NEW YORK, NY--(Marketwire - March 31, 2008) - Daxor Corporation, (
Operating revenues increased in 2007 by 25.8% to $1,869,779 from $1,486,449 in 2006. The major reason for the increase was the sale of six BVA-100 Blood Volume Analyzers in 2007 for $390,500 vs. two instruments during 2006 for $130,000. The increase in sales revenue from BVA-100 Blood Volume Analyzers was a result of 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 benefits of a measured blood volume prior to the purchase of the instrument. Two of the six units sold in 2007 were purchased without a trial period. Revenue from kit sales increased by 15.0% in 2007 vs. 2006 which can be mainly attributed to 58 instruments being in service at December 31, 2007 vs. 48 at December 31, 2006.
For the year ended December 31, 2007 operating expenses increased by 5.6% to $7,300,649 from $6,911,370 in 2006. The increased expenses are consistent with the continued expansion of the Company's research, development and marketing efforts.
The build out of the first of two 10,000 square foot buildings in Oak Ridge, Tennessee purchased by the Company in January 2007 commenced in the beginning of July. The Company moved in to the building during the first week of October after the Company received the necessary state and local permits and licenses. The Company is in the final stage of bids for the build out of the second building which should be completed by the fourth quarter of 2008. The second building will contain clean rooms and various laboratory spaces that will support the company's R&D efforts and long term goal of vertical integration into the market.
Daxor is actively marketing to and educating physicians who treat chronic and acute medical conditions where a blood volume analysis would improve care. The company is also actively conducting and pursuing various clinical outcome studies to demonstrate evidenced-based medical improvements in treatment and reductions in the cost of care.
YEAR ENDED Selected Financial Data: December 31, 2007 December 31, 2006 ----------------- ----------------- Total Operating Revenues $ 1,869,779 $ 1,486,449 Total Operating Expenses $ 7,300,649 $ 6,911,370 ----------- ----------- Net Loss from Operations $(5,430,870) $(5,424,921) Total Other Income $17,389,110 $ 4,651,140 ----------- ----------- Net Income (Loss) Before Income Taxes $11,958,240 $ (773,781) Income Tax Expense $ 1,311,024 $ 11,750 ----------- ----------- Net Income (Loss) $10,647,216 $ (785,531) ----------- ----------- Weighted Average Number of Shares Outstanding 4,572,119 4,625,168 Earnings (Loss) Per Share $ 2.33 $ (0.17)
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