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Lantheus Reports First Quarter 2023 Financial Results

  • Worldwide revenue of $300.8 million for the first quarter 2023, representing an increase of 44.0% from the prior year period
  • GAAP net loss of $2.8 million for the first quarter 2023, compared to GAAP net income of $43.0 million in the prior year period
  • GAAP fully diluted net loss per share of $.04 for the first quarter 2023, compared to GAAP fully diluted net income per share of $0.61 in the prior year period; adjusted fully diluted net income per share of $1.47 for the first quarter 2023, compared to adjusted fully diluted net income per share of $0.97 in the prior year period
  • Net cash provided by operating activities was $108.5 million for the first quarter 2023. Free cash flow was $99.3 million in the first quarter 2023
  • The Company provides second quarter 2023 revenue and adjusted diluted earnings per share guidance; increases full year guidance

BEDFORD, Mass., May 04, 2023 (GLOBE NEWSWIRE) -- Lantheus Holdings, Inc. (the Company) (NASDAQ: LNTH), a company committed to improving patient outcomes through diagnostics, radiotherapeutics and artificial intelligence solutions that enable clinicians to Find, Fight and Follow disease, today reported financial results for its first quarter ended March 31, 2023.

The Company’s worldwide revenue for the first quarter of 2023 totaled $300.8 million, compared with $208.9 million for the first quarter of 2022, representing an increase of 44.0% over the prior year period.

The Company’s first quarter 2023 GAAP net loss was $2.8 million, or $0.04 per fully diluted share, as compared to GAAP net income of $43.0 million, or $0.61 per fully diluted share for the first quarter of 2022.

The Company’s first quarter 2023 adjusted fully diluted net income per share, or earnings per share (“EPS”), was $1.47, as compared to $0.97 for the first quarter of 2022, representing an increase of approximately $0.50 from the prior year period.

Lastly, net cash provided by operating activities was $108.5 million for the first quarter 2023. Free Cash Flow was $99.3 million in the first quarter of 2023, representing an increase of approximately $92.3 million from the prior year period.

“As an innovation driven leader committed to bringing novel radiopharmaceuticals to the healthcare community, we are proud of the positive impact we have made in the lives of more than 1.5 million patients during the first quarter of 2023,” said Mary Anne Heino, Chief Executive Officer of Lantheus. “We delivered record quarterly revenues driven by the success of PSMA PET with PYLARIFY, as well as the increasing utilization of DEFINITY. We continue to meet important milestones not only with our commercial products but also with our late-stage pipeline. We are excited to continue in our purpose to make a positive impact on the lives of patients in need, while continuing to deliver value for all stakeholders.”

The Company updates its guidance for full year 2023 and offers the following guidance for the second quarter:

  Guidance Issued May 4, 2023 Previous Guidance Issued February 23, 2023
Q2 FY 2023 Revenue $300 million - $310 million N/A
Q2 FY 2023 Adjusted Fully Diluted EPS $1.25 - $1.33 N/A
  Guidance Issued May 4, 2023 FY Guidance Issued February 23, 2022
FY 2023 Revenue $1.23 billion - $1.27 billion $1.14 billion - $1.16 billion
FY 2023 Adjusted Fully Diluted EPS $5.45 - $5.70 $4.95 - $5.10
     

On a forward-looking basis, the Company does not provide GAAP income per common share guidance or a reconciliation of adjusted fully diluted EPS to GAAP income per common share because the Company is unable to predict with reasonable certainty business development and acquisition related expenses, purchase accounting fair value adjustments, and any one-time, non-recurring charges. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. As a result, it is the Company’s view that a quantitative reconciliation of adjusted fully diluted EPS on a forward-looking basis is not available without unreasonable effort.

Internet Posting of Information

The Company routinely posts information that may be important to investors in the “Investors” section of its website at www.lantheus.com. The Company encourages investors and potential investors to consult its website regularly for important information about the Company.

