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, 2001                                       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 of March 11,  2001,  the  aggregate  market value of the voting stock held by
non-affiliates  of the Registrant  was $ 28,203,811.  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 $18.64.


The number of shares  outstanding of the  Registrant's  Common Stock,  par value
$.01 per share, as of March 11, 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.




PART I.

Item 1.  Business

Daxor  Corporation is a medical  device  manufacturing  Company with  additional
biotech services. Daxor was originally founded for cryobanking services. For the
past 10 years, its major focus has been on the development of an instrument that
rapidly and  accurately  measures 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  1997,  the  Company  achieved  marketing  clearance  from  the  FDA  for the
instrument.  Then in 1998, 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
manufactures its own injection kit components.  The Company  established its own
small scale  manufacturing  facility in Oak Ridge,  Tennessee  for  research and
development purposes.  The Blood Volume Analyzer is manufactured for the Company
by an Original  Equipment  Manufacturer  (OEM).  This  combination also provides
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 60 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 often 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 individual's  normal expected blood volume
were complex and time  consuming.  The Blood  Volume  Analyzer  automated  these
computations.   The  BVA-100  Blood  Volume  Analyzer  calculates  blood  volume
measurement  to within an  accuracy of  approximately  98% while  providing  the
precise  measurement  of the normal  blood volume for that  specific  individual
based on the height,  weight and sex of the patient.  In  emergency  situations,
preliminary results can be available within 15 to 20 minutes,  and final results
within 25 to 35 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
currently  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  (percentage of red cells to plasma within the blood)
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 as long as 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  reflected  by these proxy  tests.  Delayed
transfusions or fluid replacement may result in serious complications, including
the death of the patient.


                                       2


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.

Syncope,  or sudden loss of consciousness,  is a major cause for hospitalization
in the United States. As many as one million  individuals per year experience an
episode of syncope.  Recent news events focused on President  George W. Bush and
former Attorney General Janet Reno, who have experienced  syncope.  Patients who
experience syncope may suffer severe injuries when they collapse.  Some patients
may  experience  light  headedness   without  complete  loss  of  consciousness.
Evaluation of such patients includes  neurological and  cardiovascular  testing,
however,  they do not  usually  include a blood  volume  measurement.  Low blood
volume can be a  predisposition  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
their Syncope  Section.  Results on over 1000  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  being  prepared  for
submission  for  publication  in  a  medical   journal.   The  Cleveland  Clinic
Cardiovascular Department is ranked number one in the United States according to
the Annual US News & World Report Survey of US Hospitals. The Hospital itself is
ranked number 4 overall out of more than 6200  hospitals in the country.  At the
present time most patients  evaluated for syncope in hospitals  have  tilt-table
testing  which  identifies  patients who may be at risk for syncope.  Tilt-table
testing, however, does not differentiate patients who have low blood volume from
those who have  neurological  dysfunction of their blood pressure.  Only a blood
volume  measurement can provide this differential  diagnosis.  The treatment for
low blood volume involves  medication to expand the blood volume to normal.  The
treatment for neurological  dysfunction  involves different medical treatment to
control the low blood pressure.  Blood volume measurement provides a key test to
facilitate correct treatment of patients.

A recent Mayo Clinic study  estimated  that there are 50 million  Americans  who
have hypertension (high blood pressure). Hypertension is caused primarily by two
variables.  There is either too much  blood  (hypervolemia)  or fluid  retention
within  the   circulation   or  too  much   tightening   of  the  blood  vessels
(vasoconstriction).  Diuretics  are one major  category  of drugs  used to treat
hypertension.  Diuretics  cause the  kidney to  excrete  salt and water  thereby
decreasing  the blood  volume and lowering  the blood  pressure.  A second major
category of medications is vasodilators. These drugs relax the blood vessels 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  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.


