Core revenue growth remains highly contractionary, with 2025Q4 sales falling to $131.8K while net margins were artificially inflated to 72.4% by non-operating investment gains.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 503.42K | 2.13M | 34.59M | -353.36K | -2.62M | -2.81M | -114.99K | -918.45K | -1.01M | 1.84M | -7.44M | -4.05M | -11.56M | -2.1M | 1.28M | 1.58M | 1.69M | 1.76M | 1.87M | 1.49M | 1.34M | 1.22M | 3.17M | 2.7M | 758.37K | 745.79K | 575.38K | 300K | 500K | 2.8M |
| Revenue Growth % | -76.38% | -93.84% | 9889.04% | 86.49% | 6.81% | -2340.47% | 87.48% | 9.21% | -155.12% | 124.66% | -83.63% | 64.93% | -449.78% | -264.57% | -19.11% | -6.49% | -4.1% | -5.81% | 25.79% | 10.64% | 10.27% | -61.51% | 17.15% | 256.28% | 1.69% | 29.62% | 91.79% | -40% | -82.14% | -40.43% |
| Cost of Goods Sold | 314.68K | 0 | 177.07K | 1.09M | 1M | 686.42K | 367.17K | 268.48K | 200.08K | 276.75K | 314.85K | 0 | 0 | 0 | 652.51K | 727.65K | 704.87K | 516.05K | 475.81K | 565.74K | 1.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 62.51% | - | 0.51% | -307.64% | -38.3% | -24.46% | -319.3% | -29.23% | -19.78% | 15.08% | -4.23% | - | - | - | 51.08% | 46.08% | 41.74% | 29.3% | 25.45% | 38.06% | 98.36% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 188.74K | 2.13M | 34.41M | -1.44M | -3.62M | -3.49M | -482.16K | -1.19M | -1.21M | 1.56M | -7.76M | -4.05M | -11.56M | -2.1M | 624.91K | 851.61K | 983.96K | 1.25M | 1.39M | 920.71K | 21.97K | 1.22M | 3.17M | 2.7M | 758.37K | 745.79K | 575.38K | 300K | 500K | 2.8M |
| Gross Margin % | 37.49% | 100% | 99.49% | 407.64% | 138.3% | 124.46% | 419.3% | 129.23% | 119.78% | 84.92% | 104.23% | 100% | 100% | 100% | 48.92% | 53.92% | 58.26% | 70.7% | 74.55% | 61.94% | 1.64% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | -91.14% | -93.81% | 2489.09% | 60.17% | -3.55% | -624.4% | 59.38% | 2.04% | -177.74% | 120.09% | -91.4% | 64.93% | -449.78% | -436.4% | -26.62% | -13.45% | -20.97% | -10.69% | 51.4% | 4089.98% | -98.2% | -61.51% | 17.15% | 256.28% | 1.69% | 29.62% | 91.79% | -40% | -82.14% | -40.43% |
| Operating Expenses | -9M | 1.59M | 939.06K | 1.09M | 1.07M | 734.37K | 380.7K | 299.88K | 203.69K | 367.95K | 436.82K | 453.24K | 422.84K | 582.99K | 12.95M | -7.5M | -6.17M | -18.88M | -10.97M | 1.23M | 1.02M | 448.13K | 2.64M | 2.03M | -545.32K | -412.33K | -237.31K | -600K | -700K | 2.2M |
| OpEx % of Revenue | -1787.16% | 74.83% | 2.71% | -307.19% | -41.03% | -26.17% | -331.07% | -32.65% | -20.14% | 20.05% | -5.87% | -11.18% | -3.66% | -27.73% | 1013.97% | -474.81% | -365.22% | -1072.36% | -586.62% | 82.88% | 76.29% | 36.78% | 83.56% | 75.06% | -71.91% | -55.29% | -41.25% | -200% | -140% | 78.57% |
| Selling, General & Admin | 0 | 294.19K | 307.36K | 1.09M | 991.31K | 593.52K | 384.18K | 256.76K | 124.6K | 304.87K | 378.09K | 398.02K | 365.73K | 353.74K | 12.95M | -7.56M | -6.35M | -18.88M | -10.97M | 1.23M | 1.02M | 448.13K | 2.64M | 2.03M | -545.32K | -470.59K | -309.71K | -700K | -100K | 2.1M |
| SG&A % of Revenue | - | 13.81% | 0.89% | -307.19% | -37.91% | -21.15% | -334.1% | -27.96% | -12.32% | 16.61% | -5.08% | -9.82% | -3.16% | -16.83% | 1013.97% | -478.84% | -375.76% | -1072.36% | -586.62% | 82.88% | 76.29% | 36.78% | 83.56% | 75.06% | -71.91% | -63.1% | -53.83% | -233.33% | -20% | 75% |
| Research & Development | 0 | 0 | 0 | -15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.71M | 3.04M | 2.83M | 0 | 0 | 2.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0% | - | - | - | - | - | - | - | - | - | - | 211.83% | 192.6% | 167.28% | - | - | 144.79% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -9M | 1.3M | 631.7K | 15 | 81.68K | 140.85K | -3.48K | 43.12K | 79.09K | 63.08K | 58.73K | 55.22K | 57.11K | 229.25K | 0 | 63.62K | 178.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.19M | 72.39K | 100K | -600K | 100K |
