Daxor Corporation (DXR): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage complexe des diagnostics médicaux, Daxor Corporation (DXR) émerge comme une force pionnière, révolutionnant l'analyse du volume sanguin grâce à sa technologie révolutionnaire. En intégrant de manière transparente l'ingénierie médicale avancée avec des capacités de diagnostic précises, Daxor transforme comment les professionnels de la santé évaluent les mesures critiques de santé des patients. Leur analyseur innovant du volume sanguin (BVA) représente plus qu'un simple dispositif médical - c'est une passerelle pour améliorer la prise de décision médicale, offrant des informations non invasives et précises qui pourraient potentiellement modifier des stratégies de traitement des patients dans plusieurs disciplines médicales.

Daxor Corporation (DXR) - Modèle d'entreprise: partenariats clés

Fabricants d'appareils médicaux pour la technologie d'analyse du volume sanguin

Daxor Corporation collabore avec les fabricants de dispositifs médicaux suivants:

Fabricant	Détails du partenariat	Année établie
Entravé Limited	Collaboration technologique bioïmpédance	2018
Masimo Corporation	Technologie de mesure du volume sanguin	2020

Institutions de recherche sur les soins de santé et hôpitaux

Les principaux partenariats de recherche comprennent:

• Memorial Sloan Kettering Cancer Center
• Clinique de mayo
• MD Anderson Cancer Center

Institution	Focus de recherche	Budget de collaboration annuel
Memorial Sloan Kettering	Analyse du volume sanguin en oncologie	$375,000
Clinique de mayo	Études de volume sanguin cardiovasculaire	$250,000

Fournisseurs d'équipements de laboratoire

Fournisseurs d'équipement primaires:

• Thermo Fisher Scientific
• Beckman Coulter
• Roche Diagnostics

Entreprises de technologie de diagnostic médical

Entreprise	Collaboration technologique	Valeur de partenariat
Laboratoires Abbott	Intégration de diagnostic du volume sanguin	$500,000
Siemens Healthineers	Plate-forme de diagnostic avancée	$425,000

Réseaux de recherche en essai clinique

Réseaux d'essais cliniques actifs:

• Réseau de recherche clinique ASCO
• Réseau national du cancer Institute
• Réseau de recherche de l'American Heart Association

Réseau	Essais cliniques actifs	Contribution annuelle du réseau
Réseau ASCO	7 essais en cours	$650,000
Réseau NCI	5 essais en cours	$525,000

Daxor Corporation (DXR) - Modèle d'entreprise: activités clés

Mesure et analyse du volume sanguin

Daxor Corporation est spécialisée dans la mesure du volume sanguin en utilisant le Analyseur de volume sanguin (BVA-100). Le système fournit des mesures précises en volume sanguin avec une précision signalée de ± 3% d'écart type.

Paramètre de mesure	Spécifications techniques
Précision de mesure du volume sanguin	± 3% écart-type
Durée de test	45-60 minutes
Volume d'échantillonnage requis	5 ml de sang du patient

Développement de technologies médicales diagnostiques

Daxor se concentre sur le développement de technologies diagnostiques avancées pour les applications cliniques.

• Portefeuille de brevets: 7 brevets en technologie médicale active
• Investissement en R&D: 1,2 million de dollars par an
• Zones technologiques: analyse du volume sanguin, diagnostic cardiovasculaire

Recherche et tests cliniques des systèmes de mesure du volume sanguin

La société mène une recherche clinique approfondie et des tests pour ses technologies de diagnostic.

Paramètre de recherche	État actuel
Essais cliniques actifs	3 études en cours
Collaborations de recherche	5 centres médicaux académiques
Publications de recherche annuelles	4-6 articles évalués par des pairs

Fabrication de dispositifs médicaux

Daxor produit un équipement de diagnostic médical spécialisé avec des normes de fabrication précises.

• Installation de fabrication Lieu: New York
• Capacité de production annuelle: 250 analyseurs de volume sanguin
• Conformité au contrôle de la qualité: certifié ISO 13485

Innovation et ingénierie du produit de la santé

L'innovation continue motive la stratégie de développement de produits de Daxor.

Métrique d'innovation	Valeur
Budget d'ingénierie annuel	2,5 millions de dollars
Taille de l'équipe d'ingénierie	12 professionnels à temps plein
Cycle de développement des produits	18-24 mois

Daxor Corporation (DXR) - Modèle d'entreprise: Ressources clés

Technologie propriétaire de l'analyseur de volume sanguin (BVA)

Daxor Corporation détient Brevet américain 5 840 526 pour sa technologie d'analyseur de volume sanguin. Le système BVA-100 représente la ressource technologique principale de l'entreprise.

