SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

               --------------------------------------------------

                                    FORM 10-Q

                   Quarterly Report Under Section 13 or 15(d)
                                     of the
                             Securities Act of 1934

                        FOR QUARTER ENDED MARCH 31, 2003
                         Commission File Number 0-12248

                                DAXOR CORPORATION

                    (Exact Name as Specified in its Charter)


                    New York                            13-2682108
         (State or Other Jurisdiction of            (I.R.S. Employer
         Incorporation or Organization)             Identification No.)

                                  350 Fifth Ave
                                   Suite 7120
                            New York, New York 10118

               (Address of Principal Executive Offices & Zip Code)

Registrant's Telephone Number:           (212) 244-0555
     (Including Area Code)

      Indicate by check mark  whether the  registrant  (1) has filed all reports
required by Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

               Yes   |X|                 No  |_|

      Indicate the number of shares  outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.

      CLASS                                        OUTSTANDING AT MARCH 31, 2003
--------------------------------------------------------------------------------
      COMMON STOCK
PAR VALUE: $.O1 per share                                            4,654,584


<PAGE>


PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS                                               PAGE

             Consolidated Balance Sheets as at March 31, 2003 and
                      December 31,2002                                       F-1

             Consolidated Statements of Income for the
                      Three Months ended March 31,2003 and 2002              F-2

             Consolidated Statements of Cash Flows for the
             Three Months ended March 31, 2003 and 2002                      F-3

             Notes to Financial Statements                              F-4 to 5

ITEM 2.   Managements Discussion and Analysis of Financial Condition
             and Results of Operations                                         3

PART II. OTHER INFORMATION

ITEM 1.  Legal Proceedings                                                     4

ITEM 2.  Exhibits and Reports on Form 8-K                                      5

         Signatures                                                          5-7

         Exhibit Index                                                       8-9


<PAGE>

                                DAXOR CORPORATION
                              FINANCIAL STATEMENTS
================================================================================
DAXOR CORPORATION
CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                              March 31,             December 31,
                                                                2003                    2002
                                                                ----                    ----
ASSETS
<S>                                                        <C>                      <C>
CURRENT ASSETS
Cash                                                       $     37,460             $     13,035
Marketable Securities at Fair Value
March 31,2003 and December 31,
2002. (Notes 1 and 2)                                        38,195,080               40,573,162
Accounts receivable                                             206,152                  211,979
Other current assets                                            437,601                  364,913
                                                           ------------             ------------

Total Current Assets                                         38,876,293               41,163,089

EQUIPMENT AND IMPROVEMENTS
Storage tanks                                                   125,815                  125,815
Leasehold improvements, furniture
and equipment                                                   924,473                  928,581
Laboratory equipment                                            290,104                  290,104
                                                           ------------             ------------
                                                              1,340,392                1,344,500
Less: Accumulated depreciation and amortization               1,014,775                1,005,625
                                                           ------------             ------------
Net equipment and improvements                                  325,617                  338,875

Other Assets                                                     71,018                   71,601

Total Assets                                               $ 39,272,928             $ 41,573,565
                                                           ============             ============

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts payable and accrued liabilities                   $    173,388             $    112,481
Loans payable (Notes 1 and 2)                                 1,922,605                1,434,046
Other Liabilities                                               148,476                  106,440
Deferred Taxes (Note 1)                                       5,499,231                6,373,701
                                                           ------------             ------------
Total Liabilities                                             7,743,700                8,026,668

SHAREHOLDERS' EQUITY
Common stock, par value $.01 per share:
Authorized 10,000,000 shares: issued and
outstanding shares 4,654,584 March 31,
2003 and 4,657,784 December 31, 2002                             53,097                   53,097
Additional Paid in capital                                    9,798,232                9,798,232
Net unrealized holding gains
on available-for-sale securities (Note 1)                    10,674,979               12,372,477
Retained earnings                                            15,971,571               16,246,156
Treasury stock                                               (4,968,651)              (4,923,065)
                                                           ------------             ------------
Total Shareholders' Equity                                   31,529,228               33,546,897

