OAK RIDGE, TN - Daxor Corporation (NASDAQ:DXR), a leader in blood volume measurement technology, has received a $300,000 Small Business Innovation Research (SBIR) matching fund from Launch Tennessee. The funding will support the development of Daxor's next-generation point-of-care blood volume analyzer, which is built upon the company's Phase II award from the Defense Health Agency.
Michael Feldschuh, CEO and President of Daxor, remarked that the SBIR matching fund is a significant addition to their portfolio of non-dilutive funding. He emphasized the company's commitment to innovation, job creation, and its established presence in Oak Ridge, Tennessee.
LaunchTN, a public-private partnership, aims to position Tennessee as a prime state for startups by facilitating entrepreneurship, technology advancement, and workforce development through various initiatives, including capital access and mentorship.
Daxor's BVA-100™ Blood Volume Analyzer is the only FDA-cleared diagnostic blood test that provides accurate and objective quantification of blood volume status and composition relative to patient-specific norms. The company has conducted over 65,000 tests across the United States, contributing to improved hospital performance metrics and patient outcomes in various medical conditions.
In addition to its commercial endeavors, Daxor is involved in ongoing trials related to heart failure treatment supported by the National Institutes of Health (NIH) and is developing analyzers to enhance combat casualty care for the U.S. Department of Defense.
The company's mission is to advance healthcare through optimal fluid management with blood volume analysis, aiming for optimal blood volume for all patients.
This announcement is based on a press release statement from Daxor Corporation. The company cautions that forward-looking statements are subject to risks and uncertainties and invites readers to review their filings with the SEC for a more comprehensive understanding of potential risks and uncertainties.
In other recent news, Daxor Corporation reported a substantial increase in its financial performance for the first half of 2024, with the unaudited revenue more than doubling compared to the same period in 2023. This growth has been attributed to increased sales to existing customers and the addition of fourteen new accounts. The company has also secured significant government contracts, including a $1.9 million contract from the U.S. Air Force and a $550,000 contract from the U.S. Defense Health Agency, with revenue expected over the next 24 months.
Daxor's annual shareholder meeting resulted in the re-election of the board of directors and the ratification of Citrin Cooperman, LLP as the company's independent registered public accounting firm. These developments are part of Daxor's ongoing strategy to strengthen its governance and operational foundations.
The appointment of Dr. John L. Jefferies as the new Chief Medical Officer is another significant development. Dr. Jefferies, a board-certified cardiologist with extensive experience, is expected to guide the company's strategic development and growth objectives. His appointment is seen as a step towards enhancing the adoption of Daxor's diagnostic solutions and fostering collaboration with the medical community.
These recent developments underscore Daxor Corporation's commitment to advancing healthcare and improving patient outcomes.
InvestingPro Insights
Daxor Corporation (NASDAQ:DXR) has recently secured additional funding to propel its innovative blood volume analysis technology, which underscores its growth trajectory. In light of this development, it's pertinent to consider the company's financial metrics and market performance as provided by InvestingPro. Daxor's current Price/Earnings (P/E) Ratio stands at a modest 1.61, indicating a potentially undervalued stock when compared to industry peers. This is coupled with a Price/Book (P/B) Ratio of 1.36, suggesting that the market price closely reflects the company's book value.
However, the company's financial health shows some challenges, with a reported revenue of $0.15 million over the last twelve months as of Q2 2024, which marks a decrease of 13.06%. This aligns with the InvestingPro Tip that analysts expect a sales decline in the current year. Moreover, the company's short-term obligations surpassing its liquid assets is a point of caution for potential investors, as highlighted by another InvestingPro Tip.
On a more positive note, Daxor has been profitable over the last twelve months, which is an encouraging sign for investors looking for established profitability in their investments. However, the company does not distribute dividends, which might deter income-focused investors. For those interested in a deeper analysis, InvestingPro offers a plethora of additional tips to help investors make informed decisions.
InvestingPro's platform currently lists 5 more tips for Daxor Corporation, which can be accessed to gain a comprehensive understanding of the company's financial nuances and market position. Visit https://www.investing.com/pro/DXR for an in-depth look at these valuable insights.
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