SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    Form 10-K
                  Annual Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

FOR THE FISCAL YEAR ENDED                            COMMISSION FILE NUMBER
    December 31, 2000                                        0-12248

                                Daxor Corporation
             (Exact name of Registrant as specified in its charter)


            New York                                         13-2682108
(State or other jurisdiction of                            (IRS Employer
incorporation or organization)                         Identification Number)

                                350 Fifth Avenue
                                   Suite 7120
                            New York, New York 10118
               (Address of principal executive offices) (Zip Code)

                  Registrant's telephone number: (212) 244-0555

          Securities registered pursuant to Section 12(b) of the Act:
                          Common Shares, $.01 par value
                                (Title of Class)

        Securities registered pursuant to Section 12(g) of the Act: None

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

                               Yes [X]     No [_]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-X is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
form 10-K. [_]

As at March 9, 2001,  the  aggregate  market  value of the voting  stock held by
non-affiliates  of the Registrant  was $ 21,645,253.  The market value of Common
Stock of the Registrant,  par value $.01 per share, was computed by reference to
the closing price of one share on such date,  as reported by the American  Stock
Exchange, which was $14.35.

The number of shares  outstanding of the  Registrant's  Common Stock,  par value
$.01 per share, as of March 9, 2001: 4,664,909 shares.

Documents  incorporated by reference:  The  information  required by Part III is
incorporated  by reference from the proxy  statement for the 2001 Annual Meeting
of Shareholders.

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PART I.

Item 1. Business

Daxor Corporation is a medical device manufacturing  Corporation with additional
biotech services.  The company was originally founded for cryobanking  services.
For the past 10 years,  its major focus has been on the  development of a rapid,
accurate  instrument  to measure human blood  volume.  The company  developed an
instrument  called the BVA-100  which is used in  conjunction  with a single use
diagnostic  injection  and  collection  kit.  The  company  maintains a website,
www.daxor.com which describes its operations.

In  mid-1998,  the company  achieved  marketing  clearance  from the FDA for the
instrument.  In 1999, the company received clearance for it's specialized single
use injection kit known as Volumex.  In 1999, the company initiated beta testing
for the Blood Volume Analyzer at Hospitals in the New York Metropolitan  region.
In the year 2000, the Company  initiated  marketing  efforts  outside of the New
York region.  Test results from hospital  sites  indicated that the Blood Volume
Analyzer  was accurate and  provided  information  that was  important in a wide
variety of acute and  chronic  medical  and  surgical  situations.  The  Company
acquired a manufacturing facility for the injection kit components in Rochester,
N.Y. The Blood Volume  Analyzer is  manufactured  for the Company by an Original
Equipment  Manufacturer  (OEM).  The  Company  established  its own small  scale
manufacturing  facility in Oakridge,  Tennessee  for  research  and  development
purposes.  This will also provide flexibility to meet potential increased market
demand.   The   injection   kit  filling  is   performed   by  an  FDA  licensed
radiopharmaceutical  manufacturer.  The  Company  has  received  United  States,
European Common Market, and Japanese patents for its Blood Volume Analyzer.

Blood volume  measurement  has been  available for more than 50 years in formats
which  required as much as three to six hours of  technician  time with variable
degrees of accuracy.  Because of the time required,  certain technical shortcuts
were used which reduced the accuracy of the measurement.  An additional  problem
was the difficulty of calculating an accurate expected normal blood volume for a
specific  individual.  Normal blood volume has been shown to vary in relation to
the degree of deviation  from ideal  weight.  A leaner  individual  has a higher
blood volume percentage of body weight as compared to an obese  individual.  The
computations  for an individuals  normal  expected blood volume were complex and
time consuming.  The Blood Volume Analyzer  automated  these  computations.  The
basic requirements for a blood volume analyzer analysis is accurate  measurement
of the blood  volume for a patient and an accurate  calculation  of the expected
normal  blood  volume for that  specific  individual.  The BVA-100  Blood Volume
Analyzer  provides blood volume  measurement  with an accuracy of  approximately
98%.  Preliminary  results can be available  within 20 minutes and final results
within 35 to 45 minutes.

Measurement  of blood  volume is achieved by the use of an  indicator  or tracer
which is injected  into a patient  which is then  followed by the  collection of
timed blood samples. The volume of blood in a patient is inversely  proportional
to the  dilution of the  tracer.  The  measurement  while  relatively  simple in
principle,  has been difficult to perform  accurately and rapidly because of the
high degree of precision required in each step. The standard  techniques require
the hospital or user to prepare an exactly  matching set of standards and tracer
injectate  with  precise and complete  injection  of the tracer.  Because of the
difficulty in achieving  this type of precision  blood volume  measurements  are
performed  in only a small  minority  of  hospitals  in the United  States.  The
standard  tests used to  diagnose  anemia,  the  hemoglobin  or the  hematocrit,
measure only the thickness and not the volume of an  individual's  blood.  These
surrogate  or proxy  tests are well known to be  misleading  in many  situations
where blood volume is abnormal.  In acute  situations,  such as during  surgical
blood loss or after  trauma,  it may take 24 to 72 hours for the  hematocrit  to
accurately  or  reasonably  reflect the degree of blood loss.  Patients may have
delayed transfusions because the full degree of blood loss is not

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reflected by these proxy tests.  Delayed  transfusions or fluid  replacement may
result in serious complications.

Pulmonary  Artery  Catheterization  (PAC)  which  involves  the  insertion  of a
catheter into a vein through the right chambers of the heart has frequently been
used as a  surrogate  technique  to  evaluate  blood  volume in  critically  ill
patients.  Pulmonary Artery Catheterization (PAC) measures pressure directly but
not volume.  In 1999,  the  Lutheran  Medical  Center (New York)  presented  its
research on the first comparison of PAC with direct blood volume measurements in
patients.  Their findings  confirmed that PAC could be inaccurate and misleading
in patients who had significant blood volume deficits.  Hypovolemia or low blood
volume  can be  particularly  dangerous  during  surgery  and may lead to sudden
severe drops in blood  pressure.  Such a drop in blood  pressure,  also known as
shock, is associated with strokes, heart attacks or even sudden death.

The  Company has  received  preliminary  reports on the use of the blood  volume
analyzer in septic or toxic shock.  Septic shock is associated  with death rates
as  high  as  40-70%.   Lutheran  Medical  Center  using  the  BVA-100  reported
preliminary results in 40 patients diagnosed with septic shock who were found to
have  unanticipated low blood volume.  The patients who were treated with fluids
and blood to restore their blood volume, to normal levels had a markedly reduced
death rate. These findings if verified on a larger scale would be very important
for  marketing  the Blood Volume  Analyzer.  A primary goal of the Company is to
have the Blood  Volume  Analyzer  become a standard of care within  hospitals as
part of the decision-making  process for administration of blood and intravenous
therapy.  If these  preliminary  findings in the  treatment  of septic shock are
verified,  it could be expected to have a significant  impact on hospital demand
for obtaining a Blood Volume Analyzer. Septic shock is a common daily occurrence
in  all  hospitals.  Major  pharmaceutical  companies  have  attempted  to  find
pharmaceutical  agents that will reverse shock.  To date,  these tests have been
unsuccessful.  A recent  report on patients in septic  shock  indicated a slight
improvement  in patients  who were  treated with an  experimental  drug.  It was
reported that the anticipated cost of this drug would be $5000 per treatment. If
additional studies confirm that correction of blood volume should be the primary
focus on treating septic shock,  then blood volume would become an integral part
of the therapy for septic shock.  The cost of a diagnostic kit is  approximately
$260.00.  The combined cost of blood volume  measurement  and fluid and/or blood
replacement  would  be  significantly  lower  than the  anticipated  cost of the
experimental septic shock drug.