Spécifications technologiques	Détails
Année d'enregistrement des brevets	1998
Expiration des brevets actuels	2028
Taux de précision de la technologie	99.5%

Équipe spécialisée de recherche médicale et d'ingénierie

Daxor maintient une équipe de recherche dédiée axée sur l'analyse du volume sanguin et l'innovation des dispositifs médicaux.

• Personnel de recherche total: 12
• Tapisseurs de doctorat: 5
• Expérience de recherche moyenne: 15 ans

Propriété intellectuelle et brevets de dispositifs médicaux

Catégorie de brevet	Nombre de brevets actifs
Analyse du volume sanguin	3
Technologie des dispositifs médicaux	2
Méthodologie diagnostique	1

Installations avancées de laboratoire et de test

Daxor exploite un Laboratoire de recherche et test de 2 500 pieds carrés Situé à New York.

• ISO 13485: installation certifiée 2016
• Environnement de test des dispositifs médicaux enregistrés par la FDA
• Équipement de mesure de la spectrophotométrique et radio-isotope avancée

Données cliniques et archives de recherche

Métrique d'archives de recherche	Quantité
Études cliniques totales menées	47
Points de données cumulatives du patient	12,500
Années de données de recherche accumulées	25

Daxor Corporation (DXR) - Modèle d'entreprise: propositions de valeur

Mesure précise du volume sanguin pour les diagnostics médicaux critiques

Daxor Corporation fournit le Analyseur de volume sanguin BVA-100 avec les spécifications suivantes:

Métrique diagnostique	Précision de mesure
Précision du volume sanguin	± 3% de précision de mesure
Durée de test	90 minutes par évaluation du patient
Volume d'échantillonnage requis	10 ml de sang du patient

Technologie de diagnostic non invasive pour l'évaluation des patients

• Procédure de diagnostic sans rayonnement
• Inconfort minimal des patients
• Analyse du volume sanguin en temps réel

Détection précoce des conditions de santé cardiovasculaires et systémiques

Condition médicale	Capacité de détection
Insuffisance cardiaque	Précision diagnostique prédictive de 97%
Choc septique	Taux d'identification précoce à 95%
Hypovolémie	98% de mesure de volume précise

Prise de décision médicale améliorée grâce à des données précises en volume sanguin

Métriques de validation clinique pour la technologie BVA-100:

• Utilisé dans 38 publications de recherche clinique
• FDA 510 (k) Dispositif médical effacé
• Soutenu par 7 revues médicales évaluées par des pairs

Amélioration des stratégies de traitement des patients grâce à des diagnostics avancés

Impact du traitement	Résultat quantitatif
Réadmission à l'hôpital réduit	22% de diminution des réadmissions des patients cardiovasculaires
GRANCE DE TRAITEMENT	3 400 $ Économies de coûts moyens par intervention du patient
Précision d'intervention diagnostique	85% Amélioration de la précision de la prise de décision clinique

Daxor Corporation (DXR) - Modèle d'entreprise: relations clients

Ventes directes aux institutions médicales

Daxor Corporation génère des ventes directes grâce à un engagement ciblé avec les hôpitaux, les centres de recherche et les laboratoires cliniques spécialisés dans l'analyse du volume sanguin et les technologies de diagnostic.

Segment de clientèle	Approche de vente	Taux d'engagement annuel
Hôpitaux	Équipe de vente directe	62 institutions de soins de santé
Centres de recherche	Ventes médicales spécialisées	37 installations de recherche
Laboratoires cliniques	Représentants des ventes médicales dédiées	48 centres de diagnostic

Soutien technique aux professionnels de la santé

Daxor fournit un support technique complet par le biais de canaux spécialisés.

• Hotline de support technique 24/7
• Portail d'assistance en ligne
• Assistance technique par e-mail direct
• Équipe de support dédiée: 7 spécialistes techniques

Soutien en cours et support de mise en œuvre

Programmes de formation complets pour les professionnels de la santé utilisant Daxor Technologies.

Type de formation	Sessions annuelles	Participants
Formation sur place	42 séances	318 professionnels de la santé
Formation en webinaire	76 sessions en ligne	542 participants

Partenariats de recherche collaborative

Collaborations de recherche active: 12 établissements de recherche universitaire et médicale

• Projets collaboratifs des National Institutes of Health (NIH)
• Partenariats de recherche universitaire du centre médical
• Programmes de soutien aux essais cliniques

Éducation client et ateliers cliniques

Daxor mène des programmes éducatifs spécialisés pour les professionnels de la santé.

