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 SEPTEMBER 30, 2001
                         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 SEPTEMBER 30, 2001
--------------------------------------------------------------------------------
       COMMON STOCK
PAR VALUE: $.O1 per share                                   4,664,909

<PAGE>

PART I.   FINANCIAL INFORMATION


ITEM 1.   FINANCIAL STATEMENTS                                             PAGE

          Consolidated Balance Sheet as at September 30, 2001 and
              December 31, 2000                                             F-1

          Consolidated Statements of Income for the Three and Nine
              Months ended September 30,2001 and 2000                       F-2

          Consolidated Statement of Cash Flows for the Nine Months
              ended September 30, 2001 and 2000                             F-3

          Notes to Consolidated Financial Statements (Unaudited)            F-4


PART II.  OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS

ITEM 2.   MANAGEMENT'S  DISCUSSION  AND  ANALYSIS:  RESULTS  OF  OPERATIONS  AND
          FINANCIAL CONDITION

<PAGE>

                                DAXOR CORPORATION
                              FINANCIAL STATEMENTS
================================================================================
DAXOR CORPORATION
CONSOLIDATED BALANCE SHEETS[UNAUDITED]
                                                 September 30,     December 31,
                                                     2001              2000
                                                 ------------      ------------
ASSETS
================================================================================
CURRENT ASSETS
Cash                                             $     55,525      $     18,439
Marketable Securities at Fair Value
September 30,2001 and  December 31,
2000. (Notes 1 and 2)                              42,379,751        48,722,403
Accounts receivable                                   185,949           107,927
Other current assets                                  383,183           363,758
                                                 ------------      ------------

Total Current Assets                               43,004,408        49,212,527

EQUIPMENT AND IMPROVEMENTS
Storage tanks                                         125,815           125,815
Leasehold improvements, furniture
and equipment                                         837,807           836,813
Laboratory equipment                                  278,087           278,087
                                                 ------------      ------------
                                                    1,241,709         1,240,715
Less: Accumulated depreciation and amortization       954,215           919,414
                                                 ------------      ------------
Net equipment and improvements                        287,494           321,301

Other Assets                                           40,190            41,290

Total Assets                                     $ 43,332,092      $ 49,575,118
                                                 ============      ============
--------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
================================================================================
CURRENT LIABILITIES
Accounts payable and accrued liabilities         $     37,547      $     42,431
Loans payable (Notes 1 and 2)                       1,968,281         1,775,363
Other Liabilities                                      10,866            73,741
Deferred Taxes  (Note 1)                            6,753,673         9,011,745
                                                 ------------      ------------
Total  Liabilities                                  8,770,367        10,903,280

SHAREHOLDERS' EQUITY
Common stock, par value $.01 per share:
Authorized 10,000,000 shares: issued and
outstanding shares 4,664,909 September 30,
2001 and 4,664,909  December 31, 2000                  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)          13,110,085        17,493,387
Retained earnings                                  16,413,841        16,140,652
Treasury stock                                     (4,813,530)       (4,813,530)
                                                 ------------      ------------
Total Shareholders' Equity                         34,561,725        38,671,838

Total Liabilities and Shareholders' Equity       $ 43,332,092      $ 49,575,118
                                                 ============      ============


See accompanying notes to cosolidated financial statements


                                       F-1
<PAGE>

DAXOR CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

<TABLE>
<CAPTION>
                                                THREE MONTHS ENDED              NINE MONTHS ENDED
                                                   September 30,                   September 30,

                                               2001            2000            2001             2000
                                               ----            ----            ----             ----
<S>                                       <C>             <C>             <C>              <C>
REVENUES:
------------------------------------------------------------------------------------------------------
Operating revenues                        $   185,705     $   167,211     $   464,699      $   529,208
Other revenues                                 44,180          15,267         143,504           65,499
Dividend income                               452,536         456,104       1,391,701        1,395,649
Gains (losses) on sale
of securities                                   2,171         178,238          11,902          184,243

Total Revenues                                684,592         816,820       2,011,806        2,174,599
                                          -----------     -----------     -----------      -----------
------------------------------------------------------------------------------------------------------

