Daxor (DXR) Q2 2024 earnings summary

Executive summary

• Net assets as of June 30, 2024 were $32.66M ($6.75/share), up from $30.36M ($6.33/share) a year ago but down from $34.01M ($7.08/share) at December 31, 2023.

• Net decrease in net assets from operations for the six months ended June 30, 2024 was $1.63M, improved from a $3.04M decrease in the prior year period.

• Increased revenue in the operating division driven by higher sales of BVA system devices, test kits, and Department of Defense contracts.

• Continued investment in R&D, product development, and commercial expansion for 2024/2025 product launches.

Financial highlights

• Net dividend income for the six months ended June 30, 2024 was $63,678; net realized gains on investments were $393,356.

• Net unrealized appreciation on investments was $1.47M; net unrealized depreciation on the operating division was $(9.49)M.

• Total expenses for the period were $437,440, including $275,695 in non-cash stock-based compensation.

• Net investment loss for the period was $(365,684).

• Net assets consist of $14.02M capital paid in, $23.46M in treasury stock, and $(4.83)M total distributable earnings.

Outlook and guidance

• Management expects the operating division to increase as a percentage of assets, aiming to reclassify as an operating company.

• Ongoing investments in R&D and commercial infrastructure to support next-generation product launches in 2024/2025.