SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   ----------

                                   FORM 10-Q/A

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

                         FOR QUARTER ENDED JUNE 30, 2004
                         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 June 30, 2004
--------------------------------------------------------------------------------
       COMMON STOCK
PAR VALUE: $.O1 per share                            4,608,826

<PAGE>

PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS (Unaudited)                                   PAGE

         Condensed Consolidated Balance Sheets as at June 30, 2004 and
              December 31, 2003                                              F-1

         Condensed Consolidated Statements of Operations for the
              three and six Months ended June 30, 2004 and 2003              F-2

         Condensed Consolidated Statement of Cash Flows for the six
              months ended June 30, 2004 and 2003                            F-3

         Notes to Condensed Consolidated Financial Statements              F-4-5

ITEM 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                           3-4

ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk            4

ITEM 4.  Controls and Procedures                                               4

PART II. OTHER INFORMATION

ITEM 1.  Legal Proceedings                                                     4

ITEM 2.  Submission of Matters to a Vote of Security Holders

ITEM 3.  Exhibits and Reports on Form 8-k                                      5

         Signatures

         Exhibit Index                                                       6-8

<PAGE>

Item 1.  Financial Statements (Unaudited)

         Index to Financial Statements

         Condensed Consolidated Balance Sheets as at June 30, 2004 and
              December 31, 2003                                              F-1

         Condensed Consolidated Statements of Operations for the
              Three and Six Months ended June 30, 2004 and 2003              F-2

         Condensed Consolidated Statement of Cash Flows for the Six
              Months ended June 30, 2004 and 2003                            F-3

         Notes to Condensed Consolidated Financial Statements           F-4 to 5

<PAGE>

                                DAXOR CORPORATION
                   CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DAXOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS [UNAUDITED]

<TABLE>
<CAPTION>
                                                       June 30,         December 31,
                                                         2004               2003
                                                     ------------       ------------
<S>                                                  <C>                <C>
ASSETS

CURRENT ASSETS
Cash                                                 $     20,028       $      3,324
Available-for-sale securities                          48,537,767         47,399,159
Accounts receivable                                       223,897            137,008
Inventory                                                 146,185            146,185
Prepaid and other current assets                          230,563            242,215
                                                     ------------       ------------

Total Current Assets                                   49,158,440         47,927,891

PROPERTY AND EQUIPMENT
Machinery and equipment                                   744,362            727,689
Furniture and fixtures                                    325,856            325,635
Leasehold improvements                                    295,530            295,530
                                                     ------------       ------------
                                                        1,365,748          1,348,854
Less: Accumulated depreciation and amortization         1,069,361          1,045,481
                                                     ------------       ------------
Property and equipment, net                               296,387            303,373

Other Assets                                               69,268             69,268
                                                     ------------       ------------
Total Assets                                         $ 49,524,095       $ 48,300,532
                                                     ============       ============

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts payable and accrued liabilities             $    148,137       $    183,052
Loans payable                                           4,039,865          2,502,106
Other Liabilities                                         559,531            667,123
Deferred Taxes                                          8,716,158          8,531,081
                                                     ------------       ------------
Total  Liabilities                                     13,463,691         11,883,362

STOCKHOLDERS' EQUITY
Common stock, $.01 par value
Authorized - 10,000,000 shares
Issued - 5,309,750 shares
Outstanding - 4,608,826 June 30,
2004 and 4,639,026 shares, respectively                    53,097             53,097
Additional Paid in capital                              9,801,548          9,801,548
Unrealized holding gains
on available-for-sale securities, net of tax           16,919,600         16,560,334
Retained earnings                                      14,928,270         15,169,967
Treasury stock, at cost, 700,924 and 670,724
 Shares, respectively                                  (5,642,111)        (5,167,776)
                                                     ------------       ------------
Total Stockholders' Equity                             36,060,404         36,417,170
                                                     ------------       ------------
Total Liabilities and Stockholders' Equity           $ 49,524,095       $ 48,300,532
                                                     ============       ============
</TABLE>

