SOURCE: Daxor Corp.

November 14, 2007 08:00 ET

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

NEW YORK, NY--(Marketwire - November 14, 2007) - Daxor Corporation (AMEX: DXR), a medical instrumentation and biotechnology company, today announced third quarter earnings for 2007. For the quarter ended September 30, 2007 total operating revenues decreased by 16.8% to $349,547 from $420,140 for the same period in 2006. The major reason for the decrease in operating revenues was that no instruments were sold during the current quarter and one Blood Volume Analyzer was sold during the quarter ended September 30, 2006. For the quarter ended September 30, 2007 costs and expenses increased by 15.3% to $ 1,918,386 from $ 1,663,524 in 2006.

For the nine months ended September 30, 2007 total operating revenues increased by 21.6% to $1,400,747 from $1,151,608 for the same period in 2006. The major reason for the increase in operating revenues was the sale of five Blood Volume Analyzers in the nine months ended September 30, 2007 versus a sale of two instruments for the nine months ended September 30, 2006. For the nine months ended September 30, 2007 costs and expenses increased by 4.2% to $5,409,714 from $5,192,717 in 2006.

The increase in sales revenue from Blood Volume Analyzers can be directly attributed to the increased focus on securing purchase agreements from customers who have clinical trial agreements. The company engages in clinical trial agreements to allow customers to begin utilization of the instrument and to become familiar with the clinical benefit of a measured blood volume prior to the purchase of the instrument. Two of the five units sold during the first nine months of 2007 were purchased without a trial period. There were 55 Blood Volume Analyzers placed at September 30, 2007 versus 44 instruments at September 30, 2006.

At September 30, 2007, the Company had total assets of $82,774,691 and stockholders' equity of $51,871,218 versus total assets of $78,166,312 and $45,637,792 of stockholders' equity at December 31, 2006. In the first nine months of 2007 the company had significant income from investments which helped offset operating losses. The company is continuing to increase its research and development efforts as it works on the next generation Blood Volume Analyzer, Isotope Tracer Delivery Device and other products that are complementary to its current product line.

The build out of two 10,000 square foot buildings in Oak Ridge, Tennessee owned by the Company commenced in the beginning of July after the Company received the necessary state and local permits and licenses. The Company moved in to the buildings during the first week of October 2007.



                       Three Months Ended           Nine Months Ended
                          September 30                September 30

                       2007          2006          2007          2006
                    -----------   -----------   -----------   -----------

Total Operating
 Revenues           $   349,547   $   420,140   $ 1,400,747   $ 1,151,608
Total Costs &
 Expenses           $ 1,918,386   $ 1,663,524   $ 5,409,714   $ 5,192,717
                    -----------   -----------   -----------   -----------
Net Loss from
 Operations         $(1,568,839)  $(1,243,384)  $(4,008,967)  $(4,041,109)

Total Other Income  $ 3,524,442   $   315,592   $11,364,479   $ 3,208,655
                    -----------   -----------   -----------   -----------

Net Income (Loss)   $ 1,955,603   $  (927,792)  $ 7,355,512   $  (832,454)
                    -----------   -----------   -----------   -----------

Weighted Average
 Number of Shares
 Outstanding          4,578,485     4,623,493     4,591,563     4,627,848

Earnings (Loss)
 Per Share          $      0.43   $     (0.20)  $      1.60   $     (0.18)

Contact Information

  • Contact Information:
    Daxor Corporation
    Stephen Feldschuh
    212-330-8515
    (Chief Operating Officer)
    stephen@daxor.com

    David Frankel
    212-330-8504
    (Chief Financial Officer)
    dfrankel@daxor.com