UNITED STATES SECURITIES
                             AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-K/A
                         (Amendment No. 1 To Form 10-K)

[X]  ANNUAL  REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES
     EXCHANGE ACT OF 1934 For fiscal year ended MARCH 31, 2001

                                       OR

[ ]  TRANSITION  REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES
     EXCHANGE ACT OF 1934 For transition period from ___________ to ___________

                         Commission File Number 0-16594

                        MEDICAL TECHNOLOGY SYSTEMS, INC.
              ------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)


            Delaware                                            59-2740462
-------------------------------                            --------------------
(State or Other Jurisdiction of                             (I.R.S. Employer
 Incorporation or Organization)                             Identification No.)

12920 Automobile Boulevard, Clearwater, Florida                    33762
-----------------------------------------------            --------------------
       (Address of Principal Executive Offices)                 (Zip Code)

                                 (727) 576-6311
              ----------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

 Title of Each Class                 Name of Each Exchange on Which Registered
--------------------                -------------------------------------------
         NONE                                         NONE

Securities registered pursuant to Section 12(g) of the Act:

                          COMMON STOCK, PAR VALUE $.01
                         ------------------------------
                                (Title of Class)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. [X]  Yes    [ ] No

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of Registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]  Yes    [ ] No

Aggregate  market  value of  voting  Common  Stock  held by  non-affiliates  was
$6,000,000 as of June 22, 2001.

Indicate  by check mark  whether  the  Registrant  has filed all  documents  and
reports  required  to be  filed by  Section  12,  13 or 15(d) of the  Securities
Exchange Act of 1934 subsequent to the  distribution of securities  under a plan
confirmed by a court. [X]  Yes    [ ] No

The number of shares  outstanding  of the  Registrant's  Common Stock,  $.01 par
value, was 4,150,948 as of June 22, 2001.

                      DOCUMENTS INCORPORATED BY REFERENCE

Parts of the Company's definitive proxy statement, which will be filed by the
Company within 120 days after the end of the Company's 2001 fiscal year end, are
incorporated by reference into Part III of this Form.


<PAGE>


                                        2


                                 AMENDMENT NO. 1
                            TO THE FORM 10-K FILED BY
                MEDICAL TECHNOLOGY SYSTEMS, INC. ON JUNE 29, 2001



EXPLANATORY NOTE

     This Annual  Report on Form 10-K/A for the period ended March 31, 2001,  is
being  filed  solely to amend Part IV,  Item 14  Exhibits,  Financial  Statement
Schedules,  and  Reports  on Form 8-K by adding  Exhibit  23.1.  Except  for the
addition of Exhibit 23.1, no other  information  included in the original report
on Form 10-K is  amended  by this Form  10-K/A.  This  Form  10-K/A  constitutes
Amendment No. 1 to Medical Technology Systems, Inc.'s Annual Report on Form 10-K
for the period ended March 31, 2001.


<PAGE>


                                       3


PART IV


ITEM 14. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS ON FORM 8-K

<TABLE>
<CAPTION>
  Exhibit Number                                     Description of Exhibit
  --------------   -----------------------------------------------------------------------------------------
     <S>           <C>
     2.1(10)       Agreement and Plan of Merger between Medication Management Technologies, Inc. and Cygnet
                   Technologies, Inc. dated April 24, 1997

     2.2(11)       Sale Agreement Vangard Labs, Inc. and NCS Healthcare, Inc. dated April 17, 1997

     2.3(13)       Asset Acquisition Agreement effective April 30, 1998 among the Company, LifeServ
                   Technologies, Peritronics Medical, Ltd. and 562577 B.C., Ltd.

