SOURCE: Medytox Solutions, Inc.

Medytox Solutions, Inc.

April 15, 2015 17:40 ET

Medytox Solutions, Inc. Announces Results for the Year Ended December 31, 2014

WEST PALM BEACH, FL--(Marketwired - Apr 15, 2015) - Medytox Solutions, Inc. (OTCQB: MMMS) announced today its financial results for the year ended December 31, 2014 (the "2014 Year"). The Company reported net revenues of approximately $57.9 million, which represented an increase of approximately $16 million, or 38%, from the approximately $41.9 million in net revenues reported for the year ended December 31, 2013 (the "2013 Year"). For the 2014 Year, the Company reported income from operations of approximately $15.7 million, compared to income from operations of approximately $14.5 million for the 2013 Year.

"Our 2014 results demonstrate a continued growth in revenue and earnings as a direct result of our investment in and commitment from an expanding and strong workforce and the demand for the Company's products and services in the healthcare sector," stated Seamus Lagan, the Company's Chief Executive Officer.

About Medytox Solutions, Inc.

Medytox Solutions, Inc. is a holding company that owns and operates businesses in the medical services sector. Medytox is a new generation healthcare enterprise that delivers a single source for integrated solutions. Medytox applies its innovative approach through an outstanding suite of IT & software solutions, revenue cycle management and financial services, combined with a range of diagnostic testing and other ancillary services for the healthcare sector. Its principal line of business is clinical laboratory blood and urine testing services, with a particular emphasis in the provision of urine drug toxicology testing to physicians, clinics and rehabilitation facilities in the United States.

 
MEDYTOX SOLUTIONS, INC. & SUBSIDIARIES
Consolidated Statements of Operations
 
    For the Year Ended December 31,  
    2014     2013  
             
Revenues                
    Gross charges (net of contractual allowances and discounts)   $ 77,223,964     $ 52,523,660  
    Provision for bad debts     (19,296,144 )     (10,634,789 )
    Net Revenues   $ 57,927,820     $ 41,888,871  
                 
Operating expenses:                
  Direct costs of revenue     15,920,468       9,570,950  
  General and administrative     19,712,018       13,479,879  
  Legal fees related to disputed subsidiary     94,217       976,789  
  Sales and marketing expenses     4,967,188       2,953,292  
  Bad debt expense     78,482       -  
  Depreciation and amortization     1,500,453       407,971  
    Total operating expenses     42,272,826       27,388,881  
                 
Income from operations     15,654,994       14,499,990  
                 
Other income (expense):                
  Other income     489       389  
  Gain (Loss) on settlement of assets     -       (27,413 )
  Gain on disposition of subsidiary     134,184       -  
  Gain (Loss) on legal settlement     105,780       (169,800 )
  Interest expense     (513,815 )     (474,649 )
    Total other income (expense)     (273,362 )     (671,473 )
                 
Income before income taxes     15,381,632       13,828,517  
                 
  Provision for income taxes     7,561,300       5,568,600  
                 
Net income attributable to Medytox Solutions     7,820,332       8,259,917  
                 
  Preferred stock dividends     5,010,300       2,601,298  
                 
Net income attributable to Medytox Solutions common shareholders   $ 2,810,032     $ 5,658,619  
                 
Net income per common share:                
  Basic   $ 0.09     $ 0.19  
  Diluted   $ 0.09     $ 0.19  
                 
Weighted average number of common shares outstanding during the period:                
  Basic     29,899,536       29,692,110  
  Diluted     30,924,538       30,160,335  
                 

"Forward-looking" Statements

This press release may contain "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, as amended. Any such statements are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and they involve a number of risks and uncertainties that could cause actual results to differ materially from those that may be anticipated by or from the forward-looking statements. Important factors that could cause such a difference are set forth in the Company's filings with the Securities and Exchange Commission and include, but are not limited to, the ability to consummate acquisitions and the ability to integrate such acquisitions.

Contact Information

  • Medytox Solutions Contacts:

    Seamus Lagan
    CEO
    Medytox Solutions, Inc.
    561-855-1626

    Sebastien Sainsbury
    Director, Investor Relations
    Medytox Solutions, Inc.
    561-666-9818
    Email Contact

    Marilys Caraballo - Media
    Email Contact
    305-668-0070