Daxor Corporation CEO and President Michael Feldschuh Provides Corporate Update in Letter to Shareholders

Rhea-AI Summary

Daxor Corporation (Nasdaq: DXR) reported a transformative 2025 with FDA 510(k) clearance in August for a next‑generation portable Blood Volume Analyzer, unaudited operating revenue up 45% YoY, year‑end net assets of $45.89M ($9.07/share), and a post‑year $9.0M registered direct offering in January 2026.

The operating division narrowed losses to $268,598 in 2025 while investing in R&D, commercialization, and production to scale placements and sales.

Positive

• FDA 510(k) clearance for next‑generation portable analyzer (August 2025)
• Operating division revenue +45% YoY for year ended Dec 31, 2025
• Net assets of $45.89M at Dec 31, 2025; NAV $9.07/share
• Closed $9.0M registered direct offering in Jan 2026 at $11.75/share
• Clinical evidence: euvolemic heart failure patients showed 2.61x survival (ACC25)

Negative

• Operating division reported a $268,598 loss for 2025 despite revenue growth
• Unrealized investment losses decreased by $684,006 as positions sold during 2025
• Significant near‑term cash use for R&D, production ramp and commercial hires

Key Figures

Net assets: $45,887,266 NAV per share: $9.07 Operating revenue growth: 45% +5 more

8 metrics

Net assets $45,887,266 As of December 31, 2025

NAV per share $9.07 December 31, 2025 (vs. $7.25 at December 31, 2024)

Operating revenue growth 45% Increase in unaudited operating division revenues in 2025 vs. 2024

Operating division loss $268,598 Operating division loss for full year 2025

Prior-year operating loss $1,614,545 Operating division loss for full year 2024

Registered direct proceeds $9 million Registered direct offering closed January 2026 at $11.75 per share

Misdiagnosed COVID-19 patients 48% Pilot study showing discordance between clinical assessment and measured volume status

Heart failure survival benefit 2.61 times Improved survival in BVA-identified euvolemic heart failure patients (ACC25 research)

Market Reality Check

Price: $11.38 Vol: Volume 101,162 is 9.42x t...

high vol

$11.38 Last Close

Volume Volume 101,162 is 9.42x the 20-day average of 10,739. high

Technical Price at 11.38, trading slightly above 200-day MA at 11.32.

Peers on Argus

DXR fell 4.05% while peers showed mixed moves: AKYA -8.51%, ZJYL -3.4%, ZTEK +4....

DXR fell 4.05% while peers showed mixed moves: AKYA -8.51%, ZJYL -3.4%, ZTEK +4.54%, PDEX +3.64%, MLSS -3.03%, indicating stock-specific trading rather than a unified sector move.

Historical Context

5 past events · Latest: Feb 24 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 24	Outpatient program launch	Positive	-1.7%	Launched ezBVA-based diagnostic program expanding outpatient cardiology presence in Tennessee.
Feb 10	Reporting transition plan	Positive	-0.4%	Announced move from Investment Company Act to Exchange Act reporting focus.
Jan 23	Registered direct offering	Negative	-8.1%	Raised $9M via registered direct equity offering for general corporate purposes.
Nov 25	New facility adoptions	Positive	-1.9%	Expanded BVA platform into three facilities using analyzers and ezBVA Lab Service.
Oct 21	Investor conference meetings	Neutral	+2.0%	CEO scheduled one-on-one meetings with institutional investors at Maxim Growth Summit.

Pattern Detected

Recent DXR news—including growth updates, new programs, and regulatory steps—has often been followed by modest negative price reactions, while the January 2026 dilutive offering drew the sharpest selloff. Positive operational and adoption headlines tended to see mild pullbacks, suggesting investors frequently faded good news. The current shareholder letter, highlighting 2025 growth, FDA clearance, and strategic realignment, fits this pattern of fundamentally constructive updates coinciding with short-term pressure rather than strong upside follow-through.

Recent Company History

Over the past several months, DXR has reported a series of growth and transition milestones. On Jan 23, 2026 it announced a $9M registered direct offering, which saw a -8.13% move. Subsequent February updates on reporting transition and outpatient BVA expansion (Feb 10 and Feb 24, 2026) were followed by small declines despite positive narratives. Earlier in Q4 2025, facility adoption and investor-outreach news produced mixed but generally muted reactions. Today’s comprehensive 2025 performance and strategy letter continues that evolution toward an operating diagnostics profile.