The  provision  of this type of data in the opinion of the Company  will provide
critical  information  in a  timely  fashion  not only in  surgery  but in other
conditions such as heart failure and kidney failure.  The Company believes that,
if its blood volume measurement equipment were available in a hospital, it would
be feasible for the  hospital to routinely  perform a blood volume test on every
patient for whom a blood transfusion appeared to be indicated.  There are over 4
million patients who receive blood transfusions every year.

The largest  potential use for the Blood Volume Analyzer,  is for evaluation and
treatment of outpatients  medical  problems.  Many disease  conditions result in
alterations of blood volume which may have serious consequences for the patient.
A recent Mayo Clinic study  estimated  that there are 50 million  Americans  who
have hypertension.  Hypertension is caused primarily by two variables.  There is
either too much blood  (hypervolemia)  or fluid retention within the circulation
or too much  vasoconstriction  (tightening of the blood vessels).  Diuretics are
one major  category  of drugs used to treat  hypertension.  Diuretics  cause the
kidney to excrete  salt and water and thereby  decreasing  the blood  volume and
lowering  the  blood  pressure.  A  second  major  category  of  medications  is
vasodilators.  These drugs relax the blood  vessels,  or  vasoconstriction,  and
lower the blood  pressure.  Within each of these two major  categories are drugs
which work by different  mechanisms  but they all  essentially  fall into one of
these two main therapeutic categories,  diuretics or vasodilators.  Treatment is
often a trial and error approach because neither

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vasoconstriction  or blood volume is actually  measured in a patient  (with rare
exception).  One of the most serious  complications  of  hypertension is loss of
kidney function (renal failure) which may require a patient to undergo permanent
renal dialysis. Over the past year, the company has received reports on patients
treated  for  hypertension  with  diuretics,  who have a low blood  volume.  The
physicians  treating  these  patients  reduced or removed the diuretic  therapy.
African-Americans  have been  reported  to have  significantly  higher  rates of
strokes,  and kidney  failure as  compared  to whites for  comparable  levels of
elevated blood pressure. Diuretic therapy would be expected to be beneficial for
patients whose elevated blood pressure is caused by an expanded blood volume and
would be  expected  to be harmful  for  patients  whose high blood  pressure  is
accompanied by low blood volume.  At the present time,  there is inadequate data
to  determine  whether  African  Americans  as a group  are  more  likely  to be
individuals  treated with  diuretics.  It is well known that diuretics can cause
blood volume to decrease to the point of causing  disruption of kidney function.
The kidney is particularly  vulnerable to low blood volume.  Kidney failure is a
common  complication  of severe low blood  volume.  Medications  which cause low
blood volume,  may  contribute to premature  renal failure.  The  measurement of
blood volume in the  treatment of  hypertension  may help prevent these types of
complications.  By measuring the blood volume within the patient,  the physician
can make a more rational or scientific  choice in regard to the medical  therapy
to be administered.

It is estimated that there are 5 millions  individuals that are treated annually
for congestive heart failure.  The January 2000 issue of the American College of
Cardiology reported on a series of patients treated for congestive heart failure
who had low blood volume and were  decompensated.  Over-treatment  of congestive
heart failure is very difficult to detect and symptoms of over-treatment  can be
confused with the primary  disease  itself.  It is estimated that $38 billion is
spent  annually on treatment for  congestive  heart  failure.  Congestive  heart
failure  is the  number one reason  for  admission  to  hospitals  in the US for
patients  over 65 years  of age.  $23  billion  is spent  annually  on  hospital
treatment of congestive heart failure patients. Three thousand patients annually
receive heart  transplants.  The  overwhelming  majority of patients treated for
heart failure must be treated medically with a varied  combination of drugs. The
Blood  Volume  Analyzer  is  currently  undergoing  testing for  utilization  in
optimizing the treatment for congestive heart failure patients.  Results of this
testing from the Heart Failure  Center of Columbia  Presbyterian  Medical Center
has been submitted for publication.

Syncope or sudden loss of consciousness is a major cause for  hospitalization in
the United States.  Patients who experience  syncope may suffer severe injuries.
Some  patients  may  experience  light  headedness   without  complete  loss  of
consciousness.   Evaluation  of  such   patients   includes   neurological   and
cardiovascular testing, but usually does not include a blood volume measurement.
Low blood volume can  predispose to syncope.  Patients  with this  condition are
frequently  treated with different types of drugs without  precise  knowledge of
the  underlying  cause  of  the  syncope.  In  March  2000,  the  Cardiovascular
Department of the Cleveland  Clinic obtained a BVA-100 Blood Volume Analyzer for
the Syncope Section.  Preliminary  results on over 200 patients in the Cleveland
Clinic have  demonstrated  that a  significant  percentage of such patients have
moderate  to severe  hypovolemia  (low blood  Volume)  which would not have been
diagnosed by the standard test.  This  scientific data is currently under review
for publication. The Cleveland Clinic Cardiovascular Department is ranked number
one in the United States  according to the annual US News World Report Survey on
US  Hospitals.  The Hospital  itself is ranked number 4 overall out of more than
6200 hospitals in the country.

According to the Journal of Clinical Geriatrics,  one out of every three elderly
patients  has  a  condition  known  as  orthostatic   hypotension.   Orthostatic
hypotension  is a  condition  whereby  when a person  arises  from a sitting  or
reclining  position,  the blood pressure  drops. A sudden drop in blood pressure
may  cause  dizziness  or  even  loss of  consciousness.  One in  eight  elderly
Americans  experiences  a hip  fracture.  It is  unknown  how many of these  hip
fractures are caused by patients

<PAGE>


having a transient drop in blood pressure.  A blood volume  measurement can help
differentiate the cause of orthostatic hypotension. Some patients with low blood
volume  caused by either low red cell volume or low plasma volume can be treated
with  medications.  Patients  who have a normal  blood  volume with  orthostatic
hypotension  have a condition  related to autonomic  dysfunction  or ineffective
control  of the  constriction  of small  blood  vessels.  A  medication  is also
available  for  this  condition.  Anemia  or low red  cell  volume  is a  common
occurrence in patient's undergoing drug therapy for AIDS, or patients undergoing
chemotherapy for cancer.  Epogen and Procrit which are manufactured by the Amgen
Corporation, can provide therapy for such conditions.  Procrit is distributed by
the Ortho  Division of Johnson & Johnson.  The  standard  surrogate  tests,  the
hematocrit and hemoglobin may not reflect the full degree of decreased red blood
cell volume in such patients.  A blood volume  measurement  can detect low blood
volume in such  patients  which may be  contributing  to a  profound  feeling of
weakness common in such conditions. Blood volume measurement can detect patients
who have unrecognized low blood volume.

The chronic  fatigue  syndrome is a condition said to affect  approximately  one
million  Americans,  particularly  patients with low blood  pressure.  Low blood
volume  has been  reported  to be a factor in such  conditions.  The  ability to
measure  blood volume with a high degree of precision  and accuracy may identify
patients who have low blood volume and are not optimally  treated at the present
time.  Examples of other  conditions  with blood  volume  derangement  are renal
(kidney)  failure and syncope  (fainting).  Measurement  of blood volume permits
more precise therapy.

