NEW YORK, NY--(Marketwire - May 15, 2008) - Daxor Corporation (
AMEX:
DXR), a medical
instrumentation and biotechnology company, today announced first quarter
earnings for 2008. For the three months ended March 31, 2008 total
operating revenues decreased by 17% to $420,913 from $505,882 in 2007. This
decrease is directly attributable to no BVA-100 Blood Volume Analyzers
being sold in the first quarter of 2008 versus two being sold during the
first quarter of 2007. The Centers for Medicare and Medicaid Services (CMS)
implemented a policy change effective January 1, 2008 which significantly
reduced the reimbursement for diagnostic radiopharmaceutical products. It
is the opinion of management that this change negatively impacted
instrument sales. Volumex kit sales for the first quarter of 2008 were up
by 24% over the prior year. Total costs and operating expenses for the
first quarter of 2008 decreased by 1% to $1,689,714 vs. $1,711,749 for the
first quarter of 2007.
At March 31, 2008, the Company had total assets of $81,470,591 with total
stockholders' equity of $54,319,391 vs. total assets of $102,560,500 and
$54,915,885 of stockholders' equity at December 31, 2007. In the first
three months of 2008 and 2007, the company had significant income from
investments which completely offset the operating loss. Total other income
increased by 101% to $8,589,809 from $4,265,861.The net income per share
for the current quarter was $1.66 versus $0.66 for the same period in 2007.
The company is continuing to increase its expenses associated with research
and development as part of the continuing effort to develop products that
are complementary to its current product line. The improvement in the
company's financial structure is important for the company's expansion
plans. There were 53 Blood Volume Analyzers placed at March 31, 2008 versus
36 instruments at March 31, 2007.
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.
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.
Under the provisions of the Company's stock buyback program, Daxor may
purchase up to 250,000 shares of the Company's common stock each year. As
part of this program, the Company purchased 65,800 shares of Daxor Common
Stock during the quarter ended March 31, 2008 and 163,808 during the year
ended December 31, 2007.
Three Months Ended
March 31, 2008 March 31, 2007
-------------- --------------
Total Operating Revenue $ 420,913 $ 505,882
Total Costs & Expenses $ 1,689,714 $ 1,711,749
----------- -----------
Net Loss From Operations ($ 1,268,801) ($ 1,205,867)
Total Other Income $ 8,589,809 $ 4,265,861
----------- -----------
Net Income $ 7,321,008 $ 3,059,994
----------- -----------
Weighted Average Number of
Shares Outstanding 4,421,518 4,606,787
Earnings Per Share $ 1.66 $ 0.66
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