See accompanying notes to condensed consolidated financial statements


                                      F-1
<PAGE>

DAXOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

<TABLE>
<CAPTION>
                                          THREE MONTHS ENDED               SIX MONTHS ENDED
                                               JUNE 30                         JUNE 30

                                         2004            2003            2004            2003
                                     -----------     -----------     -----------     -----------
<S>                                  <C>             <C>             <C>             <C>
REVENUES:

Operating revenues                   $   254,735     $   290,411     $   662,983     $   509,094
                                     -----------     -----------     -----------     -----------
Total Operating Revenues                 254,735         290,411         662,983         509,094
                                     -----------     -----------     -----------     -----------

COSTS AND EXPENSES

Operations of Laboratories &
Cost of Production                       335,886         343,683         717,048         680,942
Selling, General, and
Administrative                           846,281         656,563       1,556,438       1,316,999
                                     -----------     -----------     -----------     -----------

Total Costs and Expenses               1,182,167       1,000,246       2,273,486       1,997,941
                                     -----------     -----------     -----------     -----------

Loss from operations                    (927,432)       (709,835)     (1,610,503)     (1,488,847)

Other income (expense):

Dividend income                          473,231         430,752         966,800         910,641
Gains (losses) on sale
of securities                            201,630          45,361         426,696          81,263
Other revenues                             3,643           5,143           7,286           8,286
Interest expense, net                    (12,533)        (19,075)        (31,976)        (33,582)
                                     -----------     -----------     -----------     -----------
Total other income                       665,971         462,181       1,368,806         966,608
                                     -----------     -----------     -----------     -----------

Net Loss Before Income
Taxes                                   (261,461)       (247,654)       (241,697)       (522,239)

Provision for income taxes                     0               0               0               0
                                     -----------     -----------     -----------     -----------

Net Loss                             $  (261,461)    $  (247,654)    $  (241,697)    $  (522,239)
                                     ===========     ===========     ===========     ===========

Weighted Average Number of Shares
Outstanding                            4,632,659       4,645,631       4,622,326       4,651,108

Net Loss per Common Equivalent
Share                                $     (0.06)    $     (0.05)    $     (0.05)    $     (0.11)
                                     ===========     ===========     ===========     ===========
</TABLE>

See accompanying notes to condensed consolidated financial statements


                                      F-2
<PAGE>

DAXOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED

                                                         JUNE 30,      JUNE 30,
                                                           2004          2003
                                                        ---------     ---------
CASH FLOWS FROM OPERATING ACTIVITIES

Net loss                                                $(241,697)    $(522,239)
                                                        ---------     ---------
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation & Amortization                                23,880        24,466
Gain on sale of investments                              (426,696)      (81,263)
Change in assets and liabilities:
(Increase) decrease in accounts receivable                (86,889)       19,019
(Increase) decrease in other current assets                11,652       (24,607)
Decrease in accounts payable, accrued
and other liabilities net of "short sales"                (34,915)       (4,644)
                                                        ---------     ---------

Total adjustments                                        (512,968)      (67,029)
                                                        ---------     ---------

Net cash used in operating activities                    (754,665)     (589,268)
                                                        ---------     ---------

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property and
Equipment                                                 (16,894)      (27,150)
Proceeds from sale of equipment, net                                     45,000
Purchases of investments, net                            (831,035)     (670,892)
Net proceeds of loans from
 brokers used to purchase investments                     937,759       999,262
Proceeds from "short sales" not closed                    555,874       240,945
                                                        ---------     ---------
Net cash provided by investing activities                 645,704       587,165
                                                        ---------     ---------

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from  bank loan                                  600,000       200,000
Purchase of treasury stock                               (474,335)     (181,136)
Proceeds from sale of treasury stock                           --        30,736

                                                        ---------     ---------
Net cash provided by financing activities                 125,665        49,600
                                                        ---------     ---------

Net increase in cash and cash equivalents                  16,704        47,497

Cash and cash equivalents at beginning of year              3,324        13,035
                                                        ---------     ---------

