DAXOR Business Summary

Daxor Corporation (DXR) operates a high-margin "razor-and-blades" business model centered on its proprietary Blood Volume Analysis (BVA) technology, the only FDA-cleared diagnostic for direct, objective quantification of total blood volume. Revenue is primarily generated through the sale and leasing of its BVA-100 and next-generation rapid BVA systems, supplemented by recurring sales of single-use Volumex diagnostic kits and specialized reference lab services (ezBVA Lab). As of February 2026, the company is transitioning from a closed-end investment company to a standard operating company under the Securities Exchange Act of 1934, reflecting the rapid scaling of its medical device division and multi-million-dollar contracts with the U.S. Department of Defense. Daxor competes in the hemodynamic monitoring market against large-scale incumbents such as Edwards Lifesciences, Baxter International, ICU Medical, and Masimo; however, it maintains a unique market position as the sole provider of 98% accurate direct measurement, whereas competitors rely on subjective proxy markers like pressure and flow. Originally founded by Dr. Joseph Feldschuh, a pioneer in blood volume research, the company is currently led by President and CEO Michael Feldschuh, who brings over 25 years of experience from Wall Street firms including Morgan Stanley and D.E. Shaw. The technical leadership includes Chief Scientific Officer Jonathan Feldschuh, a Harvard-educated physicist and co-inventor of the BVA-100, and Chief Medical Officer Dr. John L. Jefferies, a renowned cardiologist who joined in 2024 to accelerate clinical adoption. The executive team is supported by CFO Robert J. Michel, a CPA with extensive experience at Price Waterhouse and Asta Funding. Daxor’s board features notable industry figures such as Dr. Henry D. Cremisi of AstraZeneca and patent expert Joy Goudie, Esq., while recent institutional support is evidenced by a $9 million registered direct offering completed in January 2026.