• Lantheus Reports Fourth Quarter and Full Year 2022 Financial Results

    المصدر: Nasdaq GlobeNewswire / 23 فبراير 2023 07:00:02   America/New_York

    • Worldwide revenue of $263.2 million and $935.1 million for the fourth quarter and full year 2022, representing increases of 103.1% and 119.9% over the prior year periods, respectively
    • GAAP net loss of $119.2 million and GAAP net income of $28.1 million for the fourth quarter and full year 2022, compared to GAAP net loss of $40.2 million and $71.3 million in the prior year period
    • GAAP fully diluted net loss per share of $1.74 and GAAP fully diluted net income per share of $0.40 for the fourth quarter and full year 2022, compared to GAAP fully diluted net loss per share of $0.59 and $1.06 in the prior year period; adjusted fully diluted net income per share of $1.37 and $4.22 for the fourth quarter and full year 2022, compared to adjusted fully diluted net income per share of $0.25 and $0.49 in the prior year period
    • Net cash provided by operating activities was $105.4 million and $281.8 million for the fourth quarter and full year 2022. Free cash flow of $100.6 million and $263.4 million for the fourth quarter and full year 2022, compared to free cash flow of $9.3 million and $41.8 million for the fourth quarter and full year 2021
    • The Company provides first quarter and full year 2023 revenue and adjusted diluted earnings per share guidance

    BEDFORD, Mass., Feb. 23, 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 fourth quarter and full year ended December 31, 2022.

    The Company’s worldwide revenue for the fourth quarter of 2022 totaled $263.2 million, compared with $129.6 million for the fourth quarter of 2021, representing an increase of 103.1% over the prior year period. Full year 2022 worldwide revenues were $935.1 million, compared with $425.2 million for the full year 2021, representing an increase of 119.9% over the prior year period.

    The Company’s fourth quarter 2022 GAAP net loss was $119.2 million, or $1.74 per fully diluted share, as compared to GAAP net loss of $40.2 million, or $0.59 per fully diluted share for the fourth quarter of 2021. Full year 2022 GAAP net income was $28.1 million, or $0.40 per fully diluted share, as compared to GAAP net loss of $71.3 million, or $1.06 per fully diluted share for the full year 2021.

    The Company’s fourth quarter 2022 adjusted fully diluted net income per share, or earnings per share (“EPS”), were $1.37, as compared to $0.25 for the fourth quarter of 2021, representing an increase of approximately $1.12 from the prior year period. The Company’s full year 2022 adjusted fully diluted EPS, were $4.22, as compared to $0.49 for the full year 2021, representing an increase of approximately $3.72 from the prior year period.

    Lastly, net cash provided by operating activities was $105.4 million and $281.8 million for the fourth quarter and full year 2022. Free Cash Flow was $100.6 million for the fourth quarter of 2022, as compared to $9.3 million for the fourth quarter of 2021, representing an increase of approximately $91.3 million from the prior year period. Full year 2022 free cash flow was $263.4 million, as compared to $41.8 million for the full year 2021, representing an increase of approximately $221.7 million from the prior year period.

    “2022 was an outstanding year for Lantheus, led by the success of PYLARIFY and expansion of our Radiopharmaceutical Oncology pipeline. We accelerated our growth, diversified our portfolio, and delivered record revenues and profits which created additional free cash flows,” said Mary Anne Heino, President and Chief Executive Officer of Lantheus. “In 2023, PYLARIFY, the #1 PSMA PET imaging agent and DEFINITY, the #1 ultrasound enhancing agent, will continue to deliver value for our patients, healthcare professionals, employees, and shareholders.”

