Daxor Corporation: A Strong Financial Performance in 2023

Daxor Corporation (Nasdaq: DXR), a global leader in blood volume measurement technology, has reported a significant increase in its net asset value (NAV) to $7.25 per share for the fiscal year ended December 31, 2023. This growth, coupled with an 116.5 percent increase in unaudited revenue of its operating division, demonstrates the company's strong financial performance and strategic advancements.



The company's remarkable results can be attributed to several key factors:

1. Strong Product Adoption: Daxor's diagnostic kit sales grew by 60.1 percent in 2024, indicating a high demand for its products. Additionally, the company added 12 new customer accounts in 2024, further contributing to the revenue growth.
2. Expansion of Lab Services: Daxor launched 12 new accounts in 2023 and 6 new accounts in the first two months of 2024, offering a combination of sales, rentals, and ezBVA Lab services. This expansion of lab services contributed to the increased revenue.
3. Government Contracts and Funding: Daxor secured a $2.5M DoD contract and received over $350K in grants from NIH and Launch Tennessee. These contracts and funding provided additional revenue streams and non-dilutive capital for R&D initiatives.
4. Next-Generation Product Launch: Daxor is preparing to file for FDA approval of its next-generation blood volume analyzer through the 510(k) pathway. This point-of-care system aims to enhance clinical workflows in critical care settings and expand market opportunities in both hospital and outpatient environments. The anticipation of this new product launch may have contributed to the increased revenue.



Daxor's financial results represent a significant inflection point, with 116.5 percent YoY revenue growth and the achievement of cash flow break-even in Q1 2025 for its operating division (excluding non-cash expenses). This triple-digit growth appears driven by strong product adoption, evidenced by the 60.1 percent increase in diagnostic kit sales and the addition of 12 new customer accounts.

The secured $2.5M DoD contract provides revenue visibility, while the additional $350K in grants from NIH and Launch Tennessee offers non-dilutive capital for R&D initiatives. What's particularly compelling is the company's transition from development stage to commercial execution while maintaining innovation momentum.

The NAV increase to $7.25 per share (from $7.08) represents modest but positive asset value growth. However, the more significant narrative is the operating division's progress toward sustainable profitability, with record kit sales in early 2025 suggesting accelerating commercial adoption.

The imminent FDA submission for Daxor's next-generation blood volume analyzer represents a potential catalyst that could substantially expand the company's addressable market. The 510(k) pathway typically offers a faster route to market than PMA alternatives, potentially bringing this point-of-care system to market in the near term.

In conclusion, Daxor Corporation's strong financial performance in 2023, driven by strategic advancements in product development, revenue growth, and key acquisitions, positions the company for potentially significant growth as its product portfolio expands.