SOURCE: Daxor Corp.

May 15, 2007 08:00 ET

(AMEX: DXR) Daxor Corporation Announces First Quarter 2007 Earnings

NEW YORK, NY -- (MARKET WIRE) -- May 15, 2007 -- Daxor Corporation (AMEX: DXR), a medical instrumentation and biotechnology company, today announced first quarter earnings for 2007. For the three months ended March 31, 2007 total operating revenues increased by 48% to $505,882 from $342,146 in 2006. This increase is directly attributed to the sale of two instruments in Q1 2007 vs. none in Q1 2006. Also, Volumex kit sales for 2007 were up by 21% over the prior year. Total cost and expenses increased by only 6% to $ 1,711,749 from $ 1,614,265 in 2006. At March 31, 2007 the Company had total assets of $83,468,271 with stockholders' equity of $ 51,343,092 vs. total assets of $78,166,312 and $45,637,792 of stockholders' equity for December 31, 2006. In the first three months of 2007, the company had significantly increased income from investments which completely offset the operating loss. Total other income increased by 246% to $4,265,861 from $1,233,137. The mark to market adjustments on short positions for the quarter was $2,014,798. The result from investment activity for the quarter was unusual. The net income per share for the current quarter was $0.66 versus a loss of $0.01 for the same period in 2006. The company is continuing to increase its expenses associated with research and development as the company works on the next generation Blood Volume Analyzer, Drug Delivery Device and other products that are complementary to its current product line. The improvement in the company's financial structure is important for the company's expansion plans. There were 53 Blood Volume Analyzers placed at March 31, 2007 versus 34 instruments at March 31, 2006.

The company provides the BVA-100 Blood Volume Analyzer on a trial basis with an option to purchase. Among nationally renowned hospitals and other major medical institutions which have purchased the BVA-100 after a trial period are the Mayo Clinic, The Cleveland Clinic, NIH, and New York University Medical Center. During the trial period, the Company receives income primarily from kit sales.

Daxor Corporation manufactures and markets the BVA-100, a semi-automated Blood Volume Analyzer. The BVA-100 is used in conjunction with a single use diagnostic kit. The BVA-100 measures blood volume to within a 98% accuracy. More information about the BVA-100 and other Daxor products and services can be found at www.daxor.com.

                                                  Three Months Ended

                                            March 31, 2007  March 31, 2006
                                            --------------  --------------
Total Operating Revenue                     $      505,882  $      342,146
Total Costs & Expenses                      $    1,711,749  $    1,614,265
                                            --------------  --------------
Net Loss From Operations                    ($   1,205,867) ($   1,272,119)

Total Other Income                          $    4,265,861  $    1,233,137
                                            --------------  --------------

Net Income (Loss)                           $    3,059,994  $      (38,982)
                                            --------------  --------------

Weighted Average Number
 of Shares Outstanding                           4,606,787       4,630,426
Earnings (Loss) Per Share                   $         0.66  $        (0.01)

Contact Information

  • Contact Information:
    Daxor Corporation
    Stephen Feldschuh
    212-330-8515
    Chief Operating Officer
    Email Contact
    or
    Diane Meegan
    212-330-8512
    Investor Relations
    Email Contact