Daxor Corporation Reports a 37% Increase in NAV to $6.75 Per Share for the Year Ended December 31, 2022
Conference Call to be held today at 9:00 AM EST
Oak Ridge, TN, March 02, 2023 (GLOBE NEWSWIRE) -- Daxor Corporation (NASDAQ:DXR), the global leader in blood volume measurement technology, filed its Annual Report to Shareholders on Form N-CSR on March 1, 2023, disclosing its schedule of portfolio holdings as of December 31, 2022.
Management reported a NAV of $6.75 per share for fiscal 2022 versus $5.24 for the comparable period in 2021, a $1.51 increase or 36.95%, as well as a 20.5% increase in unaudited revenues and sales for its operating division, which produces and distributes its blood volume analysis (BVA) diagnostic systems and single use test kits which rose by 59.5%.
"We are pleased with our strong financial performance for fiscal 2022 driven by a combination of sold, leased, placed devices for research, and new reference lab accounts with eighteen new clients with orders to install an additional five accounts expected in Q1 of 2023. Additionally, revenue accrued from the U.S. Department of Defense (DOD) orders as well as third-party companies contracted to conduct blood volume analysis on their products have contributed to our growth," said Michael Feldschuh, President and CEO of Daxor. "Our operating business continues to experience exciting growth and development due to commercialization acceleration and expansion, significant progress in validating our next-generation system set for submission to FDA and subsequent launch this year, and a growing body of clinical evidence from leading research centers have validated the unique value of our diagnostic to save lives and vastly improve health and hospital economic outcomes."
In July 2022, Daxor announced that it had been selected as a MedAxiom Industry Partner, the premier cardiology consulting company globally, which is wholly owned by the American College of Cardiology. In addition, Daxor subsequently announced corporate membership in both the Society of Nuclear Medicine and Molecular Imaging and the Heart Failure Society of America. "Partnering with these influential societies and consulting groups is significantly raising the awareness of Daxor's innovative diagnostic solutions to improve patient and health economic outcomes. Our sales and marketing efforts are amplified and extended by these corporate alliances" said Jean Oertel, Sr. Vice President of Commercialization and Customer Experience.
The Company also announced significant progress in its next-generation BVA technology slated for launch in the second half of 2023, funded by multiple contracts awarded by the DOD and the Center for Advancing Point of Care Technology funded by the National Institutes of Health (NIH), including a $750,000 contract for developing a novel patent-pending fluorescent tracer for use with new systems under development. The company is eligible for further contract award under these agreements to further enhance the technology. "In 2022 we successfully completed a working prototype system under DOD contract, our next step is validation and FDA approval for civilian use. This next generation device is designed to be portable, three times faster, easier, and capable of expanding use of our test into more clinical settings and indications," said Jonathan Feldschuh, Daxor's Chief Scientific Officer.
The company also announced that it anticipates the results of a pilot randomized control trial (RCT) in heart failure patients with BVA guided treatment to be released at the end of Q1 by researchers from the Duke Clinical Research Institute. This trial is in addition to ongoing Phase I RCT work at two Veterans Administration hospitals under NIH funding as well as an outpatient prospective trial being conducted at Geisinger Medical Center. Over the course of 2022, over a dozen new research studies on BVA were published in peer-reviewed journals or at society conferences. These studies highlighted that BVA can reduce hospital length of stay by 2.5 days on average for heart failure patients, and generate significant cost savings while improving clinical outcomes.
Conference Call to be held at 9:00 AM EST today.
Management will host a conference call at 9:00 a.m. EST today to review financial results and provide an update on corporate developments. Following management's formal remarks, there will be a question-and-answer session.
To listen to the conference call, interested parties within the U.S. can dial toll-free 800-245-3047. Participant direct and International callers may dial in at 203-518-9765. All callers should dial in approximately 15 minutes prior to the scheduled start time and join the Daxor Corporation conference call using the conference ID: DAXOR.
A replay of the call will be available on the Company's website at Daxor.com approximately one hour after the end of the call through June 2, 2023.
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
516-222-2560
[email protected]
