NEW YORK, NY--(Marketwire - August 9, 2007) - Daxor Corporation (
AMEX:
DXR), a medical
instrumentation and biotechnology company, today announced second quarter
earnings for 2007. For the quarter ended June 30, 2007 total operating
revenues increased by 40.1 % to $545,318 from $389,322 for the same period
in 2006. The major reason for the increase in operating revenues was the
sale of three Blood Volume Analyzers in the quarter ended June 30, 2007
versus a sale of one instrument for the quarter ended June 30, 2006. For
the quarter ended June 30, 2007 costs and expenses decreased by 7.1% to $
1,779,579 from $ 1,914,928 in 2006.
For the six months ended June 30, 2007 total operating revenues increased
by 43.7% to $1,051,200 from $731,468 for the same period in 2006. The major
reason for the increase in operating revenues was the sale of five Blood
Volume Analyzers in the six months ended June 30, 2007 versus a sale of one
instrument for the six months ended June 30, 2006. For the six months ended
June 30, 2007 costs and expenses decreased by 1.1% to $3,491,328 from
$3,529,193 in 2006.
The increase in sales revenue from Blood Volume Analyzers can be directly
attributed to 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 benefit of a measured
blood volume prior to the purchase of the instrument. Two of the five units
sold during the first half of 2007 were purchased without a trial period.
There were 50 Blood Volume Analyzers placed at June 30, 2007 versus 40
instruments at June 30, 2006.
At June 30, 2007, the Company had total assets of $80,386,989 and
stockholders' equity of $52,301,644 versus total assets of $78,166,312 and
$45,637,792 of stockholders' equity at December 31, 2006. In the first
half of 2007 the company had significant income from investments which
helped offset operating losses. The company is continuing to increase its
research and development efforts as it works on the next generation Blood
Volume Analyzer, Isotope Tracer Delivery Device and other products that are
complementary to its current product line.
A recent publication of 10 scientific articles detailing the importance of
blood volume and blood volume measurement was recently published in the
American Journal of the Medical Sciences (AJMS). AJMS, founded in 1820, is
the second oldest medical journal in the United States. This recent
"symposium issue" is the first symposium issue on blood volume in clinical
medicine to be published in 20 years.
The articles related to Daxor's BVA-100 cover topics such as blood volume
measurement technology and the roles a blood volume diagnosis plays in the
treatment of heart failure, syncope, and orthostatic intolerance. They
include research conducted at Vanderbilt University School of Medicine,
Nashville, TN; William Beaumont Hospital of Royal Oak, MI; Yale University
Hospital, New Haven, CT; Cleveland Clinic, Cleveland, OH.
The build out of two 10,000 square foot buildings in Oak Ridge, Tennessee
owned by the Company commenced in the beginning of July after the Company
received the necessary state and local permits and licenses. We are
currently on schedule to move the manufacturing process of the BVA-100 to
the new buildings in September of 2007.
Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
----------- ----------- ----------- -----------
Total Operating
Revenues $ 545,318 $ 389,322 $ 1,051,200 $ 731,468
Total Costs &
Expenses $ 1,779,579 $ 1,914,928 $ 3,491,328 $ 3,529,193
----------- ----------- ----------- -----------
Net Loss from
Operations ($ 1,234,261)($ 1,525,606) ($ 2,440,128)($ 2,797,725)
Total Other Income $ 3,574,176 $ 1,659,926 $ 7,840,037 $ 2,893,063
----------- ----------- ----------- -----------
Net Income $ 2,339,915 $ 134,320 $ 5,399,909 $ 95,338
----------- ----------- ----------- -----------
Weighted Average
Number of Shares
Outstanding 4,589,418 4,629,626 4,598,103 4,630,026
Earnings Per Share $ 0.51 $ 0.03 $ 1.17 $ 0.02
Contact Information: Contact Information:
Daxor Corporation
Stephen Feldschuh
212-330-8515
(Chief Operating Officer)
or
David Frankel
212-330-8504
(Chief Financial Officer)