Total Liabilities and Shareholders' Equity                 $ 39,272,928             $ 41,573,565
                                                           ============             ============
</TABLE>

See accompanying notes to financial statements


                                  (F-1)


<PAGE>

DAXOR CORPORATION
CONSOLIDATED STATEMENTS OF INCOME [UNAUDITED]
FOR THE THREE MONTHS ENDED MARCH 31,

<TABLE>
<CAPTION>
                                                               2003                      2002
                                                               ----                      ----
Revenues:
------------------------------------------------------------------------------------------------
<S>                                                        <C>                      <C>
Operating revenues                                         $    218,683             $    193,063
Other revenues                                             $      3,143             $     11,986
Dividend income                                                 479,889                  455,986
Gains / (losses) on sale of securities                           35,902                      803
                                                           ------------             ------------

Total Revenues                                                  737,617                  661,838
                                                           ------------             ------------
------------------------------------------------------------------------------------------------

Costs and expenses:
------------------------------------------------------------------------------------------------
Operations of Laboratories & Costs of Production                337,259                  202,748
Selling, General, and Administrative                            638,886                  399,198
Interest expense, net of interest income                         14,507                   11,572
                                                           ------------             ------------

Total Costs and Expenses                                        990,652                  613,518
                                                           ------------             ------------

Net Income / (Loss) Before Income Taxes                        (253,035)                  48,320

Provision for income taxes                                       21,550                   15,746
                                                           ------------             ------------

Net Income / (Loss)                                        $   (274,585)            $     32,574
                                                           ============             ============

Weighted Average Number of Shares Outstanding                 4,656,584                4,664,909
                                                           ============             ============

Net Income / (Loss) per Common Equivalent Share            $      (0.06)            $       0.01
                                                           ============             ============
</TABLE>


See accompanying notes to consolidated financial statements

                                    F-2


<PAGE>

DAXOR CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS [UNAUDITED]
FOR THE THREE MONTHS ENDED MARCH 31,

<TABLE>
<CAPTION>
                                                                 2003                    2002
                                                                 -----                   ----
<S>                                                        <C>                      <C>
Cash flows from operating activities:
Net income or (loss)                                          ($274,585)            $     32,574
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation & Amortization                                      12,233                   14,080
(Gain) loss on sale of investments                              (35,902)                    (803)
Basis of leased equipment sold                                   22,500
Change in assets and liabilities:
(Increase) decrease in accounts receivable                        5,827                   (2,857)
(Increase) decrease in other current assets                     (72,688)                  (3,515)
(Increase) decrease in other assets
net of amortization                                                   0                        0
Increase (decrease) in accounts payable, accrued
and other liabilities net of "short sales"                       60,907                   26,750
                                                           ------------             ------------
Total adjustments                                                (7,123)                  33,655
                                                           ------------             ------------
Net cash provided by / (used in) operating activities          (281,708)                  66,229
                                                           ------------             ------------

Cash flows from investing activities:

Payment for purchase of equipment and
improvements                                                    (20,892)                  (9,405)
Net cash provided or (used) in purchase
and sale of investments                                        (256,667)                  49,220
Net proceeds (repayments) of loans from
brokers used to purchase investments                            288,559                   19,485
Proceeds from "short sales" not closed                          140,719                   43,372
Net cash provided by / (used in)
                                                           ------------             ------------
investing activities                                            151,719                  102,672
                                                           ------------             ------------

Cash flows from financing activities

Receipt / (repayment) of bank loan                              200,000                 (300,000)
Payment for purchase of treasury stock                          (45,586)
                                                           ------------             ------------
Net cash provided by / (used in) financing activities           154,414                 (300,000)
                                                           ------------             ------------
Net increase (decrease) in cash and
cash equivalents                                                 24,425                 (131,099)
Cash and cash equivalents at beginning of year                   13,035                  431,949
                                                           ------------             ------------
Cash and cash equivalents at end of period                 $     37,460             $    300,850
                                                           ============             ============
</TABLE>


See accompanying notes to consolidated financial statements

                                        F-3

<PAGE>

                                DAXOR CORPORATION

                    NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

                   THREE MONTHS ENDED MARCH 31, 2003 AND 2002

      In the  opinion  of the  Company,  the  accompanying  unaudited  financial
statements  contain  all  adjustments   (consisting  of  only  normal  recurring
accruals)  necessary  to  present  fairly  the  financial  position  as of March
31,2003,  and December 31, 2002,  the results of operations for the three months
ended  March  31,2003 and 2002 and cash flows for the three  months  ended March
31,2003 and 2002.