Cash and cash equivalents at end of period              $  20,028     $  60,532
                                                        =========     =========

See accompanying notes to condensed consolidated financial statements


                                      F-3
<PAGE>

                                DAXOR CORPORATION
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                     SIX MONTHS ENDED JUNE 30, 2004 AND 2003

(1) BASIS OF PRESENTATION

      The accompanying unaudited consolidated financial statements reflect all
adjustments of a normal recurring nature, which are, in the opinion of
management, necessary for a fair statementof the financial position and results
of operations for the interim periods presented. The consolidated financial
statements are unaudited and are subject to such year-end adjustments as may be
considered appropriate and should be read in conjunction with the historical
consolidated financial statements of Daxor Corporation years ended December 31,
2003, 2002 and 2001, included in Daxor Corporation's Annual Report on Form 10-K
for the fiscal year ended December 31, 2003. Operating results for the six-month
period ended June 30, 2004 are not necessarily indicative of the results that
may be expected for the year ending December 31, 2004.

      These consolidated financial statements have been prepared in accordance
with US GAAP and under the same accounting principles as the consolidated
financial statements included in the Annual Report on Form 10-K. Certain
information and footnote disclosures related thereto normally included in the
financial statements prepared in accordance with US GAAP have been omitted in
accordance with Rule 10-01 of Regulation S-X.

(1) MARKETABLE SECURITIES

      Upon adoption of SFAS No. 115, Accounting for Certain Investments in Debt
and Equity Securities, management has determined that the company's portfolio is
best characterized as "Available-For-Sale". SFAS No. 115 requires these
securities to be recorded at their fair market values, with the offsetting
unrealized holding gains or losses being recorded as Comprehensive Income
(Loss)in the Equity section of the Balance Sheet. The adoption of this
pronouncement has resulted in an increase in the carrying value of the company's
available-for-sale securities, as at June 30, 2004 and December 31, 2003, of
approximately 111.94% and 112.48%,respectively, over its historical cost.

      In accordance with the provisions of SFAS No. 115, the adjustment in
stockholders' equity has been made net of the tax effect had these gains been
realized.

      The Company uses the historical cost method in the determination of its
realized and unrealized gains and losses. The following tables summarize the
Company's investments as of:

                                       June 30, 2004
                                       -------------

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

Equity         $22,826,107     $48,509,492       $26,002,538       $   319,153

Debt                75,902          28,275             2,470            50,097
               ---------------------------------------------------------------

Total          $22,902,009     $48,537,767       $26,005,008       $   369,250
               ===========     ===========       ===========       ===========

                                      December 31, 2003
                                      -----------------

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

Equity         $22,271,842     $47,368,871       $25,407,422       $   310,393

Debt                35,902          30,288             2,170             7,784
               ---------------------------------------------------------------

Total          $22,307,744     $47,399,159       $25,409,592       $   318,177
               ===========     ===========       ===========       ===========

      At June 30, 2004 the securities held by the Company had a market value of
$48,537,767 and a cost basis of $22,902,009 resulting in a net unrealized gain
of $25,635,758 or 111.94% of cost.

      At December 31, 2003, the securities held by the Company had a market
value of $47,399,159 and a cost basis of $22,307,744 resulting in a net
unrealized gain of $25,091,415 or 112.48% of cost.

      At June 30, 2004 and December 31, 2003 marketable securities, primarily
consisting of preferred and common stocks of utility companies, are valued at
fair value. Debt securities, which consist of Bonds, are scheduled to mature in
May 2003, April 2006 and May 2008.


                                      F-4
<PAGE>

(3) INVENTORY

      Inventory is stated at the lower of cost or market, using the first-in,
first-out method (FIFO), and consists primarily of finished goods.

(4) OTHER ASSETS

      Included in Other Assets is an intangible asset (Customer List) that was
being amortized over its estimated useful life of 15 years. The asset was
recorded at its original cost of $35,000 and has accumulated amortization of
$6,222 at June 30, 2004 and December 31, 2003, respectively. Amortization
expense was $2,333 for the year ended December 31, 2003.