     **3.1         Articles of Incorporation and Amendments thereto

     *3.1(a)       Amendment to Articles of Incorporation increasing authorized Common Stock to 25,000,000
                   from 15,000,000 shares

     **3.2         Bylaws of the Company

     **4.2         Designation of Rights, Preferences and Limitations of Voting Preferred Stock

     **10.2        Siegel Family Revocable Trust Agreement

     10.2(a) (8)   Amendment and Restated Siegel Family Revocable Trust Agreement

     10.2(b) (8)   Siegel Family Limited Partnership Agreement

     **10.3(a)     Agreements and Assignments of Patent Rights between Harold B. Siegel and the Siegel Family
                   Revocable Trust

     **10.3(b)     License Agreement between the Company and the Siegel Family Revocable Trust

     10.16(6)      Amended and Restated Loan and Security Agreement dated September 28, 1993 with SouthTrust
                   Bank of Alabama

     10.17(7)      First Amendment to Amended and Restated Loan and Security Agreement dated April 25, 1994
                   with SouthTrust Bank of Alabama

     10.18(7)      Addendum to Lease dated  September  30, 1993 with Leslie A. Rubin for facilities located
                   at 12920 and 12910 Automobile Boulevard, Clearwater, Florida

     10.19(7)      Lease effective August 2, 1993 by and between C & C Park Building and Medical Technology
                   Systems, Inc. for property located at 21540 Drake Road, Strongsville, Ohio

     10.22(7)      Form of Executive Stock Appreciation Rights and Non-Qualified Stock Option Agreement

     10.23(7)      Form of Director's Stock Option Agreement

     10.24(7)      Form of Directors' Consulting Agreement

     10.25(7)      Form of Director/Officer Indemnification Agreement

     10.27(7)      Third Amendment to Amended and Restated Loan and Security Agreement effective March 28,
                   1995

     10.29(10)     Stock Option Plan dated March 4, 1997

     10.31(13)     Stock Subscription Agreement, dated April 28, 1998,
                   between the Company and LifeServ Technologies, Inc.

     10.32(13)     Loan Agreement dated May 13, 1998, between Ella Kedan and LifeServ Technologies, Inc.,
                   Performance Pharmacy Systems, Inc., Cart-Ware Inc., Medication Management Systems, Inc.
                   and Systems Professional, Inc. and related Promissory Note and Security Agreement

     10.33(13)     Form of Warrant dated May 13, 1998 between LifeServ and Ella Kedan

     10.34(13)     Form of Warrant dated May 13, 1998 between the Company and Ella Kedan

     10.35(13)     Form of Warrant dated May 13, 1998 between LifeServ and Ella Kedan

</TABLE>


<PAGE>

                                       4

<TABLE>
<CAPTION>
Exhibit Number                                     Description of Exhibit
--------------   -----------------------------------------------------------------------------------------
    <S>           <C>
    10.39(13)     Amendment to Second Amended and Restated Loan and Security Agreement between the Company
                   and SouthTrust Bank dated April 16, 1998

     10.40(14)     Asset Acquisition Agreement dated August 4, 1998 between Medical Technology Laboratories,
                   Inc. and Community Clinical Laboratories, Inc

     10.41(14)     Loan Agreement dated May 13, 1998, between Stanley D. Estrin Irrevocable Trust dtd March
                   16, 1993, Judith C. Estrin, Trustee and Medical Technology Systems, Inc.

     10.42(14)     Form of Warrant dated May 13, 1998, between Stanley D. Estrin Irrevocable Trust dtd March
                   16, 1993, Judith C. Estrin, Trustee and Medical Technology Systems, Inc.

     10.43(14)     Form of Warrant dated May 13, 1998, between Stanley D. Estrin Irrevocable Trust dtd March
                   16, 1993, Judith C. Estrin, Trustee and Medical Technology Systems, Inc.

     10.44(14)     Loan Agreement dated August 7, 1998, between Sally Siegel and Medical Technology Systems,
                   Inc.

     10.45(14)     Form of Warrant dated August 7, 1998, between Sally Siegel and Medical Technology Systems,
                   Inc.