(1)   MARKETABLE SECURITIES

      Upon  adoption  of FASB  No.  115,  management  has  determined  that  the
company's  portfolio is best  characterized  as  "Available-For-Sale".  This has
resulted  in the  balance  sheet  carrying  value  of the  company's  marketable
securities  investments,  as of March  31,  2003 and  December  31,  2002  being
increased  approximately  73.45 % and 85.89 %  respectively  over its historical
cost. A corresponding increase in shareholders' equity has been effectuated.  In
accordance with the provisions of FASB No. 115, the adjustment in  shareholders'
equity to reflect the  company's  unrealized  gains has been made net of the tax
effect had these gains been realized.

      The following tables summarize the company's investments as of:

<TABLE>
<CAPTION>
                                        March 31, 2003
                                        --------------

Type of                                                   Unrealized            Unrealized
security           Cost              Fair Value          Holding gains        holding losses
--------           ----              ----------          -------------        --------------
<S>             <C>                  <C>                  <C>                  <C>
Equity          $21,990,201          $38,165,992          $17,527,876          $ 1,352,085

Debt                 30,669               29,088          $    11,028               12,609
                                                          ===========
                --------------------------------------------------------------------------

Total           $22,020,870          $38,195,080          $17,538,904          $ 1,364,694
                ===========          ===========          ===========          ===========
</TABLE>

<TABLE>
<CAPTION>
                                      December 31, 2002
                                      -----------------

Type of                                                   Unrealized            Unrealized
security           Cost              Fair Value          Holding gains        holding losses
--------           ----              ----------          -------------        --------------

<S>             <C>                  <C>                  <C>                  <C>
Equity          $21,796,315          $40,547,587          $19,960,514          $ 1,209,242

Debt                 30,669               25,575                8,865               13,959
                --------------------------------------------------------------------------


Total           $21,826,984          $40,573,162          $19,969,379          $ 1,223,201
                ===========          ===========          ===========          ===========
</TABLE>


      At March 31, 2003 the securities held by the Company had a market value of
$38,195,080  and a cost basis of $22,020,870  resulting in a net unrealized gain
of $ 16,174,210 or 73.45% of cost.

      At December  31,  2002,  the  securities  held by the Company had a market
value  of  $40,573,162  and a  cost  basis  of  $21,826,984  resulting  in a net
unrealized gain of $18,746,178 or 85.89% of cost.

      At March 31, 2003 and December 31, 2002 marketable  securities,  primarily
consisting of preferred and common  stocks of utility  companies,  are valued at
fair value.


                                       F-4

<PAGE>

(2)   LOANS PAYABLE

      As at March  31,  2003 and  December  31,  2002,  the  Company  had  loans
outstanding  aggregating  $900,000 and  $700,000  borrowed on a short term basis
from a bank, which are secured by certain marketable  securities of the Company.
The loans bear interest at approximately 4%.

      Short term margin debt due to brokers, secured by the Companies marketable
securities,  totaled  $1,022,605  at March 31, 2003 and $734,046 at December 31,
2002.


                                       F-5


<PAGE>

Item 1.
Legal Proceedings

There are no current legal proceedings.  The Company is not aware of any pending
legal proceedings.

                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

ITEM 2.

RESULTS OF OPERATIONS

Three months ended March 31, 2003 as compared  with three months ended March 31,
2002.

