Daxor Corporation (DXR): Business Model Canvas [Dec-2025 Updated]

You're digging into Daxor Corporation (DXR) to see if this medical device play is worth your time, and honestly, the core engine is a compelling mix of proprietary tech and a recurring revenue hook. They own the only FDA-cleared diagnostic for objective blood volume quantification, which has shown an 82% reduction in 30-day mortality in studies, and they've already secured a $2.5 million contract with the DoD. With net assets of $36.6 million as of June 30, 2025, the real story is how they convert that patented technology into predictable cash flow via single-use kits. I've broken down their entire nine-block Business Model Canvas below so you can see the exact structure driving their sales, R&D spend, and customer relationships right now.

Daxor Corporation (DXR) - Canvas Business Model: Key Partnerships

You're looking at the alliances that make Daxor Corporation's technology move from the lab bench to the bedside, which is critical for a company in this stage. These aren't just handshake deals; they are concrete financial and research commitments that validate the Blood Volume Analysis (BVA) platform.

The U.S. government is a major partner, showing serious commitment to the technology for both clinical and defense applications. Daxor Corporation secured a $2.5 million two-year contract from the U.S. Department of Defense (DoD) in 2024. This contract, which involves monthly payouts over its duration, is specifically for developing analyzers to improve combat casualty care. Honestly, that kind of government backing is a huge de-risking factor for investors.

For research and development, non-dilutive funding is key, and Daxor has pulled in significant support there. They received over $350,000 in direct grants from the National Institutes of Health (NIH) and Launch Tennessee to support ongoing R&D efforts. This funding stream helps keep the innovation engine running without forcing equity dilution.

Clinical validation is the currency of trust in medicine, and Daxor is partnering with top-tier institutions to prove its worth. They presented new data from Duke University Medical Center and Yale School of Medicine at the Technology and Heart Failure Therapeutics Conference (THT 2025) in February 2025. This ongoing work supports trials in heart failure treatment. To date, over 70,000+ tests have been shipped to leading hospitals across the U.S. as of March 2025, showing broad clinical adoption.

Here's a quick look at the commercial traction supporting these partnerships:

Regarding manufacturing, the company is actively working to bring the production of its Volumex® components in-house. While I don't have the exact financial figure for a specific supplier acquisition yet, the strategic focus is clear: internalizing manufacturing is intended to enhance profitability and control over the supply chain. This move is part of a broader strategy that helped the operating division achieve cash-flow break-even in Q1 2025.

Investor engagement is maintained through direct communication, which is a partnership in itself. For instance, Daxor Corporation hosted an investor conference call on Thursday, March 6, 2025, to review financial results and corporate developments. This direct line of communication is how they keep institutional interest alive, building on a foundation where their Net Asset Value (NAV) stood at $7.25 per share at the end of 2024.

You can see the key validation points from these alliances:

• DoD Contract Value: $2.5 million over two years.
• R&D Grant Total: Over $350,000 from NIH and Launch Tennessee.
• Clinical Validation: Data presented from Duke and Yale at THT 2025.
• Operational Milestone: Operating division achieved cash-flow break-even in Q1 2025.

Finance: draft 13-week cash view by Friday.

Daxor Corporation (DXR) - Canvas Business Model: Key Activities

You're looking at the core engine of Daxor Corporation (DXR) as of late 2025, the actions that turn their unique technology into revenue and market presence. It's all about getting that precise blood volume data into the hands of clinicians.

Manufacturing and distributing the FDA-cleared BVA diagnostic systems is foundational. Daxor Corporation runs a U.S.-based, 20,000-square-foot state-of-the-art manufacturing facility in Oak Ridge, TN. The key here is the new next-generation system, which is designed to be rapid and compact. This new analyzer delivers precise blood volume data in approximately ~15 minutes, making it a significant step up from the older BVA-100, as it's reportedly three times faster and a fraction of the size.

