Daxor Corporation Reports Increase in NAV to $7.25 Per Share and 116.5 Percent Increase in Unaudited Revenue of Operating Division for the Year Ended December 31, 2024
Strong Start to 2025 with Unaudited Revenue Increases Leading to Cash Flow Positive Operating Company Results
Oak Ridge, TN, March 04, 2025 (GLOBE NEWSWIRE) -- Daxor Corporation (NASDAQ:DXR), the global leader in blood volume measurement technology, announces today the filing of its Annual Report to Shareholders on Form N-CSR, disclosing its schedule of portfolio holdings as of December 31, 2024. Management reported a NAV of $7.25 per share for fiscal 2024 versus $7.08 for the comparable period in 2023.
The company has reported a successful 2024 and an even stronger start to 2025, driven by a series of strategic advancements in product development, revenue growth, and key acquisitions. Daxor continues to focus on transforming patient care through its innovative blood volume analysis (BVA) systems, with a mission to improve patient outcomes and reduce healthcare costs.
Key Financial and Operational Highlights From its Unaudited Operating Division:
- Revenue Growth: Daxor achieved a 116.5% increase in revenue for 2024 compared to 2023, reflecting robust demand for its diagnostic systems, a record for the company.
- Customer Expansion: The company signed 12 new accounts in 2024, with 60.1% growth in the number of diagnostic kits sold year-over-year.
- Operating Break-even: Daxor's operating division achieved cash-flow break-even in Q1 of 2025, excluding non-cash expenses such as stock-based compensation, capex, and depreciation.
- Record Kit Sales: The first two months of 2025 saw record-breaking monthly kit revenue, demonstrating accelerating adoption of Daxor's products.
- Strategic Contracts: Daxor secured a $2.5M two-year contract from the Department of Defense (DoD), bolstering its commercial momentum in 2024.
- Government Grants: The company received over $350K in NIH and Launch Tennessee grants to support ongoing research and development.
Next Generation Product Launch and FDA Submission:
- Daxor announced the imminent filing for its next-generation blood volume analyzer, via the rapid 510(k) approval pathway with the FDA. This breakthrough device will enable rapid, point-of-care blood volume measurements, significantly enhancing clinical workflows, particularly in critical care settings, opening new market opportunities in both hospital and outpatient environments.
"Our strong financial performance for fiscal 2024 was driven by a combination of sold, leased, placed devices for commercial and research uses, and new lab services accounts, with a dozen new clients added," said Michael Feldschuh, Daxor's CEO and President. "While the approval of our new BVA system has taken longer than anticipated, we still achieved our target of cash flow positive operations from the increase of our existing products. We will build on this tremendous momentum during 2025 as we get set to launch our newest point-of-care system when cleared by the FDA."
Management has released more details from its operating division in a shareholder letter and intends to host a conference call to further discuss its results.
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 only 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 65,000+ 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 trials in the areas of 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. Sign up to receive news on Daxor's innovative technology HERE.
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
[email protected]
