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Daxor Corp
Daxor Corp, led by Michael Feldschuh, makes the only FDA-cleared blood volume analyzer and sells it alongside a recurring test-kit model to US hospitals.
Daxor Corp
Daxor Corp was incorporated in New York in 1981 and later reincorporated in Delaware before moving its operational base to Oak Ridge, Tennessee. The company is not a family office or investment firm but a publicly traded medical device manufacturer (NYSE American: DXR) that commercialized the BVA-100, a semiautomated system for direct blood volume measurement. Michael Feldschuh, who holds a degree from Harvard, joined the company in 2014 and became CEO in 2017, succeeding his father, Dr. Joseph Feldschuh, who founded the firm around the core diagnostic technology. The core product is the BVA-100 blood volume analyzer, which uses an indicator-dilution technique with iodinated I-131 albumin. The company's economic model pairs capital equipment sales with a recurring revenue stream from proprietary Daxor Volumex kits used in each test. Clinical applications center on heart failure management, critical care, and pre- and post-operative fluid management — areas where accurate volume status can reduce readmissions. Hospital clients include Cleveland Clinic and NYU Langone Health. Geographic sales are concentrated in the United States, though the firm's filings reference international distribution ambitions. The company operates with a lean footprint; its public filings report fewer than 30 employees. In January 2024, Daxor announced the closing of a $10.1 million underwritten public offering of common stock, with proceeds directed toward expanding commercial scale and funding further research (per the firm, January 2024). Feldschuh controls roughly 30% of Daxor's outstanding shares, giving management a durable internal voting bloc. Daxor's structural distinctiveness lies in combining a public-company reporting framework with the operational characteristics of a small-cap medical technology firm and the concentrated ownership typical of a founder-led enterprise. This hybrid posture — public markets liquidity, SEC-mandated transparency, yet concentrated insider control — means the investment committee sitting atop the business is effectively the Feldschuh family, filtering through the governance apparatus of an NYSE American-listed board.
General information
Firm type
other
Year founded
1981
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Oak Ridge
Corporate office
Oak Ridge, TN, United States
Principals
Michael Feldschuh
CEO and President
Sector focus
Frequently asked questions
What does Daxor Corp actually manufacture and sell?
Daxor manufactures the BVA-100, a semiautomated analyzer that measures total blood volume directly using an indicator-dilution method. The system gets paired with Daxor's proprietary Volumex test kits, which contain low-dose iodinated I-131 albumin. Hospitals purchase the capital equipment and then buy the single-use kits on an ongoing basis, creating a recurring disposables stream for Daxor.
Who controls the company and makes key investment decisions?
Michael Feldschuh is the CEO, President, and largest individual shareholder, holding roughly 30% of Daxor's equity. His father, Dr. Joseph Feldschuh, founded the company around the blood-volume measurement technology. Because of this concentrated insider stake, major capital allocation decisions — including equity raises and R&D spending — effectively run through the Feldschuh family.
Is Daxor a family office or an operating business?
Daxor is an operating medical device business, not a family office. It is a publicly registered company trading on NYSE American under the ticker DXR. While the Feldschuh family's concentrated equity position gives it some governance characteristics of a founder-controlled vehicle, the entity sells diagnostics to hospitals and files quarterly 10-Qs with the SEC.
What is the clinical use case for direct blood volume measurement?
Clinicians use the BVA-100 to guide fluid management in heart failure patients, intensive care, and before or after major surgery. Direct volume measurement can help distinguish between red cell deficits and plasma volume expansion, which proxy metrics like hemoglobin and hematocrit often misclassify. Published research, including studies conducted at academic centers, has linked BVA-guided care to reduced 30-day heart failure readmissions.
How does Daxor generate revenue, and who are its customers?
Revenue comes from two sources: sales of BVA-100 analyzers to hospital nuclear medicine or clinical lab departments, and sales of Volumex test kits consumed each time a test is run. Known hospital customers include Cleveland Clinic and NYU Langone Health. The company reports in its SEC filings that a single institutional BVA user can generate tens of thousands of dollars in annual kit revenue.
Has Daxor raised capital recently, and what was the intended use?
Yes. In January 2024, Daxor closed a $10.1 million underwritten public equity offering. The company stated that proceeds would expand the commercial sales organization and fund clinical research programs intended to support broader adoption of blood volume analysis in hospital protocols.
Does Daxor have any subsidiaries or affiliated investment vehicles?
Public records show that Daxor maintained a wholly owned subsidiary holding marketable securities, historically giving the parent corporation a dual identity as both a device manufacturer and an investment company regulated under the Investment Company Act of 1940. In recent years management has described intentions to simplify this structure and focus on the core diagnostics business.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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