    The Company updates its guidance for the first quarter and full year 2023 is as follows:

      Guidance Issued February 23, 2023
    Q1 FY 2023 Revenue $280 million - $285 million
    Q1 FY 2023 Adjusted Fully Diluted EPS $1.28 - $1.32
      Guidance Issued February 23, 2023
    FY 2023 Revenue $1.140 billion - $1.160 billion
    FY 2023 Adjusted Fully Diluted EPS $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, February 23, 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 identify and acquire or in-license additional diagnostic and therapeutic product opportunities in oncology and other strategic areas; (vii) the continuing impact of the global COVID-19 pandemic on our business, supply chain, financial conditions and prospects; 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).


    Lantheus Holdings, Inc.

    Consolidated Statements of Operations

    (in thousands, except per share data – unaudited)

      Three Months Ended
    December 31,
     Year Ended
    December 31,
       2022   2021   2022   2021 
    Revenues $263,166  $129,562  $935,061  $425,208 
    Cost of goods sold  95,995   71,654   353,358   237,513 
    Gross profit  167,171   57,908   581,703   187,695 
    Operating expenses        
    Sales and marketing  26,983   19,423   100,243   68,422 
    General and administrative  39,639   62,530   133,584   150,395 
    Research and development  272,226   11,293   311,681   44,966 
    Total operating expenses  338,848   93,246   545,508   263,783 
    Gain on sale of assets           15,263 
       Operating (loss) income  (171,677)  (35,338)  36,195   (60,825)
    Interest expense  2,581   1,528   7,185   7,752 
    Loss (gain) on extinguishment of debt  588      588   (889)
    Other loss  1,397   4,141   1,703   7,350 
    (Loss) income before income taxes  (176,243)  (41,007)  26,719   (75,038)
    Income tax benefit  (57,058)  (792)  (1,348)  (3,759)
    Net (loss) income $(119,185) $(40,215) $28,067  $(71,279)
    Net (loss) income per common share:        
    Basic $(1.74) $(0.59) $0.41  $(1.06)
    Diluted $(1.74) $(0.59) $0.40  $(1.06)
    Weighted-average common shares outstanding:        
    Basic  68,500   67,713   68,487   67,486 
    Diluted  68,500   67,713   70,671   67,486 


    Lantheus Holdings, Inc.

    Consolidated Revenues Analysis

    (in thousands – unaudited)

      Three Months Ended
    December 31,
     Year Ended
    December 31,
      2022 2021 % Change 2022 2021 % Change
    DEFINITY $63,619 $59,311 7.3% $244,993 $232,759 5.3%
    TechneLite  24,725  22,041 12.2%  88,864  91,293 (2.7)%
    Other precision diagnostics  6,022  5,684 5.9%  22,825  26,973 (15.4)%
    Total precision diagnostics  94,366  87,036 8.4%  356,682  351,025 1.6%
    PYLARIFY  160,642  35,417 353.6%  527,405  43,414 1,114.8%
    Other radiopharmaceutical oncology  919  267 244.2%  4,102  5,473 (25.1)%
    Total radiopharmaceutical oncology  161,561  35,684 352.8%  531,507  48,887 987.2%
    Strategic Partnerships and other revenue  7,239  6,842 5.8%  46,872  25,296 85.3%
    Total revenues $263,166 $129,562 103.1% $935,061 $425,208 119.9%


    Lantheus Holdings, Inc.

    Reconciliation of GAAP to Non-GAAP Financial Measures

    (in thousands, except per share data – unaudited)