                                       3


Surgical  patients  who  lose  blood  are  obviously  at risk for  blood  volume
derangements. It is widely recognized that surrogate tests such as hemocratic or
hemoglobin are inaccurate.  Sometimes, physicians resort to the use of Pulmonary
Artery  Catheterization  (PAC).  PAC involves the insertion of a catheter into a
vein through the right chambers of the heart and has  frequently  been used as a
surrogate  technique  to  evaluate  blood  volume in  critically  ill  patients.
However,  PAC directly  measures  pressure,  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 has death  rates as high as
40-70%. Using the BVA-100,  Lutheran Medical Center 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 $5,000  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 $279.00.
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.

It is estimated that 5 million  individuals 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
BVA-100 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.  Preliminary  reports on the use of the Blood Volume
Analyzer have  demonstrated  that  congestive  heart  failure  patients may have
serious blood volume derangements which cannot be correctly diagnosed without an
actual blood volume measurement.

Researchers at Columbia  Presbyterian are beginning a new study on patients with
so-called diastolic heart failure utilizing the BVA-100. Diastolic heart failure
is a major  category of difficult to treat heart failure  patients where a blood
volume measurement may provide essential information for optimum treatment.

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  when a person  rises from a sitting  or  reclining
position, the blood pressure drops. This sudden drop in blood pressure may cause
dizziness or even loss of consciousness.


                                       4


One in eight elderly  Americans  experiences  a hip fracture.  It is unknown how
many of these hip  fractures are caused by patients  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 available for treating this
condition.

Low red cell volume, or Anemia,  is a common occurrence in patient's  undergoing
chemotherapy for AIDS or 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,  hematocrit and hemoglobin,  may not reflect the full degree of decreased
red blood cell volume in such patients.  A blood volume  measurement  can detect
unrecognized  low blood volume or "hidden  anemia" in such patients which may be
contributing to a profound feeling of weakness common in such conditions.

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.

There are over 4 million patients who receive blood transfusions every year. The
Company believes that if the BVA-100 were available in every 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 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  ability  to be
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 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  currently  testing  blood  substitutes  on
patients  without a precise  knowledge  of the  patients  actual  blood  volume.
Patients  who have low blood  volume at the start of surgery  may  respond  very
differently  than a patient  with a normal  blood  volume who is treated  with a
blood   substitute.   The  Company  has  been  involved  in   discussions   with
representatives of the Hemosol Corporation about the possible utilization of the
BVA-100 for validation of their blood substitute products.

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.  These
patients  have a form of "hidden  anemia" and are not optimally  treated.  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,  or heart failure could
significantly increase the justification and use of these blood stimulants.


                                       5


The  Company  is  currently  helping  develop  low blood  volume  detection  and
treatment  programs  in  conjunction  with  several   hospitals.   Blood  volume
measurement  is a  recognized  test  reimbursable  by insurance  companies,  and
Medicare  approved.  Many patients  undergoing  elective surgery donate blood to
themselves prior to that surgery. Some patients have undetected low blood volume
and should not be donating blood. Undetected "hidden anemia" can be corrected if
diagnosed prior to surgery by the use of medications  such as Epogen or Procrit.
A woman has 20% less red cell  volume  than a man of equal  height  and  weight.
Women suffer a higher rate of complications and require more transfusion  during
Cardiac  Bypass  surgery  (CABG).  The use of low  blood  volume  detection  and
treatment  programs can result in a significant  improvement  in patients at the
time they are  undergoing  surgery.  Common  complications  from acute low blood
volume are strokes,  heart attacks,  and kidney failure.  Surgical  patients who
experience these  complications  require  extended  hospital stays for which the
hospitals  are  often  not  reimbursed.  Hospitals  operate  under a  diagnostic
regulatory guideline (DRG) system for reimbursement. The DRG system means that a
hospital  will be  reimbursed  according  to a diagnosis,  not  according to the
number of days that a patient spends in the hospital. Therefore,  hospitals have
a  significant  monetary  incentive,  aside from the  desire to  provide  better
patient  care,  to avoid having  patients  undergo  surgery in a blood  depleted
state.  A low blood volume  detection  and treatment  program can  significantly
improve the opportunity for patients to avoid  complications from hypovolemia as
well as transfusions with donor blood.

