Revenues of Operating Division Increase by 70.6%
Oak Ridge, TN – March 1, 2022 — Daxor Corporation (Nasdaq: DXR), the global leader in blood volume measurement technology, filed its Annual Report to Shareholders on Form N-CSR on February 28, 2022, disclosing its schedule of portfolio holdings as of December 31, 2021.
Management reported a NAV of $5.24 per share for fiscal 2021 versus $3.89 for the comparable period in 2020, a $1.35 increase or 34.7%, as well as a 70.6% increase in unaudited 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 2021 driven by a combination of sold, leased, placed devices for research, and new reference lab accounts with eleven new clients with orders to install an additional five accounts expected in Q1 of 2022. Additionally, revenue accrued from the U.S. Department of Defense (DOD) orders as well as third-party companies contracting with Daxor to conduct blood volume analysis on their products has contributed to our growth,” said Michael Feldschuh, CEO of Daxor. “Our operating business continues to experience exciting growth and development due to commercialization acceleration and expansion, significant progress in research and development for our next-generation systems set to launch this year, and a growing body of clinical evidence from leading research centers of the unique value of our diagnostic to save lives and vastly improve health and hospital economic outcomes.”
In July 2021, Daxor announced a non-government distribution agreement with Concordance Healthcare Solutions, one of the largest independent healthcare distributors in the U.S. “Combining our sales and marketing efforts will greatly amplify the reach of our BVA technology and help drive growth in both new and existing accounts benefiting both patients and providers,” 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 completion in the second half of 2022, funded by multiple contracts awarded by the U.S. 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 next generation device is designed to be portable, faster, easier, and expand use of our test into more clinical settings for more indications,” said Jonathan Feldschuh, Daxor’s Chief Scientific Officer. In addition, in January 2022, Daxor was awarded a patent for optimal blood volume metrics and management and anticipates 4 new patent applications in 2022.
The Company announced in May 2021 that two NIH-funded heart failure studies commenced at the Geisinger Medical System and with the Veterans Affair System for both inpatient & outpatient care. The Company also announced in August 2021 that a promising research letter on the use of Daxor’s BVA-100 analyzer on six COVID-19 patients at NYU Medical Center had been published in the prestigious Journal of Critical Care. Daxor’s prospective multi-center trial has completed enrollment and results are expected to be published shortly. In addition, 10 new studies during 2021 were published in peer-reviewed journals or presented at juried conferences including data presented at the Society for Critical Care Medicine, the Heart Failure Society of America, The American Heart Association meeting, and publication in the Journal of the American College of Cardiology.
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.
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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