      In accordance with SFAS No. 142, Goodwill and Other Intangible Assets,
management periodically reviews the asset's value for potential impairment. This
review is currently underway for the current period and management has taken the
position of suspending amortization of the asset until the review is completed.

(3) LOANS PAYABLE

      As at June 30, 2004 and December 31, 2003, the Company has a note payable
of $1,500,000 and $900,000, respectively, with a bank. The note matures each
year, with an option to renew, and is classified as short term. The note balance
is an aggregate of borrowings (loans) that renews as one note each year, but is
subject to different interest rates depending on the individual amount of each
borrowing.

      The loans bear interest at approximately 3.0% and are secured by certain
marketable securities of the Company.

      Short term margin debt due to brokers, secured by the Company's marketable
securities, totaled $2,539,865 at June 30, 2004 and $1,602,106 at December 31,
2003.

(4) Subsequent Events (Unaudited)

      Effective July 6, 2004, the Company instituted the Daxor Corporation 2004
Stock Option Plan. This Plan was created to provide incentive to employees,
officers, agents, consultants and independent contractors of the Company by
offering proprietary interest in the Company.

      The Company was involved in a dispute with its landlord in New York City.
This dispute arose out of a rental rate dispute. In February 2005, the dispute
was settled and the Company voluntarily agreed to pay the landlord approximately
$45,000 in additional rent. This $45,000 liability was accrued for the purposes
of this financial statement presentation and is listed in Accrued Expenses.

(5) SELECTED FINANCIAL DATA (Unaudited)

Selected Quarterly Financial Data

<TABLE>
<CAPTION>
                                                                  Quarter Ended

                                                 Three Months                       Six Months
                                        -----------------------------------------------------------------

                                        June 30, 2004    June 30, 2003    June 30, 2004    June 30, 2003
<S>                                      <C>              <C>              <C>              <C>
      Total operating revenues           $   254,735      $   290,411      $   662,983      $   509,094
      Total revenue and other income     $   933,239      $   771,667      $ 2,063,765      $ 1,509,284
      Gross profit (loss)                $  (927,432)     $  (709,835)     $(1,610,503)     $(1,488,847)
      Net income (loss)                  $  (261,461)     $  (247,654)     $  (241,697)     $  (522,239)
      Net income (loss) per share        $      (.06)     $      (.05)     $      (.05)     $      (.11)
</TABLE>


                                      F-5
<PAGE>

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

ITEM 2.

RESULTS OF OPERATIONS

Three months ended June 30, 2004 as compared with three months ended June 30,
2003.

      For the three months ended June 30, 2004 total revenues and other income
was $933,239, up from $771,667 in 2003. Operating revenues were $254,735 in 2004
down from $290,411 in 2003. Dividend income was $473,231 with a net interest
expense of $12,533 in 2004, as compared to dividend income of $430,752 with a
net interest expense of $19,075 in 2003. In 2004, the Company had a net loss of
$(261,461) versus a net loss of $(247,654) in 2003.

      Total costs and expenses in 2004 increased to $1,194,700 vs. $1,019,321 in
2003. This was related to increased marketing efforts and research and
development expenses. Operating revenues decreased by 12% from the comparable
quarter in 2003. The Company anticipates that sales of the BVA-100 Blood Volume
Analyzers and kits will be the major source of income for the Company. The
Company plans to continue expanding its sales and marketing force, which
currently consists of 12 salesmen and 4 support personnel.

Six months ended June 30, 2004 as compared with six months ended June 30, 2003.

      For the six months ended June 30, 2004, total revenues and other income
was $2,063,765 up from $1,509,284 in 2003. Operating revenues were $662,983 up
from $509,094 in 2003. Selling and administrative expenses were $1,556,438 in
2004, vs. $1,316,999 in 2003. The increased expenses were related to the
employment of additional sales and marketing personnel. In 2004, Dividend income
was $966,800 with a net interest expense of $31,976 as compared to the dividend
income of $910,641 with a net interest expense of $33,582 in 2003. In 2004, the
Company had $426,696 in capital gains vs. $81,263 in 2003. In 2004, the Company
had a net loss of ($222,637) versus a net loss of ($500,594) in 2003.

