Ladies and gentlemen, thank you for standing by. Good afternoon and welcome to the Daxor Corporation Conference Call for the Corporate Update and Financial Results for the Year 2024. At this time, all participants are in a listen-only mode. After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] During this call, management will be making forward-looking statements, including statements that address Daxor's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Daxor's most recently filed annual report on Form N-CSR and subsequent periodic reports filed with the SEC and Daxor's press release that accompanies this call, particularly the cautionary statements in it. The content of this call contains time-sensitive information that is accurately only as of today, March 5th, 2025. Except as required by law, Daxor disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. It is now my pleasure to turn this call over to CEO, Michael Feldschuh.

Thank you very much Natalie. Good afternoon to everyone on the call. Welcome to the Daxor 2025 shareholder update call. We welcome all of our shareholders and guests. This call will be a chance for us to update everyone on our significant progress in 2024 and momentum going into 2025. I will be introducing Bob Michel, our Chief Financial Officer. Following his remarks, Dr. John Jefferies, our Chief Medical Officer will give his update on the company's progress. And I will conclude with some remarks of my own speaking to some of the questions we received in advance of this meeting. That concludes my opening remarks. Now, I'd like to turn the call over to Bob, our CFO, who will review our financial results at the Daxor corporate level in more detail. Bob?

Thank you, Michael. Good afternoon everyone and here is a summary of our 2024 financial results. As of December 31st, 2024, Daxor's net assets were $36,789,893 or $7.25 per share as compared to $34,010,384 or $7.08 per share at December 31st, 2023. The increase in the net asset value is primarily due to the continued appreciation and value of the operating division. For year ended December 31st, 2024, Daxor had net income -- net dividend income of $104,115 and net realized gains on investment security activity of $1,359,163. There was a net decrease in the unrealized appreciation on investments of $1,148,350 as we sold positions during 2024 that had prior periods, significant unrealized gains unwound into the gains realized in 2024. Included in the net asset -- the net increase in net assets resulting from operations of $553,926 is a non-cash stock-based compensation expense of $1,245,583. In an effort to provide incentives to employees, officers, agents, and consultants, the company utilizes equity awards through either stock option or stock awards. There was a net investment in the operating division of $1,614,124 to continue its research and development, sales and overhead for our projected 2025 product launch and ramping the commercial sales team, as well as production facilities for our next generation of blood volume analyzers and bringing in house the production of our Volumex product which is projected to be completed by the end of 2025. That concludes my summary of the financial results. Now, I’d like to turn the call over to Dr. John Jeffries, our Chief Medical Officer, who will provide clinical updates. John?

Thank you, Bob. Good afternoon, everyone. It’s my pleasure to provide an update regarding our clinical efforts at Daxor. As you may have heard, I joined Daxor as a Chief Medical Officer a few months ago. And although I recognize some of the potential for the company, I’ve been pleasantly surprised to confidently know that the potential is much greater than I appreciated. We have penetrated less than 1% of the potential listing market. We continue to identify additional opportunities that only expand the market capitalization possibilities. We’ve experienced significant growth in multiple clinical areas including standard of care utilization, evidence generation and quality improvement efforts. We continue to expand in the new systems across the United States. We’ve added multiple academic institutions as partners, but perhaps more importantly, we have expanded significantly into community hospital systems. Historically, many of our partnerships have been with heart failure cardiologists. However, this only represents a very small fraction of the provider relationship opportunities that can be developed regarding the use of our technology. As such, we have developed strong functional relationships with other providers including general cardiologists, interventional cardiologists, structural cardiologists, nephrologists, hospitalists, intensivists, hematologists, endocrinologists, and primary care providers. These relationships have resulted in the broader use of BVA across multiple disciplines both in the inpatient and the outpatient setting. This has resulted in even greater opportunities for abstract generation and manuscript publication. Perhaps more importantly, this broader use provides us with the real world data, which is what at the end of the day matters most to practitioners. The favorable impact of BVA has been realized across all these disciplines, further underscoring the agnostic yet potentially transformative effect that BVA can have on patient care. The generation of real world data and additional peer reviewed publications is a key component…

Thank you very much, John. Very impactful statements and obviously, very, very nuanced and important in the breadth that you have for being able to transmit the considerable clinical value of our technology. Speaking more broadly about Daxor and where we're at, as we forge ahead into what we consider really a pivotal year. Daxor remains laser-focused on our mission. We are unwavering in our pursuit of our strategic goals. We’re fueled by a relentless determination for not only transformative growth of the company, but also widespread adoption of our technology. As you just heard from John, 2024 was remarkable year for the company, solidifying our position as the global leader in blood volume technology in every year during 2024 and we've had a really strong start to 2025, I'm pleased to report that there's been substantial progress for the company in revenue growth, new customer acquisitions, increasing utilization of our products by existing customers, strategic agreements to acquire a key supplier, next-generation systems under Food and Drug Administration review, positive clinical trial results, patents, pending and granted successful NIH grant awards, DoD contracts awarded and further R&D for groundbreaking products set to launch in subsequent fiscal years. So we have a very rich and robust pipeline. I'll go into more detail in these areas. But first, I want to review for those who are new to the story of the company, what our company's mission and vision is to commercialize these products so that we can enable optimal patient care around blood volume management, which is so vital for all. Our mission quite simply is optimal blood volume for all patients. Daxor is focused on profoundly improving outcomes for the tens of millions of patients as well as the hospital systems and the payers which support that system by…

The answer to both of those questions is yes. So the company parent, at the parent level, did transplant $1.6 million to the operating company to cover capital expenditure, inventory build, research and development in addition to the various other operations of the operating division. So we don't break out due to our consolidated filing status as a 1940 company, the delineation between all of these various different categories. So that audited results as a net cash transfer between the two. As we stated earlier in the first two months of 2025, net of CapEx, depreciation, amortization and shareholder and share-based compensation expense, our operating company has been operating in a cash flow positive state. So we're quite happy about that, and it's been driven substantially by the significant revenue growth and the increase in pricing, which the company has been able to achieve. See if there's any additional questions to speak to. Okay. Can you speak your efforts to build the sales team to drive the placement of the device? We continue to build our commercial teams. We think that they're quite competitive. And we've seen very effective growth within that area. We've been able to realize substantial value from communicating to our various different customers based upon the strength of our unique technology. And of course, the really deep results that have been associated with guiding care. So we are going to continue to build for a combination of internal hires and then potentially distributor agreements with third parties as well. Looking at the questions. Please discuss the competitive landscape. I believe that the competitive landscape in the United States and globally around the care volume management is focused largely on a number of indirect proxy measures, many of which are, as I stated earlier, not particularly accurate or effective at managing care. Daxor has been able to pioneer a far more accurate gold standard method of directly measuring volume as well as capillary well permeability. And we believe that it leads to a substantial amount of competitive advantage for us.

That concludes the calls that we have now and the time that we have for questions. I will turn it over to Natalie, let me see. Okay. Thank you very much. So in conclusion, I would like to thank all of the shareholders for their continued support. We look forward to sharing additional accomplishments and developments as they unfold. Thank you all for participating in today's call, for your interest in Daxor. We wish you all a very good day. Thank you.