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, 2005
                         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, 2005
--------------------------------------------------------------------------------
      COMMON STOCK
PAR VALUE: $.O1 per share                                  4,636,326

<PAGE>

                                TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
        Item 1. FINANCIAL STATEMENTS (Unaudited)                               2
                 Condensed Consolidated Balance Sheets as at March 31,
                 2005 and December 31, 2004                                  F-1

                 Condensed Consolidated Statements of Operations
                 for the three months ended March 31,2005 and 2004           F-2

                 Condensed Consolidated Statements of Cash Flows
                 for the three months ended March 31, 2005 and 2004          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

         Item 3. Controls and Procedures                                       4

PART II. OTHER INFORMATION

         Item 1.Legal Proceedings                                              4

         Item 2.Exhibits and Reports on Form 8-k                               4
                Signatures

         Item 3.Exhibit Index

Item 1.  Financial Statements (Unaudited)

         Index to Financial Statements

         Condensed Consolidated Balance Sheets as at March 31,
         2005 and December 31, 2004                                          F-1

         Condensed Consolidated Statements of Operations for the
         three months ended March 31, 2005 and 2004                          F-2

         Condensed Consolidated Statements of Cash Flows for the
         three months ended March 31, 2005 and 2004                          F-3

         Notes to Condensed Consolidated Financial Statements              F-4-5


                                       2
<PAGE>

                                DAXOR CORPORATION
                   CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DAXOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS[UNAUDITED]

                                                     March 31,     December 31,
                                                       2005            2004
                                                   ------------    ------------
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------

CURRENT ASSETS
Cash                                               $     13,730    $      5,079
Available-for-sale securities                        55,726,452      54,806,400
Accounts receivable                                     195,516         202,649
Inventory                                               139,338         139,338
Prepaid and other current assets                        211,353         453,284
                                                   ------------    ------------

Total Current Assets                                 56,286,389      55,606,750

PROPERTY AND EQUIPMENT
Machinery and equipment                                 767,824         755,237
Furniture and fixtures                                  329,341         329,050
Leasehold improvements                                  295,530         295,530
                                                   ------------    ------------
                                                      1,392,696       1,379,817
Less: Accumulated depreciation and amortization      (1,099,688)     (1,089,245)
                                                   ------------    ------------
Property and equipment, net                             293,008         290,572
Other assets                                             32,158          32,158
                                                   ------------    ------------
Total Assets                                       $ 56,611,555    $ 55,929,480
                                                   ============    ============

--------------------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
--------------------------------------------------------------------------------

CURRENT LIABILITIES
Accounts payable and accrued liabilities           $     71,225    $     89,162
Loans payable                                         4,396,564       4,113,285
Other Liabilities                                       975,521         982,718
Deferred revenue                                         22,355          17,465
Deferred taxes                                       10,922,075      10,845,531
                                                   ------------    ------------
Total Current Liabilities                            16,387,740      16,048,161

STOCKHOLDERS' EQUITY
Common stock, $.01 par value
Authorized - 10,000,000 shares
Issued - 5,309,750 shares
Outstanding - 4,636,326 and 4,610,826
 shares, respectively                                    53,097          53,097
Additional paid in capital                           10,281,586       9,821,563
Accumulated other comprehensive income               21,201,674      21,053,089
Retained earnings                                    14,249,659      14,589,699
Treasury stock, at cost, 673,424 and 698,924
 shares, respectively                                (5,562,201)     (5,636,129)
                                                   ------------    ------------
Total Stockholders' Equity                           40,223,815      39,881,319
                                                   ------------    ------------

Total Liabilities and Stockholders' Equity         $ 56,611,555    $ 55,929,480
                                                   ============    ============

See accompanying notes to condensed consolidated financial statements


                                      F-1
<PAGE>

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

                                                         2005           2004
                                                     -----------    -----------
Revenues:
Operating revenues                                   $   296,583    $   408,248
                                                     -----------    -----------