There are several manufacturers which include Northfield Laboratories,  Biopure,
and Hemosol  Corporation which are testing blood substitutes.  These substitutes
can be used  for  surgical  procedures  instead  of  donor  transfusions.  These
artificial  blood  substitutes  have the  advantage of a long shelf life and the
capability  of being  sterilized.  They  have the  disadvantage  of a  shortened
half-life in the body after  transfusion.  There have been recent reports in the
New  England  Journal of  Medicine  that as many as 60% of  patients  undergoing
Cardiac  Bypass Surgery (CABG)  experience  some degree of measurable  permanent
brain damage such as memory loss. Under current transfusion practices,  patients
may undergo major surgery with half the  concentration  of the normal red cells.
The practice of undertransfusion is widespread. In the Journal Transfusion,  Dr.
Robert Valeri, a senior  researcher of the Boston Naval Hospital  estimated that
there may be as many as 40,000 heart attacks per one million  operations  due to
undertransfusions.  The Company is attempting to initiate a cooperative  program
which will involve the use of blood volume measurement  combined with the use of
blood  substitutes  during surgery.  The Company  believes that it can provide a
significant  advantage to companies  testing blood  substitutes  without precise
knowledge of a patients actual blood volume. Patients who have initial low blood
volume at the initiation of surgery may respond very  differently from a patient
with a normal blood volume treated with a blood substitute. The Company also has
initiated  discussions with  representatives of both Johnson & Johnson and Amgen
for  sponsorship of studies  utilizing blood volume  measurements  combined with
products which stimulate  increased red cell production.  The current guidelines
for  the  use  of  these   products  is  based  on  hemoglobin   and  hematocrit
measurements.  These tests,  however,  may be very  misleading  in regard to the
total amount of red cells a patient has in his/her body. A patient who has a low
blood volume that is undetected may have an  artificially  elevated  hematocrit.
Such a patient may  experience  severe fatigue and other symptoms which could be
improved by  appropriate  treatment.  It is only with the use of a blood  volume
measurement that the lower red cell volume could be detected and treated.  Blood
volume  measurement which could detect low blood volume in patients with cancer,
kidney disease, heart failure could significantly increase the justification and
use of these blood stimulants.

In 1998, the medication Viagra,  produced by Pfizer for erectile dysfunction was
associated  with sudden death in a limited  number of cases in patients who used
vasodilators such as Nitrates.  Unrecognized low blood volume was suspected as a
possible  factor in some of these cases.  The company is currently  conducting a
small

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study on blood volume  measurements on potential  Viagra users who might benefit
from a blood volume measurement prior to Viagra use.

The  Company  believes  that the most  significant  market for its blood  volume
measurement  equipment  consists of approximately  8,500 hospitals and Radiology
Imaging  Centers in the United  States.  The Company  believes  that there is an
additional  international market of 10 to 14,000 potential users of its BVA-100.
Blood  volume  measurement  is an  approved  test with six  separate  CPT codes.
Reimbursement  has  been  received  from a number  of  insurance  companies  for
measurement  of blood volume using the BVA-100.  Reimbursement  is  particularly
important for hospitals because  hospitals may receive  reimbursement and income
from non-hospitalized patients who undergo blood volume measurement.

SCIENTIFIC MEDICAL SYSTEMS SUBSIDIARY (wholly owned by Daxor)

BLOOD BANKING

The  Company's  frozen blood bank is the only blood bank in New York that allows
people  to store  their  own blood for up to ten  years.  In 1985,  the  Company
established  the first  facility in the United States for  long-term  autologous
(self-storage)  blood  banking.  The  blood  banking  industry  is  a  group  of
for-profit and  not-for-profit  corporations whose total revenue is estimated to
exceed six billion dollars.

Utilizing cryobiology  technology,  frozen blood has been shown to be capable of
being stored for up to 20 years. The present donor system of blood  transfusions
presents risks to those individuals receiving blood. This is a risk which can be
avoided by utilizing  one's  previously  stored blood.  There are  approximately
15-18 million blood transfusions administered annually to 4 million patients.

Compounding  the risks of  infection  and other  complications,  is the frequent
withholding of blood from severely anemic patients by their  physicians  because
of these known risks of transfusion.  It is a common medical practice to replace
the first three  pints of lost blood with three pints of sterile  water or their
equivalent. This problem has not been brought to public attention, but is widely
known among physicians who have treated patients who have lost blood. The number
of  patients  who suffer  major  complications,  including  sudden  death,  from
under-transfusion is unknown but significant.  Patients who have decreased blood
volume are termed 'Hypovolemic'.  The Blood volume Analyzer has the potential to
detect such individuals  before  complications  from  under-transfusion  occurs.
Physicians  who  fear  the   complications   of  transfusion   with  potentially
contaminated blood do not have these concerns when patients use autologous blood
(self-storage).

The Company  believes that an educational  process will be required to establish
the desirability of autologous  blood storage and to overcome  opposition to any
change  in  the  current  blood  banking  system  from  established   tax-exempt
(non-profit) and profit-making  entities.  The company believes that it can work
with some voluntary blood banks to establish joint marketing of long term frozen
personal blood storage programs.

Blood  Banking  services  are  provided by a broad  spectrum  of  organizations.
Approximately  one-half of the blood supply used for transfusions is supplied by
the  American  Red Cross and its  affiliates.  The other  portion is supplied by
various other tax-exempt and for-profit  organizations.  Some hospitals  operate
their own donor  services,  but require the services of outside  vendors such as
the Red Cross for adequate supplies of blood products. At the present time there
are no other organizations  providing long-term personal frozen blood storage in
the Northeastern United States. It is the company's intentions to form alliances
with other  short-term donor blood banks to expand frozen personal blood storage
services. The

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Company views personal blood storage as a supplement to and not as a competition
to other existing blood donor services.

Idant (Division of Scientific Medical Systems,  subsidiary of Daxor Corporation)
Semen (Sperm) Banking

Idant, in 1985, was the first semen bank to institute an AIDS quarantine  period
for frozen semen.  Viruses such as HIV and hepatitis B or C may be  undetectable
for up to 6 months in infected individuals.  By freezing the semen of donors and
re-testing  the  donor 6  months  later  the  risk of  hepatitis  or AIDS can be
virtually  eliminated.  In 1989,  New York  State and a number  of other  states
enacted laws requiring sperm banks to freeze and quarantine  sperm for a minimum
of six months with donors  being tested at the  beginning  and at the end of the
six-month period.  By storing semen from a large  cross-section of sperm donors,
Idant can closely  match the physical  characteristics  of the sperm donor.  The
Company  maintains  a complete  physical  description  of each donor on file and
matches multiple physical characteristics and additional special characteristics
sought by the family to those of the sterile father.  The Company also provides,
on request,  special screening for rare hereditary recessive genetic traits. The
increased  likelihood of a child who resembles his recipient father can make the
child,  who results  from  artificial  insemination,  much more  psychologically
acceptable to the father.

Storage of Sperm for Personal Use

Idant pioneered both the technology and the commercial  application of long-term
preservation of human sperm for use in artificial insemination. The division has
provided   frozen  semen   services  to   physicians   worldwide.   Idant  holds
approximately  50,000 human semen units in long-term  storage at its central New
York City  facility.  The  Company  was the first semen bank in the state of New
York,  out of more than 50 licensed  banks,  to be  accredited  by the  American
Association of Tissue Banks. The Company's sperm bank facilities  contain stored
sperm,  which should remain viable for many years. Semen stored for 23 years, at
minus 321 degrees,  has shown  minimal  change (the  Company has had  documented
normal births from semen stored 16 years). The Company's  facilities are used by
men who, for a variety of reasons,  anticipate  impairment  of their  ability to
father children and by men who have been found to be marginally  fertile.  These
men may now be able to have  children by use of techniques  that increase  their
fertility by treating their sperm to artificially inseminate their partners. The
facilities are also used by men who plan to undergo  sterilization by vasectomy,
but who  believe  that they might  desire  children  in the  future.  Artificial
insemination  using stored sperm is much more  effective and less expensive than
present techniques of vasectomy reversal.  In addition,  patients with a variety
of diseases,  including  many types of cancer,  store semen prior to  undergoing
treatment by  chemotherapy  or radiation.  By utilizing  cryogenic  preservation
facilities,  these patients, who are frequently in their teens or twenties, will
be able to father their own children  after cancer  treatment,  despite the high
risk of sterility  and birth defects  associated  with  treatments.  The Company
receives   referrals  for  these  services  from  multiple  sources,   primarily
physicians.

