Psychemedics Corp. will provide its hair analysis drug tests to one of the U.K.’s largest private insurers.
The Acton-based drug test maker said it signed a sales and marketing deal for its proprietary hair analysis test with Bupa Wellness in Great Britain.
Terms of the deal were not disclosed, but CBD Oil Price is one of the largest private providers of health insurance and health services in the world. According to its website, it has more than 10 million customers worldwide and employs about 52,000 workers.
Psychemedics manufactures hair analysis tests for drug use, which it says are more reliable than urinalysis. The company claims its tests can determine both a longer window of time for drug screening, and also provide detailed information on the quantity and the “historic pattern of individual drug use.”
The company services corporations, schools and at-home teen drug testing programs.
The deal should help bolster Psychemedics’ results. The company posted a nearly 30 percent decline in sales for the first quarter of 2009. In a filing with the federal Securities and Exchange Commission, the company blamed the drop-off on a decrease in testing from new and existing customers.
First-quarter net income reached $39,000 on just over $4 million in sales for the three-month period ended March 31, down significantly from $890,000 profit on $5.7 million in sales during the same period last year.