<PAGE>


                       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, 1999

                         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, 1999
------------------------------------------------------------------------------
         COMMON STOCK
PAR VALUE: $.O1 per share                            4,744,809

<PAGE>

PART I.   FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS                                            PAGE
          --------------------------------------------------------------------
          Balance Sheets as at March 31, 1999 and
                   December 31, 1998                                       F-1

          Statement of Income and Consolidated Statement of Income
                   For the Three Months ended March 31,1999 and 1998       F-2

          Statement of Cash Flows and Consolidated Statement
                    of Cash Flows for the Three Months ended
                             March 31, 1999 and 1998                       F-3

          Notes to Financial Statements                                    F-4


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DAXOR CORPORATION
BALANCE SHEETS [UNAUDITED]

                                                      March 31,     December 31,
                                                       1999           1998
                                                       ----           ----
ASSETS
-------------------------------------------------------------------------------
CURRENT ASSETS
Cash                                               $    110,237    $     79,511
Marketable Securities at Fair Value
March 31,1999 and  December 31,
1998. (Notes 1 and 2)                                37,435,812      43,016,243
Accounts receivable                                     159,023         151,234
Accounts receivable-Related parties                      75,979          75,979
Other current assets                                    251,077         261,597
Tax refunds receivable                                    5,881           5,881
                                                   ------------    ------------
Total Current Assets                                 38,038,009      43,590,445

EQUIPMENT AND IMPROVEMENTS
Storage tanks                                           125,815         125,815
Leasehold improvements, furniture
and equipment                                           828,551         823,859
Laboratory equipment                                    275,817         274,418
                                                   ------------    ------------
                                                      1,230,183       1,224,092
Less: Accumulated depreciation and amortization         814,235         796,159
                                                   ------------    ------------
Net equipment and improvements                          415,948         427,933

Other Assets                                             37,971          37,971

Total Assets                                       $ 38,491,928    $ 44,056,349
                                                   ============    ============

--------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------

CURRENT LIABILITIES
Accounts payable and accrued liabilities           $     44,186    $     88,594
Loans payable (Notes 1 and 2)                         1,666,434       2,050,549
Other Liabilities                                        10,181          10,384
Deferred Taxes  (Note 1)                              4,794,873       6,602,988
                                                   ------------    ------------
Total  Liabilities                                    6,515,674       8,752,515

SHAREHOLDERS' EQUITY
Common stock, par value $.01 per share:
Authorized 10,000,000 shares: issued and
outstanding shares 4,744,809 March 31,
1999 and 4,752,709  December 31, 1998                    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)             9,307,694      12,817,565
Retained earnings                                    16,606,162      16,292,976
Treasury stock                                       (3,788,931)     (3,658,036)
                                                   ------------    ------------
Total Shareholders' Equity                           31,976,254      35,303,834

Total Liabilities and Shareholders' Equity         $ 38,491,928    $ 44,056,349
                                                   ============    ============

See accompanying notes to financial statements


                                       F-1


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


                                                                  (Consolidated)
                                                        1999          1998
                                                        ----          ----
Revenues:
--------------------------------------------------------------------------------
Operating revenues                                  $   119,327   $    94,529
Dividend income                                         467,365       495,280
Gains  on sale of securities                            403,637       235,716
                                                    -----------   -----------

Total Revenues                                          990,329       825,525
                                                    -----------   -----------
--------------------------------------------------------------------------------

Costs and expenses:
--------------------------------------------------------------------------------
Operations of Laboratories                              366,954       150,729
Selling, General, and Administrative                    279,091       717,741
Interest expense, net of interest income                 29,398       179,510
                                                    -----------   -----------

Total Costs and Expenses                                675,443     1,047,980
                                                    -----------   -----------

Net Income  Before Income Taxes                         314,886      (222,455)

Provision for income taxes                                1,700        14,000
                                                    -----------   -----------

Net Income                                          $   313,186   $  (236,455)
                                                    ===========   ===========

Weighted Average Number of Shares Outstanding         4,748,242     4,724,043
                                                    ===========   ===========

Net Income  per Common Equivalent Share             $      0.07   $     (0.05)
                                                    ===========   ===========

See accompanying notes to consolidated financial statements


                             F-2

<PAGE>

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

<TABLE>
<CAPTION>
                                                                              (Consolidated)
                                                               1,999               1,998
                                                               -----               -----
<S>                                                          <C>                  <C>       
Cash flows from operating activities:
------------------------------------
Net income or (loss)                                         $313,186             ($236,455)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation equipment and
improvements                                                   18,076                15,500
(Gain) loss on sale of investments                           (403,637)             (235,716)
Change in assets and liabilities:
(Increase) decrease in accounts receivable                     (7,789)                5,686
(Increase) decrease in other current assets                    10,520              (353,496)
Increase (decrease) in accounts payable,  accrued
and other liabilities net of "short sales"                    (44,408)              364,142
                                                           ----------           -----------