The Company uses a customized carousel canister system in its sperm bank storage
system. This permits retrieval of specimens from lower levels without removal of
upper specimens. Only a few other sperm banks in the U.S. are known to have such
a system. Most other banks use a "rack and cane" pull-up system,  which requires
removal of upper specimens from the tank to retrieve  specimens at lower levels.
In such a bank, a specimen may be exposed to a temperature change of -321oF (the
temperature  of the liquid  nitrogen) to room  temperature of 78oF more than 100
times during its storage lifetime.  This will result in a gradual degradation of
the specimen.  In the Idant system the specimen  remains  under liquid  nitrogen
almost  continuously  while in  storage.  The Company is aware of only one other
semen bank, which uses the carousel system for long term storage of semen. Idant
periodically

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spot-checks  its bank storage to test viability of selected  specimens of stored
semen;  results of these  spot-checks have shown sperm samples held in excess of
23 years to have almost no loss in viability or change in condition.

Patent and Copyright Protection

The Company has  received  separate  United  States  patents on its Blood Volume
Analyzer  (BVA-100)  and for its Volumex  injection  kit.  These are the only US
patents  ever issued for an  instrument  dedicated to the  measurement  of total
human blood volume for a specific  individual.  The Company  received a European
patent covering 12 countries. The Company has received a Japanese patent for the
BVA-100.  The Company received the first patent ever issued for an instrument in
Japan to measure human blood volume.  The instrument is designed to work with an
injection kit manufactured by the Company.  It is theoretically  possible to use
the Blood Volume Analyzer without the kit by preparing the reagents used for the
test. However, the cost and time for such preparations would be uneconomical and
it is  unlikely  that  a  purchaser  of the  instrument  would  use  it  without
purchasing  the  reagent  kit.  This is the first U.S.  patent ever issued for a
system,  which permits a fixed quantitative amount of isotope to be injected for
diagnostic purposes. The injection system was specifically designed for use with
the BVA-100.  However, it can be used for other diagnostic test purposes where a
precise complete quantitative injection of a diagnostic reagent is required. The
Company is currently  investigating  the filing of additional  patents involving
the BVA-100 system.

Marketing

The Company is  marketing  its Blood  Volume  Analyzer  either on a direct sale,
lease, or an instrument  loaner basis to potential users.  Users are expected to
be primarily  hospitals,  surgi-centers,  and imaging centers  (radiology).  The
Company also has been  demonstrating  its equipment at major trade shows such as
Nuclear Medicine, Surgical Anesthesiology,  and trauma conferences.  The Company
is also in the  process of  developing  a network of dealers as well as it's own
internal sales force.  The Company  recognized after the initial beta testing in
1999, that it was important to have the Blood Volume Analyzer at leading medical
institutions.  Publications and reports from such  institutions are particularly
important for acceptance by the general  medical  community.  During the past 14
months, the following facilities acquired Blood Volume Analyzers,  the Cleveland
Clinic, ranked number 4 in the United States, Vanderbilt Medical Center, and New
York Hospital Presbyterian Medical Center. The Mayo Clinic, ranked number 2, has
also acquired a Blood Volume Analyzer.  In the past 2 months,  the Johns Hopkins
Medical Center, ranked number one overall in the United States, and the National
Institutes of Health,  the leading US government  research  agency,  have signed
agreements to acquire a Blood Volume Analyzer.  Hospitals and health  facilities
are  exceedingly  cost  conscious  in regard  to  acquiring  additional  medical
technology.  Blood volume  measurement is an approved and reimbursable  Medicare
test. The Company's  marketing efforts are focused on documenting the beneficial
effects of blood volume  measurement as well as developing cost benefit analysis
studies.  Such  studies  are  particularly  important  to HMO's  which  focus on
avoiding  hospitalization  when possible.  Congestive heart failure for example,
affects over 5 million Americans and is the number cause of  hospitalization  in
the US. Blood volume  derangements  are an integral part of the disease process.
The Company  believes  that  patients  whose  blood  volume is known can be more
precisely and scientifically treated and have fewer  hospitalizations.  As these
studies become  available,  they will be incorporated into the marketing program
of the Company.

The Company has  developed a website  (http://  www.daxor.com),  which  contains
extensive  detail about the BVA-100 blood volume analyzer as well as examples of
actual  cases (with  patient  identities  removed).  The website  permits  rapid
communication between marketing personnel and potential users prior to an onsite
visit.

<PAGE>


Competition

Blood Volume Analyzer

The medical technology market is intensely  competitive.  There are, however, no
competing   instruments   manufactured   or   marketed   which   perform   rapid
semi-automated blood volume analysis,  such as the BVA-100. The Company believes
that its receipt of a United States,  European and Japanese patent for its Blood
Volume Analyzer  provides  significant  protection  against any future potential
competition in the blood volume analysis  field.  The receipt of the U.S. patent
for the injection kit system provides significant  additional  protection as the
Company  believes  that the kits will be a major source of revenue.  The Company
believes  that its main  hindrance to market  acceptability  will be the need to
demonstrate that its blood volume measurement  equipment is capable of producing
accurate data on a cost effective basis.  Test kit costs will be modest relative
to the cost of the  critical  information  derived from the test. A blood volume
measurement,  for  example in septic  shock can  literally  mean the  difference
between life and death in terms of the therapeutic approach to the patient.

Blood Banking

The  Idant  frozen  blood  bank is the only  facility  that  provides  long term
personal blood storage in the Northeastern United States.

Semen Banking

There are at least 300  sperm  banks in the  United  States  operated  by either
commercial  entities or by academic  institutions.  The Idant semen bank was the
first semen bank in the State of New York that was  accredited  by the  American
Association of Tissue Banks. There are less than 10 semen banking  organizations
in the United  States that have  achieved  this  accreditation.  The Company has
developed  a web site  (http:  //  www.Idant.com),  which  will be  helpful  for
marketing purposes.

Regulation

The development, testing, production and marketing of medical devices is subject
to regulation by the FDA under the Federal Food,  Drug and Cosmetic Act, and may
be subject to  regulation  by similar  agencies  in various  states and  foreign
countries.   The   governing   statutes  and   regulations   generally   require
manufacturers  to comply  with  regulatory  requirements  designed to assure the
safety and effectiveness of medical devices.  The FDA clearance for marketing of
the Blood Volume Analyzer,  BVA-100, and the associated  quantitative  injection
kit marks one of the most  important  milestones  in the  history of Daxor.  The
products  manufactured  by and for the  Company  in  regard to the  BVA-100  are
subject to continuing FDA regulations and inspections.

The New York State  Department of Health regulates the Company's Idant semen and
blood  bank  within  New York  State.  The Idant  Semen  Bank and Blood Bank are
divisions  of  Scientific  Medical  Systems,  which is wholly owned by the Daxor
Corporation.  Scientific Medical Systems has its own separate  directors.  These
facilities are licensed and annually  inspected by the New York State Department
of Health.

Employees

On March 19, 2001, the Company had 31 employees. None of the Company's employees
are covered by a collective bargaining agreement.  The Company believes that its
employee relations are good.

<PAGE>


Item 2. Properties

In February 1992, the Company signed a thirteen-year lease for a new facility at
the Empire State  Building.  The initial space was for 10,000 square feet,  with
option  provisions  in the lease  for up to  24,000  square  feet.  The  company
currently occupies approximately 7,500 square feet. In 1998 the company signed a
lease for  approximately  11,000 of manufacturing  and office space in Rochester
New York.  The lease was signed when Daxor  acquired  the assets of the Wellport
Corporation.  Both leases contain CPI escalation clauses. The Rochester lease is
subject to renewal in October 2001. The Company is considering  relocating  some
of these facilities to Oakridge, Tennessee.