Costs and Expenses:
Operations of laboratories & costs of production         454,389        381,162
Selling, general, and administrative                   1,073,328        710,157
                                                     -----------    -----------

Total Costs and Expenses                               1,527,717      1,091,319
                                                     -----------    -----------
Loss from operations                                  (1,231,134)      (683,071)

Other income (expense):
Dividend income                                          538,120        493,569
Gain on sale of securities                               389,036        225,066
Other revenues                                             4,352          3,643
Interest expense, net                                    (40,413)       (19,443)
                                                     -----------    -----------
Total other income                                       891,095        702,835
                                                     -----------    -----------

Net Income /(Loss) Before Income Taxes                  (340,039)        19,764

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

Net Income /(Loss)                                   $  (340,039)   $    19,764
                                                     ===========    ===========

Weighted Average Number of Shares Outstanding
  - Basic and Diluted                                  4,627,659      4,632,659
                                                     ===========    ===========

Net Income / (Loss)per Common Equivalent Share       $     (0.07)   $      0.00
                                                     ===========    ===========

See accompanying notes to condensed consolidated financial statements.


                                      F-2
<PAGE>

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

                                                           2005          2004
                                                       -----------    ---------

Cash flows from operating activities:
Net income or (loss)                                   $  (340,039)      19,764
Adjustments to reconcile net income
(loss) to net cash used in
operating activities:
Depreciation & amortization                                 10,443       11,940
Gain on sale of investments                               (389,036)    (225,066)
Change in assets and liabilities:
(Increase) decrease in accounts receivable                   7,133      (50,528)
(Increase) decrease in other current assets                241,931          (68)
Increase (decrease) in accounts payable, accrued
and other liabilities net of "short sales"                 (17,912)       4,198
Increase in deferred revenue                                 4,890           --
                                                       -----------    ---------
Total adjustments                                         (142,551)    (259,524)
                                                       -----------    ---------
Net cash used in operating activities                     (482,590)    (239,760)
                                                       -----------    ---------

Cash flows from investing activities:
Purchase of property and equipment                         (12,878)      (7,570)
Purchases of investments, net                           (1,280,049)    (270,699)
Net proceeds from (repayments of)loans from
 brokers used to purchase investments                      283,279     (238,905)
Proceeds from "short sales" not closed                     966,939      362,375
                                                       -----------    ---------
Net cash used in investing activities                      (42,709)    (154,799)
                                                       -----------    ---------
Cash flows from financing activities:
Proceeds from bank loan                                         --      600,000
Proceeds from sale (purchase of) treasury stock            533,950     (153,263)
                                                       -----------    ---------
Net cash provided by financing activities                  533,950      446,737
                                                       -----------    ---------
Net increase in cash and
cash equivalents                                             8,651       52,178

Cash and cash equivalents at beginning of year               5,079        3,324
                                                       -----------    ---------
Cash and cash equivalents at end of period             $    13,730    $  55,502
                                                       ===========    =========

See accompanying notes to condensed consolidated financial statements


                                      F-3
<PAGE>

                                DAXOR CORPORATION
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                   THREE MONTHS ENDED MARCH 31, 2005 AND 2004

(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 statement of 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,
2004, 2003 and 2002, included in Daxor Corporation's Annual Report on Form 10-K
for the fiscal year ended December 31, 2004. Operating results for the
three-month period ended March 31, 2005 are not necessarily indicative of the
results that may be expected for the year ending December 31, 2005.

      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.