COSTS AND EXPENSES
------------------------------------------------------------------------------------------------------
Operations of Laboratories                    171,577         324,846         600,790          847,146
Selling, General, and
Administrative                                344,594         355,842       1,015,196        1,057,555
Interest expense, net of
interest income                                32,320          57,393         101,903          157,567
                                          -----------     -----------     -----------      -----------

Total Costs and Expenses                      548,491         738,081       1,717,889        2,062,268
                                          -----------     -----------     -----------      -----------

Net Income (Loss) Before Income
Taxes                                         136,101          78,739         293,917          112,331

Provision for income taxes                     (2,864)         12,386          20,728           13,746
                                          -----------     -----------     -----------      -----------

Net Income (Loss)                         $   138,965     $    66,353     $   273,189      $    98,585
                                          ===========     ===========     ===========      ===========

Weighted Average Number of
Shares Outstanding                          4,664,909       4,672,909       4,664,909        4,679,242

Net Income or (Loss) per Common
Equivalent Share                          $      0.03     $      0.01     $      0.06      $      0.02
                                          ===========     ===========     ===========      ===========
</TABLE>

See accompanying notes to financial statements


                                       F-2

<PAGE>

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

<TABLE>
<CAPTION>
                                                       SEPTEMBER 30,      SEPTEMBER 30,
                                                           2001               2000
                                                           ----               ----
<S>                                                     <C>               <C>
-------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
-------------------------------------------------------
Net income or (loss)                                    $ 273,189         $  98,585
                                                        ---------------------------
Adjustments  to reconcile  net income
(loss) to net cash  provided by operating
activities:
Depreciation equipment and improvements                    34,801            42,996
(Gain) loss on sale of investments                        (11,902)         (184,243)
Change in assets and liabilities:
(Increase) decrease in accounts receivable                (78,022)         (101,834)
(Increase) decrease in other current assets               (19,425)          181,886
(Increase) decrease in other assets                         1,100             3,000
Increase (decrease) in accounts payable, accrued
and other liabilities net of "short sales"                 (3,784)          (78,603)
                                                        ---------------------------

Total adjustments                                         (77,232)         (136,798)
                                                        ---------------------------
Net cash provided by or (used in) operating
activities                                                195,957           (38,213)
                                                        ---------------------------
-------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
-------------------------------------------------------
Payment for purchase of equipment and
improvements                                                 (994)           (2,900)
Net cash provided or (used) in purchase
and sale of investments                                  (354,404)          922,535
Net proceeds (repayments) of loans from
brokers used to purchase investments                      192,918          (687,667)
Proceeds from "short sales" not closed                      3,609            27,342
                                                        ---------------------------
Net cash provided by or (used in) investing
activities                                               (158,871)          259,310
-------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
-------------------------------------------------------
Payment for purchase of treasury stock                                     (269,813)
Net cash provided by or (used in) financing
activities                                                     --          (269,813)
                                                        ---------------------------
Net increase (decrease) in cash and cash
equivalents                                                37,086           (48,716)
Cash and cash equivalents at beginning of year             18,439            67,783
                                                        ---------------------------
Cash and cash equivalents at end of period              $  55,525         $  19,067
                                                        ===========================
</TABLE>

See accompanying notes to financial statements


                                       F-3
<PAGE>

                                DAXOR CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

                  NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000


     In the opinion of the  Company,  the  accompanying  unaudited  consolidated
financial  statements  contain  all  adjustments   (consisting  of  only  normal
recurring  accruals)  necessary to present  fairly the financial  position as of
September  30,2001,  and December 31, 2000,  the results of  operations  for the
three and nine months  ended  September  30,2001 and 2000 and cash flows for the
nine months  ended  September  30,  2001 and 2000.  The  consolidated  financial
statements  include  the  accounts  of  the  Company  and  its  subsidiary.  All
significant  intercompany  transactions  and balances  have been  eliminated  in
consolidation.