Market Pulse Summary

This announcement highlights a transformative 2025, with net assets reaching $45,887,266, NAV rising...

Analysis

This announcement highlights a transformative 2025, with net assets reaching $45,887,266, NAV rising to $9.07 per share, and operating division revenues up 45%. FDA 510(k) clearance for the next‑generation portable analyzer and strong clinical data, including a 2.61x survival benefit in heart failure patients, reinforce the technology story. Investors may track progress toward break-even from a $268,598 operating loss, deployment of the January $9 million capital raise, and completion of the shift to Exchange Act reporting.

Key Terms

fda 510(k) clearance, clia-certified, registered direct offering, investment company act of 1940, +2 more

6 terms

fda 510(k) clearance regulatory

"Our most significant corporate highlight of the year was the receipt of FDA 510(k) clearance in August"

FDA 510(k) clearance is an official approval from the U.S. Food and Drug Administration that allows medical devices to be legally sold in the United States. It indicates the device is considered safe and effective based on its similarity to already approved products. For investors, achieving 510(k) clearance can signal a company's readiness to bring a medical device to market and generate revenue.

clia-certified regulatory

"our CLIA-certified ezBVA Lab Service with 24-hour turnaround results"

CLIA-certified means a laboratory has passed U.S. federal standards for performing tests on human samples, showing its results are accurate, reliable and timely. For investors this matters because certification is often required to sell clinical test services, bill insurers, win hospital or physician partnerships and avoid regulatory penalties — much like a restaurant passing a health inspection or a car getting a safety sticker before it can be sold.

registered direct offering financial

"we successfully closed a $9 million registered direct offering in January 2026"

A registered direct offering is a way for a company to sell new shares of its stock directly to select investors with regulatory approval. This method allows the company to raise funds quickly and efficiently without needing a public auction, similar to offering exclusive access to a limited number of buyers. For investors, it often provides an opportunity to purchase shares at a favorable price, while giving the company immediate access to capital.

investment company act of 1940 regulatory

"transition its primary regulatory reporting framework from the Investment Company Act of 1940 back"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

exchange act regulatory

"This strategic transition to the Exchange Act is a profound financial validation"

A federal law that sets rules for trading securities on public exchanges, requiring companies and market participants to register, disclose regular financial information, and follow standards that promote honest, orderly markets. For investors, it matters because it creates transparency and legal protections—like stopping insider trading and ensuring timely company disclosures—so you can evaluate risks and rely on consistent rules much as players rely on a referee to keep a game fair.

value-based care medical

"real-time blood volume measurement is essential for value-based care"

A health-care delivery approach that rewards providers for keeping patients healthy and improving outcomes instead of charging for each test or visit. For investors, it matters because it shifts where profits and losses come from—favoring providers and technologies that lower long-term costs, prevent complications, and demonstrate measurable results; think of it like paying a contractor only when the house stays sound, which changes who wins and loses financially.

AI-generated analysis. Not financial advice.

Oak Ridge, TN, March 03, 2026 (GLOBE NEWSWIRE) -- Daxor Corporation (Nasdaq: DXR), the global leader in blood volume measurement technology today issued a corporate update in a Letter to Shareholders filed in its certified shareholder report on Form N-CSR on March 2, 2026 from CEO & President, Michael Feldschuh.

Dear Valued Shareholders,

"To measure is to know. If you cannot measure it, you cannot improve it." — Lord Kelvin

Lord Kelvin’s timeless scientific principle perfectly encapsulates the mission of Daxor Corporation. In medicine, you cannot effectively treat what you cannot accurately measure. Looking back at the entirety of 2025, our commitment to replacing clinical guesswork with precise measurement – changing healthcare outcomes and economics – has culminated in a truly transformative year for Daxor Corporation. Last year marked a crucial inflection point for our company, characterized by groundbreaking product innovation, rapidly expanding market adoption, undeniable clinical validation, and increased visibility for our Blood Volume Analysis (BVA^™) technology.

Financial and Operating Performance Highlights

We are particularly pleased to report on our financial performance for the year ended December 31, 2025, demonstrating significant progress and continued growth in our operating business.

As of December 31, 2025, Daxor's net assets were $45,887,266, reflecting an increase of $10,094,965 from $35,792,301 at December 31, 2024. On a per-share basis, our Net Asset Value increased to $9.07 per share at December 31, 2025, up $1.82 per share from $7.25 per share at December 31, 2024.

