Company forecasts further increase in sales driven by new distributor agreements
Oak Ridge, TN – August 30, 2021 – Daxor Corporation (Nasdaq: 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, 2021.
The Company’s increase in revenue of 26.5% in the Company’s diagnostic division represents strong strides in the commercialization of its BVA-100® Blood Volume Analyzer and eight additional accounts. In addition, the filing noted that Daxor’s next-generation point-of-care analyzers utilizing patent-pending fluorescence technology are on track for production as funded by the U.S. Department of Defense and slated for release in 2022. Updates on the initiation of a National Institutes of Health multicenter prospective randomized control trial in heart failure management utilizing Daxor’s technology were also given. “Daxor’s research trial at the VA Hospital System is in excellent shape”, noted Chief Scientific Officer Jonathan Feldschuh. “We are excited to update shareholders that this landmark trial has begun and enrollment is on track.”
Revenue growth was driven by a combination of the sale and leasing of capital equipment and orders for the single-use blood volume diagnostics kits for critical care and heart failure management as well as other indications and additionally by orders from the U.S. Department of Defense as well as third-party companies contracting with Daxor to conduct blood volume analysis on their products. Management also noted that eight new accounts had been opened since the start of the year in a variety of avenues including purchase, lease, reference lab use, and research.
“I am pleased to announce continued double-digit growth as we remain focused on accelerating our commercialization strategy despite the ongoing challenges from COVID-19,” said Michael Feldschuh, CEO and President of Daxor. “To amplify the reach of our products, two new distributor agreements have been signed to drive usage in hospitals not covered by our own reps. We project having a sales team of internal and external reps of over 50 for the second half of this year now that onboarding is mostly complete. This multi-channel distribution model spearheaded by Daxor team leader Jean Oertel is anticipated to increase our sales and facilitate further awareness, adoption and integration of our much needed and valuable test for use in a broad range of medical and surgical conditions for both inpatient and outpatient care.” In recognition of its accelerating sales program, the company announces that Jean Oertel has been named Senior Vice President of Commercialization.
As of June 30, 2021 the company held net assets of $14,493,285 or $3.59 per share, a 7% decrease 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.
Form N-CSR for the period ended June 30, 2021 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 (organized as an investment company with fully-owned innovative medical instrumentation and biotechnology operations). 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 enhances hospital performance metrics in a broad range of surgical and medical conditions, including heart failure and critical care, by informing treatment strategies, resulting in significantly improved multiple measures of patient outcomes. 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.
Investor Relations Contact
Sr. Managing Partner, CORE IR