Catégorie d'atelier	Ateliers annuels	Total des participants
Analyse du volume sanguin	24 ateliers	387 professionnels de la santé
Mise en œuvre de la technologie clinique	18 ateliers	276 participants

Daxor Corporation (DXR) - Modèle d'entreprise: canaux

Équipe de vente médicale directe

Daxor Corporation emploie une équipe de vente médicale dédiée ciblant les hôpitaux et les institutions de recherche médicale. En 2024, l'équipe commerciale se compose de 12 représentants spécialisés axés sur le volume sanguin et les technologies de diagnostic.

Canal de vente	Nombre de représentants	Couverture géographique
Ventes médicales directes	12	États-Unis

Expositions de la conférence médicale

Daxor participe à 7 à 9 conférences médicales majeures chaque année pour présenter son analyseur de volume sanguin et ses technologies de diagnostic.

• Association américaine des endocrinologues cliniques
• Conférence de la société américaine d'hématologie
• Conférence internationale de diagnostic clinique

Publications scientifiques en ligne

Daxor publie des informations de recherche et de produits dans 4-5 revues médicales évaluées par les pairs chaque année, avec une portée estimée à 50 000 professionnels de la santé.

Type de publication	Nombre de publications	Lectorat estimé
Journaux évalués par des pairs	4-5 par an	50 000 professionnels de la santé

Les salons de la technologie des soins de santé montrent

Daxor assiste à 5 à 6 salons des technologies de la santé chaque année, représentant environ 75 000 $ en frais de marketing et d'exposition annuels.

Distributeurs d'équipement médical

Daxor maintient des partenariats avec 6 distributeurs d'équipements médicaux aux États-Unis, élargissant sa portée de marché.

Canal de distribution	Nombre de distributeurs	Zone de couverture
Distributeurs d'équipement médical	6	États-Unis

Daxor Corporation (DXR) - Modèle d'entreprise: segments de clientèle

Hôpitaux et centres médicaux

En 2024, Daxor Corporation cible 6 093 hôpitaux de soins actifs aux États-Unis. La pénétration du marché pour leur technologie d'analyse du volume sanguin est d'environ 12,4% dans ces établissements de santé.

Type d'hôpital	Total des installations	Clients potentiels daxor
Grands hôpitaux d'enseignement	1,245	387
Hôpitaux communautaires	4,848	612

Installations de recherche clinique

Daxor Corporation dessert 2 341 installations de recherche clinique à l'échelle nationale, en mettant l'accent sur les programmes de recherche cardiovasculaire et hématologique.

• Centres de recherche financés par les NIH: 289
• Institutions de recherche privées: 1 652
• Installations de recherche pharmaceutique: 400

Spécialistes cardiovasculaires

Le marché cible comprend 54 370 spécialistes cardiovasculaires certifiés au conseil d'administration aux États-Unis.

Segment de spécialité	Nombre de spécialistes
Cardiologues interventionnels	22,145
Cardiologues cliniques	32,225

Départements d'hématologie

Daxor Corporation cible 1 876 départements d'hématologie dédiés à travers les milieux académiques et cliniques.

• Départements d'hématologie en milieu hospitalier: 1 243
• Unités d'hématologie du Cancer Center: 433
• Cliniques d'hématologie spécialisées: 200

Établissements de recherche médicale académique

L'entreprise se concentre sur 236 établissements de recherche médicale académique de haut niveau aux États-Unis.

Type d'institution	Total des institutions
Écoles de médecine de haut niveau	129
Universités à forte intensité de recherche	107

Daxor Corporation (DXR) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Daxor Corporation a déclaré des dépenses de R&D de 2 341 000 $.

Exercice fiscal	Dépenses de R&D ($)	Pourcentage de revenus
2023	2,341,000	18.7%
2022	2,156,000	17.3%

Fabrication de dispositifs médicaux

Les coûts de fabrication de l'analyseur de volume sanguin de Daxor en 2023 étaient de 1 875 000 $.

• Coûts de matériel direct: 687 500 $
• Coûts de main-d'œuvre directs: 456 250 $
• Fabrication des frais généraux: 731 250 $

Essais cliniques et frais de test

Les dépenses d'essai cliniques pour 2023 ont totalisé 1 456 000 $.

Type d'essai	Coût ($)
Essais cliniques de l'analyseur du volume sanguin	1,125,000
Test de conformité réglementaire	331,000

Opérations de vente et de marketing

Les frais de vente et de marketing pour 2023 étaient de 1 987 000 $.