Conference Call and Webcast

As previously announced, the Company will host a conference call and webcast on Thursday, May 4, 2023, at 8:00 a.m. ET. To access the conference call or webcast, participants should register online at https://investor.lantheus.com/news-events/calendar-of-events.

A replay will be available approximately two hours after completion of the webcast and will be archived on the same web page for at least 30 days.

The conference call will include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the Investor Relations section of our website located at www.lantheus.com.

The conference call may include forward-looking statements. See the cautionary information about forward-looking statements in the safe-harbor section of this press release.

About Lantheus Holdings, Inc.

With more than 65 years of experience in delivering life-changing science, Lantheus is committed to improving patient outcomes through diagnostics, radiotherapeutics and artificial intelligence solutions that enable clinicians to Find, Fight and Follow disease. Lantheus is headquartered in Massachusetts and has offices in New Jersey, Canada and Sweden. For more information, visit www.lantheus.com.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as adjusted net income and its line components; adjusted net income per share - fully diluted; and free cash flow. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. However, these measures may exclude items that may be highly variable, difficult to predict and of a size that could have a substantial impact on the Company’s reported results of operations for a particular period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the allocation of resources and the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.

Safe Harbor for Forward-Looking and Cautionary Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by their use of terms such as “anticipate,” “believe,” “confident,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “introduce,” “may,” “momentum,” “plan,” “predict,” “progress,” “project,” “promising,” “should,” “target,” “will,” “would” and other similar terms. Such forward-looking statements are based upon current plans, estimates and expectations that are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements include: (i) continued market expansion and penetration for our established commercial products, particularly PYLARIFY and DEFINITY, in the face of competition; (ii) our ability to have third parties manufacture our products and our ability to manufacture DEFINITY in our in-house manufacturing facility; (iii) the global availability of Molybdenum-99 (“Mo-99”) and other raw material and key components; (iv) the efforts and timing for clinical development, regulatory approval and successful commercialization of our product candidates and new clinical applications and territories for our products, in each case, that we or our strategic partners may undertake; (v) our strategies, future prospects, and our projected growth, including revenue related to our collaboration agreements with POINT Biopharma Global Inc.; (vi) our ability to successfully continue existing clinical development partnerships using MK-6240 as a research tool and to further develop and commercialize such research tool; (vii) our ability to identify and acquire or in-license additional diagnostic and therapeutic product opportunities in oncology and other strategic areas; and (viii) the risk and uncertainties discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q).

- Tables Follow -

Lantheus Holdings, Inc.

Consolidated Statements of Operations

(in thousands, except per share data – unaudited)

  Three Months Ended
March 31,
   2023   2022 
Revenues $300,784  $208,880 
Cost of goods sold  223,708   79,810 
Gross profit  77,076   129,070 
Operating expenses    
Sales and marketing  32,617   20,354 
General and administrative  23,271   37,588 
Research and development  30,532   12,203 
Total operating expenses  86,420   70,145 
Operating (loss) income  (9,344)  58,925 
Interest expense  4,991   1,509 
Other income  (3,231)  (485)
(Loss) income before income taxes  (11,104)  57,901 
Income tax (benefit) expense  (8,297)  14,939 
Net (loss) income $(2,807) $42,962 
Net (loss) income per common share:    
Basic $(0.04) $0.63 
Diluted $(0.04) $0.61 
Weighted-average common shares outstanding:    
Basic  67,749   68,008 
Diluted  67,749   70,051 


Lantheus Holdings, Inc.