     10.46(14)     Form of Warrant dated August 7, 1998, between Sally Siegel and Medical Technology Systems,
                   Inc.

     10.47(14)     Loan Agreement dated August 18, 1998, between Todd and Shelia Siegel and Medical
                   Technology Systems, Inc

     10.48(14)     Form of Warrant dated August 18, 1998, between Todd and Shelia Siegel and Medical
                   Technology Systems, Inc

     10.49(14)     Form of Warrant dated August 18, 1998, between Todd and Shelia Siegel and Medical
                   Technology Systems, Inc

     10.50(15)     Asset Acquisition Agreement dated May 25, 1999 between LifeServ Technologies, Inc.,
                   Medical Technology Systems, Inc. and AIMCare, Inc.

     10.51(16)     Loan Agreement dated October 16, 1998, between Joan L. Fitterling, as Trustee, or her
                   successor in Trust of the Joan L. Fitterling Revocable Trust dated August 15, 1995 and
                   Medical Technology Systems, Inc.

     10.52(16)     Form of Warrant dated October 16, 1998, between Joan L. Fitterling, as Trustee, or her
                   successor in Trust of the Joan L. Fitterling Revocable Trust dated August 15, 1995 and
                   Medical Technology Systems, Inc.

     10.53(16)     Form of Warrant dated October 16, 1998, between Joan L.
                   Fitterling, as Trustee, or her successor in Trust of the Joan
                   L. Fitterling Revocable Trust dated August 15, 1995 and
                   Medical Technology Systems, Inc Systems, Inc.

     10.53(16)     Form of Warrant dated October 16, 1998, between Joan L. Fitterling, as Trustee, or her
                   successor in Trust of the Joan L. Fitterling Revocable Trust dated August 15, 1995 and
                   Medical Technology Systems, Inc.

     10.54(17)     Fourth Amendment to Warrant Agreement dated July 16, 1999

     10.55(18)     Management Agreement between Medical Technology Systems, Inc., Medical Technology
                   Laboratories, Inc. and Brittany Leigh, Inc. dated September 8, 1999

     10.56(19)     Asset Purchase Agreement dated January 1, 2000 between Medical Technology Systems, Inc.,
                   Medical Technology Laboratories, Inc. and Brittany Leigh, Inc.

     10.57(20)     Second Amendment to Second Amended and Restated Loan
                   and Security Agreement between the Company and SouthTrust
                   Bank dated July 6, 2000 and the Consent and Re-Affirmation of
                   Guaranty and Loan Documents dated July 6, 2000.

     10.58(21)     Expiration of Medical Technology Systems, Inc. common stock warrants dated July 17, 2000.

     10.59(22)     Form of Warrant dated September 24, 1999 between Andrew G. Burch and Medical Technology
                   Systems, Inc.

     10.60(22)     Form of Warrant dated September 24, 1999 between IFM Venture Group and Medical Technology
                   Systems, Inc.

     10.61(22)     Form of Warrant dated May 31, 2000 between National Securities Corporation and Medical
                   Technology Systems, Inc.

</TABLE>


<PAGE>

                                      5
<TABLE>
<CAPTION>
Exhibit Number                                     Description of Exhibit
--------------     -----------------------------------------------------------------------------------------
     <S>           <C>
     10.62(23)     Employment Agreement between Medical Technology Systems, Inc. and Todd E. Siegel dated
                   September 1, 1999.

     10.63(23)     Amendment One to Executive Stock Appreciation Rights and Non-Qualified Stock Option
                   Agreement dated October 28, 2000 between Medical Technology Systems, Inc. and Todd E.
                   Siegel

     10.64(24)     Registration Statement regarding the Medical Technology Systems, Inc. 1997 Stock Option
                   Plan dated February 27, 2001.

     10.64(25)     Form of Warrant dated March 1, 2001 between National Securities Corporation and Medical
                   Technology Systems, Inc.