LIQUIDITY AND CAPITAL RESOURCES

      At June 30, 2004 the Company had total assets of $49,524,095 with
shareholders' equity of $36,060,404. The Company has a net pre-taxed unrealized
gain of $25,635,758 and $16,919,600 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 $48,537,767 with short-term loans of $ 4,039,865 with 4,609,826
shares outstanding. The Company has the current liabilities of $13,463,691.
Included in these liabilities are deferred taxes of $8,716,158. These deferred
taxes would occur if the Company chose to sell its entire portfolio. Current
liabilities minus these deferred taxes equals $4,747,533.

      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 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 result in
an increase in sales in both the Blood Volume Analyzer and its associated kits.


                                       3
<PAGE>

      The Company sells, as well as offers to lease or rent the BVA-100 as part
of the overall marketing plan. The Company also loans the instrument for a
limited time period, however, facilities evaluating the instrument must pay for
the kits. Daxor Capital was established through a relationship with De Lage
Landen (DLL). The significance of this relationship is as sales through leases
increases, Daxor will not have to diminish its capital outlay for equipment as
DLL will fund the net present value of the lease upon installation of the
equipment. In an effort to obtain the best rates for our clients, the Company
will also work with other independent leasing firms.

      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. Additional information on
the Company is available on our website www.daxor.com.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

      The Company is currently not exposed to any risk from currency
fluctuations. The company's investment portfolio is a major source of revenue.
The market value of this portfolio is related to fluctuations with the electric
utility industry. Between 5% and 10% of the Company's portfolio are
non-utilities. The Company will sell puts on stocks that it is willing to own.
The Company neither sells naked calls nor engages in derivative transactions.
Fluctuations in the value of these holdings for the past 5 years are reflected
and closely correlated with changes in the total assets of the Company.

Item 4. Controls and Procedures

      The Company's Chief Executive Officer and Chief Financial Officer have
evaluated the effectiveness of our disclosure controls and procedures as defined
by the Securities and Exchange Commission (SEC), as of the end of the period
covered by this report. Based on that evaluation, our Chief Executive Officer
and Chief Financial Officer have concluded that our disclosure controls and
procedures are effective in timely alerting them to information required to be
included in our periodic Securities and Exchange Commission filings. There was
no significant change in our internal control over financial reporting that
occurred during the quarter ended June 30, 2004, that materially affected or is
reasonably likely to materially affect, the Corporation's internal control over
financial reporting.

Part II OTHER INFORMATION

Item 1. Legal Proceedings

      The Company has pending two claims incurred in the normal course of
business, which, in the opinion of management, as well as the advice of outside
legal counsel, there is no merit to these claims nor will they have a material
effect on the financial statements.

Item 2. Submission of Matters to a Vote of Security Holders

      At the Company's Annual Meeting of Shareholders held June 24, 2004, the
2004 Stock Option Plan was approved and the following directors were elected:

                       Joseph Feldschuh, MD
                       Robert Willens
                       James Lombard
                       Martin Wolpoff
                       Stephen Valentine


                                       4
<PAGE>

Item 3. Exhibits and Reports on Form 8-K

      (a)   Exhibits

            31.1  Certification of Chief Executive Officer

            31.2  Certification of Principal Financial Officer

            32.1  Certification of Chief Executive Officer

            32.2  Certification of Principal Financial Officer

      (b)   There were no reports on Form 8-k filed.

SIGNATURES

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


DATE: April 15, 2005                          By: /s/ JOSEPH FELDSCHUH, M.D.
                                               ------------------------------
                                               JOSEPH FELDSCHUH, M.D.,
                                               President and Chief Executive
                                                     Officer


DATE: April 15, 2005                          By: /s/ STEPHEN FELDSCHUH
                                               -------------------------
                                               STEPHEN FELDSCHUH
                                               Vice President of Operations
                                               And Chief Financial Officer


                                       5