Consolidated Revenues Analysis

(in thousands – unaudited)

  Three Months Ended
March 31,
   2023 2022% Change
PYLARIFY $195,470 $92,777 110.7%
Other radiopharmaceutical oncology  717  1,327 (46.0)%
Total radiopharmaceutical oncology  196,187  94,104 108.5%
DEFINITY  68,824  58,328 18.0%
TechneLite  20,986  22,605 (7.2)%
Other precision diagnostics  5,807  5,265 10.3%
Total precision diagnostics  95,617  86,198 10.9%
Strategic partnerships and other revenue  8,980  28,578 (68.6)%
Total revenues $300,784 $208,880 44.0%


Lantheus Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data – unaudited)

  Three Months Ended
March 31,
   2023   2022 
Net (loss) income $(2,807) $42,962 
Stock and incentive plan compensation  9,667   5,623 
Amortization of acquired intangible assets  11,099   8,306 
Campus consolidation costs  1,459    
Contingent consideration fair value adjustments  (1,400)  18,400 
Non-recurring refinancing related fees  261    
Non-recurring fees  (2,734)  (732)
Acquisition-related costs  169   447 
Impairment of long-lived assets  132,052    
ARO Acceleration and other related costs  148   1,591 
Other  625   129 
Income tax effect of non-GAAP adjustments(b)  (46,376)  (8,896)
Adjusted net income $102,163  $67,830 
Adjusted net income, as a percentage of revenues  34.0%  32.5%


  Three Months Ended
March 31,
   2023   2022 
Net (loss) income per share - diluted $(0.04) $0.61 
Stock and incentive plan compensation  0.14   0.08 
Amortization of acquired intangible assets  0.16   0.12 
Campus consolidation costs  0.02    
Contingent consideration fair value adjustments  (0.02)  0.26 
Non-recurring fees  (0.04)  (0.01)
Acquisition-related costs     0.01 
Impairment of long-lived assets  1.89    
ARO Acceleration and other related costs     0.02 
Other(a)  0.03    
Income tax effect of non-GAAP adjustments(b)  (0.67)  (0.12)
Adjusted net income per share - diluted $1.47  $0.97 
Weighted-average common shares outstanding - diluted  69,728   70,051 

(a)  This effect includes an adjustment related to the increase from basic to diluted shares as the Company changed from GAAP net loss to non-GAAP adjusted net income for the three months ended March 31, 2023.

(b)  The income tax effect of the adjustments between GAAP net loss and non-GAAP adjusted net income takes into account the tax treatment and related tax rate that apply to each adjustment in the applicable tax jurisdiction.


Lantheus Holdings, Inc.

Reconciliation of Free Cash Flow

(in thousands – unaudited)

 Three Months Ended
March 31,
  2023   2022 
Net cash provided by operating activities$108,500  $10,264 
Capital expenditures (9,168)  (3,190)
Free cash flow$99,332  $7,074 
    
Net cash used in investing activities$(44,513) $(1,390)
Net cash used in financing activities$(8,669) $(2,179)


Lantheus Holdings, Inc.

Condensed Consolidated Balance Sheets

(in thousands – unaudited)

 March 31,
2023
 December 31,
2022
Assets   
Current assets   
Cash and cash equivalents$470,863 $415,652
Accounts receivable, net 242,106  213,397
Inventory 42,156  35,475
Other current assets 10,949  13,092
Assets held for sale 7,200  
Total current assets 773,274  677,616
Property, plant and equipment, net 127,478  122,166
Intangibles, net 219,863  315,285
Goodwill 61,189  61,189
Deferred tax assets, net 133,874  110,647
Other long-term assets 33,606  34,355
Total assets$1,349,284 $1,321,258
Liabilities and stockholders’ equity   
Current liabilities   
Current portion of long-term debt and other borrowings$422 $354
Accounts payable 30,798  20,563
Short-term contingent liability 99,700  99,700
Accrued expenses and other liabilities 145,468  127,084
Total current liabilities 276,388  247,701
Asset retirement obligations 22,636  22,543
Long-term debt, net and other borrowings 558,536  557,712
Other long-term liabilities 46,208  46,155
Total liabilities 903,768  874,111
Total stockholders’ equity 445,516  447,147
Total liabilities and stockholders’ equity$1,349,284 $1,321,258
 

Contacts:
Mark Kinarney
Vice President, Investor Relations
978-671-8842
ir@lantheus.com

Melissa Downs
Senior Director, Corporate Communications
646-975-2533
media@lantheus.com


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