NEW YORK, NY -- (MARKET WIRE) -- April 2, 2007 -- Daxor Corporation (
AMEX:
DXR), a medical
instrumentation and biotechnology company, today announced the results of
operations for the year ended December 31, 2006. The Company had a loss of
$0.17 cents per share in 2006 vs. a loss of $0.29 cents in 2005. The loss
from operations expanded to ($5,436,671) in 2006 from ($4,915,193) in 2005.
The increased expenses are directly attributable to the expansion of the
Company's research, development, and marketing efforts. Total costs and
expenses for 2006 were up 11% from 2005. This was due to the planned
increase in expenses as the Company continues to expand its research and
development efforts associated with the Blood Volume Analyzer as well
increases to the marketing staff.
The Company has made a number of significant technical improvements to the
BVA-100, Blood Volume Analyzer which has enhanced the versatility of the
instrument. Operating revenues from equipment sales and related services
increased by 41% in 2006 vs. 2005. Kit utilization increased by 35% in
2006 as compared to 2005. However, instrument sales during 2005 were
impacted by a problem with incorrect hospital Medicare reimbursement. These
problems were corrected at the end of 2005 and did not impact 2006.
In January 2007, the Company closed on the acquisition of two 10,000 sq.
ft. facilities which will be used for research and manufacturing in Oak
Ridge, TN. The Company was able to partially offset its loss from
operations with increases from dividend income. The dividend income and
gains on the sales of securities increased 39% in 2006 to $5,590,447 from
$4,026,707 in 2005.
In the past 3 years, there have been multiple research papers from major
medical institutions concerning the benefits of measuring blood volume.
These can be accessed on the Company's website
www.daxor.com.
The Company also filed a methods patent on its Blood Optimization Program.
This patent involves the use of the BVA-100 Blood Volume Analyzer in
conjunction with frozen blood storage for patients undergoing elective
surgery. Combined with the use of blood stimulants, the essential concept
is to enable patients to undergo surgery in a non-anemic state and to have
additional autologous (their own) blood available for them to replace lost
blood.
The Company produces the BVA-100; the only semi-automated Blood Volume
Analyzer approved by the FDA. The Company submitted its 10-K report with
exhibits to the SEC today. For more information regarding Daxor
Corporation's Blood Volume Analyzer BVA-100 and other medical studies
contact Stephen Feldschuh, 212-330-8515 (Chief Operating Officer) or Diane
Meegan, 212-330-8512 (Investor Relations).
TWELVE MONTHS ENDED
Selected Financial Data: December 31, 2006 December 31, 2005
Total Operating Revenues $ 1,486,449 $ 1,343,538
Total Operating Expenses $ 6,923,120 $ 6,258,731
Loss From Operations $(5,436,671) $ (4,915,193)
Total Other Income $ 4,651,140 $ 3,579,212
Net Loss $ (785,531) $ (1,335,981)
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Weighted Average Number
Of shares outstanding 4,625,168 4,638,384
Equivalent Share
Earnings (loss) per share $ (0.17) $ (0.29)
Contact Information: Contact Information:
Stephen Feldschuh
Chief Operating Officer
212-330-8515
Diane Meegan
Investor Relations
212-330-8512