SOURCE: Daxor Corp.

April 02, 2007 08:00 ET

(AMEX: DXR) Daxor Corporation Announces Year End 2006 Earnings

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)
                                   ============              ============
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