UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT Pursuant to
Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 15, 2015
| Medytox Solutions, Inc. |
| (Exact name of registrant as specified in its charter) |
| Nevada | 000-54346 | 90-0902741 | ||
| (State or Other jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
|
400 S. Australian Avenue Suite 800 West Palm Beach, Florida |
33401 | |
| (Address of Principal Executive Offices) | (Zip Code) |
| 561-855-1626 |
| (Registrant’s telephone number, including area code) |
| Not Applicable |
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On April 15, 2015, Medytox Solutions, Inc. (the "Company") issued a press release announcing its results of operations for the year ended December 31, 2014. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit Number | Description |
| 99.1 | Press Release, dated April 15, 2015. |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| MEDYTOX SOLUTIONS, INC. | |
| Dated: April 16, 2015 | /s/ Seamus Lagan |
| Seamus Lagan | |
|
Chief Executive Officer (principal executive officer) |
| 3 |
EXHIBIT INDEX
| Exhibit Number | Description |
| 99.1 | Press Release, dated April 15, 2015. |
| 4 |
Exhibit 99.1
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.
| 1 |
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 | ||||||
| 2 |
"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
| 3 |