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, however the current legal limit is 10 years for
red cells.  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.

The risks of infection and other  complications  are  compounded by the frequent
withholding of blood from severely anemic patients by their  physicians  because
of the 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 the public's  attention,  but it 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.  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).


                                       6


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 and hospitals 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 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

In 1985,  Idant 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 six months in infected  individuals.  By freezing  the semen of donors
and re-testing the donor six 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.  The donors are  tested at the  beginning  and at the end of the
six-month period. By storing semen from a large  cross-section of donors,  Idant
is able to offer  anonymous  donor semen with varying  physical  characteristics
that  meet our  client's  needs.  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.  Idant provides semen storage  services for clients
which  remains  viable for many years.  Semen stored for 23 years,  at minus 321
degrees,  has shown minimal  change.  Idant has received  confirmation of normal
births from semen stored as long as 16 years. The Company's  facility is 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
facility is 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.


                                       7


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 72oF 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  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.  Primarily,  users are
expected to be 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 its 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 2
years, a number of leading facilities  acquired a Blood Volume Analyzer.  The US
News and World Report provides an annual ranking of 6200 Hospitals in the United
States. Johns Hopkins Medical Center, the Mayo Clinic, and The Cleveland Clinic,
ranked  respectively  1,2,  and 4 in the  annual  ranking  of  hospitals  have a
BVA-100. The Cleveland Clinic  Cardiovascular  Department ranked number 1 in the
US will soon be reporting on over 1000 patients on who blood volume  testing was
performed.  In addition to these facilities,  Vanderbilt Medical Center, and the
New York Hospital Presbyterian Medical Center ranked in the top 20 in the Annual
Survey of Hospitals also have a Blood Volume analyzer.  The National  Institutes
of Health,  the leading US  government  research  agency,  has  acquired a Blood
Volume Analyzer.

Hospitals and health facilities are exceedingly cost  conscientious 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 one cause of hospitalization in the US. Blood volume derangements are
an integral part of the disease process.


                                       8


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's website (http://www.daxor.com) 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.

Competition

Blood Volume Analyzer

The medical technology market is intensely  competitive.  However,  there are no
direct  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.  The Company is
evaluating  the  filing  of  additional  patents  in  regards  to its  injection
collection kit system for blood volume analysis.

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.


                                       9


Employees

On March 11, 2001, the Company had 30 employees. None of the Company's employees
are covered by a collective bargaining agreement.  The Company believes that its
employee relations are good.

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 6,500 square feet,  with
option  provisions  in the lease  for up to  24,000  square  feet.  The  company
currently occupies approximately 8,000 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 was
subject to renewal in October 2001.  The company  elected not to renew its lease
and  sold  some  of  its  assets  to the  original  principles  of the  Wellport
Corporation.  The Company  established  a  manufacturing  facility in Oak Ridge,
Tennessee which is currently  manufacturing  the BVA-100 Blood Volume Analyzers.
The Company also signed a contract with an Original Equipment Manufacturer (OEM)
for manufacturing the BVA-100.

Item 3.  Legal Proceedings

The Company had no litigation in 2001 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 2001.

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.


2000
                                                         High          Low
                                                         ----          ---
         First Quarter                                   30.63         13.88
--------------------------------------------------------------------------------
         Second Quarter                                  20.75         10.25
--------------------------------------------------------------------------------
         Third Quarter                                   16.25         10.25
--------------------------------------------------------------------------------
         Fourth Quarter                                  13.37         10.00
--------------------------------------------------------------------------------


2001
                                                        High            Low
                                                        ----            ---
         First Quarter                                  15.00           10.06
--------------------------------------------------------------------------------
         Second Quarter                                 18.24           12.75
--------------------------------------------------------------------------------
         Third Quarter                                  17.50           15.00
--------------------------------------------------------------------------------
         Fourth Quarter                                 19.74           16.30
--------------------------------------------------------------------------------

On March  11,2001,  the Company had  approximately  208 holders of record of the
Common Stock.  The Company  believes  there are  approximately  1800  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.


