Revenues of Operating Division Increase by 50.4%
NEW YORK, February 26, 2020 (GLOBE NEWSWIRE) — Daxor Corporation (NYSE MKT: DXR) The global leader in blood volume technology today filed its Annual Report to Shareholders on Form N-CSR, disclosing its schedule of portfolio holdings as of December 31, 2020.
Management reported a NAV of $3.89 for fiscal 2020 versus $3.41 for the comparable period in 2019, a $0.48 increase or 14%, as well as a 50.4% increase in revenues for its operating division, which produces and distributes its blood volume analysis (BVA) diagnostic systems and test kits. “We are pleased with our strong financial performance for fiscal 2020, as Daxor responded well to the unprecedented challenges of the COVID pandemic. Asset growth and revenue increases were driven by a combination of the sale and leasing of our BVA diagnostic systems and single-use test kits, as well as new military contracts from The US Department of Defense,” said Michael Feldschuh, CEO of Daxor.
Daxor announced that it also accelerated its commercialization efforts led by Jean Oertel, Vice President of Commercialization. Ms. Oertel joined Daxor in Q1 of 2020 after serving in senior leadership positions at major diagnostic companies, and has been focused on expanding Daxor’s customer base and distribution partners. “We are excited to be expanding our commercialization team, as well as clinical support and third-party distribution partners, to drive further increases in revenue for the coming year, capitalizing on strong research outcomes and new compelling cost-effectiveness data for Daxor’s products published in Q4 of 2020,” Ms. Oertel stated.
The Company also announced significant progress in its next-generation BVA technology, funded by multiple contracts awarded by the US Department of Defense. “Daxor’s next-generation technology is moving swiftly ahead with new analyzers projected for completion in the next 12 months. We are especially pleased with additional funding we have received from the National Institutes of Health and the Center for Advancing Point of Care Technologies (CAPCaT), as well. Our next generation products promise a leap in the speed and ease of use for our diagnostics and may broaden the market for our tests significantly,” said Jonathan Feldschuh, Daxor’s Chief Scientific Officer. “In addition, Daxor filed six new patents in 2020 and anticipates filing a similar number in 2021, capitalizing on technological advances in our active R&D program.”
In June of 2020, the Company announced a prospective multi-center study of BVA use for COVID-19 patients initiated by NYU Langone Health and the subsequent addition of two more hospital centers to the study. Results are anticipated to be announced in 2021. Duke University also initiated a randomized controlled study of BVA guided therapy in heart failure patients, and further studies are slated to be announced in the coming months.
“The COVID crisis, ICU mortality in general, and Heart Failure hospital admissions of over 1 million per year show the urgent need for our technology to improve outcomes in our health system while driving substantial cost savings. Our diagnostics help individualize and optimize care regardless of the source of the patient fluid derangement and numerous studies show the benefit of optimal volume management with our unique FDA-cleared, ISO 13485 certified BVA technology,” stated CEO Michael Feldschuh. “We look forward to the coming year with the synergy of commercial developments, clinical outcomes and awareness, and exciting next-generation products coming to market supported by strong partnerships.”
Daxor Corporation (Nasdaq: DXR) an innovative medical instrumentation and biotechnology company is the global leader in blood volume technology. 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. The BVA technology has the potential to improve hospital performance metrics in a broad range of surgical and medical conditions including heart failure and critical care by better informing treatment strategies, resulting in significantly better patient outcomes. Our mission is to partner with clinicians to incorporate BVA technology into standard clinical practice and improve the quality of life for patients. For more information please visit our website at https://www.daxor.com.
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.
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