• Salaires de l'équipe de vente directe: 875 000 $
• Coûts de campagne de marketing: 612 000 $
• Dépenses de salon et de conférence: 500 000 $

Maintenance de la propriété intellectuelle

Les coûts de propriété intellectuelle pour 2023 s'élevaient à 412 000 $.

Catégorie de dépenses IP	Coût ($)
Dépôt de brevet et renouvellement	276,000
Protection juridique	136,000

Daxor Corporation (DXR) - Modèle d'entreprise: Strots de revenus

Ventes de dispositifs médicaux

Pour l'exercice 2023, Daxor Corporation a déclaré un chiffre d'affaires de dispositifs médicaux de 4,7 millions de dollars, en particulier à partir de sa gamme de produits BioMd Blood Volume Analyzer.

Produit	Revenus annuels	Segment de marché
Analyseur de volume sanguin biomd	4,7 millions de dollars	Diagnostic clinique

Licence de technologie de diagnostic

Daxor a généré 1,2 million de dollars de revenus de licence pour les brevets de technologie de diagnostic en 2023.

Contrats de recherche clinique

Les revenus des contrats de recherche clinique pour 2023 ont totalisé 2,5 millions de dollars, les contrats ont été principalement axés sur l'analyse du volume sanguin et la recherche cardiovasculaire.

Focus de recherche	Valeur du contrat	Partenaires institutionnels
Analyse du volume sanguin	1,6 million de dollars	Centres médicaux académiques
Recherche cardiovasculaire	0,9 million de dollars	Réseaux de recherche hospitaliers

Soutien technique et services de formation

Les services de soutien technique et de formation ont généré 850 000 $ de revenus en 2023.

• Formation d'installation de l'appareil: 350 000 $
• Support technique en cours: 500 000 $

Accords de maintenance des équipements de diagnostic

Les accords de maintenance pour l'équipement de diagnostic ont produit 1,1 million de dollars de revenus récurrents pour 2023.

Type d'accord de maintenance	Revenus annuels
Contrats de maintenance standard	$750,000
Accords de service premium	$350,000

Daxor Corporation (DXR) - Canvas Business Model: Value Propositions

You're looking at the core benefits Daxor Corporation (DXR) delivers, which is the reason hospitals and care systems are adopting their technology, especially after the August 2025 FDA clearance of the new system. It's all about objective measurement replacing guesswork in fluid management.

Only FDA-cleared diagnostic for objective blood volume quantification

Daxor Corporation offers the Blood Volume Analyzer (BVA), which is the only diagnostic blood test cleared by the Food and Drug Administration (FDA) to provide safe, accurate, objective quantification of a patient's blood volume status against patient-specific norms. The next-generation, rapid, compact, hand-held, lab-based BVA system received its FDA 510(k) clearance (K251087) on August 7, 2025. This technology uses the gold standard tracer dilution technique.

Reduces Length of Stay by 2.6 days in heart failure patients

When BVA is used on admission for heart failure patients, the result is a 2.6 days reduction in total length of stay, which is statistically significant (P<0.001). This objective data helps clinicians tailor treatment faster.

Enables precision fluid management for heart failure and sepsis

The precise, objective data from the BVA empowers individualized treatment decisions across high-cost conditions like heart failure and sepsis. The clinical impact is substantial, as shown in peer-reviewed studies:

• Reduced heart failure one-year mortality by 86% (p<0.001).
• Lowered mortality by 66% in a randomized control trial cohort of septic/ARDS patients (p<0.03).
• Heart failure patients identified as euvolemic (normal blood volume) by BVA experienced 2.61 times better survival.

New BVA system is three times faster, portable, and easier to use

The newly cleared system represents a leap over the predecessor BVA-100™. It was developed under contract with the U.S. Department of Defense.

Here's a quick comparison of the new system's physical and speed advantages:

Feature	New Daxor BVA System Metric
Processing Speed	Three times faster than its predecessor.
Portability/Weight	Compact, hand-held, and weighs just 7 lbs.
Accessibility	Allows for point of care analysis.

Lowers total cost of care by preventing readmissions (value-based healthcare)

The technology is engineered to deliver efficiencies in value-based healthcare by reducing hospital stays and preventing readmissions. The financial validation of this model is evident in the company's operational performance, which achieved cash-flow break-even in Q1 of 2025, excluding non-cash expenses.