(2) AVAILABLE-FOR-SALE 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 March 31, 2005 and December 31, 2004, of
approximately 136.10% and 139.25%,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:

                                 March 31, 2005
                                 --------------
Type of                                           Unrealized        Unrealized
security               Cost         Fair Value   Holding gains    holding losses
--------            -----------    -----------   -------------    --------------

Equity              $23,524,650    $55,698,052    $32,844,902      $   671,500
Debt                     78,053         28,400             --           49,653
                    -----------    -----------    -----------      -----------
Total               $23,602,703    $55,726,452    $32,844,902      $   721,153
                    ===========    ===========    ===========      ===========

                               December 31, 2004
                               -----------------

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

Equity              $22,802,568    $54,741,650    $32,125,500      $   186,417
Debt                    105,212         64,750          7,792           48,255
                    -----------    -----------    -----------      -----------
Total               $22,907,780    $54,806,400    $32,133,292      $   234,672
                    ===========    ===========    ===========      ===========

      At March 31, 2005 the securities held by the Company had a market value of
$55,726,452 and a cost basis of $23,602,703 resulting in a net unrealized gain
of $ 32,123,749 or 136.1% of cost.

      At December 31, 2004, the securities held by the Company had a market
value of $54,806,400 and a cost basis of $22,907,780 resulting in a net
unrealized gain of $31,898,620 or 139.25% of cost.

      At March 31, 2005 and December 31, 2004, marketable securities, primarily
consisting of preferred and common stocks of utility companies, are valued at
fair value. Debt securities consist of Corporate Bonds. As at March 31, 2005,
one of these bonds, which has a cost of $29,798, is scheduled to mature in May
2008. The remaining two bonds, which have a combined cost of $48,255 are
currently in default, with maturity dates prior to December 31, 2004. Management
is awaiting final settlement of the bonds, and is not yet able to determine the
amount of loss, if any, that may occur. Accordingly, the Company has valued
these bonds at zero and recorded an unrealized loss of the entire cost of the
bonds.


                                      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) LOANS PAYABLE

      As at March 31, 2005 and December 31, 2004, the Company has a note payable
of $1,500,000 with a bank 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 loan bears interest at approximately 3.0% is secured by certain
marketable securities of the Company.

      Short term margin debt due to brokers, secured by the Company's marketable
securities, totaled $2,896,564 at March 31, 2005 and $1,363,201 at December 31,
2004.

(5) SELECTED FINANCIAL DATA (Unaudited)

Selected Quarterly Financial Data

                                                         Quarter Ended
                                                --------------------------------
                                                March 31, 2005    March 31, 2004

Operating revenues                               $   296,583       $   408,248
Total revenue and other income                     1,228,091         1,130,526
Gross loss                                        (1,231,134)         (683,071)
Net income (loss)                                   (340,039)           19,764
Net income (loss) per share                             (.07)              .00
Total Assets                                      56,611,555        50,130,886
--------------------------------------------------------------------------------

Income:
Operating revenues                               $   296,583       $   408,248
Other income (expenses):
Dividend income                                      538,120           493,569
Gain  on sale of securities                          389,036           225,066
Other revenues                                         4,352             3,643
Interest expense, net                                (40,413)          (19,443)
                                                 -----------       -----------

 Total Selected Net Income                         1,187,678         1,111,083
                                                 -----------       -----------

Costs and Expenses:
Operations of laboratories & costs
  of production                                      454,389           381,162
Selling, general & administrative                  1,073,328           710,157
                                                 -----------       -----------

Total Selected Costs and Expenses                  1,527,717         1,091,319
                                                 -----------       -----------

Net Income (Loss) Before Provision for
  Income Taxes                                      (340,039)           19,764

Provision for Income Taxes                                --                --
                                                 -----------       -----------

Net Income (Loss)                                $  (340,039)      $    19,764
                                                 ===========       ===========

Weighted Average Number of Shares Outstanding
  - Basic and Diluted                              4,627,659         4,632,659
                                                 ===========       ===========

Net Income(Loss)per Common Equivalent Share      $     (0.07)      $      0.00
                                                 ===========       ===========


                                      F-5
<PAGE>

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

ITEM 2. RESULTS OF OPERATIONS

Three months ended March 31, 2005 as compared with three months ended March 31,
2004