For the year ended December 31, 2025, Daxor had net dividend income of $13,598 and net realized gains on investment activity of $745,334. There was a net decrease in unrealized appreciation on investments of $684,006, as positions were sold during 2025 and prior periods’ significant unrealized gains unwound into realized gains. The Net Increase in Net Assets Resulting From Operations of $9,169,774 included non-cash stock-based compensation expense of $765,906.

Importantly, our operating division continued to show remarkable growth throughout the year. The operating division experienced a 45 percent increase in unaudited revenues for the year ended December 31, 2025, as compared to the year ended December 31, 2024. This substantial growth was driven by a combination of sales of our single-use blood volume diagnostic kits for heart failure management and critical care use, as well as revenue from military contracts. The addition of new accounts during this period also contributed to this revenue growth.

Additionally, the operating division realized a loss of $268,598 for the entire year of operations due to judicious investment in research and development for the 2025 product launch, ramping commercial sales teams, and production facilities for our next-generation analyzers. This is significantly lower than the $1,614,545 realized loss from the same period of the prior year, demonstrating the substantial operational growth of the division over the last year in our drive to a break-even operating performance despite the significant investments required to hit key milestones in development.

To further bolster our balance sheet and support this growth, subsequent to year-end, we successfully closed a $9 million registered direct offering in January 2026, priced at $11.75 per share. This capital injection significantly strengthens our working capital and provides the resources needed to further accelerate our commercialization efforts as we expand our market footprint, but our 2025 year-end numbers do not reflect this infusion of capital.

A Milestone Year: FDA Clearance & Commercial Momentum

Our most significant corporate highlight of the year was the receipt of FDA 510(k) clearance in August for our next-generation rapid, compact, portable Blood Volume Analyzer. This new system, developed under contract with the U.S. Department of Defense, changes the game for fluid management. It provides critical results three times faster than our BVA-100 system, weighs just seven pounds, and can be easily moved between settings,all while delivering the same highly accurate, laboratory-grade diagnostic precision.

The market has responded enthusiastically. We are utilizing our newly raised capital to assemble next generation units for placement, while engaging in the expansion of our sales team. Our growth is being strongly propelled by our dual-solution strategy, offering both our on-site BVA analyzers for immediate assessment and our CLIA-certified ezBVA Lab Service with 24-hour turnaround results. In late 2025, we announced accelerating market adoption with expansions into an Upper Midwest Integrated Health System, an Ohio Academic Medical Center, and a Southwest Cardiology Group Practice. Throughout the broader year, we also secured new adoptions across Kentucky, Arkansas, Philadelphia, and Florida. To celebrate our FDA clearance and expanding market presence, our team proudly rang the Nasdaq Closing Bell in August. We also actively engaged with the broader medical and investment communities, showcasing our technology at the MedAxiom Cardiovascular Transforum, the ISHLT Annual Meeting, and the H.C. Wainwright 27th Annual Global Investment Conference, among others.

Unprecedented Clinical Validation

The clinical validation supporting our BVA technology reached new heights in 2025, further proving that accurate, real-time blood volume measurement is essential for value-based care:

• Critical Care & Sepsis: In September, a landmark pilot study co-authored by leading intensive care experts was published in the Journal of Critical Care. The study revealed pervasive misdiagnoses using traditional clinical assessments, noting that 48% of COVID-19 patients were clinically deemed hypervolemic when objective measures showed they were hypovolemic. The study highlighted the urgent need for reliable tools like BVA to prevent insufficient fluid administration or dangerous fluid overload in the ICU
• Heart Failure Survival: New research presented at ACC25 revealed that Daxor BVA-identified euvolemic heart failure patients experienced 2.61 times better survival—a crucial finding underscoring the life-saving potential of accurate blood volume management
• Prestigious Publications: A significant Duke University study on Blood Volume Analysis in Heart Failure was published in the American Heart Journal in May, further solidifying the scientific evidence backing our technology's utility in managing complex cardiovascular conditions
  
  

Corporate Structure & Strategic Realignment

On February 10, 2026, Daxor Corporation formally announced its intention to transition its primary regulatory reporting framework from the Investment Company Act of 1940 back to the Securities Exchange Act of 1934. We anticipate completing the necessary regulatory steps to fully effectuate this change no later than the end of the second quarter if not sooner.