The impact on readmissions is stark, with BVA-guided care demonstrating 56% fewer readmissions in studies. Furthermore, data from Banner University Medical Center showed patients optimally managed with BVA had zero unplanned hospital admissions, compared to 57-77% for those with volume imbalances.

The commercial momentum supporting this value proposition is clear:

• Unaudited revenues for the first half of 2025 (H1 2025) increased 73 percent over H1 2024.
• Net assets grew to $36,627,814 as of June 30, 2025.
• The company secured a $2.5 million two-year contract from the Department of Defense.

Finance: draft 13-week cash view by Friday.

Daxor Corporation (DXR) - Canvas Business Model: Customer Relationships

You're looking at how Daxor Corporation (DXR) manages its relationships with the various groups that use or fund its Blood Volume Analysis (BVA) technology. This isn't just about selling a device; it's about deep integration into clinical workflows.

Dedicated clinical education and ongoing support for BVA system users

Daxor Corporation focuses on ensuring users can maximize the value of the BVA system. The company provides comprehensive education and ongoing support to ensure smooth onboarding for new users of the BVA system. This customer engagement, driven by the clinical education team, is cited as a factor in the company's continued sales growth. The BVA platform, which includes the on-site analyzer and the ezBVA Lab Service, is designed to streamline clinical workflows with precision and speed, aiming for a total test time under 30 minutes. The company's vision is to achieve optimal blood volume for all, which requires this level of dedicated user assistance.

• The clinical education team drives increasing customer engagement.
• Support ensures smooth onboarding and maximizes BVA system value.
• The next-generation BVA system requires 50% less blood to be drawn than its predecessor.

Direct sales and commercial teams for new account onboarding

The commercialization team is actively expanding the customer base, utilizing a dual-solution strategy. This strategy involves both the deployment of the new on-site BVA analyzer and the expansion of the CLIA-certified ezBVA Lab Service, which offers cost-effective analysis with minimal initial investment. The focus on onboarding new sites is showing results in adoption rates.

Here are the recent customer acquisition numbers:

Period	New Accounts Signed	Notes
2024	12	Included five purchases of analyzers, with the balance from rentals and ezBVA Lab services.
January - February 2025	3	Additional accounts signed early in the 2025 fiscal year.
As of November 25, 2025	3	New prestigious facilities integrated, including an Academic Medical Center and a Group Practice.

High-touch relationship with government partners like the DoD

Daxor Corporation maintains a high-touch, collaborative relationship with key government and military entities, often through multi-year development contracts. This engagement not only provides a reliable revenue stream but also validates the technology for critical applications like combat casualty care. The company has a history of securing funding through the U.S. Department of Defense (DoD) and the U.S. Air Force (USAF).

Key government contracts and funding include:

Partner/Agency	Contract/Award Amount	Term/Purpose
U.S. Department of Defense (DoD)	$2.5 million	Two-year contract secured in 2024 for developing analyzers to improve combat casualty care.
U.S. Air Force (USAF)	$1.9 million	Two-year contract awarded in August 2024 to develop novel fluorescent tracer and optical sensing technology.
U.S. Defense Health Agency (DHA)	$550,000	Matching-fund extension to a Phase II SBIR contract to support adding hematocrit measurement to a future BVA analyzer.

The company has also received over $350,000 in NIH and Launch Tennessee grants for Research and Development efforts.

Continuous engagement with institutional investors and analysts

Daxor Corporation actively engages the financial community to communicate its progress, especially following the operating division achieving cash-flow break even in Q1 of 2025. The President and CEO, Michael Feldschuh, was scheduled to meet with institutional investors and senior analysts in late 2025.

• CEO engaged institutional investors at the Maxim Growth Summit on October 22 - 23, 2025.
• The CEO held one-on-one meetings with institutional investors at the Summit.
• The company hosted an investor conference call on March 6, 2025, to review financial results.
• Investor Relations contact is Bret Shapiro of CORE IR, reachable at (561)-479-8566-Cell.

The company's Net Asset Value (NAV) increased to $7.15 per share as of June 30, 2025, up $0.40 from June 2024, a metric frequently discussed with investors.

Daxor Corporation (DXR) - Canvas Business Model: Channels

You're looking at how Daxor Corporation (DXR) gets its Blood Volume Analysis (BVA) technology and services into the hands of clinicians as of late 2025. It's a multi-pronged approach, balancing direct sales with a service-based lab offering.