      For the three months ended March 31, 2005 total revenue and other income
increased by 8.6% to $1,228,091 from $1,130,526 in 2004. Operating revenues
decreased by 27% to $296,583 in 2005 from $408,248 in 2004. In 2005 there was
only a single sale of the BVA-100 blood volume analyzer, although a number of
contracts were signed for instruments on a trial basis. There were capital gains
in 2005 of $389,036 up from $225,066 in 2004. Dividend income was $538,120 with
a net interest expense of $40,413 in 2005, as compared to dividend income of
$493,569 with a net interest expense of $19,443 in 2004. In 2005, the Company
had a net loss of ($340,039) versus a net income income of $19,764 in 2004.
Total Costs and Expenses increased by 41% in 2005 to $1,568,130 vs. $1,110,762
in 2004. This was related to increased marketing efforts and research and
development expenses. The Company has increased research expenses for additional
features to the BVA-100. The Company has also expanded its manufacturing staff
in Oak Ridge, Tennessee. The increase in kit sales can be attributable to these
sales efforts. The sales cycles from initial contact to a sale can be 6 to 12
months, or occasionally longer. The Company anticipates that the sales of the
BVA-100 Blood Volume Analyzers and kits will become the major source of income
for the Company. The Company plans to continue expanding its sales and marketing
force, which currently consists of 17 salesmen and 4 support personnel.

LIQUIDITY AND CAPITAL RESOURCES

      At March 31, 2005 the Company had total assets of $56,611,555 with
stockholders' equity of $40,223,815 as compared to total assets of $50,130,886
with stockholders' equity of $37,537,441 at March 31,2004. Despite increasing
its expenses, the Company has significantly increased its financial base as
compared to one year ago. The Company has a net pre-taxed unrealized gain of
$32,123,749 and $21,201,674 of net after tax unrealized capital gains on
available-for-sale securities in its portfolio. This amount is included in the
calculation of Total Stockholders' Equity. The Company's stock portfolio had a
market value of $55,726,452 with short-term loans of $ 4,396,564 with 4,636,326
shares outstanding. The Company has current liabilities of $16,387,740. Included
in these liabilities are deferred taxes of $10,922,075. These deferred taxes
would occur if the Company chose to sell its entire portfolio. Current
liabilities minus these deferred taxes is $5,465,665. The Company's investment
portfolio has been a critical source of supplemental income to partially offset
the continuing losses from operations. Without this income, the Company would
have been in a precarious financial situation because of its operating losses
over the past 10 years. The Company's portfolio has, historically, maintained a
net value above cost for each of the past 15 years.

      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.

      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. A financing arrangement for customers 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.


                                       3
<PAGE>

      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. 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 upon that evaluation, our Chief Executive Officer
and Chief Financial Officer 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 March 31, 2005, 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

      None.

Item 2. Exhibits and Reports on Form 8-K

      (a) Exhibits

            31.1  Certification of Chief Executive Officer pursuant to Section
                  302 of the Sarbanes-Oxley Act of 2002

            31.2  Certification of Principal Financial Officer pursuant to
                  Section 302 of the Sarbanes-Oxley Act of 2002

            32.1  Certification of Chief Executive Officer pursuant to 18 U.S.C
                  Section 1350, as adopted pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002

            32.2  Certification of Principal Financial Officer pursuant to 18
                  U.S.C. Section 1350, as adopted pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002

      (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: May 16, 2005                      By: /s/ JOSEPH FELDSCHUH, M.D.
                                            --------------------------
                                            JOSEPH FELDSCHUH, M.D.,
                                            President and Chief Executive
                                            Officer


DATE: May 16, 2005                      By: /s/ STEPHEN FELDSCHUH
                                            ---------------------
                                            STEPHEN FELDSCHUH
                                            Vice President of Operations
                                            And Chief Financial Officer


                                       4