                                       10


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:


                                                          Year Ended December 31,
                               ------------------------------------------------------------------------------
                                   2001           2000             1999             1998             1997
                               -----------    ------------     ------------     ------------     ------------
                                                                                  
Operating revenues             $   591,692    $    635,868     $    500,969     $    324,192     $    529,737
Other revenues                     166,676         109,920           74,407
Dividend income                  1,860,289       1,842,583        1,856,119        1,942,759        2,138,755
Gains on sale of investments        97,719          57,399          469,595          362,487          144,681
                               -----------    ------------     ------------     ------------     ------------
Total revenues                   2,716,376       2,645,770        2,901,090        2,629,438        2,813,173
                               -----------    ------------     ------------     ------------     ------------
Costs and expenses:
Operations of laboratories
  & costs of production            814,657       1,052,000          833,751          961,031          628,729
Selling, general and
  administrative                 1,412,687       1,429,395        2,016,004        1,561,159        2,161,626
Interest expenses, net
  of interest income               119,926         198,341          147,105          484,563          167,452
                               -----------    ------------     ------------     ------------     ------------
Total costs and expenses         2,347,270       2,679,736        2,996,860        3,006,753        2,957,807
                               -----------    ------------     ------------     ------------     ------------
Net loss before
  income taxes                     369,106         (33,966)         (95,770)        (377,315)        (144,634)
Provision for income taxes          69,751          21,228            1,360           43,145           14,219
                               -----------    ------------     ------------     ------------     ------------
Net income/(loss)              $   299,355    $    (55,194)    $    (97,130)    $   (420,460)    $   (158,853)
                               ===========    ============     ============     ============     ============
Weighted average number of
  shares outstanding             4,664,909       4,675,826        4,721,492        4,762,542        4,696,876
                               -----------    ------------     ------------     ------------     ------------
Net income per common
  equivalent share             $      0.06    $      (0.01)    $      (0.02)    $      (0.09)    $      (0.03)
                               ===========    ============     ============     ============     ============

Selected Balance Sheet Data:

                                                          Year Ended December 31,
                               ------------------------------------------------------------------------------
                                   2001           2000             1999             1998             1997
                               -----------    ------------     ------------     ------------     ------------
                                                                                  
Working capital                 34,979,217      38,309,247       28,869,309       34,837,930       32,501,404

Total assets                    43,540,153      49,575,118       35,846,065       44,056,349       41,322,592

Total liabilities*               8,211,186      10,903,280        6,566,496        8,752,515        8,404,868

Shareholders' equity            35,328,967      38,671,838       29,279,569       35,303,834       32,917,724

Return on equity*                     0.77%           0.00%            0.00%            0.00%            0.00%


*    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 $7,135,446 for unrealized
     gains.




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

GENERAL

Idant Laboratories subsidiary contributed 54%, 59% and 99% of operating revenues
in 2001, 2000 and 1999 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. The Company intends to increase its marketing efforts to add to
its operational  income.  Some of the steps the Company has undertaken,  such as
consolidating  certain  manufacturing  facilities  at Oak Ridge,  Tennessee  and
simultaneously  contracting with an Original  Equipment  Manufacturer (OEM) will
permit  greater  economies  of scale.  The  Company's  primary  focus will be to
increase operating revenues even if this initially results in lower profits.

YEAR ENDED DECEMBER 31, 2001 AS COMPARED TO DECEMBER 31, 2000

Total  revenues were $ 2,716,376 in 2001, up from  $2,645,770  reported in 2000.
Dividend income earned on the Company's securities portfolio was $, 1,860,289 an
increase from the $1,842,583  reported in 2000. Gains on the sale of investments
was $97,719 in 2001 as compared to $ 57,399 in 2000.  Net income  before  income
taxes was $ 369,106 in 2001 vs. a loss of ($33,966)  in 2000.  This is the first
reported profit in 6 years.

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

Total revenues were $2,645,770 in 2000,  down from $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 $469,595 in 1999.  Net income  before income
taxes was a loss of ($ 33,966) in 2000 vs. a loss of ($ 95,770) in 1999.