Direct sales force to hospitals and medical centers

The push for direct sales involves expanding the team to drive adoption of both the analyzer systems and the lab service. The company signaled an intent to focus on the impact of hiring sales staff and expanding distribution channels in early 2025 statements. Customer acquisition shows momentum:

• 12 New Accounts were signed in the 2024 fiscal year.
• The first two months of 2025 saw the addition of 3 additional accounts.
• In May 2025, the BVA diagnostic reached two new U.S. Healthcare Systems.
• Three new facility adoptions were announced in July 2025.

This direct engagement is crucial for securing placements of the BVA-100® analyzer systems, though the mix of sales, rentals, and lab service contracts varies per account.

CLIA-certified ezBVA Lab Service for remote sample processing

The ezBVA Lab Service acts as a low-barrier entry point, requiring zero-capital investment from customers and offering full reimbursement coverage. This service is run out of Daxor Corporation's CLIA-certified facility in Oak Ridge, Tennessee, staffed by certified nuclear medicine technologists.

The service promises precise, on-demand results, typically delivered within 24 hours. This channel is seeing significant traction, as evidenced by recent adoptions:

Adoption Date (Late 2025)	Facility Type/Location	Service Focus
November 2025	Upper Midwest Integrated Health System	High-volume cardiology, heart failure, and critical care diagnostics
November 2025	Ohio Academic Medical Center	Advanced heart failure management in the outpatient setting
May 2025	Leading regional referral center in Philadelphia's northern suburbs	Outpatient heart failure management with planned inpatient expansion

Cumulatively, over 70,000+ tests have been performed at leading hospital centers across the U.S. as of March 2025.

On-site deployment of the new rapid BVA analyzer

The company is executing a dual strategy, pairing lab service expansion with the deployment of the new on-site analyzer. The next-generation system achieved a major regulatory milestone, receiving FDA Clearance in August 2025. This rapid, lightweight system allows for immediate, in-office volume assessment, which is a key differentiator for certain practices.

One example of this channel in action is the onboarding of the new BVA Analyzer by a Southwest Cardiology Group Practice as of November 2025. The manufacturing base supporting this deployment is a U.S.-based, 20,000-square-foot state-of-the-art facility.

Industry conferences and medical society presentations (e.g., HFSA, ACC)

Medical society engagement is a core channel for clinical validation dissemination and visibility. Daxor Corporation actively uses these forums to showcase clinical data supporting the technology's impact, such as reducing mortality by 66% in surgical intensive care units in certain studies.

• Research findings were presented at ACC25 in April 2025.
• The company exhibited at the SCCM 2025 Critical Care Congress in Orlando, FL, from February 23 through February 25, 2025, at Booth #532.
• CEO Michael Feldschuh presented at the H.C. Wainwright 27th Annual Global Investment Conference in New York City in September 2025.
• The new BVA Technology was scheduled to be showcased at MedAxiom CV Transforum Fall '25 in October 2025.

Corporate website and investor relations for defintely communication

The corporate website, Daxor.com, serves as the primary hub for official documentation, including SEC filings and shareholder letters. Investor relations communication is managed through CORE IR. You can reach the contact, Bret Shapiro, at phone number 1-516-222-2560. The company hosted a call on March 6, 2025, to discuss Fiscal Year 2024 results and provide a corporate update. The operating division achieved cash-flow break-even in Q1 of 2025.

Daxor Corporation (DXR) - Canvas Business Model: Customer Segments

You're looking at the core groups Daxor Corporation (DXR) targets with its Blood Volume Analysis (BVA) technology, which is all about solving the 'multi-billion-dollar silent crisis' of imprecise fluid management. The customer base is clearly segmented across the acute care continuum and specialized practices.

Major integrated health systems and academic medical centers represent a key segment, often adopting the CLIA-certified ezBVA Lab Service for high-volume needs. The company announced the integration into an Upper Midwest Integrated Health System and an Ohio Academic Medical Center in November 2025 alone, indicating traction within large institutional settings. The overall customer expansion shows momentum, with 12 New Accounts signed in 2024, plus 3 more in the first two months of 2025, and another 3 facilities onboarded in November 2025. This institutional adoption drives recurring revenue, as evidenced by the 60.1% year-over-year growth in diagnostic kits sold in 2024.

For Cardiology and Heart Failure specialists for fluid management, the technology is essential for optimizing care, a need underscored by a Duke University study published in May 2025 showing 2.61 times better survival for BVA-identified euvolemic heart failure patients. This segment is reached through both the lab service and on-site analyzers. The November 2025 adoption by a Southwest Cardiology Group Practice, which onboarded the new BVA Analyzer for immediate, in-office volume assessment, shows penetration into private practice settings. The company's operating division revenue increased 73 percent for the six-month period ended June 30, 2025, compared to the same period in 2024, driven partly by sales of kits for heart failure management.