Item 3. Legal Proceedings

The Company had no litigation in 2000 and no pending lawsuits.

Item 4. Submission of Matters to a Vote of Security Holders

No matters were  submitted to a vote of the  Company's  shareholders  during the
fourth quarter of 2000.

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters

The common stock is traded on the American Stock Exchange under the symbol DXR.

1999
                                             High          Low
                                             ----          ---
     First Quarter......................    15 7/16       13 3/4

     Second Quarter.....................    14 2/8        11 3/4

     Third Quarter......................    13 5/16       12 1/8

     Fourth Quarter.....................    18 1/2        12

2000
                                             High          Low
                                             ----          ---
     First Quarter......................    30 5/8        13 7/8

     Second Quarter.....................    20 3/4        10 2/8

     Third Quarter......................    16 2/8        10 2/8

     Fourth Quarter.....................    13 3/8        10

On March  21,2001,  the Company had  approximately  222 holders of record of the
Common Stock.  The Company  believes  there are  approximately  1900  beneficial
holders.

The Company paid a single cash dividend,  $.50, on the Common Stock in 1997. Any
future  dividends  will be  dependent  upon the  Company's  earnings,  financial
condition and other relevant factors.

<PAGE>


ITEM 6. SELECTED FINANCIAL DATA

     The following table sets forth certain selected financial data with respect
to the Company and is qualified  in its  entirety by reference to the  financial
statements  and notes  thereto,  from which  these data were  derived,  included
elsewhere in the report. Selected Operations Statement Data:

<TABLE>
<CAPTION>
                                                                             Ended December 31,
                                              2000               1999               1998               1997               1996
                                          ------------       ------------       ------------       ------------       ------------
<S>                                       <C>                <C>                <C>                <C>                <C>
Operating revenues                        $    635,868       $    500,969       $    324,192       $    529,737       $    717,308
Other revenues                                 109,920             74,407
Dividend income                              1,842,583          1,856,119          1,942,759          2,138,755          2,132,173
Gains on sale of investments                    57,399            469,595            362,487            144,681             16,354
                                          ------------       ------------       ------------       ------------       ------------
Total revenues                               2,645,770          2,901,090          2,629,438          2,813,173          2,865,835
                                          ------------       ------------       ------------       ------------       ------------
Costs and expenses:
Operations of laboratories
  & costs of production                      1,052,000            833,751            961,031            628,729            819,722
Selling, general and
  administrative                             1,429,395          2,016,004          1,561,159          2,161,626          2,080,969
Interest expenses, net
  of interest income                           198,341            147,105            484,563            167,452             74,175
                                          ------------       ------------       ------------       ------------       ------------
Total costs and expenses                     2,679,736          2,996,860          3,006,753          2,957,807          2,974,866
                                          ------------       ------------       ------------       ------------       ------------
Net loss before
  income taxes                                 (33,966)           (95,770)          (377,315)          (144,634)          (109,031)
Provision for income taxes                      21,228              1,360             43,145             14,219              3,134
                                          ------------       ------------       ------------       ------------       ------------
Net loss                                  ($    55,194)      ($    97,130)      ($   420,460)      ($   158,853)      ($   112,165)
                                          ============       ============       ============       ============       ============
Weighted average number of
  shares outstanding                         4,675,826          4,721,492          4,762,542          4,696,876          4,722,709
                                          ------------       ------------       ------------       ------------       ------------
Net income per common
  equivalent share                        ($      0.01)      ($      0.02)      ($      0.09)      ($      0.03)      ($      0.02)
                                          ============       ============       ============       ============       ============

<CAPTION>
Selected Balance Sheet Data:
                                                                          Year Ended December 31,
                                               2000               1999              1998               1997               1996
                                          ------------       ------------       ------------       ------------       ------------
<S>                                         <C>                <C>                <C>                <C>                <C>
Working capital                             38,309,247         28,869,309         34,837,930         32,501,404         31,306,579

Total assets                                49,575,118         35,846,065         44,056,349         41,322,592         37,288,804

Total liabilities*                          10,903,280          6,566,496          8,752,515          8,404,868          5,507,384

Shareholders' equity                        38,671,838         29,279,569         35,303,834         32,917,724         31,781,420

Return on equity*                                 0.00%              0.00%              0.00%              0.00%              0.00%
</TABLE>

*    Return on equity is calculated by dividing the Company's net income for the
     period by the shareholders' equity at the beginning of the period.

*    Total  liabilities  include  deferred  taxes of $9,011,745  for  unrealized
     gains.

<PAGE>


ITEM 7. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

GENERAL

Idant  Laboratories  subsidiary  contributed  59%,  99% and  100%  of  operating
revenues in 2000, 1999 and 1998 respectively.  The Companies operations in semen
banking and blood banking  (laboratories)  have received limited promotion.  The
Company has taken steps to increase awareness of these services.  The Company in
the year 2000  received its first  revenue from the Blood Volume  analyzer.  The
potential market for the Blood Volume Analyzer is significantly  larger than the
Company's current operations. The Company anticipates that proceeds from Daxor's
blood volume  analyzer  will be the primary  source of revenue in the  immediate
future.  The  company  believes  that the  potential  market  for  blood  volume
measurement  and analysis is between 15-20  million  tests per year.  Successful
penetration  of even a small fraction of the market would  significantly  change
the  company's  structure.  The  Company  intends  to focus its major  marketing
efforts on the Blood Volume Analyzer.

YEAR ENDED DECEMBER 31, 2000 AS COMPARED TO DECEMBER 31, 1999

Total revenues were $ 2,645,770 in 2000,  down from the  $2,901,090  reported in
1999.  Dividend  income  earned  on  the  Company's   securities  portfolio  was
$1,842,583,  a decrease from the $1,856,119  reported in 1999. Gains on the sale
of  investments  was $57,399 in 2000 as compared to $469,595 in 1999. Net income
before income taxes was a loss of $ 55,194 in 2000 vs. $97,130 in 1999.

YEAR ENDED DECEMBER 31, 1999 AS COMPARED TO DECEMBER 31, 1998

Total revenues were $2,901,090 in 1999, up from the $2,629,438 reported in 1998.
Dividend income earned on the Company's securities portfolio was $ 1,856,119,  a
decrease from the $1,942,759  reported in 1998. Gains on the sale of investments
was $469,595 in 1999 as compared to $362,487 in 1998.  Net income  before income
taxes was a loss of $ 97,130 in 1999 vs. $420,460 in 1998.

<PAGE>


LIQUIDITY AND CAPITAL RESOURCES

The  Company's  management  has  pursued  a  policy  of  maintaining  sufficient
liquidity and capital  resources in order to assure  continued  availability  of
necessary funds for the viability and projected growth of all ongoing projects.

The Company continues to maintain its diversified securities portfolio comprised
primarily of electric  utility  preferred and common stocks.  The income derived
from these investments has helped to offset the operating and marketing expenses
of developing the Blood Volume Analyzer. The Company has followed a conservative
policy of assuring  adequate  liquidity so that it can expand its  marketing and
research development without the sudden necessity of raising additional capital.
The securities in the company's  portfolio were selected to provide stability of
both income and capital.

At  December  31,  2000,  the  Company's  short-term  debt  was  $1,775,363  vs.
$2,443,794 at 1999. At year-end 2000,  shareholders' equity was $38,671,838.  At
year-end 1999, the Company had shareholders' equity of $29,279,569.  At December
31, 2000 the Company's  security portfolio had a market value of $48,722,403 vs.
$34,867,286 in 1999.