| Operating Income | 9.19M | 621.42K | 329.74K | 5.25M | 4.75M | -1.73M | -495.7K | -1.1M | -1.14M | 1.47M | -7.88M | -4.51M | -8.22M | -2.69M | -5.79M | 8.35M | 7.15M | 19.68M | 11.96M | -785.53K | -1.34M | -580.27K | -1.05M | -171.5K | 369.11K | 1.16M | -95.77K | 900K | -200K | 600K |
| Operating Margin % | 1824.65% | 29.16% | 0.95% | -1485.92% | -181.56% | 61.67% | 431.07% | 119.45% | 112.92% | 79.95% | 105.87% | 111.18% | 71.11% | 127.73% | -452.98% | 528.74% | 423.48% | 1117.58% | 639.55% | -52.85% | -99.44% | -47.63% | -33.23% | -6.35% | 48.67% | 155.29% | -16.64% | 300% | -40% | 21.43% |
| Operating Income Growth % | 1378.18% | 88.46% | -93.72% | 10.58% | 374.36% | -249.14% | 54.82% | 3.96% | -177.85% | 118.62% | -74.86% | 45.16% | -206.06% | 53.59% | -169.3% | 16.75% | -63.66% | 64.58% | 1622.31% | 41.2% | -130.24% | 44.84% | -513.35% | -146.47% | -68.13% | 1309.27% | -110.64% | 550% | -133.33% | -72.73% |
| EBITDA | 9.19M | 2.06M | 836.56K | 6.11M | 5.49M | -1.72M | -495.7K | -1.22M | -3.01M | 1.47M | -7.72M | -4.27M | -8.22M | -2.46M | -5.5M | 8.65M | 7.43M | 19.97M | 12.19M | -619.13K | -1.22M | -507.73K | -1M | -117.05K | 426.84K | 1.22M | -23.38K | 1M | -100K | 700K |
| EBITDA Margin % | 1824.65% | 96.59% | 2.42% | -1729.22% | -210.07% | 61.37% | 431.07% | 132.65% | 297.27% | 79.95% | 103.71% | 105.38% | 71.11% | 117.1% | -430.21% | 547.52% | 440% | 1133.98% | 651.85% | -41.65% | -91.04% | -41.67% | -31.74% | -4.33% | 56.28% | 163.1% | -4.06% | 333.33% | -20% | 25% |
| EBITDA Growth % | 346.3% | 146.03% | -86.31% | 11.22% | 418.98% | -247.44% | 59.31% | 59.49% | -304.93% | 119.01% | -80.72% | 48.02% | -233.84% | 55.2% | -163.56% | 16.36% | -62.79% | 63.85% | 2068.59% | 49.38% | -140.91% | 49.47% | -758.37% | -127.42% | -64.91% | 5303.74% | -102.34% | 1100% | -114.29% | -69.57% |
| D&A (Non-Cash Add-back) | 0 | 1.44M | 506.81K | 859.73K | 745.58K | 0 | 0 | 0 | 0 | 0 | 160.65K | 235.18K | 0 | 223.41K | 290.79K | 296.55K | 278.91K | 288.75K | 229.93K | 166.4K | 112.81K | 72.54K | 47.19K | 54.45K | 57.73K | 58.26K | 72.39K | 100K | 100K | 100K |
| EBIT | 9.19M | 621.42K | 329.74K | 5.25M | 4.77M | -1.72M | -495.7K | -1.22M | -3.01M | 1.47M | -7.88M | -4.51M | 0 | -2.69M | -290.79K | -296.55K | -278.91K | -288.75K | -229.93K | -166.4K | -112.81K | -98.89K | -83.74K | -54.45K | -57.73K | -58.26K | -72.39K | -100K | -100K | -100K |
| Net Interest Income | 10.72K | -85.09K | -49.1K | -72.45K | -19.61K | -8.4K | -143.49K | -121.25K | -72.97K | -37.33K | -160.65K | -235.18K | -204.78K | -219.06K | -168.92K | -61.68K | -162.98K | -147.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 26.69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.35K | 0 | 1.94K | 15.12K | 37.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 15.96K | 85.09K | 49.1K | 72.45K | 19.61K | 8.4K | 143.49K | 121.25K | 72.97K | 37.33K | 160.65K | 235.18K | 204.78K | 223.41K | 168.92K | 63.62K | 178.1K | 184.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -15.96K | -85.09K | -49.1K | -72.45K | -19.61K | -8.4K | 0 | -854.56K | 649.55K | 0 | 0 | 0 | -3.76M | 0 | -6.54M | 14.01M | 12.26M | 24.89M | 17.39M | 4.65M | 3.58M | 190.65K | 157.06K | 0 | 0 | -1.19M | 0 | -900K | 0 | -600K |
| Pretax Income | 9.17M | 536.33K | 280.64K | 5.18M | 4.75M | -1.73M | -495.7K | -1.22M | -1.22M | 1.47M | -7.88M | -4.51M | -11.98M | -2.69M | -12.33M | 8.35M | 7.15M | 19.68M | 11.96M | -785.53K | -1.34M | -580.27K | -1.05M | -171.5K | 369.11K | -33.97K | -95.77K | 0 | 0 | 0 |