                                       11


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,  2001,  the  Company  had  $1,000,000  in  short-term  debt vs.
$1,775,363 in 2000. At year-end 2001,  shareholders' equity was $35,328,967.  At
year-end 2000, the Company had shareholders' equity of $38,671,838.  At December
31, 2001 the Company's  security portfolio had a market value of $42,271,902 vs.
$48,722,403 in 2000.

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 Oak Ridge,  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 Oak  Ridge  and  transferred  its  Rochester
operations  to Oak Ridge.  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  2001  finds the  Company in a  satisfactory  financial  position  with
adequate funds available for its immediate anticipated needs.


                                       12


                                   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/ Gary Fischman            Vice President                   March 22, 2001
------------------------
Gary Fischman


/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


                                       13


                                DAXOR CORPORATION


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

Consolidated Financial Statements as at December 31, 2001
  and 2000 and for the three years ended December 31, 2001
         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, 2001                                                 F-6

Schedule IX - Short-term Borrowings - Years ended December 31, 2001
         2000, and 1999                                                    F-6

Schedule X - Supplementary Income Statement Information -
Years ended December 31, 2001, 2000, and 1999                              F-7


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.





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,  2001  and  2000,  the  related  consolidated
statements of income,  shareholders' equity and cash flows for each of the three
years in the period  ended  December  31,  2001.  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, 2001
and 2000, and the results of their operations and its cash flows for each of the
three years in the period ended  December 31, 2001 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 22, 2002


                                      F-1



                                DAXOR CORPORATION
                              FINANCIAL STATEMENTS
================================================================================
DAXOR CORPORATION
CONSOLIDATED BALANCE SHEETS


                                                   December 31,    December 31,
                                                       2001           2000
                                                       ----           ----
-------------------------------------------------------------------------------
                                                            
ASSETS
-------------------------------------------------------------------------------

CURRENT ASSETS
Cash                                              $    431,949    $     18,439
Marketable Securities at Fair Value
December 31,2001 and  December 31,
2000. (Notes 1 and 2)                               42,271,902      48,722,403
Accounts receivable                                    174,242         107,927
Other current assets                                   312,310         363,758
                                                  ------------    ------------
Total Current Assets                                43,190,403      49,212,527

EQUIPMENT AND IMPROVEMENTS
Storage tanks                                          125,815         125,815
Leasehold improvements, furniture
and equipment                                          837,807         836,813
Laboratory equipment                                   288,087         278,087
                                                  ------------    ------------
                                                     1,251,709       1,240,715
Less: Accumulated depreciation and amortization        975,593         919,414
                                                  ------------    ------------
Net equipment and improvements                         276,116         321,301

Other Assets                                            73,634          41,290

Total Assets                                      $ 43,540,153    $ 49,575,118
                                                  ------------    ------------

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

CURRENT LIABILITIES
Accounts payable and accrued liabilities          $     52,855    $     42,431
Loans payable (Notes 1 and 2)                        1,000,000       1,775,363
Other Liabilities                                       22,885          73,741
Deferred Taxes  (Note 1)                             7,135,446       9,011,745
                                                  ------------    ------------
Total  Liabilities                                   8,211,186      10,903,280

SHAREHOLDERS' EQUITY
Common stock, par value $.01 per share:
Authorized 10,000,000 shares: issued and
outstanding shares 4,664,909 December 31,
2001 and 4,664,909 December 31, 2000                    53,097          53,097
Additional Paid in capital                           9,798,232       9,798,232
Net unrealized holding gains
on available-for-sale securities (Note 1)           13,851,161      17,493,387
Retained earnings                                   16,440,007      16,140,652
Treasury stock                                      (4,813,530)     (4,813,530)
                                                  ------------    ------------
Total Shareholders' Equity                          35,328,967      38,671,838

Total Liabilities and Shareholders' Equity        $ 43,540,153    $ 49,575,118
                                                  ------------    ------------

