Daxor Corporation Reports a 92.6 Percent Revenue Increase in Diagnostic Operating Division in Form N-CSR Filing for the Six Months Ended June 30, 2022

Rhea-AI Summary

Daxor Corporation (NYSE: DXR) reported a remarkable 92.6% revenue growth driven by the successful commercialization of its BVA-100® Blood Volume Analyzer. Significant factors include the launch of 12 new accounts, a 9.2% price increase, and orders from the U.S. Department of Defense. The firm also disclosed net assets of $19.6 million per share, rising 35.3% year-over-year. Furthermore, Daxor is progressing on a new portable blood volume analyzer with FDA submission expected by year-end, projecting a 2023 launch.

Positive

• Revenue increased by 92.6% due to the successful commercialization of the BVA-100®.
• The company opened 12 new commercial and academic accounts.
• Received significant orders from the U.S. Department of Defense.
• Net assets reached $19.6 million, a 35.3% increase compared to the previous year.
• FDA submission for a next-generation portable analyzer is in progress with a projected launch in early 2023.

Negative

• None.

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Oak Ridge, TN, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Daxor Corporation (NYSE: DXR), the global leader in blood volume measurement technology, announces today it filed Form N-CSR disclosing its schedule of portfolio holdings for the six months ended June 30, 2022.

The increase in revenue of 92.6 percent in the Company’s operating division represents strong strides in the commercialization of its BVA-100^® Blood Volume Analyzer through a combination of the purchase and leasing of capital equipment, reference lab use, and the opening of twelve new commercial and academic accounts, along with a 9.2 percent price increase that was well received by the market. Additionally, revenue growth was driven by the United States Department of Defense (DoD) orders as well as third-party companies contracting with Daxor to conduct blood volume analysis on their products.

The Company also reported its successful execution of a Department of Defense contract to build a next-generation portable rapid blood volume analyzer for both military and civilian use. The company reported that submission of data to the FDA has commenced and the filing for final approval via a 510(k) application is anticipated by year’s end with a projected launch date of the new systems in early 2023.

As of June 30, 2022 the company held net assets of $19,615,712 or $4.85 per share, a 35.3 percent increase versus the same period in the prior year, driven by the Company’s continued investments in research and development, commercial sales teams, as well as production facilities for the next generation blood volume analyzers which are anticipated to come to market over the next twelve months.

“I am pleased to report that in the past 6 months, we have made important breakthroughs by balancing our growth in commercialization with strategic investment fueling the development of our next generation systems,” said Michael Feldschuh, President and CEO of Daxor. “The strong trend of healthcare is towards individualized and cost-effective care. Our BVA diagnostic is a non-invasive and inexpensive blood test which allows care teams to solve the significant challenge of accurately managing the fluid levels of patients, whether it is in the heart failure clinic or the hospitalized heart failure patient in the ICU. Studies published and presented are proving just how exciting the potential for this approach is. Reducing mortality, lowering complications, reducing hospital resource use and length of stay with a non-invasive, 98% accurate test is achievable with our patented technology.”

Form N-CSR for the period ended June 30, 2022 is available on the Securities and Exchange Commission (“SEC”) website at www.sec.gov and on the Company’s website at Daxor.com.

About Daxor Corporation

Daxor Corporation (Nasdaq: DXR), is the global leader in blood volume measurement technology focused on blood volume testing innovation. We developed and market the BVA-100^® (Blood Volume Analyzer), the first diagnostic blood test cleared by the FDA to provide safe, accurate, objective quantification of blood volume status and composition compared to patient-specific norms. Over 60,000+ tests have been performed at leading hospital centers across the U.S., enhancing hospital performance metrics in a broad range of surgical and medical conditions, including significantly reducing mortality and readmissions in heart failure and critical care. Daxor has several ongoing multicenter trials in the areas of COVID-19 and heart failure treatment with support from the NIH and is under contract developing analyzers to improve combat casualty care with the U.S. Department of Defense. Daxor's mission is to advance healthcare by enabling optimal fluid management with blood volume analysis. Daxor’s vision is optimal blood volume for all. For more information, please visit our website at Daxor.com.

Forward-Looking Statements
Certain statements in this release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the impact of hiring sales staff and expansion of our distribution channels. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including, without limitation, those risk associated with our post-market clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, FDA regulatory actions, our ability to integrate acquired businesses, our expectations regarding anticipated synergies with and benefits from acquired businesses, and additional other risks and uncertainties described in our filings with the SEC. Forward-looking statements speak only as of the date when made. Daxor does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact:
Bret Shapiro
Sr. Managing Partner, CORE IR
1-516-222-2560
brets@coreir.com

FAQ

What recent financial performance did Daxor Corporation report?

Daxor reported a 92.6% increase in revenue for the six months ended June 30, 2022, driven by the commercialization of its BVA-100® Blood Volume Analyzer.

How much did Daxor's net assets increase?

As of June 30, 2022, Daxor's net assets were $19.6 million, reflecting a 35.3% increase year-over-year.

What is Daxor's current product development status?

Daxor is developing a next-generation portable blood volume analyzer, with FDA submission expected by the end of 2022 and a launch projected for early 2023.

Did Daxor expand its commercial accounts recently?

Yes, Daxor opened 12 new commercial and academic accounts, contributing to significant revenue growth.

What role did the U.S. Department of Defense play in Daxor's recent success?

Daxor received substantial orders from the U.S. Department of Defense, aiding its revenue growth.