Total adjustments                                            (427,238)             (203,884)
                                                           ----------           -----------

Net cash (used in) operating activities                      (114,052)             (440,339)

Cah flows from investing activities:
-----------------------------------
Payment for purchase of equipment and
improvements                                                   (6,091)                  (89)
Net cash provided or (used) in purchase
and sale of investments                                       659,855               262,020
Net proceeds (repayments) of loans from
brokers used to purchase investments                         (384,115)           (1,250,435)
Proceeds from "short sales" not closed                          6,024                 9,256
Net cash provided by / (used in)                           ----------           -----------
investing activities                                          275,673              (979,248)
                                                           ----------           -----------

Cash flows from financing activities:
------------------------------------
Payment for purchase of treasury stock                       (130,895)
Receipt from reissuance of treasury stock                                         1,494,950
                                                           ----------           -----------
Net cash provided by / (used in) financing activities        (130,895)            1,494,950
                                                           ----------           -----------
Net increase (decrease) in cash and
cash equivalents                                               30,726                75,363
Cash and cash equivalents at beginning of year                 79,511                60,768

                                                           ----------           -----------
Cash and cash equivalents at end of period                   $110,237              $136,131
                                                           ==========           ===========

See accompanying notes to financial statements                       

</TABLE>

                                      F-3

<PAGE>


                                DAXOR CORPORATION

                    NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

                   THREE MONTHS ENDED MARCH 31, 1999 AND 1998

     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
31,1999, and December 31, 1998, the results of operations for the three months
ended March 31,1999 and 1998 and cash flows for the three months ended March
31,1999 and 1998.

(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, 1999 and December 31, 1998 being increased
approximately 60.43 % and 82.30 % 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, 1999
                                                     --------------

Type of                                                              Unrealized                   Unrealized
security               Cost                Fair Value              Holding gains                holding losses
--------               ----                ----------              -------------                --------------
<S>                    <C>                <C>                        <C>                            <C>       
Equity                 $23,318,386        $37,420,912                $15,693,934                    $1,591,408
------

Debt                        14,859             14,900                        246                           205
----
                  ---------------------------------------------------------------------------------------------

Total                  $23,333,245        $37,435,812                $15,694,180                    $1,591,613
-----                  ===========        ===========                ===========                    ==========

</TABLE>

<TABLE>
<CAPTION>
                                                   December 31, 1998
                                                   -----------------

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

<S>                    <C>                <C>                        <C>                            <C>       
Equity                 $23,595,690        $43,016,243                $20,441,847                    $1,021,294
------

Debt                             0                  0                          0                             0
----              ---------------------------------------------------------------------------------------------
         

Total                  $23,595,690        $43,016,243                $20,441,847                    $1,021,294
-----                  ===========        ===========                ===========                    ==========

</TABLE>


     At March 31, 1999 the securities held by the Company had a market value of
$37,435,812 and a cost basis of $23,333,245 resulting in a net unrealized gain
of $ 14,102,567 or 60.43% of cost.

     At December 31, 1998, the securities held by the Company had a market value
of $43,016,243 and a cost basis of $23,595,690 resulting in a net unrealized
gain of $19,420,553 or 82.30% of cost.

     . At March 31, 1999 and December 31, 1998 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, 1999 and December 31, 1998, the Company had loans
outstanding aggregating $1,000,000 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 8.25%.

     Short term margin debt due to brokers ,secured by the Companies marketable
securities, totaled $666,434 at March 31, 1999 and $1,050,549 at December 31,
1998

                                       F-4

<PAGE>


Part      II OTHER INFORMATION
------------------------------

Item 1.
-------
Legal Proceedings
-----------------

     As previously reported, Daxor Corporation, (through its separately licensed
divisions), has been involved in various proceedings with the New York State
Department of Health relating to its licenses to operate clinical laboratories,
its blood bank and semen bank. The following is a summary of recent activity in
these matters in the first quarter ended March 31, 1998. Litigation in which
there was no activity has been described in previous filings:

1.   Vladimir v. Feldschuh Daxor Corp & Gelb (Client/ Case No. 133981-901). In
     1992, Daxor received a preliminary proposal for a partial take over of the
     Daxor Corporation at $20.00 per share. At the time of the offer, Daxor had
     not yet received clearance from the FDA for its Blood Volume Analyzer, or
     received its complete patents for the blood volume analysis system. The
     Resimmo Company was a privately held European Corporation. The take over
     offer was withdrawn several weeks after it was made. A class action suit
     was instituted against Daxor as part of the failed proposed partial take
     over. Daxor management always considered this suit frivolous. Daxor
     accepted the offer of the plaintiffs to withdraw and agreed not to
     counter-sue on March 18, 1998.

