 7.4 years $ — |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Shares Weighted Average Price per Share (2) Weighted Average Fair Value (2) Outstanding & Unvested, December 31, 2018 19 $ 18.20 $ 343 Granted 18 $ 10.60 $ 191 Converted to common stock (10 ) Cancelled (3 ) Forfeited — Outstanding & Unvested, June 30, 2019 24 $ 12.84 $ 311 |
Note 6 - Basic and Diluted Ne_2
Note 6 - Basic and Diluted Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended 2019 2018 2019 2018 Weighted average common shares outstanding, basic 5,514 5,502 5,510 5,497 Dilutive common equivalent shares 9 52 25 55 Weighted average common shares outstanding, diluted 5,523 5,554 5,535 5,552 |
Note 8 - Operating Leases (Tabl
Note 8 - Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2019 $ 548 2020 648 2021 156 2022 116 2023 18 Total Lease Payments 1,486 Less Interest: (70 ) Present value of lease liabilities $ 1,416 Current operating lease liabilities $ 861 Long-term operating lease liabilities 555 Total $ 1,416 |
Note 9 - Debt and Other Finan_2
Note 9 - Debt and Other Financing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2019 $ 208 2020 416 2021 416 2022 381 Total long-term debt 1,421 Less current portion of long-term debt (416 ) Total long-term debt, net of current portion $ 1,005 |
Note 10 - Revenue (Tables)
Note 10 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended 2019 2018 2019 2018 Testing $ 8,451 $ 9,864 $ 17,474 $ 19,896 Shipping/Collection (hair) 777 812 1,511 1,636 Other 61 111 126 190 Total Revenue $ 9,289 $ 10,787 $ 19,111 $ 21,722 |
Note 11 - Business Segment Re_2
Note 11 - Business Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended 2019 2018 2019 2018 Consolidated Revenue: United States $ 6,807 $ 7,565 $ 13,867 $ 14,860 Brazil 2,358 3,101 5,001 6,628 Other 124 121 243 234 Total Revenue $ 9,289 $ 10,787 $ 19,111 $ 21,722 |
Note 3 - Marketable Securities
Note 3 - Marketable Securities (Details Textual) $ in Thousands | Jun. 30, 2019USD ($) |
Marketable Securities, Total | $ 0 |
Note 5 - Stock-based Compensa_3
Note 5 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | 21822 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Jun. 30, 2019 | Jan. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 146 days | 8 years 73 days | |||||
Incentive Plan 2006 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 221 | 221 | 77 | 221 | 350 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0 | $ 0 | $ 0 | $ 0 | |||
Share Price | $ 10.09 | $ 10.09 | $ 10.09 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 835 | 835 | 835 | ||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,600 | $ 1,600 | $ 1,600 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 36 days |
Note 5 - Stock-based Compensa_4
Note 5 - Stock-based Compensation - Compensation Cost (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based compensation | $ 161 | $ 143 | $ 319 | $ 278 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based compensation | 119 | 73 | 221 | 131 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based compensation | $ 42 | $ 70 | $ 98 | $ 147 |
Note 5 - Stock-based Compensa_5
Note 5 - Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |||
Outstanding (in shares) | shares | 398 | |||
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 17.09 | |||
Outstanding, weighted average remaining contractual life (Year) | 8 years 146 days | 8 years 73 days | ||
Outstanding, aggregate intrinsic value | $ | [1] | $ 493 | [1] | |
Granted (in shares) | shares | 192 | |||
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 10.60 | |||
Exercised (in shares) | shares | ||||
Exercised, weighted average exercise price (in dollars per share) | $ / shares | ||||
Forfeited (in shares) | shares | ||||
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | ||||
Outstanding (in shares) | shares | 590 | 398 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 14.98 | $ 17.09 | ||
Exercisable (in shares) | shares | 239 | |||
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 14.55 | |||
Exercisable, weighted average remaining contractual life (Year) | 7 years 146 days | |||
Exercisable, aggregate intrinsic value | $ | [1] | |||
[1] | The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company's stock on June 30, 2019 ($10.09) exceeded the exercise price of the underlying options, multiplied by the number of shares subject to each option. |
Note 5 - Stock-based Compensa_6
Note 5 - Stock-based Compensation - Nonvested Award Activity (Details) - Stock Unit Award [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | ||
Outstanding & Unvested at beginning of period (in shares) | 19 | ||
Outstanding & Unvested at beginning of period, weighted average price per share (in dollars per share) | [1] | $ 18.20 | |
Outstanding & Unvested at beginning of period, weighted average fair value | [1] | $ 311 | $ 343 |
Granted (in shares) | 18 | ||
Granted, weighted average price per share (in dollars per share) | [1] | $ 10.60 | |
Granted, weighted average fair value | [1] | $ 191 | |
Converted to common stock (in shares) | (10) | ||
Converted to common stock, weighted average price per share (in dollars per share) | |||