See accompanying notes to financial statements



                                       F-2



DAXOR CORPORATION
CONSOLIDATED STATEMENTS OF INCOME


                                                           Year Ended December 31,
                                                   ---------------------------------------
                                                       2001         2000           1999
                                                   ----------   -----------    -----------
                                                                      
Revenues:
------------------------------------------------------------------------------------------
Operating revenues                                 $  591,692   $   635,868    $   500,969
Other revenues                                        166,676       109,920         74,407
Dividend income                                     1,860,289     1,842,583      1,856,119
Gains  on sale of securities                           97,719        57,399        469,595
                                                   ----------   -----------    -----------
Total Revenues                                      2,716,376     2,645,770      2,901,090
                                                   ----------   -----------    -----------
------------------------------------------------------------------------------------------
Costs and expenses:
------------------------------------------------------------------------------------------
Operations of Laboratories & Costs of Production      814,657     1,052,000        833,751
Selling, General, and Administrative                1,412,687     1,429,395      2,016,004
Interest expense, net of interest income              119,926       198,341        147,105
                                                   ----------   -----------    -----------
Total costs and expenses                            2,347,270     2,679,736      2,996,860
                                                   ----------   -----------    -----------
Net Income/( Loss)  before Income Taxes               369,106       (33,966)       (95,770)
Provision for income taxes (Note 9)                    69,751        21,228          1,360
                                                   ----------   -----------    -----------
Net Loss                                           $  299,355   $   (55,194)   $   (97,130)
                                                   ==========   ===========    ===========
Weighted Average Number of Shares Outstanding       4,664,909     4,675,826      4,721,492
                                                   ==========   ===========    ===========
Net Income  per Common Equivalent Share            $     0.06   $     (0.01)   $     (0.02)
                                                   ==========   ===========    ===========

See accompanying notes to financial statements

================================================================================
DAXOR CORPORATION
STATEMENTS OF SHAREHOLDER'S EQUITY


                                                  Three Years Ended December 31, 2001
                                -----------------------------------------------------------------
                                Common stock                Additional
                                   Number                    Paid-in      Retained      Treasury
                                 of Shares      Amount       Capital      Earnings        Stock
                                ------------    -------     ----------  -----------    ----------
                                                                        
--------------------------------------------------------------------------------------------------
Balance at January 1,1999        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
--------------------------------------------------------------------------------------------------
Net income for the year ended
December 31,2001                                                            299,355
--------------------------------------------------------------------------------------------------
Balance December 31,2001         4,664,909    $  53,097    $9,798,232   $16,440,007   $ 4,813,530
==================================================================================================


See accompanying notes to financial statements


                                       F-3


DAXOR CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS


                                                               Year ended December 31,
                                                       ---------------------------------------
                                                          2001          2000           1999
                                                       ---------    -----------    -----------
                                                                          
Cash flows from operating activities:
Net income or (loss)                                   $ 299,355    $   (55,194)   $   (97,130)
                                                       ---------    -----------    -----------
Adjustments to reconcile net income
 to net cash provided by operating activities:
Depreciation & Amortization                               57,735         58,258         72,395
(Gain) loss on sale of investments                       (97,719)       (57,399)      (469,595)
(Gain) loss on sale of equipment                                                        (4,554)
Change in assets and liabilities:
(Increase) decrease in accounts receivable               (66,315)      (101,182)       144,489
(Increase) decrease in accounts receivable-
                    Related Parties                           --             --         75,979
(Increase) decrease in other current assets               51,448        130,233       (232,394)
(Increase) decrease in tax refunds receivable                 --             --          5,881
(Increase) decrease in other assets
                   net of amortization                   (33,900)         2,700         (6,019)
Increase (decrease) in accounts payable,accrued
expenses and other liabilities net of "short sales"       11,024        (83,910)        39,747

Total adjustments                                        (77,727)       (51,300)      (374,071)
                                                       ---------    -----------    -----------
Net cash provided by operating activities                221,628       (106,494)      (471,201)
                                                       ---------    -----------    -----------