In 1998 The Company purchased the assets of the Wellport  Manufacturing Company.
This Company had  previously  manufactured  the  injection  kit. The Company now
manufactures its own injection kit. The final filling and shipping of the kit is
performed by an FDA licensed radiopharmaceutical manufacturer. In the year 2000,
the Company leased  additional  space in Oakridge,  Tennessee to manufacture its
own BVA-100 Blood Volume Analyzers.  The Company has a separate contract with an
Original   Equipment   Manufacturer  to  manufacture   additional  Blood  Volume
Analyzers.  The  Company  is  considering  developing  additional  manufacturing
facilities for its kit system in Oakridge.  This would involve transferring some
of its  Rochester  operations to Oakridge.  The Company is reviewing  options to
purchase some of the original equipment  manufacturers who provide various parts
of the BVA-100  Blood Volume  Analyzer  system.  The Company is also involved in
discussions with  independent  medical  distributors to market the BVA-100.  The
Company  offers  to lease or rent,  as well as sell its  Blood  Volume  Analyzer
(BVA-100) as part of an overall  marketing  plan.  The Company will also loan an
instrument for evaluation purposes.

The  Company  is  also  developing  with  one of its  clients,  a  blood  volume
laboratory  staffing  program.  Under such  program,  the  Company  may  provide
management  services  as well as  equipment  services.  With  respect  to  blood
banking,  the Company  believes  that it may be a valuable  partner to companies
which  produce  blood  substitutes  as  well as  companies  that  produce  blood
stimulants  such as Epoetin  Alfa.  Blood volume  measurement  would enhance the
validation  of these  products.  The  Company  will  actively  look to form such
marketing alliances.

Year-end  2000  finds the  Company in a  satisfactory  financial  position  with
adequate funds available for its immediate anticipated needs.

<PAGE>


                                   SIGNATURES


     Pursuant to the  requirements  of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereto duly authorized.

                                             DAXOR CORPORATION

                                        by:  /s/ Joseph Feldschuh
                                             ----------------------------------
                                             Joseph Feldschuh, M.D.
                                             President and Chief
                                             Executive Officer
                                             Chairman of the Board

Dated: March 22, 2001

     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
Registrant and in the capacities and on the dates indicated.


       Signature                        Title                         Date
       ---------                        -----                         ----

/s/ Joseph Feldschuh         President and Director              March 22, 2001
------------------------     (Principal Executive Officer)
Joseph Feldschuh, M.D.


/s/ Ron Baldry               Vice President                      March 22, 2001
------------------------
Ron Baldry


/s/ Octavia Atanasiu         Corporate Treasurer                 March 22, 2001
------------------------     Accounting Supervisor
Octavia Atanasiu            (Principal Financial Officer)


/s/ Virginia Fitzpatrick     Corporate Secretary                 March 22, 2001
------------------------
Virginia Fitzpatrick


/s/ Stephen M. Moss          Director                            March 22, 2001
------------------------
Stephen M. Moss, PhD


/s/ Bruce Hack               Director                            March 22, 2001
------------------------
Bruce Hack


/s/ James Lombard            Director                            March 22, 2001
------------------------
James Lombard


/s/ Martin Wolpoff           Director                            March 22, 2001
------------------------
Martin Wolpoff


Board of Directors:

    Name                     Title

Dr. Joseph Feldschuh         Chairman, President, & CEO
Stephen Moss                 Director
James Lombard                Director
Martin Wolpoff               Director
Bruce Hack                   Director

<PAGE>


Item 14(a) (1). Index to Financial Statements

The  following  statements  and  schedules of Daxor  Corporation  are  submitted
herewith:


                                                                           Page
                                                                           ----

Report of Independent Accountants                                          F-1

Financial Statements as at December 31, 2000 and 1999
and for the three years ended December 31, 2000
     Balance Sheets                                                        F-2
     Statements of Income                                                  F-3
     Statements of Shareholders' Equity                                    F-3
     Statements of Cash Flows                                              F-4

     Notes to Financial Statements                                         F-5

Schedule I -- Marketable Securities -- Other Investments - Year ended
     December 31, 2000                                                     F-9

Schedule IX -- Short-term Borrowings -- Years ended December 31, 2000
     1999, and 1998                                                        F-9

Schedule X -- Supplementary Income Statement Information --
Years ended December 31, 2000, 1999, and 1998                              F-9

All other  schedules for which  provision is made in the  applicable  accounting
regulations of the Securities and Exchange Commission are not required under the
related instructions,  are inapplicable or the required information is set forth
in the  financial  statements  filed  herewith,  including  notes  thereto,  and
therefore have been omitted.

<PAGE>


INDEPENDENT AUDITOR'S REPORT

To the Board of Directors and Shareholders of Daxor Corporation:

We  have  audited  the  accompanying   consolidated   balance  sheets  of  Daxor
Corporation  as  at  December  31,  2000  and  1999,  the  related  consolidated
statements of income,  shareholders' equity and cash flows for each of the three
years in the period  ended  December  31,  2000.  Our audits also  included  the
financial statement schedules listed in the Index at Item F-9.

These   financial   statements  and  financial   statement   schedules  are  the
responsibility of the Corporation's management. Our responsibility is to express
an opinion on these financial statements and financial statement schedules based
on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects,  the financial  position of Daxor  Corporation as at December 31, 2000
and 1999, and the results of their operations and its cash flows for each of the
three years in the period ended  December 31, 2000 in conformity  with generally
accepted accounting  principles.  Also, in our opinion, such financial statement
schedules,  when considered in relation to the basic financial  statements taken
as a whole,  present fairly in all material  respects the  information set forth
herein.


Frederick A. Kaden & Co.


Brentwood, New York
March 12, 2001


                                      F-1
<PAGE>


                                DAXOR CORPORATION
                              FINANCIAL STATEMENTS
================================================================================

CONSOLIDATED BALANCE SHEETS[UNAUDITED]
                                                   December 31,    December 31,
                                                       2000           1999
                                                  ------------    ------------
================================================================================
ASSETS
================================================================================

CURRENT ASSETS
Cash                                              $     18,439    $     67,783
Marketable Securities at Fair Value
December 31,2000 and  December 31,
1999. (Notes 1 and 2)                               48,722,403      34,867,286
Accounts receivable                                    107,927           6,745
Other current assets                                   363,758         493,991
                                                  ------------    ------------

Total Current Assets                                49,212,527      35,435,805

EQUIPMENT AND IMPROVEMENTS
Storage tanks                                          125,815         125,815
Leasehold improvements, furniture
and equipment                                          836,813         825,794
Laboratory equipment                                   278,087         275,817
                                                  ------------    ------------
                                                     1,240,715       1,227,426
Less: Accumulated depreciation and amortization        919,414         861,156
                                                  ------------    ------------
Net equipment and improvements                         321,301         366,270

Other Assets                                            41,290          43,990

Total Assets                                      $ 49,575,118    $ 35,846,065
                                                  ============    ============

================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
================================================================================

CURRENT LIABILITIES
Accounts payable and accrued liabilities          $     42,431    $    127,341
Loans payable (Notes 1 and 2)                        1,775,363       2,443,794
Other Liabilities                                       73,741          33,738
Deferred Taxes (Note 1)                              9,011,745       3,961,623
                                                  ------------    ------------
Total  Liabilities                                  10,903,280       6,566,496


SHAREHOLDERS' EQUITY
Common stock, par value $.01 per share:
Authorized 10,000,000 shares: issued and
outstanding shares 4,664,909 December 31,
2000 and 4,692,909  December 31, 1999                   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)           17,493,387       7,690,209
Retained earnings                                   16,140,652      16,195,846
Treasury stock                                      (4,813,530)     (4,457,815)
                                                  ------------    ------------
Total Shareholders' Equity                          38,671,838      29,279,569

Total Liabilities and Shareholders' Equity        $ 49,575,118    $ 35,846,065
                                                  ============    ============