| Pretax Margin % | 1821.48% | 25.17% | 0.81% | -1465.41% | -181.56% | 61.67% | 431.07% | 132.65% | 120.14% | 79.95% | 105.87% | 111.18% | 103.66% | 127.73% | -965.05% | 528.74% | 423.48% | 1117.58% | 639.55% | -52.85% | -99.44% | -47.63% | -33.23% | -6.35% | 48.67% | -4.55% | -16.64% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -25.28K | 0 | -332.55K | 24.61K | 11.61K | 1.27M | -3.53M | -3.76M | -3.87M | -5.14M | 3.38M | 1.33M | 4.56M | 1.31M | 3.58M | 3.58M | 0 | 24.26K | 22.35K | 69.75K | 21.23K | 1.38K | 0 | 0 | 100K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 1.46% | 0% | 27.3% | -2.03% | 0.79% | -16.06% | 78.33% | 31.4% | 144.2% | 41.71% | 40.5% | 18.58% | 23.16% | 10.96% | -455.64% | -267.91% | 0% | -2.31% | -13.03% | 18.9% | -62.5% | -1.44% | - | - | - |
| Net Income | 9.17M | 536.33K | 280.64K | 5.18M | 4.75M | -1.71M | -495.7K | -885.77K | -1.24M | 1.46M | -9.15M | -976.7K | -8.22M | 1.19M | -7.19M | 4.97M | 5.82M | 15.12M | 10.65M | -785.53K | -1.34M | -580.27K | -1.08M | -193.85K | 299.36K | -55.19K | -97.15K | -400K | -200K | -100K |
| Net Margin % | 1821.48% | 25.17% | 0.81% | -1465.41% | -181.56% | 60.77% | 431.07% | 96.44% | 122.57% | 79.32% | 122.87% | 24.09% | 71.11% | -56.46% | -562.51% | 314.6% | 344.78% | 858.76% | 569.44% | -52.85% | -99.44% | -47.63% | -34% | -7.17% | 39.47% | -7.4% | -16.88% | -133.33% | -40% | -3.57% |
| Net Income Growth % | 1609.71% | 91.11% | -94.58% | 9.05% | 378.42% | -244.04% | 44.04% | 28.56% | -185.17% | 115.92% | -836.45% | 88.12% | -792.38% | 116.52% | -244.63% | -14.68% | -61.5% | 42.04% | 1455.42% | 41.2% | -130.24% | 46.08% | -455.16% | -164.76% | 642.37% | 43.19% | 75.71% | -100% | -100% | -107.69% |
| Net Income (Continuing) | 9.17M | 536.33K | 280.64K | 5.18M | 4.75M | -1.71M | -495.7K | -885.77K | -1.24M | 1.46M | -9.15M | -976.7K | -8.22M | 1.19M | -7.19M | 4.97M | 5.82M | 15.12M | 10.65M | -785.53K | -1.34M | -389.62K | -894.87K | -193.85K | 299.36K | -55.19K | -97.13K | -400K | -200K | -100K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.84 | 0.11 | 0.06 | 0.60 | 1.18 | -0.43 | -0.12 | -0.24 | -0.33 | 0.33 | -2.38 | -0.26 | -2.00 | 0.29 | -1.70 | 1.17 | 1.36 | 3.46 | 2.33 | -0.17 | -0.29 | -0.13 | -0.23 | -0.04 | 0.06 | -0.01 | -0.02 | -0.08 | -0.04 | -0.02 |
| EPS Growth % | 1572.73% | 81.52% | -89.9% | -49.15% | 374.42% | -258.33% | 50% | 27.27% | -200% | 113.87% | -815.38% | 87% | -789.66% | 117.06% | -245.3% | -13.97% | -60.69% | 48.5% | 1470.59% | 41.38% | -123.08% | 43.48% | -452.88% | -169.33% | 608.47% | 39.18% | 75.75% | -100% | -100% | -107.69% |
| EPS (Basic) | 1.84 | 0.11 | 0.06 | 0.60 | 1.18 | -0.43 | -0.12 | -0.24 | -0.33 | 0.33 | -2.38 | -0.26 | -2.01 | 0.29 | -1.70 | 1.17 | 1.37 | 3.48 | 2.33 | -0.17 | -0.29 | -0.13 | -0.23 | -0.04 | 0.06 | -0.01 | -0.02 | -0.08 | -0.04 | -0.02 |
| Diluted Shares Outstanding | 4.99M | 4.84M | 4.63M | 8.58M | 4.04M | 3.94M | 4.19M | 3.74M | 3.77M | 3.83M | 3.84M | 3.76M | 4.11M | 4.09M | 4.22M | 4.24M | 4.28M | 4.42M | 4.57M | 4.63M | 4.64M | 4.62M | 4.65M | 4.66M | 4.66M | 4.68M | 5M | 5M | 5M | 5M |
| Basic Shares Outstanding | 4.99M | 4.84M | 4.63M | 8.58M | 4.04M | 3.94M | 4.19M | 3.74M | 3.74M | 3.8M | 3.84M | 3.76M | 4.09M | 4.09M | 4.22M | 4.24M | 4.26M | 4.42M | 4.57M | 4.63M | 4.64M | 4.62M | 4.65M | 4.66M | 4.66M | 4.68M | 4.72M | 4.76M | 5M | 5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 7.83% | - | - | - | 70.21% | - | 85.13% | 98.57% | 42.67% | - | - | - | - | - | - | - | - | - | - | - | - |