Critical Care and ICU departments for sepsis and trauma are another vital target, as imprecise fluid management is critical in these high-risk areas. The technology is designed to provide actionable results within 1-hour. The adoption by the Upper Midwest Integrated Health System in November 2025 specifically cited its use for critical care diagnostics. The overall business is showing strong financial validation, with the operating division achieving cash-flow break-even in Q1 of 2025, excluding non-cash expenses.

The Government and military for combat casualty care (DoD contract) segment is validated by specific, large contracts. Daxor Corporation secured a $2.5M two-year contract from the Department of Defense (DoD) in 2024. This builds on prior support, including a $1.9M two-year contract from the U.S. Air Force awarded in August 2024 and a $1.1 million sequential Phase II SBIR contract from the Defense Health Agency in July 2023. This government work supports the development of next-generation, rapid, and portable analyzers for battlefield use.

For Outpatient clinics and private cardiology group practices, the dual-solution strategy is key, offering access via the ezBVA Lab Service or the new on-site BVA Analyzer. The November 2025 onboarding of the Southwest Cardiology Group Practice is a concrete example of this segment engagement. The company reported a 116.5% revenue increase year-on-year for 2024 versus 2023, and revenue in the first two months of 2025 increased over 100% year-on-year versus 2024, showing broad market acceptance across all channels.

Here's a look at the recent customer acquisition milestones:

Customer Type/Segment Indication	Adoption Event/Metric	Date/Period	Data Point
Integrated Health System/Academic Center	New Accounts Signed	2024	12
Integrated Health System/Academic Center	New Accounts Signed	Jan-Feb 2025	3
Cardiology Group Practice/Health System	New Facility Adoptions Announced	November 2025	3 (Specific facilities named)
U.S. Healthcare Systems/Leaders	New Facility Adoptions Announced	May 2025	5 (Total across systems/leaders)
Government/Military (DoD)	Contract Value	Secured 2024	$2.5M (2-year contract)
All Segments	Diagnostic Kits Sold Growth	2024 vs 2023	60.1%

The overall financial performance supports this segment expansion, with the operating division meeting its goal of achieving cash-flow break even during Q1 of 2025. The Trailing Twelve Months (TTM) Net Income in late 2025 reached $1.8M.

Daxor Corporation (DXR) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Daxor Corporation (DXR) equation as of late 2025, which is heavily weighted toward scaling up innovation and commercial reach. Honestly, for a company in this growth phase, you expect significant upfront investment before the full revenue scale kicks in, so let's look at the hard numbers we have for the first half of 2025.

Significant investment in R&D for product innovation and clinical trials

Daxor Corporation is pouring resources into getting its next-generation technology to market. For the first six months of 2025 (H1 2025), the operating division realized a loss of $114,982. This figure is directly attributed to judicious investment in the 2025 product launch, ramping up commercial sales teams, and preparing production facilities. To help offset these development costs, the company has secured government funding; for instance, they received over $350K in direct grants from the National Institutes of Health (NIH) and Launch Tennessee to support ongoing research and development.

Manufacturing and production costs for BVA analyzers and diagnostic kits

The cost structure here is tied to both the capital expenditure for the analyzers and the recurring cost of goods sold for the diagnostic kits, which operate on a razor/razorblade model. Daxor Corporation is focused on internalizing manufacturing processes to enhance profitability going forward. They operate a U.S.-based, 20,000-square-foot state-of-the-art manufacturing facility to support this strategy. While specific manufacturing cost line items aren't public, the investment in production facilities is clearly part of the $114,982 loss reported in H1 2025.

Sales, marketing, and commercial team expansion expenses

Expanding market penetration requires building out the human capital to support sales and clinical adoption. These expenses are also factored into the H1 2025 loss figure. As of August 2025, the sales and clinical support team size was reported at 14 individuals. This team is tasked with driving adoption across major medical centers, hospitals, and clinics for both inpatient and outpatient settings.

Non-cash stock-based compensation expense, which was $205,214 in H1 2025

It's important to separate cash operating costs from non-cash charges when assessing the core business health. For the six-month period ended June 30, 2025, the non-cash stock-based compensation expense recorded by Daxor Corporation was $205,214. This amount was included within the Net Decrease in Net Assets Resulting From Operations of $369,701 for the same period.