Csah flows from investing activities:
Payment for purchase of equipment and
improvements                                             (10,994)       (13,289)       (55,114)
Proceeds from sale of equipment                               --             --         48,936
Net cash provided or (used) in purchase
and sale of investments                                  962,111      1,027,001        843,604
Net proceeds (repayments) of loans from
brokers used to purchase investments                    (775,363)      (668,431)       393,245
Proceeds from "short sales" not closed                    16,128         67,584         28,581
                                                       ---------    -----------    -----------
Net cash provided by/(used in)  investing activities     191,882        412,865      1,259,252
                                                       ---------    -----------    -----------

Cash flows from financing activities
Payment for purchase of treasury stock                        --       (355,715)      (799,779)
                                                       ---------    -----------    -----------
Net cash used in financing activities                         --       (355,715)      (799,779)
                                                       ---------    -----------    -----------
Net increase (decrease) in cash and
cash equivalents                                         413,510        (49,344)       (11,728)
Cash and cash equivalents at beginning of year            18,439         67,783         79,511
                                                       ---------    -----------    -----------
Cash and cash equivalents at end of year               $ 431,949    $    18,439    $    67,783
                                                       =========    ===========    ===========


See accompanying notes to financial statements


                                      F-4




                                DAXOR CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

     The accompanying  consolidated financial statements as at December 31, 2001
and 2000 and for the three years ended  December 31, 2001 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 inter-company 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,  2001 and  December  31, 2000 being  increased
approximately  98.60% and  119.30%  respectively  over its  historical  cost.  A
corresponding  increase  in  shareholders'  equity  has  been  effectuated.   In
accordance with the provisions of FASB No. 115, the adjustment in  shareholders'
equity to reflect the  company's  unrealized  gains has been made net of the tax
effect had these gains been realized.

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


                                December 31, 2001
                                -----------------

                                                     Unrealized      Unrealized
                                                       holding         holding
Type of security        Cost         Fair Value         gains          losses
----------------     -----------     -----------     -----------     -----------
Equity               $21,270,436     $42,271,002     $21,182,144     $   181,578
Debt                      14,859             900               0          13,959
                     -----------     -----------     -----------     -----------

Total                $21,285,295     $42,271,902     $21,182,144     $   195,537
                     ===========     ===========     ===========     ===========


                                December 31, 2000
                                -----------------

                                                     Unrealized      Unrealized
                                                       holding         holding
Type of security        Cost         Fair Value         gains          losses
----------------     -----------     -----------     -----------     -----------
Equity               $22,202,412     $48,721,503     $27,425,484     $   906,393
Debt                      14,859             900               0          13,959
                     -----------     -----------     -----------     -----------

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


     At December 31, 2001, the securities held by the Company had a market value
of  $42,271,902  and a cost basis of  $21,285,295  resulting in a net unrealized
gain of $20,986,607 or 98.60% of cost.

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


                                      F-5


     At  December  31,  2001  and  December  31,  2000,  marketable  securities,
primarily  consisting of preferred and common stocks of utility  companies,  are
valued at fair value.

(2)  Loans Payable

     As at  December  31,  2001 and  December  31,  2000,  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 5.7%.

     Short term margin debt due to brokers,  secured by the Companies marketable
securities,  was  $775,363  at December  31,2000.  There was zero margin debt at
December 31,2001.


(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 2001,  2000 and 1999 the charges to income for  depreciation  using
this method were $56,179, $58,258 and $72,395 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, 2001 and December 31, 2000,  the Company also  maintained a
short position in certain marketable  securities.  These positions were sold for
$16,128 at  December  31,  2001,  and  $67,584 at  December  31,  2000,  and had
respective market values of $14,337 and $43,287 resulting in unrealized gains of
$1,791 at December 31, 2001 and $24,297 at December 31, 2000.

(6)  Commitments and Contingencies

     (A)  Operating Leases

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

                                 2002     $184,482
                                 2003     $184,482
                                 2004     $184,482
                                 2005     $184,482

     Rent  expense  for  all  non-cancelable   operating  leases  was  $386,248,
$406,768,  and  $378,372 for the years ended  December  31, 2001,  2000 and 1999
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 $325,745,  $15,000, and $15,000 for
2001,  2000,  and 1999  respectively.  All  research and  development  costs are
expensed in the year they occur.

