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Dear Valued Shareholders,
I am pleased to present our mid-year update for our unaudited first half results of 2024, highlighting Daxor Corporation's remarkable progress and financial performance. Our commitment to innovation in blood volume analysis (BVA) technology continues to drive growth and create value for our stakeholders.
Financial Highlights: I am thrilled to report that our financial position has strengthened significantly. Our Net Asset Value (NAV) has increased to $6.75 per share, up from $6.33 per share at this time last year. More impressively, our unaudited revenue for the first half of 2024 has more than doubled compared to the same period in 2023, marking a year-on-year growth exceeding 100%. This substantial increase is attributed to rising sales from existing customers and the addition of fourteen new accounts so far this year, already surpassing the twelve new accounts added in 2023.
Our Operating Division is making significant strides towards profitability. The net cash investment for the first half of 2024 was $1.297 million, a substantial reduction from $2.445 million in the first half of 2023. This improvement comes despite increased spending on sales expansion and R&D for our upcoming product launch, demonstrating our commitment to efficient capital allocation.
Looking ahead, we remain confident in achieving operational positive cash flow by the end of Q4 2024, driven by our commercial growth and newly awarded government contracts.
Expansion and Recognition: Our BVA technology continues to gain traction nationwide. Notable achievements include:
Government Contracts: We have secured additional significant government contracts validating the importance of BVA. The work on these contracts have begun as of August 1st, and revenues from them will flow in the next 24-months:
These contracts not only provide funding, but also underscore the potential applications of our technology in both civilian and military settings.
Product Development: We continue to work closely with the FDA towards final approval of our next-generation point-of-care blood volume analyzer along the 510(k) pathway. This new system is three times faster than our existing model and capable of completing the diagnostic test entirely at the bedside. We anticipate this advancement will significantly increase utilization at existing accounts and accelerate the opening of new accounts across the country for both inpatient and outpatient use.
Strategic Acquisition: In a move to enhance our product offerings and improve margins, we acquired Volumex®, Megatope®, and Glofil® from our existing supplier in March. This acquisition is expected to significantly improve our margins and drive increasing revenue through the introduction of new products to our growing customer base.
Research and Development: Recent studies have demonstrated the clinical benefits of our BVA-100™ diagnostic in ambulatory heart failure patients for measuring congestion, further solidifying the scientific foundation of our technology.
Leadership Enhancement: We welcomed Dr. John L. Jefferies as our new Chief Medical Officer in April, bringing valuable expertise to our leadership team.
In conclusion, the first half of 2024 has been a period of substantial growth and achievement for Daxor Corporation. Our financial performance, technological advancements, and strategic moves have positioned us strongly for continued success. We remain committed to our mission of and look forward to building on this momentum in the second half of the year and beyond.
Thank you for your continued support and trust in Daxor Corporation.
Sincerely,
Michael Feldschuh
CEO & President, Daxor Corporation
Posted In: DXR