The commitment to staying ahead means Continuous Research and Development (R&D) for next-generation BVA systems is a constant drain on immediate operating cash, but an investment in future market share. For the first half of 2025, the operating division recorded a loss of $114,982, which was attributed in part to judicious investment in R&D for the 2025 product launch. Still, this effort is partially supported by external funding, including over $350K in NIH and Launch Tennessee grants, and a specific $1.1M in NIH grants for developing fluid management clinical decision support tools.

The commercial engine runs on the razorblade model: selling the analyzer and then driving recurring revenue through diagnostic kits. This is where you see the immediate impact of adoption. The operating division saw a 73 percent increase in unaudited revenues for the six-month period ending June 30, 2025, compared to the same period in 2024. This growth is directly tied to kit sales and new placements. Here are the key commercial metrics you should track:

The CLIA-certified ezBVA Lab Service is a critical part of the dual-solution strategy, ensuring access even before a site deploys an on-site analyzer. This service provides on-demand, next-day blood volume analysis results. The expansion in late 2025 shows its importance:

• Upper Midwest Integrated Health System adopted the ezBVA Lab for high-volume cardiology.
• Ohio Academic Medical Center is utilizing the ezBVA Lab for outpatient heart failure management.
• New accounts in early 2025 included a combination of placement agreements and ezBVA Lab services.

Finally, securing regulatory clearances validates the entire R&D pipeline. The most significant recent activity was the FDA 510(k) clearance (K251087) for the next-generation rapid, compact, hand-held, lab-based Blood Volume Analyzer on August 7, 2025. This clearance was built on a foundation of 50 years of innovation and the analysis of over 75,000+ tests performed with the prior BVA-100 device. Also, the company secured a $2.5M two-year contract from the Department of Defense (DoD). Finance: draft 13-week cash view by Friday.

Daxor Corporation (DXR) - Canvas Business Model: Key Resources

You're looking at the core assets that back the Daxor Corporation's entire value proposition. These aren't abstract concepts; they are tangible, protected, and validated components that drive their business in precision fluid management.

The foundation rests heavily on intellectual property and regulatory clearance. Daxor Corporation holds patents for its core diagnostic technology. Specifically, the original BVA-100® Blood Volume Analyzer is FDA-cleared. Furthermore, as of August 2025, the company secured FDA 510(k) clearance for its next-generation rapid, compact, hand-held Blood Volume Analyzer (BVA). This new analyzer is reportedly three times faster than its predecessor and requires 50% less blood drawn from the patient.

This technological lead is supported by deep institutional knowledge. Daxor Corporation boasts over 50 years of scientific leadership. This experience has built a broad IP portfolio; for instance, by late 2023, this portfolio already included more than a dozen issued and pending-review patents, covering innovations like remote blood volume monitoring via smartwatches.

Manufacturing capability is centralized and controlled. Daxor Corporation operates a U.S.-based, 20,000-square-foot state-of-the-art manufacturing facility. This facility is ISO certified.

The clinical validation is compelling, which is a key resource for market penetration. Studies have demonstrated dramatic patient outcome improvements linked to BVA-guided care. One key finding, published in a peer-reviewed journal, showed an 82% reduction in 30-day mortality for heart failure patients treated with BVA guidance. Another analysis showed an 82% reduction in 30-day mortality (comparing 2.0% vs 11.1%) in acute heart failure admissions using BVA-guided treatment.

Financially, as an investment company component, the balance sheet provides a measure of stability. As of June 30, 2025, Daxor Corporation reported net assets of $36,627,814. This reflects growth from the prior year.

Here's a quick breakdown of the quantifiable assets:

The technology itself carries specific performance metrics that are critical resources:

• The BVA-100 has been associated with a 56% reduction in 30-day readmissions in heart failure studies.
• The next-generation analyzer is three times faster than the BVA-100.
• The next-generation analyzer requires 50% less blood to be drawn.
• The BVA technology provides a measurement with 98% accuracy against patient-specific norms.
• The company has over 75,000+ tests shipped to evaluate blood volume.

If onboarding new facilities takes longer than expected, the utilization of this existing, validated IP might slow down. Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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:

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.