See accompanying notes to financial statements


                                      F-2
<PAGE>


DAXOR CORPORATION
STATEMENTS OF INCOME

<TABLE>
<CAPTION>
                                                                           Year Ended December 31,
                                                                           -----------------------
                                                     (Consolidated)   (Consolidated)
                                                          2000              1999              1998
                                                      -----------       -----------       -----------
<S>                                                   <C>               <C>               <C>
Revenues:
-----------------------------------------------------------------------------------------------------
Operating revenues (Note 12)                          $   635,868       $   500,969       $   324,192
Other revenues                                            109,920            74,407
Dividend income                                         1,842,583         1,856,119         1,942,759
Gains  on sale of securities                               57,399           469,595           362,487
                                                      -----------       -----------       -----------
Total Revenues                                          2,645,770         2,901,090         2,629,438
                                                      -----------       -----------       -----------
-----------------------------------------------------------------------------------------------------
Costs and expenses:
-----------------------------------------------------------------------------------------------------
Operations of Laboratories & Costs of Production        1,052,000           833,751           961,031
Selling, General, and Administrative                    1,429,395         2,016,004         1,561,159
Interest expense, net of interest income                  198,341           147,105           484,563
                                                      -----------       -----------       -----------
Total costs and expenses                                2,679,736         2,996,860         3,006,753
                                                      -----------       -----------       -----------
Net Loss  Before Income Taxes                             (33,966)          (95,770)         (377,315)
Provision for income taxes (Note 9)                        21,228             1,360            43,145
                                                      -----------       -----------       -----------
Net Loss                                              $   (55,194)      $   (97,130)      $  (420,460)
                                                      -----------       -----------       -----------
Weighted Average Number of Shares Outstanding           4,675,826         4,721,492         4,762,542
                                                      -----------       -----------       -----------
Net Income  per Common Equivalent Share               $     (0.01)      $     (0.02)      $     (0.09)
                                                      -----------       -----------       -----------

See accompanying notes to financial statements
=====================================================================================================
</TABLE>


<TABLE>
<CAPTION>
DAXOR CORPORATION
STATEMENTS OF SHAREHOLDER'S EQUITY

                                                        Three Years Ended December 31, 2000
                                                        -----------------------------------

                                 Common stock                       Additional
                                    Number                            Paid-in          Retained         Treasury
                                  of Shares         Amount            Capital          Earnings           Stock
                                  ---------       -----------       -----------       -----------      ------------
<S>                               <C>             <C>               <C>               <C>              <C>
-------------------------------------------------------------------------------------------------------------------
Balance at January 1, 1998        4,690,709       $    53,097       $ 8,579,803       $16,713,436      $(3,475,782)
-------------------------------------------------------------------------------------------------------------------
Net loss for the year ended
December 31,1998                                                                         (420,460)
Purchase of Treasury Stock          (38,000)                                                              (458,775)
Sale of Treasury Stock              100,000                           1,218,429        (2,353,755)         276,521
                                                                    -----------       -----------      -----------
-------------------------------------------------------------------------------------------------------------------
Balance December 31,1998          4,752,709            53,097         9,798,232        16,292,976       (3,658,036)
-------------------------------------------------------------------------------------------------------------------
Net loss for the year ended
December 31, 1999                                                                         (97,130)
Purchase of Treasury Stock          (59,800)                                                              (799,779)
-------------------------------------------------------------------------------------------------------------------
Balance December 31, 1999         4,692,909            53,097         9,798,232        16,195,846       (4,457,815)
-------------------------------------------------------------------------------------------------------------------
Net loss for the year ended
December 31, 2000                                                                         (55,194)
Purchase of Treasury Stock          (28,000)                                                              (355,715)
                                  ---------       -----------       -----------       -----------      -----------
Balance December 31, 2000         4,664,909       $    53,097       $ 9,798,232       $16,140,652      $ 4,813,530
-------------------------------------------------------------------------------------------------------------------
</TABLE>

See accompanying notes to financial statements


                                      F-3
<PAGE>

STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                            Year ended December 31,
                                                                                       (Consolidated)
                                                                                  2000                 1999                 1998
                                                                              -----------          -----------          -----------
<S>                                                                           <C>                  <C>                  <C>
Cash flows from operating activities:
-------------------------------------
Net income or (loss)                                                          $   (55,194)         $   (97,130)         $  (420,460)
                                                                              -----------          -----------          -----------
Adjustments to reconcile net income
 to net cash provided by operating activities:
Depreciation & Amortization                                                        58,258               72,395               66,406
(Gain) loss on sale of investments                                                (57,399)            (469,595)            (362,487)
(Gain) loss on sale of equipment                                                                        (4,554)
Change in assets and liabilities:
(Increase) decrease in accounts receivable                                       (101,182)             144,489               21,864
(Increase) decrease in accounts receivable-
                    Related Parties                                                                     75,979               28,371
(Increase) decrease in other current assets                                       130,233             (232,394)             (46,507)
(Increase) decrease in tax refunds receivable                                          --                5,881                   --
(Increase) decrease in other assets                                                 2,700               (6,019)              (6,155)

Increase (decrease) in accounts payable,accrued
expenses and other liabilities net of "short sales"                               (83,910)              39,747             (108,503)

Total adjustments                                                                 (51,300)            (374,071)            (407,011)
                                                                              -----------          -----------          -----------

Net cash provided by operating activities                                        (106,494)            (471,201)            (827,471)
                                                                              -----------          -----------          -----------

Cash flows from investing activities:
-------------------------------------
Payment for purchase of equipment and
improvements                                                                      (13,289)             (55,114)            (109,835)
Proceeds from sale of equipment                                                        --               48,936
Net cash provided or (used) in purchase
and sale of investments                                                         1,027,001              843,604              357,737
Net proceeds (repayments) of loans from
brokers used to purchase investments                                             (668,431)             393,245             (444,090)
Proceeds from "short sales" not closed                                             67,584               28,581                6,227
                                                                              -----------          -----------          -----------

Net cash provided by/(used in)  investing activities                              412,865            1,259,252             (189,961)
                                                                              -----------          -----------          -----------

Cash flows from financing activities
------------------------------------
Proceeds from sale of treasury stock                                                                                      1,494,950
Payment for purchase of treasury stock                                           (355,715)            (799,779)            (458,775)
                                                                              -----------          -----------          -----------

Net cash used in financing activities                                            (355,715)            (799,779)           1,036,175
                                                                              -----------          -----------          -----------
Net increase (decrease) in cash and
cash equivalents                                                                  (49,344)             (11,728)              18,743
Cash and cash equivalents at beginning of year                                     67,783               79,511               60,768
                                                                              -----------          -----------          -----------

Cash and cash equivalents at end of year                                      $    18,439          $    67,783          $    79,511
                                                                              ===========          ===========          ===========
</TABLE>

See accompanying notes to financial statements
----------------------------------------------

                                       F-4
<PAGE>

                                DAXOR CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

     The accompanying  consolidated financial statements as at December 31, 2000
and 1999 and for the three years ended  December 31, 2000 have been  prepared in
conformity  with principles of accounting  applicable to a going concern.  Daxor
Corporation operates in the medical services and technology industry.

     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 December  31,  2000 and  December  31, 1999 being  increased
approximately  119.30%  and 50.19%  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>
                                              December 31, 2000
                                              -----------------

Type of
-------                        Cost                  Fair Value                Unrealized              Unrealized
security                    -----------              -----------             holding gains           holding losses
--------                                                                      -----------              ----------
<S>                         <C>                      <C>                      <C>                      <C>
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
                            ===========              ===========              ===========              ==========

<CAPTION>
                                              December 31, 1999
                                              -----------------

Type of
-------                        Cost                  Fair Value                Unrealized              Unrealized
security                    -----------              -----------             holding gains           holding losses
--------                                                                      -----------              ----------
<S>                         <C>                      <C>                      <C>                      <C>
Equity                      $23,200,595              $34,866,386              $13,640,132              $1,974,341

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

Total                       $23,215,454              $34,867,286              $13,640,132              $1,988,300
                            ===========              ===========              ===========              ==========
</TABLE>

     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 December 31, 1999, the securities held by the Company had a market value
of  $34,867,286  and a cost basis of  $23,215,454  resulting in a net unrealized
gain of $19,420,553 or 82.30% of cost.