      Three Months Ended
    December 31,
     Year Ended
    December 31,
       2022   2021   2022   2021 
    Net income (loss) $(119,185) $(40,215) $28,067  $(71,279)
    Stock and incentive plan compensation  8,124   4,162   29,262   15,934 
    Amortization of acquired intangible assets  8,307   8,373   33,225   27,506 
    Acquired debt fair value adjustment           (307)
    Contingent consideration fair value adjustments  9,300   43,900   34,700   72,400 
    Non-recurring refinancing related fees  70      70    
    Non-recurring severance related fees           522 
    Non-recurring fees     818   (384)  818 
    Extinguishment of debt  588      588   (889)
    Gain on sale of assets           (15,263)
    Strategic collaboration and license costs  265,856      266,356    
    Integration costs     9      102 
    Acquisition-related costs  169   823   1,037   1,549 
    Impairment of long-lived assets     189      9,729 
    ARO Acceleration and other related costs  (968)  5,259   2,119   5,259 
    Other  583   2   694   62 
    Income tax effect of non-GAAP adjustments(b)  (76,227)  (6,079)  (97,739)  (12,138)
    Adjusted net income $96,617  $17,241  $297,995  $34,005 
    Adjusted net income, as a percentage of revenues  36.7%  13.3%  31.9%  8.0%


      Three Months Ended
    December 31,
     Year Ended
    December 31,
       2022   2021   2022   2021 
    Net income (loss) per share - diluted $(1.74) $(0.59) $0.40  $(1.06)
    Stock and incentive plan compensation  0.12   0.06   0.41   0.24 
    Amortization of acquired intangible assets  0.12   0.13   0.47   0.41 
    Acquired debt fair value adjustment           (0.01)
    Contingent consideration fair value adjustments  0.13   0.63   0.49   1.05 
    Non-recurring refinancing related fees            
    Non-recurring severance related fees           0.01 
    Non-recurring fees     0.01   (0.01)  0.01 
    Extinguishment of debt  0.01      0.01   (0.01)
    Gain on sale of assets           (0.23)
    Strategic collaboration and license costs  3.76      3.77    
    Integration costs            
    Acquisition-related costs     0.01   0.01   0.02 
    Impairment of long-lived assets           0.14 
    ARO Acceleration and other related costs  (0.01)  0.08   0.03   0.08 
    Other(a)  0.06      0.01    
    Income tax effect of non-GAAP adjustments(b)  (1.08)  (0.08)  (1.37)  (0.16)
    Adjusted net income per share - diluted $1.37  $0.25  $4.22  $0.49 
    Weighted-average common shares outstanding - diluted  70,642   69,446   70,671   68,963 


    (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 December 31, 2022.
    (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
    December 31,
     Year Ended
    December 31,
      2022   2021   2022   2021 
    Net cash provided by operating activities$105,352  $13,889  $281,781  $53,916 
    Capital expenditures (4,724)  (4,544)  (18,347)  (12,140)
    Free cash flow$100,628  $9,345  $263,434  $41,776 
            
    Net cash (used in) provided by investing activities$(264,724) $(4,544) $(276,547) $3,683 
    Net cash used in financing activities$317,840  $(2,100) $311,691  $(39,332)


    Lantheus Holdings, Inc.

    Condensed Consolidated Balance Sheets

    (in thousands – unaudited)

     December 31,
    2022
     December 31,
    2021
    Assets   
    Current assets   
    Cash and cash equivalents$415,652 $98,508
    Accounts receivable, net 213,397  89,336
    Inventory 35,475  35,129
    Other current assets 13,092  12,818
    Total current assets 677,616  235,791
    Property, plant and equipment, net 122,166  116,772
    Intangibles, net 315,285  348,510
    Goodwill 61,189  61,189
    Deferred tax assets, net 110,647  62,764
    Other long-term assets 34,355  38,758
    Total assets$1,321,258 $863,784
    Liabilities and stockholders’ equity   
    Current liabilities   
    Current portion of long-term debt and other borrowings$354 $11,642
    Accounts payable 20,563  20,787
    Short-term contingent liability 99,700  
    Accrued expenses and other liabilities 127,084  58,068
    Total current liabilities 247,701  90,497
    Asset retirement obligations 22,543  20,833
    Long-term debt, net and other borrowings 557,712  163,121
    Other long-term liabilities 46,155  124,894
    Total liabilities 874,111  399,345
    Total stockholders’ equity 447,147  464,439
    Total liabilities and stockholders’ equity$1,321,258 $863,784

    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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