(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 September  30, 2001 and  December  31, 2000 being  increased
approximately  88.22% and  119.30%  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 :


                               September 30, 2001
                               ------------------

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


Equity            $22,501,134     $47,378,851     $20,805,341     $   927,624

Debt                   14,859             900             -0-          13,959
                  -----------     -----------     -----------     -----------

Total             $22,515,993     $42,379,751     $20,805,341     $   941,583
                  ===========     ===========     ===========     ===========


                               September 30, 2000
                               ------------------

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

Equity            $22,202,412     $48,721,503     $27,425,484     $   906,393

Debt                   14,859             900               0          13,959

Total             $22,217,271     $48,722,403     $27,425,484     $   920,352
                  ===========     ===========     ===========     ===========


<PAGE>

     At September 30, 2001 the securities held by the Company had a market value
of $ 42,379,751  and a cost basis of $ 22,515,993  resulting in a net unrealized
gain of $ 19,863,758 or 88.22% of cost.

     At December 31, 2000 the securities  held by the Company had a market value
of  $48,722,403  and a cost basis of $ 22,217,271  resulting in a net unrealized
gain of $26,505,132 or 119.30% of cost.

     At  September  30,  1999  and  December  31,  1998  marketable  securities,
primarily  consisting of preferred and common stocks of utility  companies,  are
valued at fair value.

(2)  LOANS PAYABLE

     As at  September  30, 2001 and  December  31,  2000,  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 7.1875%.

     Short term margin debt due to brokers ,secured by the Companies  marketable
securities,  totaled $968,281 at September 30, 2001 and $775,363 at December 31,
2000.

<PAGE>

Part II OTHER INFORMATION

Item 1.
Legal Proceedings

None

                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                  RESULTS OF OPERATIONS AND FINANCIAL CONDITION
ITEM 2.

RESULTS OF OPERATIONS

Three  months  ended  September  30, 2001 as compared  with three  months  ended
September 30, 2000.

     For the three months ended  September 30, 2001 total revenues were $684,592
down from  $816,820 in 2000.  Operating  revenues  were $185,705 in 2001 up from
$167,211 in 2000.  Dividend  income was $452,536 with a net interest  expense of
$32,320 in 2001, as compared to dividend  income of $456,104 with a net interest
expense of $57,393 in 2000.  In 2001,  the  Company had a net income of $136,101
before income taxes versus a net income of $78,739  before income taxes in 2000.
The Company  anticipates  that it's sales of equipment  and kits will become the
major source of income for the Company.

Nine  months  ended  September  30,  2001 as  compared  with nine  months  ended
September 30, 2000.

     For the nine months ended September 30,2001, total revenues were $2,011,806
down  from  $2,174,599  in 2000.  Operating  revenues  were  $464,699  down from
$529,208 in 2000.  Dividend income was $1,391,701 with a net interest expense of
$101,903,  as compared to the dividend  income of $1,395,649 with a net interest
expense of $157,567 in 2000. In 2000,  the Company had $184,243 in capital gains
vs.  $11,902 in 2001. In 2001,  the Company had a net income of $293,917  before
income taxes versus $112,331 before income taxes in 2000.  Operations  income in
2000 was  greater  than in 2001  because  of direct  sales of the  BVA-100.  The
Company has adopted a policy that encourages  leasing or renting of equipment to
enable  hospitals  to test the  equipment.  This results in a sale of kits but a
slower recognition of operating income from BVA sales.

LIQUIDITY AND CAPITAL RESOURCES

     At September 30, 2001 the Company had total assets of $43,332,092 and total
liabilities of $8,770,367 with shareholders' equity of $34,561,725.  The Company
has a net pre-taxed  unrealized gain of $19,863,758 and $13,110,085 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  $42,379,751  with  short-term
loans of $1,968,281 with 4,664,909 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 is reviewing  various options in regard to
establishing a nationwide sales force as opposed to utilizing  independent local
dealer  distribution  networks  for  marketing  the Blood Volume  Analyzer.  The
Company is  currently  negotiating  a possible  agreement in the near future for
distribution  of  the  Blood  Volume  Analyzer  in  Japan.  The  Company  has an
instrument  loaner  reagent plan which  requires use of the Company's  reserves.

<PAGE>

Under a sale or a lease plan,  the Company  receives  income  immediately on its
equipment.  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 is currently  leasing its  equipment
directly. If the leasing program becomes more widely accepted,  then the Company
will attempt to arrange for leases through  independent  leasing  companies,  to
whom  it  will  sell  the  BVA-100.  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.

The Company did not file any reports on form 8-K.