Daxor Corporation Announces $0.48 Per Share NAV Increase and Files Annual Report for Fiscal 2020
February 26 2021 - 8:30AM
Daxor Corporation (NYSE MKT: DXR)
The global leader in blood volume technology today filed its Annual
Report to Shareholders on Form N-CSR, disclosing its schedule of
portfolio holdings as of December 31, 2020.
Management reported a NAV of $3.89 for fiscal
2020 versus $3.41 for the comparable period in 2019, a $0.48
increase or 14%, as well as a 50.4% increase in revenues for its
operating division, which produces and distributes its blood volume
analysis (BVA) diagnostic systems and test kits. “We are pleased
with our strong financial performance for fiscal 2020, as Daxor
responded well to the unprecedented challenges of the COVID
pandemic. Asset growth and revenue increases were driven by a
combination of the sale and leasing of our BVA diagnostic systems
and single-use test kits, as well as new military contracts from
The US Department of Defense,” said Michael Feldschuh, CEO of
Daxor.
Daxor announced that it also accelerated its
commercialization efforts led by Jean Oertel, Vice President of
Commercialization. Ms. Oertel joined Daxor in Q1 of 2020 after
serving in senior leadership positions at major diagnostic
companies, and has been focused on expanding Daxor’s customer base
and distribution partners. “We are excited to be expanding our
commercialization team, as well as clinical support and third-party
distribution partners, to drive further increases in revenue for
the coming year, capitalizing on strong research outcomes and new
compelling cost-effectiveness data for Daxor’s products published
in Q4 of 2020,” Ms. Oertel stated.
The Company also announced significant progress
in its next-generation BVA technology, funded by multiple contracts
awarded by the US Department of Defense. “Daxor’s next-generation
technology is moving swiftly ahead with new analyzers projected for
completion in the next 12 months. We are especially pleased with
additional funding we have received from the National Institutes of
Health and the Center for Advancing Point of Care Technologies
(CAPCaT), as well. Our next generation products promise a leap in
the speed and ease of use for our diagnostics and may broaden the
market for our tests significantly,” said Jonathan Feldschuh,
Daxor’s Chief Scientific Officer. “In addition, Daxor filed six new
patents in 2020 and anticipates filing a similar number in 2021,
capitalizing on technological advances in our active R&D
program.”
In June of 2020, the Company announced a
prospective multi-center study of BVA use for COVID-19 patients
initiated by NYU Langone Health and the subsequent addition of two
more hospital centers to the study. Results are anticipated to be
announced in 2021. Duke University also initiated a randomized
controlled study of BVA guided therapy in heart failure patients,
and further studies are slated to be announced in the coming
months.
“The COVID crisis, ICU mortality in general, and
Heart Failure hospital admissions of over 1 million per year show
the urgent need for our technology to improve outcomes in our
health system while driving substantial cost savings. Our
diagnostics help individualize and optimize care regardless of the
source of the patient fluid derangement and numerous studies show
the benefit of optimal volume management with our unique
FDA-cleared, ISO 13485 certified BVA technology,” stated CEO
Michael Feldschuh. “We look forward to the coming year with the
synergy of commercial developments, clinical outcomes and
awareness, and exciting next-generation products coming to market
supported by strong partnerships.”
About Daxor
Daxor Corporation (NYSE: DXR) an innovative
medical instrumentation and biotechnology company is the global
leader in blood volume technology. We developed and market the
BVA-100® (Blood Volume Analyzer), the first diagnostic blood test
cleared by the FDA to provide safe, accurate, objective
quantification of blood volume status and composition compared to
patient-specific norms. The BVA technology has the potential to
improve hospital performance metrics in a broad range of surgical
and medical conditions including heart failure and critical care by
better informing treatment strategies, resulting in significantly
better patient outcomes. Our mission is to partner with clinicians
to incorporate BVA technology into standard clinical practice and
improve the quality of life for patients. For more information
please visit our website at https://www.daxor.com.
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 ShapiroSr. Managing
Partner, CORE IR516-222 -2560brets@coreir.com
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