Net Assets Increases to $30.4 Million From $29.0 Million
Oak Ridge, TN, Aug. 28, 2023 (GLOBE NEWSWIRE) -- 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, 2023.
The unaudited financials reported included an increase in revenue of 20.64 percent in the Company’s diagnostic test kits compared to the same period from 2022 represents strong strides in the commercialization of its BVA-100® Blood Volume Analyzer through a combination of the purchase and leasing of capital equipment, the launch of Daxor’s ezBVA Lab service, and the opening of eight new commercial and academic accounts during the past six- months.
The Company is executing on a new $1.1 million contract from the U.S. Department of Defense, which it received at the start of Q3, for additional capabilities to its next-generation analyzer. Daxor anticipates submission and review by the FDA of its next generation analyzer under a 510(k)/CLIA-waiver dual pathway by the end of the year with a projected launch of the new system in early 2024.
As of June 30, 2023, the company held net assets of $30,359,013, an increase from $28,969,469 as reported at the end of FY 2022, reflecting assets raised, commercial and grant revenue, and the Company’s continued investments in research and development, as well as production facilities for the next generation blood volume analyzers.
“I am pleased to report that in the past six months, we have made important breakthroughs by balancing our growth in commercialization with strategic investment fueling the development of our next generation systems,” said Michael Feldschuh, CEO and President of Daxor. “The strong trend in healthcare is towards individualized and cost-effective care. Our BVA diagnostic is a non-invasive and inexpensive blood test which allows care teams to solve the significant challenge of accurately managing the fluid levels of patients, whether it is in the heart failure clinic or the hospitalized heart failure patient in the ICU. Studies published and presented are proving just how exciting the potential for this approach is. Reducing mortality, lowering complications, reducing hospital resource use and length of stay with a non-invasive, 98% accurate test is achievable with our patented technology and promises even greater adoption with the release of our next-generation systems undergoing validation studies for submission to the FDA.”
Form N-CSR for the period ended June 30, 2023 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. 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
brets@coreir.com