      For the three months ended March 31, 2003 total revenues were $737,617, up
from  $661,838 in 2002.  There were Capital gains in 2003 of $35,902 vs. $803 in
2002.  Operating  revenues were $218,683 in 2003 up from $193,063 in 2002. Sales
from the BVA Division were a factor  resulting in increased  revenues.  Dividend
income in 2003 was $479,889  with a net interest  expense of $14,507 as compared
to dividend  income of $455,986 with a net interest  expense of $11,572 in 2002.
In 2003,  the Company had a net loss before  income taxes of  ($253,035)  versus
$48,320 in 2002.  The Company  expected  operating  revenues  to  increase  more
rapidly because of the increased  expenses  associated with the  sales/marketing
staff.  There is a cycle which may take from 6 to 12 months from initial contact
with  hospitals  and  physicians  before  a sale  can be  consummated.  In  some
instances,  the  instrument was placed on a trial basis at a facility whose only
requirement  was paying for kit  utilization  that later  converted into a sale.
Recent examples have been the NIH and the Mayo Clinic.  The Company  anticipates
hiring  some  additional  sales  personnel  and at the  present  time is able to
sustain  these  increased  expenses  which are an integral part of expanding its
sales. The Company believes the second quarter will show the effect of increased
sales and marketing efforts.

LIQUIDITY AND CAPITAL RESOURCES

      At March 31, 2003 the Company had total  assets of  $39,272,928  and total
liabilities of $7,743,700 with shareholders' equity of $31,529,228.  The Company
has a net pre-taxed unrealized gain of $16,174,210 and $ 10,674,979 of net after
tax unrealized capital gains on available-for-sale  securities in its portfolio.
This amount is included in the calculation of Total  Shareholders'  Equity.  The
Company's  stock  portfolio had a market value of  $38,195,080  with  short-term
loans of $1,922,605 with 4,654,584 shares outstanding.

      The Company has adequate  resources for the current marketing level of its
Blood  Volume  Analyzer  as well as capital to sustain its  localized  semen and
blood  banking  services.  The  Company  anticipates  hiring  2 to 3  additional
regional  managers to the existing  sales/marketing  team. It is the goal of the
marketing  team to develop an individual  sales team for each regional  manager.
The Company is also expanding its support  services  personnel.  The decision to
develop  the  marketing  team was  partially  based on the  anticipation  of new
publications  in peer  reviewed  medical  journals by current users of the Blood
Volume Analyzer.  The Company's goal is to establish blood volume measurement as
a standard of care in multiple  areas of medicine and surgery.  It is hoped that
the publication of research studies from leading medical  facilities will enable
an increase in sales in both the Blood Volume Analyzer and its associated kits.

The Company has an  instrument  loaner  reagent  plan which  requires use of the
Company's  reserves.  The equipment loaner reagent plan permits a user to make a
minimal initial capital  commitment.  This results in a slower return on capital
expenditure for the Company. The Company has established a private label leasing
program  called Daxor  Capital  through De Lage Landen.  With this  arrangement,
Daxor


<PAGE>

receives the net present  value of the lease upon the signed  completion  of the
installation  of  the  equipment.   The  Company  is  evaluating   blood  volume
instrumentation  management  programs  for  hospitals.  Under  such a plan,  the
Company would  provide  equipment and  personnel on a  sub-contract  basis.  The
Company will use its current  financial  reserves  primarily for  developing and
marketing the Blood Volume Analyzer.  The Company is evaluating  various options
to expand blood banking services in conjunction with the use of the Blood Volume
Analyzer.


<PAGE>

                                   SIGNATURES

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


DATE: May 14,2003                               By:/s/JOSEPH FELDSCUH,M.D.
                                                ---------------------------
                                                JOSEPH FELDSCHUH, M.D.,
                                                President and Chief
                                                Executive Officer


DATE: May 14,2003                               By:/s/STEPHEN FELDSCHUH
                                                ---------------------------
                                                STEPHEN FELDSCHUH
                                                Vice President of
                                                Operations and Chief
                                                Financial Officer

<PAGE>

                                 CERTIFICATIONS

I, Joseph Feldschuh,M.D., certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Daxor Corporation;

2.    Based on my  knowledge,  this  quarterly  report does not  contain  untrue
      statements of a material  fact or omit to state a material fact  necessary
      to make the  statements  made, in light of the  circumstances  under which
      statements were made, not misleading with respect to the period covered by
      this quarterly report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included in this  quarterly  report,  fairly  presents in all
      material respects the financial condition,  results of operations and cash
      flows of the  registrant  as of, and for,  the periods  presented  in this
      quarterly report;

