Medytox Solutions, Inc. Announces Results for the Year Ended December 31, 2014
WEST PALM BEACH, FL -- (Marketwired) -- 04/15/15 -- 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.
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
Source: Medytox Solutions, Inc.
Released April 15, 2015