(8)  Interest Expense and Income

     Interest expense was $200,741,  $200,741,  and $150,617 and interest income
was $2,400, $2,000, and $3,512 in 2001, 2000 and 1999 respectively.


                                      F-5


(9)  Income Taxes

     The following is a reconciliation  of the federal statutory tax rate of 35%
for 2001,2000 and 1999, with the provision for income taxes:


                                            2001          2000          1999
                                         ----------    ----------    ----------

Statutory tax rate                          107,774             0             0
TAX Benefit of NOL                         -107,774
State and city taxes                         21,228        21,228         1,360
                                         ----------    ----------    ----------
Provision for income taxes                   21,228        21,228         1,360
                                         ----------    ----------    ----------
Effective federal tax rate                        0%            0%            0%
                                         ----------    ----------    ----------
(10) Subsidiaries

     In 1988, Daxor  Corporation  formed a wholly owned  subsidiary,  Scientific
Medical  Systems,  Inc.,  which has taken over the operations of the sperm bank,
blood bank and laboratory.  The results of operations have been  consolidated in
these financial statements.


                                      F-5


SCHEDULE I
MARKETABLE SECURITIES -- OTHER INVESTMENTS

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


                                December 31, 2001

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

Equity             $21,270,436     $42,271,002     $21,182,144     $   181,578
Debt                    14,859             900               0          13,959
                   -----------     -----------     -----------     -----------

Total              $21,285,295     $42,271,902     $21,182,144     $   195,537
                   ===========     ===========     ===========     ===========




SCHEDULE IX
SHORT-TERM BORROWINGS
Years Ended December 31, 2001, 2000, 1999
----------------------- --------------------- --------------------- ---------------------- --------------------- -------------------
Column A                Column B                Column C             Column D               Column E              Column F
--------                --------                --------             --------               --------              --------
----------------------- --------------------- --------------------- ---------------------- --------------------- -------------------
Category of aggregate   Balance at the end    Weighted average      Maximum amount         Average amount        Weighted average
short-term borrowings   of period             interest rate at      outstanding during     outstanding during    interest rates
                                              end of the period     this period            the period            during the period
----------------------- --------------------- --------------------- ---------------------- --------------------- -------------------
                                                                                                         
2001
----------------------- --------------------- --------------------- ---------------------- --------------------- -------------------
Banks                              1,000,000          5.7%                      1,000,000             1,000,000         6.95%
----------------------- --------------------- --------------------- ---------------------- --------------------- -------------------
Brokers                                    0         6.12%                      1,054,607               678,343         6.01%
----------------------- --------------------- --------------------- ---------------------- --------------------- -------------------
All Categories                     1,000,000         5.91%                      2,054,607             1,678,343         6.54%
----------------------- --------------------- --------------------- ---------------------- --------------------- -------------------
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                     1,775,000         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             2,312,442         7.51%
----------------------- --------------------- --------------------- ---------------------- --------------------- -------------------


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.


                                      F-6


SCHEDULE X
SUPPLEMENTARY INCOME STATEMENT INFORMATION



-----------------------------------------------------------------------------------------------------------------
                         COLUMN A                                                    COLUMB B
-----------------------------------------------------------------------------------------------------------------

                           Item                                           Charged to costs and expenses
                                                                             Year ended December 31,


                                                                  2001               2000               1999
                                                                  ----               ----               ----
                                                                                              
Maintenance and repairs                                         $    *             $    *              $    *
Depreciation and amortization
  of intangible assets pre-operating
  costs and similar deferrals                                      57,735            58,258             72,395
Taxes, other than payroll and
  income taxes                                                       *                  *                   *
Royalties                                                           ---                ---                 ---
Advertising costs                                                    *                  *                   *



-----------------------------------------------------------------------------------------------------------------
* less than 1% of total revenues for the year.
-----------------------------------------------------------------------------------------------------------------



                                      F-7