Daxor Corporation

For the year ended December 31, 2024, Daxor reported net dividend income of $104,115 and net realized gains on investment security activity of $1,359,163, partially offset by a $1,148,350 decrease in unrealized appreciation. Net increase in net assets from operations was $553,926, which included $1,245,583 of non-cash stock-based compensation expense. Corporate net assets were $36,789,893, or $7.25 per share, versus $34,010,384, or $7.08 per share a year earlier. Management said operating-company revenue increased 116.5% year over year in 2024, kits sold rose 60.1%, and the first two months of 2025 were more than 100% above the same period in 2024. Forward-looking commentary included cash-flow breakeven already achieved in Q1 2025 on an operating basis, a revised FDA 510(k) filing to be submitted imminently, and completion of in-house Volumex manufacturing by the end of 2025.

Michael Feldschuh framed 2024 as a pivotal year and stressed that Daxor is focused on broad adoption of blood volume analysis as a direct, more accurate alternative to proxy measures. He highlighted strong momentum in revenue, customer growth, clinical evidence, and the pipeline, especially the next-generation bedside analyzer, which he called the company’s most important product launch in 20 years. His tone was confident and expansionary, repeatedly pointing to market size, clinical utility, and upcoming milestones.

Bob Michel focused on the corporate-level financials, noting year-end 2024 net assets of $36.8 million, or $7.25 per share, up from $34.0 million, or $7.08 per share, at the prior year-end. He cited $104,115 of net dividend income, $1,359,163 of realized gains, and a $1,148,350 decline in unrealized appreciation as positions were sold. He also said the company made a $1,614,124 net investment in the operating division to fund R&D, sales, overhead, and production preparations for the 2025 launch and Volumex insourcing.

In the brief Q&A, management said the parent company transferred about $1.6 million to the operating company to support capex, inventory build, R&D, and other operating needs. Feldschuh added that the operating company has been cash-flow positive in the first two months of 2025 on a net basis excluding capex, depreciation, amortization, and stock-based compensation, helped by higher revenue and improved pricing. He also said the sales team is still being built, with a mix of internal hiring and possible distributor agreements, and described the competitive landscape as largely indirect proxy measures rather than direct, accurate blood-volume measurement.