During the month of December 2025, Daxor Corporation sold the remaining positions of the investment portfolio and currently does not hold positions in common or preferred stocks. Although the time and resources dedicated to the investment activities of Daxor Corporation have been very limited over the last few years, our time and resources are now 100% dedicated to the growth of what has been our primary business, bringing Blood Volume to those who need it to optimize treatment.

This strategic transition to the Exchange Act is a profound financial validation of our focused growth strategy. It aligns our regulatory profile with our true identity as an innovative, high-growth medical diagnostic company. Furthermore, reporting under the Exchange Act will simplify our financial disclosures, provide investors with standardized GAAP metrics directly comparable to other publicly traded medical diagnostic companies, improve transparency, and garner deeper institutional interest and analyst coverage.

In summary, our mission is to advance patient care through precise blood volume management, solving one of the greatest challenges in healthcare. I thank you for your continued trust and investment in Daxor Corporation. We look forward to sharing further updates as we continue our mission.

Sincerely,

Michael Feldschuh President and CEO Daxor Corporation

Any shareholder who is interested in learning more about our medical instrumentation and biotechnology operations should visit our website at www.daxor.com or contact our investor relations representative Bret Shapiro of CORE IR at www.coreir.com for more detailed information. We periodically issue press releases regarding research reports and placements of the Daxor BVA system in hospitals. Sign up to receive news on Daxor’s innovative technology and investor announcements HERE.

About Daxor Corporation

Daxor Corporation (Nasdaq: DXR) is tackling healthcare's "multi-billion-dollar silent crisis", the inability to precisely measure blood volume. This often results in suboptimal care, prolonged hospital stays, and increased readmissions for many high-cost medical conditions like heart failure and those requiring ICU care. With 50 years of experience and innovation, Daxor is proud to manufacture and distribute its patented, FDA-cleared Blood Volume Analysis (BVA) diagnostic which offers unmatched, real-time, precise data via its rapid, hand-held, lab-based system. This empowers clinicians to make individualized treatment decisions that significantly improve patient outcomes and deliver substantial efficiencies in value-based healthcare. Daxor is ISO certified and operates a U.S.-based, 20,000-square-foot state-of-the-art manufacturing facility, positioning the company for accelerated market expansion.

Forward-Looking Statements

Certain statements in this release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding the impact of hiring sales staff and expansion of our distribution channels. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including, without limitation, those risks associated with our post-market clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, FDA regulatory actions, our ability to integrate acquired businesses, our expectations regarding anticipated synergies with and benefits from acquired businesses, and additional other risks and uncertainties described in our filings with the SEC. Forward-looking statements speak only as of the date when made. Daxor does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact
Bret Shapiro
COO – Head of Capital Markets
COREIR
516-222-2560
brets@coreir.com|www.coreir.com

FAQ

What did Daxor (DXR) announce about FDA clearance in 2025?

Daxor announced FDA 510(k) clearance in August 2025 for a rapid, portable Blood Volume Analyzer. According to the company, the new system delivers lab‑grade results three times faster than prior models, weighs seven pounds, and targets broader point‑of‑care placements.

How much did Daxor (DXR) revenue change in 2025 compared to 2024?

Daxor's operating division reported a 45% increase in unaudited revenues for 2025 versus 2024. According to the company, growth was driven by single‑use kit sales, military contracts, and new clinical account additions.

What is Daxor's net asset value per share at year‑end 2025 (DXR)?

Daxor reported net assets of $45.887M and NAV of $9.07 per share at Dec 31, 2025. According to the company, NAV rose $1.82 per share from $7.25 at Dec 31, 2024.

Did Daxor (DXR) raise capital after year‑end and how much?

Daxor closed a $9.0 million registered direct offering in January 2026 at $11.75 per share. According to the company, proceeds strengthen working capital for commercialization and unit assembly.

What clinical evidence did Daxor (DXR) highlight in 2025?

Daxor cited multiple studies in 2025, including a critical care pilot showing misdiagnoses and ACC25 data where BVA‑identified euvolemic heart failure patients had 2.61x better survival. According to the company, publications strengthen clinical validation for BVA use.

What regulatory reporting change did Daxor (DXR) announce in February 2026?

Daxor announced intent to transition from the Investment Company Act to reporting under the Exchange Act by the end of Q2 2026. According to the company, the shift aligns reporting with its diagnostic business and aims to improve GAAP transparency.