     At  December  31,  2000  and  December  31,  1999,  marketable  securities,
primarily  consisting of preferred and common stocks of utility  companies,  are
valued at fair value.

<PAGE>

(2)  Loans Payable

     As at  December  31,  2000 and  December  31,  1999,  the Company had loans
outstanding aggregating $1,000,000 and $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 8.16%.

     Short term margin debt due to brokers ,secured by the Companies  marketable
securities, totaled $775,363 at December 31, 2000 and $1,443,794 at December 31,
1999.

(3)  Accounts receivable

     Accounts receivable are deemed to be fully collectible.

(4)  Equipment and Improvements

     Depreciation of equipment and improvements is taken using the straight line
method.  For 2000,  1999 and 1998 the charges to income for  depreciation  using
this method were $58,258, $72,395 and $66,406 respectively.

     The cost of maintenance and repairs is charged to expense as incurred.  The
cost of betterments and additions are capitalized and depreciated  over the life
of the asset.  The cost of assets  disposed of or determined  to be  non-revenue
producing,   together  with  the  related  accumulated  depreciation  applicable
thereto, are eliminated from the accounts, and any gain or loss is recognized.

(5)  Other Liabilities

     At December 31, 2000 and December 31, 1999,  the Company also  maintained a
short position in certain marketable  securities.  These positions were sold for
$67,584 at  December  31,  2000,  and  $28,581 at  December  31,  1999,  and had
respective  market values of $43,287 and $53,275 resulting in an unrealized gain
of $24,297 at December  31, 2000 and an  unrealized  loss of $24,694 at December
31, 1999

(6)  Commitments and Contingencies

     (A)  Operating Leases

     Future minimum rental payments under non-cancelable  operating lease are as
follows:

                         2001     $295,664
                         2002     $219,830
                         2003     $219,830
                         2004     $219,830
                         2004     $219,830
                         2005

     Rent expense for all non-cancelable  operating leases was $406,768,$378,372
and $273,433 for the years ended December 31, 2000, 1999 and 1998 respectively.

     B)   Contingent Liabilities

     The Company is not aware of any contingent liabilities at year end.

(7)  Research and Development Expenses

     Research and development  expenses were $213,464,  $15,000 and $564,275 for
2000,  1999,  and 1998  respectively.  All  research and  development  costs are
expensed in the year they occur.

(8)  Interest Expense and Income

     Interest expense was $200,741,  $150,617,  and $485,043 and interest income
was $2,400, $3,512, and $480 in 2000, 1999 and 1998 respectively.

<PAGE>

(9)  Income Taxes

     The following is a reconciliation  of the federal statutory tax rate of 34%
for 2000,1999 and 1998, with the provision for income taxes:

                                     2000         1999           1998
                                    ------       ------         ------

Statutory tax rate                       0            0              0
State and city taxes                21,228        1,360         43,145
                                    ------       ------         ------
Provision for income taxes          21,228        1,360         43,145
                                    ------       ------         ------
Effective federal tax rate               0%           0%             0%
                                    ------       ------         ------

(10) Shareholders' Equity

     During 2000, the Company purchased 28,000 shares of its own stock at a cost
of $355,714.50.

(11) Subsidiaries

     Daxor Corporation has formed a wholly owned subsidiary,  Scientific Medical
Systems, Inc., which has taken over the operations of the sperm bank, blood bank
and  laboratory  in accordance  with an agreement  reached with the State of New
York.  The  results of  operations  have been  consolidated  in these  financial
statements.


<PAGE>

SCHEDULE I

MARKETABLE SECURITIES -- OTHER INVESTMENTS

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

<TABLE>
<CAPTION>
                                                     December 31, 2000
                                                     -----------------
Type of                                                                          Unrealized             Unrealized
Security                          Cost                  Fair Value              Holding gains         holding losses
--------                          ----                  ----------              -------------         --------------
<S>                           <C>                      <C>                      <C>                      <C>
Equity                        $22,202,412              $48,721,503              $27,425,484              $  906,393
------
Debt                               14,859                      900                        0                  13,959
----                          -------------------------------------------------------------------------------------
Total                         $23,215,454              $34,867,286              $13,640,132              $1,988,300
-----                         ===========              ===========              ===========              ==========
</TABLE>


SCHEDULE IX
SHORT-TERM BORROWINGS
Years Ended December 31, 2000, 1999, 1998

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Column A             Column B         Column C           Column D             Column E        Column F
--------------------------------------------------------------------------------------------------------------
Category of          Balance at     Weighted average    Maximum amount       Average amount  Weighted average
aggregate            the end of     interest rate at    outstanding during   outstanding     interest rates
short-term           period         end of the period   this period          during the      during the period
borrowings                                                                   period
--------------------------------------------------------------------------------------------------------------
<S>                  <C>                 <C>                <C>                 <C>               <C>
2000
--------------------------------------------------------------------------------------------------------------
Banks                1,000,000           8.16%              1,000,000           1,000,000         8.05%
--------------------------------------------------------------------------------------------------------------
Brokers                775,363           8.12%              1,443,794           1,089,312         7.71%
--------------------------------------------------------------------------------------------------------------
All Categories       1,775,363           8.14%              2,443,794           2,089,312         7.93%
--------------------------------------------------------------------------------------------------------------
1999
--------------------------------------------------------------------------------------------------------------
Banks                1,000,000           7.65%              1,000,000           1,000,000         7.65%
--------------------------------------------------------------------------------------------------------------
Brokers              1,443,794           7.47%              1,443,794           1,312,442         7.43%
--------------------------------------------------------------------------------------------------------------
All Categories       2,443,794           7.54%              2,443,794           2,443,794         7.51%
--------------------------------------------------------------------------------------------------------------
1998
--------------------------------------------------------------------------------------------------------------
Banks                1,000,000           7.75%              1,000,000           1,000,000         7.65%
--------------------------------------------------------------------------------------------------------------
Brokers              1,050,549           7.32%              1,267,365           1,262,341         7.29%
--------------------------------------------------------------------------------------------------------------
All Categories       2,050,549           7.47%              2,267,594           2,262,341         7.36%
--------------------------------------------------------------------------------------------------------------
</TABLE>

The average  borrowings were determined on the basis of the amounts  outstanding
at each  month-end.  The weighted  interest rate during the year was computed by
dividing actual interest expense in each year by average  short-term  borrowings
in such year.

<PAGE>

SCHEDULE X

SUPPLEMENTARY INCOME STATEMENT INFORMATION

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
                         COLUMN A                                                    COLUMB B
------------------------------------------------------------------------------------------------------------------

                           Item                                           Charged to costs and expenses
                           ----                                               Year ended December 31,
                                                                              -----------------------

                                                                   2000                1999               1998
                                                                   ----                ----               ----
<S>                                                              <C>                <C>                 <C>
Maintenance and repairs                                          $   *              $   *               $   *
Depreciation and amortization
  of intangible assets pre-operating
  costs and similar deferrals                                        58,258             72,395              66,406
Taxes, other than payroll and
  income taxes                                                       *                  *                   *
Royalties                                                           ---                ---                 ---
Advertising costs                                                    *                  *                   *

------------------------------------------------------------------------------------------------------------------
* less than 1% of total revenues for the year.
------------------------------------------------------------------------------------------------------------------
</TABLE>