Converted to common stock, weighted average fair value | |||
Cancelled (in shares) | (3) | ||
Cancelled, weighted average price per share (in dollars per share) | |||
Cancelled, weighted average fair value | |||
Forfeited (in shares) | |||
Forfeited, weighted average price per share (in dollars per share) | |||
Forfeited, weighted average fair value | |||
Outstanding & Unvested at end of period (in shares) | 24 | ||
Outstanding & Unvested at end of period, weighted average price per share (in dollars per share) | [1] | $ 12.84 | |
[1] | Weighted average price per share is the weighted grant price based on the closing market price of each of the stock grants related to each grant of stock unit awards. The weighted average fair value is the weighted average share price times the number of shares. |
Note 6 - Basic and Diluted Ne_3
Note 6 - Basic and Diluted Net Income Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 357 | 246 |
Note 6 - Basic and Diluted Ne_4
Note 6 - Basic and Diluted Net Income Per Share - Basic and Diluted Weighted Average Common Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Weighted average common shares outstanding, basic (in shares) | 5,514 | 5,502 | 5,510 | 5,497 |
Dilutive common equivalent shares (in shares) | 9 | 52 | 25 | 55 |
Weighted average common shares outstanding, diluted (in shares) | 5,523 | 5,554 | 5,535 | 5,552 |
Note 8 - Operating Leases (Deta
Note 8 - Operating Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Operating Lease, Right-of-Use Asset | $ 1,416 | $ 1,416 | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% | 4.10% | |
Operating Lease, Weighted Average Remaining Lease Term | 2 years | 2 years | |
Operating Lease, Expense | $ 300 | $ 500 | |
Operating Lease, Liability, Total | $ 1,416 | $ 1,416 |
Note 8 - Operating Leases - Mat
Note 8 - Operating Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
2019 | $ 548 | |
2020 | 648 | |
2021 | 156 | |
2022 | 116 | |
2023 | 18 | |
Total Lease Payments | 1,486 | |
Less Interest: | (70) | |
Present value of lease liabilities | 1,416 | |
Current operating lease liabilities | 861 | |
Long-term operating lease liabilities | 555 | |
Total | $ 1,416 |
Note 9 - Debt and Other Finan_3
Note 9 - Debt and Other Financing Arrangements (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Long-term Debt, Total | $ 1,421 | $ 1,421 |
Loan Agreement [Member] | ||
Long-term Debt, Weighted Average Interest Rate, over Time | 4.20% | 4.20% |
Interest Expense, Total | $ 17 | $ 32 |
Debt Instrument, Interest Rate, Effective Percentage | 4.20% | 4.20% |
Long-term Debt, Total | $ 1,400 | $ 1,400 |
Note 9 - Debt and Other Finan_4
Note 9 - Debt and Other Financing Arrangements - Schedule of Debt Repayments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
2019 | $ 208 | |
2020 | 416 | |
2021 | 416 | |
2022 | 381 | |
Total long-term debt | 1,421 | |
Less current portion of long-term debt | (416) | $ (416) |
Total long-term debt, net of current portion | $ 1,005 | $ 1,212 |
Note 10 - Revenue - Revenue by
Note 10 - Revenue - Revenue by Major Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | $ 9,289 | $ 10,787 | $ 19,111 | $ 21,722 |
Testing [Member] | ||||
Revenues | 8,451 | 9,864 | 17,474 | 19,896 |
Shipping/Collection (Hair) [Member] | ||||
Revenues | 777 | 812 | 1,511 | 1,636 |
Other Revenue [Member] | ||||
Revenues | $ 61 | $ 111 | $ 126 | $ 190 |
Note 11 - Business Segment Re_3
Note 11 - Business Segment Reporting (Details Textual) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Number of Operating Segments | 1 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Customers | 1 | 1 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | BRAZIL | ||
Number of Major Customers | 1 | |
Concentration Risk, Percentage | 10.00% |
Note 11 - Business Segment Re_4
Note 11 - Business Segment Reporting Assets By Geographic Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | $ 9,289 | $ 10,787 | $ 19,111 | $ 21,722 |
UNITED STATES | ||||
Revenues | 6,807 | 7,565 | 13,867 | 14,860 |
BRAZIL | ||||
Revenues | 2,358 | 3,101 | 5,001 | 6,628 |
Other Foreign Countries [Member] | ||||
Revenues | $ 124 | $ 121 | $ 243 | $ 234 |
Note 12 - Significant Custome_2
Note 12 - Significant Customers (Details Textual) - Customer Concentration Risk [Member] | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue Benchmark [Member] | ||
Number of Major Customers | 1 | 1 |
Revenue Benchmark [Member] | Customer One [Member] | ||
Concentration Risk, Percentage | 26.00% | 31.00% |
Accounts Receivable [Member] | ||
Number of Major Customers | 2 | 1 |
Accounts Receivable [Member] | Customer One [Member] | ||
Concentration Risk, Percentage | 15.00% | 20.00% |
Accounts Receivable [Member] | Customer Two [Member] | ||
Concentration Risk, Percentage | 11.00% |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 23, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Common Stock, Dividends, Per Share, Declared | $ 0.18 | $ 0.18 | $ 0.36 | $ 0.36 | |
Subsequent Event [Member] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.18 | ||||
Dividends, Total | $ 993 | ||||
Dividends Payable, Date Declared | Jul. 23, 2019 | ||||
Dividends Payable, Date of Record | Aug. 16, 2019 |