Daxor Details Portable FDA-Cleared Blood Volume Analyzer, ‘Razor-and-Blades’ Kit Growth at iAccess Alpha

15 Mar 2026, 15:14 by Kim Johansen · The Markets Daily

Daxor (NASDAQ:DXR) used its presentation at the iAccess Alpha Virtual Best Ideas Spring Investment Conference 2026 to outline its focus on blood volume analysis and the company’s commercialization plans following FDA clearance of a new portable analyzer. President and Chief Executive Officer Michael Feldschuh described Daxor as a radiopharmaceutical diagnostic company with a “razor-and-blades” revenue model centered on recurring sales of test kits.

Company overview and manufacturing footprint

Feldschuh said Daxor is headquartered in Oak Ridge, Tennessee, where it operates a fully owned 20,000-square-foot facility used for research and development as well as production. He described the site as a vertically integrated operation with capacity to produce companion analyzers and up to 200,000 test kits per year for its diagnostic test.

At the center of the business is Volumex, a diagnostic drug used to directly measure a patient’s blood volume. Feldschuh said Volumex is injected into a patient and allowed to circulate before a blood sample is analyzed using Daxor’s proprietary, patented companion analyzer to determine blood volume.

He emphasized that recurring revenue is driven primarily by test-kit consumption rather than instrument sales, noting that “everything comes from the syringes.”

Why blood volume measurement is central to care

Feldschuh argued that blood volume management plays a role across a wide range of chronic and acute conditions, citing examples including heart failure, critical care and sepsis, syncope and dysautonomia, surgical blood loss, and acute respiratory distress syndrome (ARDS). He said care teams often make volume-related decisions whenever patients are receiving interventions such as IV fluids, diuretics, or transfusions.

According to Feldschuh, the key challenge is uncertainty in assessing “volume status.” He said clinicians frequently rely on indirect proxies—such as blood pressure or cardiac pressures, biomarkers like BNP, and imaging such as chest X-rays—rather than a direct and quantitative measurement of circulating blood volume. He added that hemoglobin and hematocrit are also limited in scenarios where plasma volume is changing.

Feldschuh said Daxor is “the only producer of an FDA-approved direct measurement test for blood volume along with patient norms,” positioning that as a precision tool intended to improve diagnosis and subsequent treatment decisions.

Volumex test process and deployment models

Feldschuh described Volumex as a 1 milliliter albumin tracer tagged with I-131. After injection and circulation, the company measures tracer dilution from a blood sample and computes how much blood is circulating, which he said delivers “over 95% accuracy.”

He reported that Daxor’s blood volume analysis has been used in more than 100 medical settings, including academic medical centers, regional hospitals, and physician offices, and that more than 75,000 tests have been shipped. Feldschuh also cited more than 170 peer-reviewed studies comparing the test’s accuracy with proxy measures and discussing outcomes associated with improved diagnosis.

Feldschuh said the test has CPT and APC coding and is reimbursed by public and private insurers in both hospital and physician office settings. He said results can be available in as little as 30 minutes, depending on the operational model.

On-site testing: A patient-ready syringe is injected, blood is drawn and placed into a patented cartridge, and the cartridge is analyzed along with patient data to generate results.
“Easy BVA Lab” model: Daxor ships the tracer to the care site, the site draws blood after injection, and samples are shipped overnight to Daxor’s CLIA-certified lab in Oak Ridge for processing. Feldschuh said this approach can avoid equipment setup and training at the care site, with a roughly 24-hour turnaround.

He characterized the radiotracer exposure as mild, describing it as “equivalent to exposure of about a chest X-ray,” and said it can be shipped via FedEx in cardboard boxes.

FDA-cleared portable analyzer and commercialization updates

Feldschuh highlighted an FDA clearance received last August for a new rapid, handheld companion diagnostic system, describing it as a smaller, lighter, battery-powered, ruggedized replacement for the older semi-automated carousel-based lab system. He said the handheld system was developed over seven years with funding from the Defense Health Agency and the National Institutes of Health, and that the company is building inventory and beginning deployments.

On commercialization, Feldschuh said Daxor is ramping its sales team after completing a capital raise at the end of January. He said the company has a sales and clinical support team of approximately 12 people and is working with partners including MedAxiom, part of the American College of Cardiology, to raise awareness and drive adoption. He also said Daxor has ongoing work tied to Defense Health Agency contracts.

Evidence, market sizing, and corporate milestones

To illustrate potential clinical impact, Feldschuh pointed to a study he said was published in JACC: Heart Failure involving 245 patients at a New Jersey hospital center, where care was guided by blood volume analysis. He cited reported outcomes including a 56% reduction in 30-day readmissions, an 82% reduction in 30-day mortality, an 86% reduction in 1-year mortality, and a 2.6-day shorter length of stay when blood volume analysis was used at the start of hospitalization. He also referenced additional mortality data in a surgical ICU population that included patients with sepsis and ARDS, describing “remarkable” results.

Feldschuh said Daxor’s drug labeling allows use to determine blood volume “wherever it is medically necessary,” which he described as enabling commercialization beyond cardiology, including critical care and nephrology. He listed other areas of interest such as oncology, POTS and dysautonomia centers, advanced heart failure clinics, and private physician offices.

Discussing financial and operational milestones, Feldschuh said operating revenue increased 45% year-over-year for 2025 on an unaudited basis, and that the company implemented a price increase for the diagnostic test this year. He said Daxor added 17 new accounts “last year to since the start of this year.” He also highlighted plans to integrate a key supplier to bring 100% of production in-house, which he said is expected to be completed before year-end, and noted that the integration is expected to add a second drug, Glofil, which he described as a kidney filtration rate drug.

Feldschuh also said Daxor has applied to the SEC to begin reporting under a 1934 Act filing framework, after previously reporting under a 1940 Act form, and said the company anticipates being able to file as a 1934 Act company by the end of the second quarter.

On capital structure, Feldschuh said Daxor raised $9 million in an offering at the end of January and currently has no debt, warrants, or convertible securities. He described insider ownership of 48.3%, 5.83 million shares outstanding, and a market capitalization of approximately $66 million. He also stated net assets of $45.9 million as of 12/31 under its 1940 Act filing framework, noting that figure did not include the January capital raise. Feldschuh added that the company had a cash burn of $289,000 for 2025 and said it was essentially cash-flow breakeven on a cash-on-cash basis excluding capex and one-off costs.

About Daxor (NASDAQ:DXR)

Daxor Corporation is a medical diagnostics company focused on providing precise blood volume analysis to support patient management in critical care, surgical, cardiology and nephrology settings. The company’s core offering, the BVA‐100 Blood Volume Analyzer, employs radiolabeled albumin techniques to deliver accurate measurements of total blood volume, red cell mass and plasma volume. By quantifying a patient’s fluid status, Daxor aims to help clinicians tailor therapies for conditions such as anemia, heart failure and fluid overload.

In addition to the BVA‐100 analyzer, Daxor supplies reagent kits, calibration standards and software for data analysis and reporting.