4.    The  registrant's  other  certifying  officer  and I are  responsible  for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we
      have:

      a)    designated  such  disclosure  controls and procedures to ensure that
            material  information  relating  to the  registrant,  including  its
            consolidated  subsidiaries,  is made  known to us by  others  within
            those  entities,  particularly  during  the  period  in  which  this
            quarterly report is being prepared;

      b)    evaluate the effectiveness of the registrant's  disclosure  controls
            and  procedures as of a date within 90 days prior to the filing date
            of this quarterly report (the "Evaluation Date"); and

      c)    presented  in  this  quarterly  report  our  conclusions  about  the
            effectiveness of the disclosure controls and procedures based on our
            evaluation as of the Evaluation Date;

5.    The registrant's other certifying  officer and I have disclosed,  based on
      our most recent  evaluation,  to the  registrant's  auditors and the audit
      committee of the  registrant's  board of directors (or persons  performing
      the equivalent function):

      a)    all significant  deficiencies in the design or operation of internal
            controls which could adversely  affect the  registrant's  ability to
            record,  process,  summarize  and  report  financial  data  and have
            identified for the registrant's  auditors any material weaknesses in
            internal controls; and

      b)    any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal controls; and

6.    The  registrant's  other  certifying  officer and I have indicated in this
      quarterly report whether or not there were significant changes in internal
      controls or in other factors that could not significantly  affect internal
      controls  subsequent to the date of our most recent evaluation,  including
      any  corrective  actions  with  regard  to  significant  deficiencies  and
      material weaknesses.

May 14, 2003


/s/ Joseph Feldschuh, M.D.
Joseph Feldschuh, M.D.
President, Chief Executive Officer
And Chairman of the Board


<PAGE>

                                 CERTIFICATIONS

I, Stephen Feldschuh, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Daxor Corporation;

2.    Based on my  knowledge,  this  quarterly  report does not  contain  untrue
      statements of a material  fact or omit to state a material fact  necessary
      to make the  statements  made, in light of the  circumstances  under which
      statements were made, not misleading with respect to the period covered by
      this quarterly report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included in this  quarterly  report,  fairly  presents in all
      material respects the financial condition,  results of operations and cash
      flows of the  registrant  as of, and for,  the periods  presented  in this
      quarterly report;

4.    The  registrant's  other  certifying  officer  and I are  responsible  for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we
      have:

      a)    designated  such  disclosure  controls and procedures to ensure that
            material  information  relating  to the  registrant,  including  its
            consolidated  subsidiaries,  is made  known to us by  others  within
            those  entities,  particularly  during  the  period  in  which  this
            quarterly report is being prepared;

      b)    evaluate the effectiveness of the registrant's  disclosure  controls
            and  procedures as of a date within 90 days prior to the filing date
            of this quarterly report (the "Evaluation Date"); and

      c)    presented  in  this  quarterly  report  our  conclusions  about  the
            effectiveness of the disclosure controls and procedures based on our
            evaluation as of the Evaluation Date;

5.    The registrant's other certifying  officer and I have disclosed,  based on
      our most recent  evaluation,  to the  registrant's  auditors and the audit
      committee of the  registrant's  board of directors (or persons  performing
      the equivalent function):

      a.    all significant  deficiencies in the design or operation of internal
            controls which could adversely  affect the  registrant's  ability to
            record,  process,  summarize  and  report  financial  data  and have
            identified for the registrant's  auditors any material weaknesses in
            internal controls; and

      b.    any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal controls; and

6.    The  registrant's  other  certifying  officer and I have indicated in this
      quarterly report whether or not there were significant changes in internal
      controls or in other factors that could not significantly  affect internal
      controls  subsequent to the date of our most recent evaluation,  including
      any  corrective  actions  with  regard  to  significant  deficiencies  and
      material weaknesses.

May 14, 2003


/s/ Stephen Feldschuh
Stephen Feldschuh
Vice president of Operations and
Chief Financial Officer