     10.65(25)     Employment Agreement between Medical Technology Systems, Inc. and Michael P. Conroy dated
                   March 2, 2001.

     23.1          Independent Auditors Consent


--------------------

     *             Incorporated herein by reference to same Exhibit(s), respectively, Registration Statement
                   No. 33-40678 filed with the Commission on May 17, 1991

     **            Incorporated herein by reference to same Exhibit(s), respectively, Registration Statement (SEC File
                   No. 33-17852)

     (10)          Incorporated herein by reference to Form 10-K for the year ended March 31, 1997

     (11)          Incorporated herein by reference to Form 8-K dated May 2, 1997

     (12)          Incorporated herein by reference to Form 10-Q dated February 13, 1998 for the quarter
                   ended December 31, 1997

     (13)          Incorporated herein by reference to Form 10-K for the year ended March 31, 1998

     (14)          Incorporated herein by reference to Form 10-Q filed November 12, 1998 for quarter ending
                   September 30, 1998

     (15)          Incorporated herein by reference to Form 8K filed on June 9, 1999 for event dated May 25,
                   1999

     (16)          Incorporated herein by reference to Form 10-K for year ended March 31, 1999

     (17)          Incorporated herein by reference to Form 8-K filed July 16, 1999

     (18)          Incorporated herein by reference to Form 10-Q dated November 12, 1999 for the quarter
                   ending September 30, 1999

     (19)          Incorporated herein by reference to Form 8-K filed January 18, 1999

     (20)          Incorporated herein by reference to Form 10-K for year ending March 31, 2000

     (21)          Incorporated herein by reference to Form 8-K filed July 17, 2000

     (22)          Incorporated herein by reference to Form 10-Q filed November 7, 2000 for quarter ending
                   September 30, 2000

     (23)          Incorporated herein by reference to Form 10-Q filed February 6, 2001 for quarter ending
                   December 31, 2000

     (24)          Incorporated herein by reference to Form S-8 filed February 27, 2001.

     (25)          Incorporated herein by reference to Form 10-K for year ending March 31, 2001

</TABLE>


<PAGE>

                                       6


                                   SIGNATURES

     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange Act of 1934, the registrant has duly caused this Form 10-K to be signed
on its behalf by the undersigned, thereunto duly authorized.

                        MEDICAL TECHNOLOGY SYSTEMS, INC.


Dated:  August 17, 2001
                               By: /s/ Todd E. Siegel
                                   ---------------------------------------
                                   Todd E. Siegel, Chief Executive Officer



     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
registrant and in the capacities and on the dates indicated.



         Signature                  Title                               Date
------------------------    ----------------------                --------------


 /s Todd E. Siegel          Chairman of the Board of Directors,  August 17, 2001
 -----------------------    President and Chief Executive Officer
  Todd E. Siegel


 /s David W. Kazarian       Director                             August 17, 2001
 -----------------------
 David W. Kazarian


 /s Michael P. Conroy       Director, Chief Financial Officer    August 17, 2001
 -----------------------    and Vice President
 Michael P. Conroy


 /s John Stanton           Director and Vice Chairman of the     August 17, 2001
------------------------   Board of Directors
 John Stanton


 /s Mark J. Connolly       Principal Accounting Officer          August 17, 2001
-----------------------    and Controller
 Mark J. Connolly



<PAGE>

                                       7


                                                                  Exhibit 23.1


               Consent of Independent Certified Public Accountants

     We  have  issued  our  reports  dated  June  20,  2001   accompanying   the
consolidated  financial  statements and schedule of Medical Technology  Systems,
Inc. and Subsidiaries  that are included in the Company's Form 10-K for the year
ended March 31, 2001.  We hereby  consent to the  incorporation  by reference of
said reports in the Registration  Statement of Medical Technology Systems,  Inc.
and Subsidiaries on Form S-8 filed March 1, 2001.



                                             /s/Grant Thornton LLP


         Tampa, Florida
         August 17, 2001