Investment Portfolio Volatility
As reported in recent financial filings, Daxor's revenue trajectory has deteriorated significantly, highlighted by a sharp 81.0% year-over-year decline in 2025Q4, which underscores the persistent difficulty in scaling the BVA-100 diagnostic platform within the competitive US hospital market for hemodynamic monitoring and fluid management.
The consistent inability to generate sustained top-line growth suggests that the company's diagnostic technology has yet to achieve the necessary clinical adoption to become a standard of care. Investors should monitor whether this revenue decline reflects a structural shift in hospital procurement preferences or merely temporary volatility in capital equipment placement cycles.
Based on the company's reported figures, net income is heavily distorted by non-operating investment portfolio fluctuations, as evidenced by the 72.4% net margin in 2025Q4 that bears little correlation to the underlying medical device business's actual operational performance or its ability to generate recurring cash flow.
The reliance on investment income to bolster the bottom line creates a misleading picture of the company's true economic health. Analysts must strip away these non-operating gains to evaluate the core medical segment, which appears to be consistently burning cash and failing to achieve the economies of scale required for long-term viability.
According to historical income statements, Daxor maintains a high fixed-cost structure relative to its minimal medical sales, with gross margins frequently fluctuating due to the specialized manufacturing requirements of its diagnostic kits and the lack of sufficient volume to absorb these significant overhead expenses.
The company's cost structure appears ill-suited for its current revenue scale, suggesting that the business model remains highly inefficient without a massive increase in kit utilization. Management's expense discipline warrants further investigation, as the current operational footprint seems to be supported by capital reserves rather than self-sustaining product margins.
While the company has historically avoided equity dilution by leveraging its investment portfolio, recent data suggests this strategy is increasingly vulnerable to market volatility, as the reliance on interest-rate-sensitive utility and preferred securities creates a precarious funding mechanism for the company's ongoing medical research and development efforts.
Short-sellers would likely focus on the disconnect between the company's high valuation and its inability to generate meaningful revenue from its core technology. If the investment portfolio experiences sustained underperformance, the company may be forced to reconsider its capital allocation strategy, potentially leading to the dilution that management has successfully avoided for years.
Quick answers to the most common questions about buying DXR stock.
For fiscal year 2025, Daxor Corporation (DXR) reported total revenue of $0.5M. This represents a 82.0% decline compared to $2.8M in 1996.
Daxor Corporation (DXR) is profitable, generating $9.2M in net income for the fiscal year ending 2025 with a net profit margin of 1821.5%.
Daxor Corporation (DXR) reported an operating income of $9.2M, resulting in an operating profit margin of 1824.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Daxor Corporation (DXR) generated $0.2M in gross profit for the year, representing a gross profit margin of 37.5%. This demonstrates the company's core pricing power and production efficiency.