2.   Daxor Corp., et al. v. Linden, et al (United States District Court,
     Southern District, Case No.95 Civ. 7847 (KTD)). Daxor instituted a $100
     million anti-trust suit, Racketeering Influenced Corrupt Organizations Act
     and an action pursuant to 42 UDC 1983 for violations of its civil rights
     against the New York Blood Center and certain New York State Department of
     Health employees. Federal Judge Kevin Duffy ruled against Daxor in its
     Rico/Anti-Trust action against employees of the New York State Department
     of Health and the New York Blood Center. The Corporation is appealing this
     decision because it was not afforded an opportunity to present its
     evidence.

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

ITEM 2.
-------

RESULTS OF OPERATIONS
---------------------

Three months ended March 31, 1999 as compared with three months ended March 31,
-------------------------------------------------------------------------------
1998.
-----

     For the three months ended March 31, 1999, total revenues were $990,329, up
from $825,525 in 1998 Operating revenues were $119,327 in 1999 up from $94,529
in 1998. Dividend income was $467,365 with a net interest expense of $29,398, as
compared to dividend income of $495,280 with a net interest expense of $179,510
in 1998. In 1999, the Company had a net profit of $314,886 before income taxes
versus a loss of $222,455 before income taxes in 1998. Operating revenues have
been sharply decreased because of legal actions against Idant Laboratory's semen
and blood banking facilities here in New York State. The Company has not yet
received any income from the Blood Volume Analyzer, which is in the process of
being introduced to hospitals. The Company has been unable to take new clients
in its sperm bank or blood bank, but has been able to maintain its current
clients. On April 26, 1997 the Company received accreditation from the American
Association of Tissue Banks (AATB). The Company became the only sperm banking
organization in New


<PAGE>


York State to receive this accreditation, and the sixth within the United
States. The Company has a $55 million action in the Court of Claims against New
York State Department of Health for discriminatory treatment. The case examines
the treatment of the New York Blood Center by the New York State Department of
Health as compared to the treatment of Idant by the New York State Department of
Health. Two managers of the New York Blood Center were sentenced to prison terms
in December 1997 by a Federal Court on charges of conspiring to tamper with
tests to screen blood for the AIDS virus and other infectious diseases as a way
of taking shortcuts. The Company's operating losses are due to actions by
Department of Health officials that are opposed to the concept of individuals
having the right to store their own blood. The Company is considering moving its
semen banking operations out of the State and discontinuing its blood banking
operations. The Company expects that as the Blood Volume Analyzer sales
increase, the relative significance from blood banking and semen banking
services will diminish. Negotiations are taking place between Daxor and the New
York State Department of Health to end the current lawsuits. At one time, the
Company had planned to develop a manufacturing site for the injection kit for
the Blood Volume Analyzer within the State. At the present time, this facility
is planned for another State.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

     At March 31, 1999 the Company had total assets of $38,491,928 and total
liabilities of $6,515,674 with shareholders' equity of $31,976,254. The Company
has a net pre-taxed unrealized gain of $14,102,567 and $ 9,307,694 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 $37,435,812 with short-term
loans of $1,666,434 with 4,752,709 shares outstanding.

     The Company has a 5 year agreement with Oxford N.M.G., of Oak Ridge,
Tennessee to produce the Blood Volume Analyzer. The Company signed a preliminary
agreement with Wellport Inc. of Rochester, New York to fabricate the Blood
Volume Analyzer kit. The Company is currently in negotiation with a
radio-pharmaceutical company to dispense the kit.

     The Company has adequate resources for the marketing of its Blood Volume
Analyzer and the liquid capital to sustain its blood bank. If the Company were
to expand its blood banking operations on a full scale, nation-wide basis, it
would require additional capital. The Company's financial reserves have played
an essential role in sustaining the company during its legal battles to provide
frozen blood banking services to the public. The Company has sustained a large
loss of revenues and profits as results of the actions taken against it by
members of the New York Health Department and the anti-trust actions of the New
York Blood Center. The Company cannot predict the ultimate outcome of its
Federal RICO anti-trust suit against the Health Department and the New York
Blood Center. The Company plans to focus its financial reserves primarily on
developing and marketing the Blood Volume Analyzer.

     The Company did not file any reports on form 8-K during the first three
months of 1998.

     The Company filed a Form S-3 on March 18, 1998 for 100,000 shares.


<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.

                                DAXOR CORPORATION
                                -----------------
                                   (Registrant)

DATE: May 14, 1999                      /s/ JOSEPH FELDSCHUH, M.D.
                                            ---------------------------------
                                            JOSEPH FELDSCHUH, M.D.
                                            President

DATE: May 14, 1999                      /s/ DAN WILLINGTON, M.D.
                                            ---------------------------------
                                            DAN WILLINGTON, M.D.
                                            Vice President

DATE: May 14, 1999                      /s/ OCTAVIA ATANASIU
                                            ---------------------------------
                                            OCTAVIA ATANASIU
                                            Treasurer

DATE: May 14, 1999                      /s/ VIRGINIA FITZPATRICK
                                            ---------------------------------
                                            VIRGINIA FITZPATRICK
                                            Secretary