Strong Start to 2024 with Unaudited Revenue Climbing 229.1% in First Two Months of 2024 YoY
Oak Ridge, TN, March 18, 2024 (GLOBE NEWSWIRE) -- Daxor Corporation (Nasdaq: DXR), the global leader in blood volume measurement technology, announces today the filing of its Annual Report to Shareholders on Form N-CSR, disclosing its schedule of portfolio holdings as of December 31, 2023.
Management reported a NAV of $7.08 per share for fiscal 2023 versus $6.75 for the comparable period in 2022.
The unaudited operating division reports the following highlights from its financial performance:
- Revenue increased 31.8% Year on Year for 2023 versus 2022
- Revenue in the first 2 months of 2024 has increased 229.1% Year on Year versus 2023
- Number of Kits sold for our Diagnostic System rose 36.2% Year on Year for 2023 versus 2022
- Kit revenue in the first 2 months of 2024 has increased 95.7% Year on Year versus 2023
- 12 New Accounts launched in 2023, combination of sales, rentals, and ezBVA Lab services
- 6 New Accounts in the first 2 months of 2024, combination of sales, lease, and ezBVA Lab services
The operating company increased additional revenues to its commercial operations from the second half of 2023 with contracts from the U.S. Department of Defense, National Institutes of Health funding, and further sales of equipment warranty products. Management forecasts break-even for the operating company within 12-months if anticipated next generation units are cleared by FDA for sale, new contracts, and sales growth continues.
"We are pleased with our strong financial performance for fiscal 2023 driven by a combination of sold, leased, placed devices for commercial and research uses, and new lab services accounts, with eighteen new clients added. We have seen tremendous momentum coming into 2024 which is especially exciting as we get set to launch our newest point-of-care system when cleared by the FDA."
Management has released more details from its operating division in a shareholder letter and intends to hold a shareholder meeting for further discussion of results.
About Daxor Corporation
Daxor Corporation (Nasdaq: DXR), is the global leader in blood volume measurement technology focused on blood volume testing innovation. We developed and market the BVA-100® (Blood Volume Analyzer), the only diagnostic blood test cleared by the FDA to provide safe, accurate, objective quantification of blood volume status and composition compared to patient-specific norms. Over 65,000+ tests have been performed at leading hospital centers across the U.S., enhancing hospital performance metrics in a broad range of surgical and medical conditions, including significantly reducing mortality and readmissions in heart failure and critical care. Daxor has several ongoing trials in the areas of heart failure treatment with support from the NIH and is under contract developing analyzers to improve combat casualty care with the U.S. Department of Defense. Daxor's mission is to advance healthcare by enabling optimal fluid management with blood volume analysis. Daxor's vision is optimal blood volume for all. For more information, please visit our website at Daxor.com. Sign up to receive news on Daxor's innovative technology HERE.
Forward-Looking Statements
Certain statements in this release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the impact of hiring sales staff and expansion of our distribution channels. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including, without limitation, those risk associated with our post-market clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, FDA regulatory actions, our ability to integrate acquired businesses, our expectations regarding anticipated synergies with and benefits from acquired businesses, and additional other risks and uncertainties described in our filings with the SEC. Forward-looking statements speak only as of the date when made. Daxor does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
Bret Shapiro
Sr. Managing Partner, CORE IR
1-516-222-2560
brets@coreir.com
