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Expected to Improve Margins and Increase Revenue Streams
Oak Ridge, TN, March 25, 2024 (GLOBE NEWSWIRE) -- Daxor Corporation (NASDAQ:DXR), the global leader in blood volume measurement technology, announces today it has entered into a definitive agreement to acquire exclusive and worldwide rights and intellectual property to manufacture from its existing supplier for Volumex and Megatope from privately-held Iso-Tex Diagnostics, Inc. Daxor has also acquired the exclusive rights to Glofil, a drug that measures glomerular filtration rate (GFR), which Iso-Tex has been selling directly to its customer base.
Daxor projects the acquisitions to be cash flow positive and accretive to earnings immediately upon transfer of the manufacturing. This is due to the embedded revenue streams of the drugs and significantly higher margins that will be achieved with internalized production.
"Bringing the manufacturing of these radiopharmaceutical diagnostics in-house at our Oak Ridge facility is a game-changer for Daxor that will substantially increase our margins on blood volume analysis (BVA) test kits as we scale up," said Michael Feldschuh, President and CEO of Daxor. "Acquiring Glofil gives us a new product to cross-sell into our growing customer base."
"Glofil, a trusted GFR diagnostic, shares a user base that overlaps with Daxor's core hospital customers. Adding Glofil allows Daxor to offer a compelling combined product suite for measuring both blood volume and kidney function creating an additional revenue stream for the company," said Senior Vice President of Commercialization and Customer Experience, Jean Oertel.
The deals have been structured with seller-provided financing on favorable terms. No payments will come due until manufacturing is fully transitioned to Daxor over the next 6-9 months. The total transaction value will then be paid in monthly installments over two years from that point, with payments anticipated to be supported by the revenue from Glofil and cost-savings from in-house manufacture of BVA test kits.
The transaction is subject to customary conditions, including receipt of applicable regulatory approvals.
Posted In: DXR