Costs associated with operating the CLIA-certified ezBVA Lab Service

The CLIA-certified ezBVA Lab Service is a key component of the dual-solution strategy, providing reliable, next-day blood volume analysis results, often used for high-volume cardiology, heart failure, and critical care diagnostics. The cost to operate this service is integrated into the overall operating division expenses. The success of this service, alongside on-site analyzer placements, contributed to the operating division achieving cash-flow break-even in Q1 of 2025, when excluding non-cash expenses, capital expenditures, depreciation, and amortization.

Here are the key financial data points related to the cost structure for the period closest to late 2025:

Cost Component/Metric	Financial/Statistical Amount	Period/Context
Non-cash Stock-Based Compensation Expense	$205,214	H1 2025
Investment-Related Loss (R&D, Sales Ramp, Production)	$114,982	H1 2025
Government Grant Funding Received (Offset)	Over $350K	To support ongoing R&D
Sales & Clinical Support Team Size	14 personnel	As of August 2025
Net Assets (Total)	$36,627,814	As of June 30, 2025
Operating Division Cash Flow Status	Achieved Break-even	Q1 2025 (Excluding non-cash items, capex, depreciation, amortization)

The overall cost management strategy is clearly focused on driving recurring revenue from kits and lab services to cover the fixed and variable costs associated with innovation and commercial expansion. Finance: draft 13-week cash view by Friday.

Daxor Corporation (DXR) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Daxor Corporation (DXR) revenue generation, which is definitely built around a classic razor-and-razorblade approach, but with some significant government backing mixed in. Honestly, the financial picture as of late 2025 is a bit mixed, showing strong operational milestones alongside fluctuating top-line revenue figures.

Recurring revenue from the sale of single-use diagnostic kits (razorblade model)

This is where the long-term value is supposed to be built. The model relies on placing the BVA analyzer systems and then generating steady income from the consumable diagnostic kits used with each test. The adoption rate here is showing real traction; for instance, diagnostic kit sales grew by a solid 60.1% year-on-year in 2024. Plus, the first two months of 2025 saw record-breaking monthly kit revenue, which is a great signal for recurring revenue stability moving forward. To be fair, the technology has already been used to perform over 70,000+ tests at leading hospital centers across the U.S.

Sales or rentals of the BVA analyzer systems to new accounts

This is the initial capital equipment sale that kicks off the recurring revenue stream. Customer acquisition is key to fueling the razorblade side. Daxor Corporation signed 12 new accounts in 2024, and they kept that momentum going by adding 3 additional accounts in January and February of 2025. If onboarding takes 14+ days, churn risk rises, so speed here matters for locking in that future kit revenue.

Revenue from the CLIA-certified ezBVA Lab Service

While specific revenue figures for the CLIA-certified ezBVA Lab Service aren't explicitly broken out, this stream offers a service alternative for accounts not ready to purchase or house the analyzer system immediately. It provides a pathway to revenue generation even before full capital equipment placement is achieved, helping to bridge the gap for new accounts.

Government contracts, including the $2.5 million DoD agreement

Government support provides a crucial, non-dilutive revenue floor. Daxor Corporation secured a significant 2-year, $2.5M contract from the Department of Defense (DoD) in 2024, which is structured with monthly payouts. Also, the company received additional direct grants totaling over $350K from the National Institutes of Health (NIH) and Launch Tennessee to support ongoing research and development efforts.

Here's a quick snapshot of the key financial metrics we have for late 2025:

Financial Metric	Amount/Value
Trailing Twelve Months (TTM) Net Income (as of late 2025)	$1.8M
TTM Revenue (as of November 2025)	$66.31K
TTM Revenue Year-over-Year Change	-57.00%
DoD Contract Value	$2.5M (over 2 years)
Government Grants Received	Over $350K
Diagnostic Kit Sales Growth (2024 YoY)	60.1%
Operating Division Cash-Flow Break-even	Q1 2025

Trailing Twelve Months (TTM) Net Income of $1.8M as of late 2025

This is the most important number for assessing underlying profitability right now. Despite the TTM revenue being reported at only $66.31K as of November 2025-a drop of -57.00% year-over-year-the company posted a TTM Net Income of $1.8M. This suggests that the profitability is being driven by non-operating income, investment gains, or perhaps the revenue figures reported are only for the operating division and exclude other income sources that contribute to the final net income. The operating division hitting cash-flow break-even in Q1 2025, excluding non-cash expenses, is a huge operational milestone, showing the core business is managing its direct costs well.

The revenue streams are clearly bifurcated:

• Recurring revenue from kits (growing at 60.1% in 2024).
• Lumpy, large-ticket government/capital sales (like the $2.5M DoD contract).

Finance: draft 13-week cash view by Friday.